Elderly Nutrition refers to the nutritional products that are specially formulated for the unique nutritional needs of senior citizens. These products include oral nutritional supplements, medical food and functional food. Elderly Nutrition products are enriched with important vitamins, minerals, proteins and other nutrients that help in maintaining overall health and well-being of aged population.
The global Elderly Nutrition Market is estimated to be valued at US$ 25215.77 Bn in 2023 and is expected to exhibit a CAGR Of 7.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rapidly growing aged population globally is the prime driver of elderly nutrition market growth. As per WHO estimates, the global population aged 60 years and older is expected to reach 2 billion by 2050 from 900 million in 2015. With higher life expectancy, malnutrition and age-related diseases have also increased substantially in elderly populations. This has generated significant demand for specially formulated nutritional supplements and medical foods for senior citizens. Additionally, growing awareness about benefits of nutritional support in elderly care and independent living is another factor fueling the adoption of elderly nutrition products. However, comparatively high costs of these products are a major challenge for market players to address. Players are focusing on cost-effective and customized product development strategies to offer balanced and affordable nutrition solutions for the elderly segment.
SWOT Analysis
Strength: The elderly nutrition market is growing at a significant rate. With rising health consciousness among aged population and increasing life expectancy globally, the demand for elderly nutrition products is increasing steadily. The market offers a wide variety of products including ready meals, dairy products, bakery products and more to cater to the changing dietary habits and needs of elderly population.
Weakness: High cost of customized and specialized elderly nutrition products is a major challenge for this market. Budget constraints among certain sections can hamper the mass adoption of such products. Also, lack of proper awareness regarding adequate nutrition for elderly is an issue in developing regions.
Opportunity: Growing middle class population and rising per capita income in emerging economies present lucrative growth opportunities. Manufacturers can focus on resource optimization and value added product development to tap the latent demand. Partnerships with healthcare organizations can help create awareness and boost the market penetration further.
Threats: Stringent regulations pertaining to food safety, labeling and product quality pose compliance challenges. In addition, increased preference for homemade food and presence of substitute products also restrict the market growth to some extent.
Key Takeaways
The Global Elderly Nutrition Market Demand is expected to witness high growth. The global elderly nutrition market is estimated to be valued at US$ 25215.77 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
The Asia Pacific region holds the major share in the market currently owing to rising elderly population, growing health awareness and increasing income levels in countries like China and India. North America follows next due to heavy spending on elderly care and early adoption of innovative products.
Key players operating in the elderly nutrition market are Amcor Limited, WestRock Company, Sonoco Products Company, Sealed Air Corporation, Stora Enso Oyj. Key players are focusing on development of specialized packaging solutions to enhance product safety, quality and shelf life. Packaging innovations with convenient features like re-closability and portability are gaining traction.
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