The global Elderly Nutrition Market is estimated to be valued at US$ 23,632.4 Mn or Mn in 2022 and is expected to exhibit a CAGR of 6.7% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Elderly Nutrition products provide complete and balanced nutrient requirements for elderly people. These specially formulated products address the loss of appetite and digestion problems that are common in the elderly. They come in the form of drinks, gummies and snacks that are easy for the elderly to consume.
Market key trends:
One of the key trends in the elderly nutrition market is the rise of functional and medicinal nutrition products. Growing prevalence of age-related illnesses like dementia is driving the demand for fortified elderly nutrition products that provide brain health benefits. Products rich in omega-3 fatty acids, antioxidants and vitamins are gaining popularity for their potential in maintaining cognitive functions in the elderly.
Market share of Medical Food Segments
The global Elderly Nutrition Market is estimated to be valued at US$ 23,632.4 Mn or Mn in 2022 and is expected to exhibit a CAGR of 6.7% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical foods are nutritionally complete formulations designed for specific dietary management of diseases or health conditions. They serve unique metabolic needs that cannot be met by normal foods alone.
Market key trends:
One of the trends in medical food segment is the rise of personalized dietary solutions. As the understanding of role of nutrition in disease management increases, there is a growing demand for tailored medical food products based on an individual’s biomarkers, genetics and clinical history. This has further propelled the demand for highly specialized and customized medical food formulations.
Segment Analysis
The global Elderly Nutrition Market nutrition market is segmented on the basis of product type, distribution channel, and region. By product type, the market is bifurcated into supplements and medical nutrition. The supplements segment dominated the market in 2022 and is estimated to witness high growth during the forecast period. This is majorly attributed to the high preference of supplements over medical nutrition among elderly population with minor nutritional deficiencies. By distribution channel, the elderly nutrition market is categorized into hospital pharmacies, retail pharmacies, online pharmacies, and hypermarkets/supermarkets. The hypermarkets/supermarkets segment accounted for the largest market share in 2022 owing to the ease of product availability.
Key Takeaways
The global elderly nutrition market size is expected to reach US$ 23,632.4 Mn in 2022 and expected to grow at a CAGR of 6.7% during 2022-2030. The growing aging population and increasing incidences of chronic and lifestyle-related diseases are fueling the demand for specific nutrition among the elderly population. Regionally, North America dominated the global market in 2022 accounting for around 35% of the total market share. The growth in the region is majorly driven by the increasing awareness regarding elderly nutrition supplements in countries like the US and Canada. Europe held the second largest market share owing to growing aged population and rising healthcare spending. Key players operating in the elderly nutrition market are Otsuka Pharmaceuticals Co., Ltd., Baxter International Inc., Allergan, Danone, Abbott Laboratories, Pfizer, Inc., Mead Johnson & Company, LLC., Sanofi, Nestlé’s, GlaxoSmithKline, Fresenius Kabi AG, Ranbaxy, WOCKHARDT, The Kraft Heinz Company, and Sichuan Kelun Pharmaceutical Company Limited
