The Elderly Nutrition market is estimated to be valued at US$ 25215.77 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Elderly nutrition refers to specially formulated nutritional products designed to meet the specific needs of senior citizens and the elderly. These include both dietary supplements as well as structured meal replacements. The products provide vitamins, minerals, fiber and other nutrients required to maintain health and prevent malnutrition in older adults. They are available in various forms including powders, gummies, capsules as well as ready-to-drink supplements.
Market Dynamics:
The elderly nutrition market is witnessing high growth owing to increasing geriatric population globally and the associated rise in age-related malnutrition. According to the United Nations, the number of people aged 60 years and above is expected to reach 2 billion by the year 2050. Furthermore, with age people tend to lose appetite and experience difficulty consuming a balanced diet. This makes them susceptible to malnutrition and nutrient deficiencies. Specialized elderly nutritional products help meet their dietary needs and supplementation requirements easily. Additionally, growing awareness about maintaining overall health and well-being through proper nutrition is also driving uptake of such supplements among the elderly.
SWOT Analysis
Strength: The elderly nutrition market has strong growth potential due to the rising geriatric population globally. Many players are focusing on launching innovative products to cater to the nutritional needs of the elderly. Furthermore, increased awareness regarding health among the older population is driving the demand for elderly nutrition products.
Weakness: High prices of specialized elderly nutritional products pose affordability issues for some customers. Additionally, lack of awareness in certain emerging markets hinders the adoption of these products.
Opportunity: Growing focus on preventive healthcare presents an opportunity for players to promote the benefits of adequate nutrition for the elderly. Furthermore, there is scope for expanding to untapped regional markets.
Threats: Stringent regulatory frameworks and compliance issues associated with new product launches could increase costs. Moreover, availability of alternative products threatens the growth of established brands.
Key Takeaways
The Global Elderly Nutrition Market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing aging population worldwide. As per WHO data, by 2050, one in six people in the world will be over age 65. This rapid growth of geriatric population is generating higher demand for elderly nutrition products that support their nutritional needs.
Regional analysis: North America dominates the global elderly nutrition market currently. This is attributed to presence of major players and higher adoption of specialized elderly nutrition products. Europe is another major regional market owing to growing elderly population and increasing uptake of nutritional supplements. However, Asia Pacific is expected to witness fastest growth during the forecast period led by China and India. Rising affordability and growing health consciousness are creating opportunities in emerging Asia Pacific countries.
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€TMs, GlaxoSmithKline, Fresenius Kabi AG, Ranbaxy, WOCKHARDT, The Kraft Heinz Company, and Sichuan Kelun Pharmaceutical Company Limited. Key players are focusing on new product launches, facility expansion and mergers & acquisitions to strengthen their market position.
Popular Posts
