The Elderly Nutrition Market is estimated to be valued at US$ 25215.77 Mn 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 products include nutritional drinks, supplements, powders, and cereals that help in fulfilling the nutritional needs of the elderly population. They help in managing the nutritional balance and deficiencies commonly seen in the elderly population. These products provide protein, vitamins, minerals, fibers and other essential nutrients which are important for the well-being and active lifestyle of the elderly.

Market key trends:
The rising aging population globally is the major factor driving the growth of the elderly nutrition market. According to the UN’s World Population Ageing Report released in 2020, the number of people aged 65 years or over is projected to grow to nearly 1.5 billion in 2050, up from 727 million in 2020. Furthermore, increasing incidences of chronic diseases like diabetes, cancer, and heart disease in the elderly also raises the demand for elderly nutrition products. In addition, the rising awareness about health and fitness among the elderly is encouraging them to consume nutritional supplements and healthy diets for overall wellness. Product innovations by key players like easy-to-drink formulations and personalized nutrition are also boosting the demand.

Porter's Analysis

Threat of new entrants: The elderly nutrition market has moderate threat of new entrants due to high capital requirements for R&D, distribution networks, and branding.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players in the market providing variety of products to buyers.

Bargaining power of suppliers: The bargaining power of suppliers is low due to fragmented nature of raw material suppliers and easy availability of raw materials.

Threat of new substitutes: Threat of substitutes is low as nutritional needs of elderly population have limited substitutes.

Competitive rivalry: High due to presence of major multinational companies.

SWOT Analysis

Strength: Wide product portfolio and extensive distribution network of major players. Investment in R&D to develop innovative products.

Weakness: High capital requirements and stringent regulatory approvals delay new product launches. Dependence on limited number of suppliers increases raw material price volatility.

Opportunity: Rising healthcare expenditure and growing elderly population worldwide. Expanding into developing markets offers untapped growth potential.

Threats: Threat from local and private label brands providing low cost alternatives. Impact of economic slowdowns on discretionary spending.

Key Takeaways

The global Elderly Nutrition Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing prevalence of chronic diseases among elderly population. Chronic diseases such as diabetes, cancer, cardiovascular diseases require nutritional supplements and balanced diets for management and recovery.

Regionally, North America is expected to dominate the elderly nutrition market during the forecast period. This is attributed to growing elderly population suffering from nutritional deficiencies in the region. Additionally, presence of major market players and rising health awareness drives the market growth.

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. Major players are focusing on new product launches catering to specific nutritional needs to gain competitive advantage.

Read More: https://www.rapidwebwire.com/elderly-nutrition-market-demand-growth-and-regional-outlook/