by 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 both Medical Nutrition and Dietary Supplements catering to the nutritional needs of elderly people aged 60 years and above. The products are available in both liquid and powder form, easy to swallow and digest, and enriched with essential vitamins, minerals and proteins required for senior health. They provide complete balanced diet and help manage age-related illnesses and stay active. Wide availability through online pharmacies, drug stores and E-commerce has made them very popular.
Market Dynamics:
Rising home healthcare and shifting patient demographics are major drivers expected to fuel the elderly nutrition market growth over the forecast period. Governments worldwide are promoting home-based care for elderly over institutionalized care due to associated high costs of nursing homes. This has accelerated demand for nutritional supplements which can be consumed independently at home. Furthermore, increasing lifespan has led to rapid growth of aging population worldwide. As per UN reports, number of people aged over 60 years is projected to reach 2 billion by 2050 from 900 million in 2015. With advance age comes increased risk of chronic diseases, physical disabilities requiring external nutrition support. This rise in senior population base would further augment the market revenues.
Segment Analysis
The eldery nutrition market can be segmented into dietary supplements and medical nutrition. The dietary supplements segment currently dominates the market due to growing preference for maintaining health and increasing immunity through dietary supplements among the elderly population. Demand for dietary supplements like vitamins, minerals, proteins are high among aged people.
PEST Analysis
Political: Governments across regions are formulating strategies and policies to ensure availability of nutrients and healthcare for growing aging populations.
Economic: Rising per capita healthcare spending and improving economic conditions allow elderly people to spend more on nutritional products.
Social: Changing social trends like preference for independent living and active aging is raising demand for elder nutrition products that enhance quality of life.
Technological: Advancements in food science and packaging help develop elder specific nutrition in formats like chewable, liquid that are easy to consume.
Key Takeaways
The global Elderly Nutrition Market Size is expected to witness high growth, exhibiting a CAGR of 6.7% over the forecast period, due to increasing health awareness and lifestyle disease prevalence among geriatric populations.
The North American region currently dominate the elderly nutrition market owing to high healthcare spending and aging demographics in countries like United States. According to UN population data, people aged 65 years or older will outnumber children under 5 years by 2030 in North America.
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. These players are focusing on new product launches, facility expansions and strategic collaborations to strengthen their market position. For instance, in 2022, Abbott Laboratories launched Ensure Complete Nutrition Shake in India, specially formulated for the nutritional needs of senior citizens.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
