by The global Elderly Nutrition Market is estimated to be valued at US$ 23,632.4 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:
The elderly nutrition market consists of products targeted towards the nutritional needs of the geriatric population including both institutional as well as household consumers. These products range from commonly available supplements to clinically tailored nutritional formulas. The increasing demand for easy-to-digest and high nutrition value elderly nutrition products stems from rising prevalence of age-related illnesses like sarcopenia, diabetes, and chronic kidney diseases among the rapidly growing elderly demographic globally. Additionally, elderly nutrition helps in faster recovery from injuries or illnesses.
Market Key Trends:
The elderly nutrition market has been witnessing an exponential rise in demand fueled by the growing risk of chronic diseases among the elderly coupled with increasing health awareness. As per WHO estimates, chronic diseases accounted for almost 60% of the global burden of disease in 2001 and are projected to comprise 73% of all deaths by 2020. Moreover, majority of developed nations have seen their elderly population base double from 1980 to 2018. This has accelerated the launch of innovatively formulated productsrich in proteins, vitamins, minerals and antioxidants that specifically target age-related nutritional deficiencies. Leading players like Otsuka Pharmaceuticals have also begun focusing on individualized nutrition solutions to gain market share in this high potential space.
Porter’s Analysis
Threat of new entrants: The aging population, increasing healthcare expenditure, and growing prevalence of chronic diseases drive the demand for Elderly Nutrition Market. However, stringent regulations for new products and significant capital requirement pose high entry barriers.
Bargaining power of buyers: With growing aging population, the bargaining power of consumers remains high. Buyers can easily switch between different brands providing similar nutrition products.
Bargaining power of suppliers: The presence of a numerous suppliers in the market, engaged in providing raw materials and packaged products, limits their bargaining power.
Threat of new substitutes: Alternatives like vitamin supplements pose low threat as complete balanced nutrition through food and beverages is integral for elderly health.
Competitive rivalry: The market is consolidated with top players competing based on new product innovations and strategic mergers.
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 healthcare expenditure and rising elderly population globally. The elderly population aged 65 years and above is projected to reach 1.5 billion globally by 2050.
Regional Analysis
The North America region is expected to dominate the elderly nutrition market during the forecast period. This is attributed to growing aging population, increasing healthcare spending, and high consumer awareness about the benefits of specific nutrition. The Asia Pacific region is anticipated to exhibit the highest growth rate over the next few years owing to improving economic conditions, rising lifestyle diseases, and advancements in healthcare infrastructure in developing countries like India and China.
Key Players
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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
