by The elderly nutrition market includes dietary supplements, medical food products, and functional food products specifically marketed for geriatric population. Dietary supplements include vitamins, minerals, herbs, and other supplements consumed to bridge the nutritional gaps in elderly people. Medical food products are usually meant to manage chronic diseases such as diabetes, osteoporosis, arthritis, and sarcopenia. Functional food products are commonly fortified foods and beverages providing additional health and nutrition benefits to elderly consumers. The growing ageing population globally has increased the demand for specially formulated nutritional products for the elderly.
The global elderly nutrition market is estimated to be valued at US$ 25215.77 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The global elderly nutrition market is expected to be flourished by the growing ageing population globally. As per United Nations reports, there were around 703 million people aged 65 years and above globally in 2019 which is projected to reach 1.5 billion by 2050. According to the US Census Bureau reports, the US population aged 65 years and above is anticipated to double from 52 million in 2018 to around 95 million by 2060. The elderly population is more susceptible to chronic diseases, loss of appetite, chewing and swallowing difficulties which can lead to malnutrition if not addressed timely. This has raised the need for specifically formulated nutritional supplements, medical food products, and functional foods in the elderly nutrition market. Moreover, rapid urbanization and changing lifestyles have increased lifestyle diseases among the elderly further raising demand. Various government initiatives and programs focusing on the wellness of the elderly will also support market growth over the forecast period. However, lack of awareness and accessibility to elderly nutrition products, especially in developing regions, may hamper the market growth.
Segment Analysis
The elderly nutrition market can be segmented into oral nutrition, enteral nutrition, and parenteral nutrition. The oral nutrition segment dominates the market and accounts for around 80% share owing to its non-invasive nature of delivery. Oral formulations like powder, liquid, and soft-chews are preferred over enteral and parenteral modes of administration.
PEST Analysis
Political: Governments across regions are funding healthcare for the elderly population and focus on preventive care. Supportive policies help improve access to elderly nutrition products.
Economic: Rising income levels, growing aging population, and increasing health awareness are driving the demand for specialized elderly nutritional products in developing nations.
Social: Factors like loneliness, lack of caregiver, and functional dependency increase the need for medical nutrition among seniors. Change in lifestyle and urbanization also contribute to the demand.
Technological: New formulations, taste innovations, easy-to-swallow formats, and innovative packaging help improve product adoption and compliance. Digital solutions assist remote monitoring of nutritional needs.
Key Takeaways
The Global Elderly Nutrition Market Size is expected to witness high growth during the forecast period of 2023 to 2030 driven by the rising geriatric population globally.
Regional analysis: North America dominates the market currently due to focus on healthcare expenditure, geriatric population, and presence of major players. Asia Pacific is witnessing fastest growth with China and India as major revenue generators on account of increasing health awareness and expanding medical coverage.
Key players: Key players operating in the elderly nutrition market are Amcor Limited, WestRock Company, Sonoco Products Company, Sealed Air Corporation, Stora Enso Oyj, Bemis Company, Inc, MULTIVAC, WS Packaging Group, Inc., Active Packaging Ltd., and ULMA Packaging, S.Coop. Amcor and WestRock are the prominent packaging solution providers focusing on innovative packaging formats suitable for elderly health needs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
