Elderly nutrition is aimed at providing nutritional supplements to senior citizens for maintaining overall wellness and health. Such supplements include vitamins, minerals, proteins, fibers and other nutrients essential for senior health. They help manage age related health issues, improve mobility and energy levels among the elderly population.
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 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased awareness about preventive healthcare is propelling the growth of nutritional supplements for elderly. With higher life expectancy, the population of elderly people is rising globally. This has increased the focus on preventive care to support healthy aging and reduce healthcare costs. Nutritional supplements help meet additional nutrient needs of senior citizens and support their mobility and cognitive functions. The supplements offer essential micronutrients fending off age-related illnesses. Various awareness campaigns by public as well as private organizations have been effective in highlighting the benefits of proper nutrition among the aged group. This is driving greater demand for specialized elderly nutrition products in the market.
SWOT Analysis
Strength: The elderly nutrition market is driven by the growing aging population worldwide coupled with increasing incidence of chronic diseases among the elderly population.
Weakness: Lack of customized nutrition products for elderly consumers with various health issues can be a weakness for players in this market.
Opportunity: Emerging markets in Asia Pacific and Latin America offer significant growth opportunities due to rapid growth of the elderly population in these regions.
Threats: Strict regulations pertaining to production and marketing of elderly nutrition products act as a threat to new entrants in the market.
Key Takeaways
The global elderly nutrition market is expected to witness high growth over the forecast period of 2023 to 2030. 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 6.7% over the forecast period 2023 to 2030.
The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rapid growth of the elderly population in China and India. Key players operating in this region are focusing on expansion and new product launches to cater to the increasing demand.
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. These players are focusing on new product development and expansion strategies to consolidate their position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
