Elderly nutrition products include dietary supplements for older adults aimed at improving their nutritional status and overall health. These products are available in the form of tablets, capsules, powder, liquid, and soft gels and are enriched with essential vitamins and minerals required for seniors. With rapid aging of the population globally, the demand for customized nutritional solutions for older adults is growing. Age-related conditions like osteoporosis, diabetes, dementia etc. are increasingly common and require optimum nutrient intake for recovery and management. Protein supplements, vitamin D, calcium, and omega-3 fatty acids feature prominently in elderly nutrition formulations.
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 Dynamics
Rising prevalence of age-related diseases: As per WHO, the number of people aged 65 years and above is projected to grow from 703 million in 2019 to 1.5 billion in 2050 globally. With aging comes higher risks of chronic conditions that adversely impact quality of life. According to Alzheimer’s Association, around 5.8 million Americans aged 65 and above suffer from Alzheimer’s dementia in 2020. Maintaining proper nutrition is important for recovery and management of aging complications. This is expected to drive the demand for specialized elderly nutrition products in the coming years.
Convenience of packaged food: Ready-to-eat and ready-to-drink formats of elderly nutrition have gained popularity as they offer convenience of consumption. Geriatric populations struggling with swallowing difficulties prefer the liquid variants over pills and capsules. The market has witnessed ongoing innovation in product formats including vitamin-infused pudding, soups and shakes that provide balanced nutrition while also addressing issues like dysphagia. This increasing product diversity caters to varied needs of older consumer groups.
Segment Analysis
The elderly nutrition market size can be segmented into nutritional powders, dietary supplements, and nutrition drink. The nutritional powders segment dominates the market and accounts for over 35% of the market share. Nutritional powders are convenient to consume and offer high nutritional value in easily digestible formats. They offer excellent supplemental nutrition to elderly people as powder form can be mixed with water, milk or other beverages as per convenience.
PEST Analysis
Political: Governments across various countries are promoting healthy aging and preventive healthcare through strategic policy initiatives. They are increasing healthcare expenditure to ensure availability of essential nutrition products for elderly.
Economic: Rising aging population, increasing healthcare spending, growing awareness about preventive healthcare are positively impacting the growth of the elderly nutrition market.
Social: Changing consumer lifestyle and preferences, growing focus on active and healthy aging are increasing the demand for easy-to-consume, highly nutritious elderly food and drinks.
Technological: Players are developing innovative formulations, novel processing methods and convenient packaging solutions to enhance stability, shelf-life and digestibility of elderly nutrition products. They are also leveraging digital technologies for effective product promotion and online sales.
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 Billion in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
The market in Asia Pacific region is projected to emerge as the fastest growing as well as dominant regional market owing to rapidly expanding aging population especially in China and India.
Key players operating in the elderly nutrition market include 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.
Key players focused on offering specialized and customized products addressing the unique nutritional needs of elderly population. They are leveraging advanced technologies for developing innovative formulations with enhanced palatability, digestibility and bioavailability. Companies are expanding footprint in high growth emerging markets through strategic collaborations and acquisitions. They are also undertaking marketing campaigns to raise awareness about nutrition-focused preventive healthcare and promote consumption of fortified foods and supplements among elderly consumers.