Elderly nutrition products including both nutritional supplements and modified food and beverages are specially formulated to cater to the increased nutritional needs of the elderly population. With age, people tend to lose appetite and absorption abilities. Elderly nutrition products are enriched with protein, fiber, vitamins and minerals to provide balanced nutrition and address nutritional deficiencies. The rising aged population globally has led to an increased demand for such products. As per the United Nations, the global population aged 65 years and above was estimated at 703 million in 2019 and is projected to reach 1.5 billion by 2050. The aging population is prone to chronic diseases like diabetes, hypertension, arthritis and osteoporosis which further increases their nutritional requirements. This has boosted the demand for products such as high protein supplements, easy-to-swallowModified food and beverages that are specially designed 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 key trends:
One of the key trends witnessed in the global elderly nutrition market is demand for organic and natural products. With growing health and wellness trend, consumers are preferring organic and natural alternatives that are perceived to be safer and more nutritious compared to conventional products. Also, older adults are concerned about food additives, chemicals, preservatives and artificial ingredients used in processed foods and supplements. This has encouraged manufacturers to offer organic and clean label products made from recognized and natural ingredients without any artificial additions. Furthermore, innovations to develop elderly-friendly formats with ease of consumption is another important trend. Many companies are introducing nutrition bars, soups, shakes and beverages in ready-to-drink formats that are convenient to consume. Soft and bite-sized food items that do not need additional preparation help overcome chewing and swallowing difficulties commonly seen in elderly.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. While the elderly nutrition market is growing steadily, high capital requirements and stringent regulations limit new players from entering the market easily.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of multiple brands and products. Buyers can compare products and prices to get the best deals.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While suppliers need to adhere to strict quality standards, suppliers of raw materials hold some power due to specialized nature of ingredients.
Threat of new substitutes: The threat of substitutes is low as there are limited substitutes that can provide similar nutritional benefits for the elderly.
Competitive rivalry: The competitive rivalry is high due to presence of many global and regional players competing on the basis of innovation, pricing and branding.
Key Takeaways
The Global Elderly Nutrition Market Size is expected to witness high growth over the forecast period. The growing aging population and increasing health consciousness among the elderly is expected to drive the demand.
Regional analysis: North America dominates the global elderly population due to factors such as lifestyle diseases and adoption of nutritional products. However, Asia Pacific is expected to witness fastest growth owing to rising elderly count and spending in countries like China and India.
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. Companies are focusing on new product launches, partnerships and mergers to strengthen their product portfolio and market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it