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 Overview:
Elderly nutrition products help meet the daily nutritional requirements of elderly people. Products like fiber supplements, protein shakes, vitamin and mineral premixes help maintain health and prevent malnutrition. As elderly population is increasing globally, demand for such nutrition products is rising.
Market key trends:
One of the key trends in the elderly nutrition market is multi-nutrient fortification. Various nutrients like vitamins, minerals, proteins etc are often combined into a single product for convenience. For example, protein shakes for elderly are often supplemented with essential vitamins and minerals along with protein. This complete nutrition solution helps prevent deficiency of multiple nutrients which is common in elderly population. Such multi-nutrient fortified products are gaining popularity due to the comprehensive nutrition they provide with single serving.
Market key trends:
Eldercare is a growing priority globally due to increasing life expectancy and a growing geriatric population. The elderly nutrition market is driven by the increasing incidence of age-related diseases like diabetes, cancer, cardiovascular diseases etc. Products enriched with proteins, vitamins, minerals, specialty carbohydrates are gaining prominence. Customized nutritional formulas for elderly patients with dysphagia or dementia are also gaining market share.
SWOT Analysis
Strength: Wide range of products allow customized nutrition based on health conditions. Increased health awareness driving demand for supplements.
Weakness: High costs of specialized products limit access. Changing tastes and preferences of elderly population.
Opportunity: Growth in home healthcare and remote patient monitoring increase demand. Addressing underserved communities in developing nations.
Threats: Threat from local generic brands. Stringent regulations around health claims.
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 prevalence of chronic diseases. The market size for 2023 is estimated at US$ 25215.77 Bn. North America currently dominates the market owing to increased healthcare spending and availability of customized products. Asia Pacific is expected to witness fastest growth due to rising senior population and addressing preventive healthcare needs.
Regional analysis
Asia Pacific region is expected to witness highest growth in the elderly nutrition market during the forecast period. Rising senior population in countries like China and India necessitates preventive healthcare and increased spending on nutrition. Governments are promoting eldercare services to address the challenge.
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€TMs, GlaxoSmithKline, Fresenius Kabi AG, Ranbaxy, WOCKHARDT, The Kraft Heinz Company, and Sichuan Kelun Pharmaceutical Company Limited.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
