May 22, 2024
Elderly Nutrition Market

Elderly Nutrition Market Is Poised To Gain Momentum By Increasing Personalization Trends Between 2024 To 2030

The elderly nutrition market includes specially formulated nutrition products that cater to the nutritional requirements of senior citizens aged 60 years and above. The elderly population’s reduced appetite and absorption capacity requires products that are easily consumable, highly nutritious, enriched with vitamins and minerals, and easily digestible. The global elderly nutrition market offers variety products including foods and beverages as well as nutritional supplements in the form of powders, gels, capsules, and tablets. The availability of wide range of customized age-specific nutrition products addresses the individual needs of the elderly associated with age-related illnesses and medical conditions.

The Global Elderly Nutrition Market is estimated to be valued at US$ 29048.57 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period between 2024 to 2030.

Key Takeaways

Key players operating in the Global elderly nutrition market size 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. With the rising elderly population globally, the demand for age-specific food products offering health and nutritional benefits is growing significantly. The key players are focused on new product launches, strengthening their distribution channels particularly in developing countries to tap the market potential.

The aging population worldwide has boosted the demand for convenient and nutritious food and beverage products designed for the elderly. Various forms of nutritional supplements like fortified food, vitamin-enriched drinks are gaining traction due to the growing prevalence of chronic conditions like cardiovascular diseases, diabetes among the geriatric population.

The Asia Pacific region is witnessing exponential growth in the elderly nutrition market owing to the increasing life expectancy, rising healthcare expenditure, and improving standards of living in emerging economies. The growing middle-class population and their increasing health consciousness are fueling the demand. Furthermore, regulatory bodies are supporting nutritional programs for senior citizens and implementing new policies to ensure the availability of age-appropriate diets.

Market key trends

Increasing personalization of products is a key trend in the elderly nutrition market. With greater understanding of age-related nutritional needs, product formulations are being tailored to fulfill the specific requirements regarding easy digestion, taste preferences, texture adaptability for individuals with swallowing difficulties. Products are also customized based on medical conditions, allergies, cultural food choices to enhance compliance with prescribed diets among the elderly.

Porter’s Analysis

Threat of new entrants: High capital requirements for manufacturing plants pose barriers for new companies. Bargaining power of buyers: Large retail chains have significant influence on prices due to their buyer power. Bargaining power of suppliers: Availability of substitutes gives suppliers moderate bargaining power over companies. Threat of new substitutes: New dietary supplements, herbal remedies and fortified foods pose threat of substitution. Competitive rivalry: Margins are under pressure due to increasing competition among existing companies.

The North American region holds the largest share in the elderly nutrition market, in terms of value, in 2024. The presence of major players and increasing innovative product launches are factors propelling market growth.

The Asia Pacific region is poised to be the fastest growing region during the forecast period from 2024 to 2030. Rapidly growing aging population, improved access to healthcare facilities, and rising health awareness are major drivers boosting demand.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it