July 22, 2024
Elderly Nutrition Market

Rapid Urbanization to Drive Demand for Home-Based Elderly Nutrition Services over the Coming Decade

The Elderly Nutrition Market is estimated to be valued at US$ 23,632.4 Mn in 2022 and is expected to exhibit a CAGR of 6.7% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The elderly nutrition market caters to the nutritional needs of the growing elderly population worldwide. Key products include oral nutritional supplements, texture modified foods, and medical foods for disease related malnutrition.

Market Dynamics:

Rapid urbanization and dual income households have led to a migration of the elderly population from joint families to independent living. This has driven demand for home-based elderly care services, including customized home delivery of nutrition products tailored to individual needs and preferences. Additionally, the increasing prevalence of age-related diseases such as Parkinson’s, dementia etc. requiring specialized diets is a major factor augmenting the need for disease-specific elderly nutrition formulations.

Market Key Trends:

The Elderly Nutrition market has seen rising awareness regarding health and wellness among the elderly population. According to estimates nearly 1 billion people globally will be over 60 years by 2050. As people are living longer, issues related to maintaining proper nutrition and health in the later stages of life are gaining increased attention. One key trend seen is increased consumption of supplements and nutraceuticals targeted towards older individuals. Products containing higher protein, vitamins and minerals are seeing strong demand to support bone, muscle and brain health. Customized nutrition solutions tailored to age and medical conditions are also gaining favor.

SWOT Analysis

Strength: Growing aging population globally and increasing healthcare expenditure to cater to their needs present a large customer base.
Weakness: High costs of developing specialized products and limited affordability in some emerging markets.
Opportunity: Growing demand for preventive healthcare and customized nutrition opens up opportunities for innovation.
Threats: Intense competition from existing and new players increases pricing pressure in the market. Stringent regulations associated with food for special groups also poses challenges.

Key Takeaways

The global Elderly Nutrition Market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period of 2022 to 2030, due to increasing healthcare expenditure globally. The market was valued at US$ 23,632.4 Mn in 2022.

Regional analysis: North America dominates the global elderly nutrition market currently due to high per capita healthcare spending and increasing life expectancy in countries like the US. However, Asia Pacific region is expected to witness the highest growth over the forecast period supported by rising geriatric population and improving access to healthcare in China and India.

Key players: 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 product innovations and partnerships for business expansion.

*Note:

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