Global Elderly Nutrition Market Is Estimated To Witness High Growth...

Global Elderly Nutrition Market Is Estimated To Witness High Growth Owing To Increasing Geriatric Population and Rising Prevalence of Chronic Diseases.

Posted 2023-08-25 10:23:55

The global elderly nutrition market is estimated to be valued at US$ 23,632.4 million in 2022 and is expected to exhibit a CAGR of 6.7% over the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:
The elderly nutrition market refers to the market for nutritional products designed specifically for the elderly population. These products include dietary supplements, functional food and beverages, and meal replacements. As the population of elderly individuals is increasing worldwide, there is a growing demand for products that can help meet their specific nutritional needs and support healthy aging.

Elderly individuals often face nutritional challenges due to factors such as decreased appetite, changes in metabolism, and difficulty in chewing and swallowing. Therefore, there is a need for specialized nutrition products that can provide the necessary nutrients in an easily digestible and convenient form. These products are formulated with ingredients such as proteins, vitamins, minerals, and fiber, which are essential for maintaining overall health and preventing age-related diseases.

B) Market Dynamics:
1. Increasing Geriatric Population: The global geriatric population is growing at a rapid pace, primarily due to factors such as advancements in healthcare and improvements in life expectancy. According to the World Health Organization (WHO), the global population aged 60 years or above is expected to reach 2 billion by 2050. This increasing elderly population is driving the demand for elderly nutrition products.

2. Rising Prevalence of Chronic Diseases: The elderly population is more susceptible to chronic diseases such as cardiovascular diseases, diabetes, and osteoporosis. These diseases often require specific dietary interventions and nutritional support. As a result, there is a rising demand for elderly nutrition products that can help manage these conditions and improve overall health outcomes.

C) SWOT Analysis:
- Strength: Increasing awareness about the importance of nutrition for healthy aging; Growing focus on research and development for innovative elderly nutrition products.
- Weakness: Lack of awareness among the elderly population about the availability and benefits of specialized nutrition products; Affordability issues for certain segments of the population.
- Opportunity: Untapped market potential in developing economies with a rapidly growing elderly population; Increasing adoption of e-commerce platforms for the distribution of elderly nutrition products.
- Threats: Stringent regulatory requirements for product approvals; Intense competition among market players.

D) Key Takeaways:
In terms of market size, the global Elderly Nutrition Market is expected to witness high growth, exhibiting a CAGR of 6.7% over the forecast period. This growth can be attributed to the increasing geriatric population and rising prevalence of chronic diseases. The market is expected to witness significant growth in regions such as North America and Europe, which have a high proportion of elderly individuals and a well-established healthcare infrastructure.

Key players operating in the global elderly nutrition market include 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 companies are focusing on research and development activities to introduce innovative products in the market and gain a competitive edge.

In conclusion, the global elderly nutrition market is witnessing significant growth due to the increasing elderly population and the rising prevalence of chronic diseases. There is a growing demand for specialized nutrition products that can help meet the specific dietary needs of the elderly population and support healthy aging. The market is expected to grow at a steady pace over the forecast period, with North America and Europe being the dominant regions. Key players in the market are actively involved in research and development activities to introduce innovative products and gain a competitive advantage in the market.