Elderly Nutrition Market Is Estimated To Witness High Growth
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 from 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Elderly nutrition products include drinks, snacks, and supplements specifically formulated to meet the nutritional needs of elderly consumers. Products are typically fortified with essential vitamins and minerals to help support the physiological changes associated with aging and associated illnesses. These products are available in liquid, powdered, bar, and other formats to suit varying lifestyles. Demand is driven by the desire to maintain health, independence, and quality of life among seniors.
Market Dynamics:
Rising geriatric population globally is the primary factor fueling market growth. According to the United Nations, the world’s population aged 60 years or older is growing at a rate of about 3% per year and is expected to reach 1.4 billion by 2030. This demographic shift is expected to significantly boost demand for elderly nutrition products over the coming years. Furthermore, increasing prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases among the elderly population is also propelling market expansion. Micronutrients and fiber-rich formulations are commonly recommended to manage lifestyle-related illnesses and support recovery from surgery or injury in old age.
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