The Global Elderly Nutrition Market Growth is driven by increasing aging population
The elderly nutrition market comprises nutritional products including powders, liquids, capsules and tablets that are specifically designed to meet the evolving nutritional needs of the elderly population. These nutritional products are packed with essential vitamins, minerals, proteins and other key micro-nutrients that help senior citizens maintain optimal health and actively participate in day-to-day activities. Growing instances of age-related illnesses such as osteoporosis, arthritis and diabetes have boosted the demand for high-quality supplements catering to elderly health.
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 2024 to 2030.
Key Takeaways
Key players operating in the elderly nutrition market 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.
The aging population worldwide has pushed the demand for tailored nutrition products for the elderly. As per WHO estimates, over 700 million people will be aged 60 or above by 2025. This growing senior demographic segment will require consistent consumption of supplements to maintain functionality and mobility.
Global players in the Global elderly nutrition market size have extensively expanded their international footprints as the nutritional needs of elderly customers continue to diversify across regional cultures. Strategic acquisitions and partnerships have allowed key brands to offer customized formulations suited to the nutritional profiles of older consumers across Asia Pacific, Europe, and North America.
Market drivers
The rising prevalence of chronic diseases is a major market driver for elderly nutrition products. Age-related health conditions like diabetes and hypertension have increased the need for nutritional interventions for the golden generation. Fortified dietary supplements help address nutritional deficiencies and support healthy aging. Additionally, growing awareness about proactive healthcare and updated formulations focused on holistic wellness are expected to boost sales of elderly nutrition supplements over the forecast period.
Geopolitical Impact on Elderly Nutrition Market Growth
The current geopolitical instability across various regions is impacting the elderly nutrition market growth. The ongoing Russia-Ukraine war has disrupted the supply chains of key raw materials for nutrition products. Wheat and barley exports from the Black Sea region have reduced significantly due to the war. This is affecting the availability of ingredients for nutrition supplements and food products. The rising inflation and economic uncertainties caused by the war are also reducing the purchasing power of consumers in European countries. This is hindering the demand growth of the elderly nutrition market in the short-term. Furthermore, the recent sanctions on Russia are anticipated to restrict the exports of Russian nutrients to European nations in the coming years.
On the other hand, government initiatives for nutrition security in developing markets of Asia Pacific are expected to support market growth. Several Asian countries are focusing on improving the dietary intake and nutritional status of their elderly population. This is contributing to the rising adoption of nutrition supplements and customized elderly food products. The market players need to strategize innovative product formulations, expand their presence in emerging countries and establish diverse supplier networks to mitigate geopolitical risks in the elderly nutrition industry over the forecast period.
Geographical Regions with High Market Concentration
The Europe region accounts for the largest share of the global elderly nutrition market in terms of value. The high concentration is attributed to the rising healthcare expenditure, increasing senior population and growing prevalence of age-related diseases in countries like Germany, France, Italy and U.K. Government support for elderly wellness programs and availability of advanced nutrition products have further augmented the market value in this region.
Fastest Growing Regional Market
On the other hand, the Asia Pacific region is expected to witness the fastest growth in the elderly nutrition market during the forecast timeline of 2024 to 2030. This can be accredited to improving standards of living, rapid urbanization, growing healthcare awareness and emergence of nuclear families in developing Asian countries including India, China, Japan, South Korea and Indonesia. The rise of medical tourism and shift towards preventive healthcare approaches are also supporting the regional market expansion.
Get More Insights On This Topic: https://www.newsanalyticspro.com/elderly-nutrition-market-analysis-growth-forecast-outlook-2023-2030/
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Italiano
Russian
Romaian