Elderly Nutrition market will grow at highest pace owing to rising aging population
Elderly nutrition products are nutritional supplements intended to promote healthy aging in older adults. This includes nutritional drinks, powders, tablets, and bars that are specifically formulated to meet the nutritional needs of the elderly population. Elderly people tend to have lower appetites and nutritional requirements change with age. These products help fulfill daily nutrition requirements and mitigate risks of malnutrition. The key ingredients in elderly nutrition include proteins, vitamins, minerals, antioxidants, fiber, and prebiotics. They are easily digestible, provide energy, and support cognitive & immune functions. The global elderly population is growing at an unprecedented rate. Between 2020 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. This rapid aging will significantly drive the demand for elderly nutrition products in the coming years.
The Global Elderly Nutrition Market is estimated to be valued at US$ 594.93 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Elderly Nutrition are Koninklijke DSM N.V., Cabio Bioengineering (Wuhan) Co., Ltd., Corbion N.V., Lonza Group, Algisys, LLC, and Cargill, Incorporated. These players are focusing on new product launches, joint ventures, and expansions to gain a competitive edge in the market. For instance, in 2020, Koninklijke DSM N.V. launched a new line of nutritious drinks and soups specifically designed for older adults in China.
The Elderly Nutrition Market Demand is expected to significantly rise over the coming years owing to the rapid growth of the aging population worldwide. United Nations predicts that global population aged 60 years and above will reach nearly 2.1 billion by 2050 from 1 billion in 2019. This burgeoning geriatric demographic will drive high consumption of foods and beverages that promote healthy aging.
Technological advancements are another key factor propelling the elderly nutrition market. Manufacturers are increasingly adopting techniques like microencapsulation and nanotechnology to enhance nutrient absorption, bioavailability, and palatability of products. They are also fortifying ingredients through innovative delivery systems like gummies, chews, and dissolvable strips keeping ease of consumption in mind.
Market Trends
Customization is emerging as a major trend in the elderly Elderly Nutrition Market Size and Trends industry. Manufacturers are offering tailored products for specific age groups, health conditions, and dietary preferences. This allows consumers to choose options suitable for their evolving needs. Another prominent trend is the rising prominence of plant-based and organic ingredients in elderly nutrition products. Companies are leveraging the health appeal of plant proteins and minerals to expand their consumer base.
Market Opportunities
The untapped markets in Asia present lucrative growth opportunities. The Asian population is aging rapidly especially in China and India. However, awareness and acceptance of dedicated elderly nutritional products is still limited in these regions. Educating consumers about the benefits of healthy nutrition during aging can spur new demand. Additionally, innovations in flavors, ingredients, and packaging catering to local tastes can help companies penetrate Asian markets more effectively. Developing personalized supplements targeting specific geriatric diseases and disadvantages also offers opportunities for new product developments.
Impact of COVID-19 on Elderly Nutrition Market Growth
The COVID-19 pandemic has significantly impacted the elderly nutrition market growth. With nationwide lockdowns imposed in multiple countries, supply chain disruptions affected the production and distribution of elderly nutrition supplements. This led to shortages and increased the prices of such products. Additionally, fears of infection transmission discouraged elderly people from visiting daycare and old age homes. This negatively impacted the demand from institutional users of elderly nutrition supplements. However, with rising awareness about immunity building, the demand for nutrition supplements surged among the at-risk elderly population isolating at homes. This provided opportunities for online retailers to increase sales of supplements. Furthermore, stakeholders adapted to the new environment by strengthening their e-commerce channels and offering customised home delivery options of supplements. Going forward, continued emphasis on health and immunity is expected to sustain the demand for elderly nutrition products in the post-pandemic period. However, uncertainties pertaining to future virus outbreaks could potentially pose challenges to the sustainable growth of this market.
The elderly nutrition market value is concentrated majorly in North America and Europe. North America dominates with the largest market share primarily owing to high health awareness and growing aging population in the United States and Canada. The increasing demand for disease prevention and proactive healthcare for senior citizens in this region drives market growth. Europe stands as the second largest market on account of rising product consumption in countries such as Germany, France and the United Kingdom.
Asia Pacific is considered the fastest growing regional market for elderly nutrition products. This can be attributed to improving economic conditions, growing health consciousness and rising life expectancy in developing nations like China and India. Rapid urbanization, coupled with expanding elderly population base, presents lucrative opportunities for manufacturers to tap into the Asia Pacific market potential through customized formulations and affordable pricing strategies. Overall, emerging markets in Asia Pacific and Latin America are expected to offer promising prospects for elderly nutrition market expansion in the coming years.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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