by 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 focuses on providing nutrition and dietary solutions for the elderly population. This includes nutritional supplements, meal replacements, and specialized diets that cater to the unique needs of the aging population. As the geriatric population continues to grow globally, there is a rising demand for products that can improve their overall health and wellbeing. Elderly individuals often face challenges in maintaining a balanced diet and may require additional nutrients to support their aging bodies. Nutritional supplements can help address these deficiencies and improve overall health outcomes for the elderly.
B) Market Dynamics:
The market dynamics driving the growth of the Elderly Nutrition market can be attributed to two main drivers:
1. Increasing Geriatric Population:
The global geriatric population is increasing at a significant rate. According to the World Health Organization (WHO), the population aged 60 years and above is expected to reach 2 billion by 2050, which is more than double the figure recorded in 2015. With the aging process, the body undergoes various physiological changes and becomes more susceptible to chronic diseases. Consequently, there is a higher demand for nutritional supplements to support the health and wellbeing of the elderly population. These supplements provide essential vitamins, minerals, and other nutrients that are necessary for maintaining optimal health and preventing age-related diseases.
2. Rising Demand for Nutritional Supplements:
There is a growing awareness among the elderly population about the importance of maintaining good health and wellbeing through proper nutrition. As a result, there is an increasing demand for nutritional supplements that can provide the necessary nutrients in a convenient form. Nutritional supplements offer a convenient and effective way to bridge the nutrient gap in the elderly population. Additionally, the availability of a wide range of products, including specialized formulas for specific health conditions, further drives the demand for nutritional supplements in the elderly nutrition market.
C) Segment Analysis:
The Elderly Nutrition Market can be segmented based on product type, distribution channel, and region. One of the dominating segments in the market is the nutritional supplements segment. Nutritional supplements provide a concentrated source of essential nutrients and are available in various forms, such as tablets, capsules, powders, and liquids. This segment is expected to witness significant growth due to the rising demand for convenient and personalized nutrition solutions for the elderly population.
C) PEST Analysis:
The PEST analysis for the Elderly Nutrition market is as follows:
– Political: Government initiatives and policies to promote healthy aging and improve the nutritional status of the elderly population can have a significant impact on the market.
– Economic: Economic factors such as income levels and healthcare expenditure play a crucial role in determining the affordability and accessibility of nutritional products for the elderly.
– Social: The increasing awareness about the importance of healthy aging and the growing trend of self-care among the elderly population contribute to the demand for nutritional supplements.
– Technological: Advancements in technology have led to the development of innovative nutritional products and personalized nutrition solutions for the elderly population.
E) Key Takeaways:
– The global Elderly Nutrition market is expected to witness high growth, exhibiting a CAGR of 6.7% over the forecast period due to increasing geriatric population and rising demand for nutritional supplements.
– In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the market, attributed to the presence of a large geriatric population and a high awareness of healthcare among the elderly.
– 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 players focus on product development, partnerships, and mergers to gain a competitive edge in the market.
In conclusion, the Elderly Nutrition market is poised for significant growth due to the increasing geriatric population and rising demand for nutritional supplements. As more individuals enter the elderly age group, the need for personalized nutrition solutions to support healthy aging will continue to drive the market. Key players in the market are focusing on innovation and strategic collaborations to capture a larger share of the growing market.
