Elderly nutrition products are specially formulated nutritional supplements for meeting the increasing nutritional needs of the elderly population. These products are available in various forms such as tablets, capsules, soft gels, drinks, and powders. The products are enriched with essential vitamins and minerals to promote bone, heart, brain, and eye health among older adults. The rising instances of malnutrition, chronic diseases, and age-related health issues have boosted the demand for specialized elderly nutrition products.
The global Elderly Nutrition Market is estimated to be valued at US$ 25215.77 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increase in chronic diseases prevalence has accelerated the growth of the elderly nutrition market size during the forecast period. According to the WHO, chronic diseases such as heart disease, stroke, cancer, chronic respiratory diseases and diabetes account for more than 70% of all deaths globally each year. The rising economic burden of treating chronic diseases has prompted governments and healthcare organizations to promote preventive healthcare through nutritional interventions. Diet plays a key role in managing chronic conditions among older adults. Specialized elderly nutrition products help in controlling blood sugar levels, reducing inflammation, maintaining bone and heart health, and managing symptoms of age-related cognitive disorders. The availability of a wide range of high-quality nutritional supplements for the elderly population will continue to drive the demands in the market during the forecast period.
Segment Analysis
The global elderly nutrition market is dominated by the oral nutritional supplement segment. Oral nutritional supplements account for over 60% of the overall market share as they are easy to consume and have superior digestive compatibility for elderly people. Factors such as increasing incidence of chronic illnesses among the aging population and rising awareness about maintaining proper nutrition are driving the growth of this segment.
Key Takeaways
The global elderly nutrition market is expected to witness high growth over the forecast period of 2023 to 2030. The global Elderly Nutrition Market is estimated to be valued at US$ 25215.77 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
Regional analysis: The North America region currently dominates the global elderly nutrition market with over 35% market share in 2023. This is attributed to factors such as growing aging population, rising awareness about elderly care, and strong presence of key market players in the region. The Asia Pacific region is expected to be the fastest growing regional market for elderly nutrition during the forecast period. Factors such as rapidly aging populations in countries like Japan, China, and India along with improving economic conditions and rising healthcare expenditure are fueling the growth of the elderly nutrition market in Asia Pacific.
Key players: Key players operating in the elderly nutrition market are Otsuka Pharmaceuticals Co., Ltd., Baxter International Inc., Allergan, Danone, Abbott Laboratories, Pfizer, Inc., Mead Johnson & Company, LLC., Sanofi, Nestlé€TMs, GlaxoSmithKline, Fresenius Kabi AG, Ranbaxy, WOCKHARDT, The Kraft Heinz Company, and Sichuan Kelun Pharmaceutical Company Limited.
Key players related content comprises: Key players operating in the elderly nutrition market are focusing on new product launches, partnerships, and geographical expansion strategies to gain a competitive edge in the market. For instance, in February 2022, Baxter International Inc. launched a new branded nutrition product line in Japan to address the specific nutritional needs of the elderly population in the country.
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