February 25, 2024

 The Global Elderly Nutrition Market Driven By Increasing Geriatric Population

The elderly nutrition market comprises nutritional products such as powder, tablets and liquids that cater to the nutritional needs of the elderly population. With growing age, the nutritional needs of an individual changes and they require nutrients in easily consumable forms. The global elderly population is rising rapidly and projected to reach approximately 1.5 billion by 2050. This rise in geriatric population susceptible to chronic diseases and inability to chew and swallow solid foods has boosted the demand for easily digestible nutritional supplements like enriched drinks, puddings and soups among the aged group.

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 7.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trend seen in the elderly nutrition market is the shift towards nutrition enriched with probiotics. Probiotics are live microorganisms that when administered in adequate amounts provide health benefits. Research shows that probiotics support gut health and immunity in older individuals. Most elderly population suffer from conditions like osteoporosis, diabetes, arthritis which weaken their gut health making them more prone to infections. Hence, probiotic fortified foods like yogurt, cereal and soups have gained immense popularity. Another noticeable trend is the growing demand for plant-based and non-GMO dietary supplements. With increasing health awareness, many seniors are preferring natural products without any synthetic additives or genetically modified ingredients to address nutritional deficiencies. Further, convenience packaging and easy-to-consume formats like juices, shakes sold in cans, cartons or pouches are trending as they fit into busy lifestyles.

Porter’s Analysis

Threat of new entrants: The elderly nutrition market has moderate barriers to entry due to capital requirements for R&D, production, and branding. However, new entrants can leverage contract manufacturing.

Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitutes and distinction between branded and generic products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitutes of raw materials. However, suppliers have more power for rare/unique raw materials.

Threat of new substitutes: The threat of substitutes is moderate as nutrient-fortified packaged food, dietary supplements, and prescription medical nutrition address malnutrition in elderly population.

Competitive rivalry: The elderly nutrition market is competitive due to strong presence of few global players and small local players. Players compete on quality, innovation, price, and branding.

Key Takeaways

The Global Elderly Nutrition Market Demand is expected to witness high growth. 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 7.1% over the forecast period 2023 to 2030.

 

Regional analysis:

 

North America dominated the elderly nutrition market in 2023, accounting for around 35% share. Factors such as growing aging population, rising health awareness, and high disposable income contributed to the large market share. Asia Pacific is expected to be the fastest growing region during the forecast period due to improving healthcare infrastructure and increasing aging population across China and India.

Key players:

 

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. These players are focusing on new product launches, mergers, and acquisitions to strengthen their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it