May 21, 2024
Elderly Nutrition Market

Elderly Nutrition Market Witnesses High Growth driven by Rising Health Concerns Among Aging Population

The elderly nutrition market comprises nutritional products that cater to the specific nutritional needs of elderly individuals. With increasing age, the body’s ability to absorb nutrients decreases, resulting in a higher risk of malnutrition. Elderly nutrition products help bridge the nutritional gap through fortified products such as nutrition bars, powdered supplements, and bottle drinks. They are rich in proteins, vitamins, minerals, and fiber to aid digestion. The growing senior population and rising health consciousness are fueling the demand for specialized elderly nutrition solutions.

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 of 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 Global elderly nutrition market size offers substantial growth opportunities owing to the rising health expenditure and increasing adoption of preventive healthcare practices among the aging population. Manufacturers are investing in innovative product formulations and delivery formats to better address nutritional needs.

Technological advancements play a vital role in driving the elderly nutrition market. Products with improved bioavailability, easy-to-swallow formats, and single-serve packs are gaining popularity. Advancements in material sciences have led to the development of active and intelligent packaging solutions that help extend shelf life and monitor product freshness.

Market Drivers

Growth in the global elderly population: According to the UN, the population aged 65 years and above is projected to reach 1.5 billion by 2050 from 703 million in 2019. The rising geriatric demographic will propel the demand for elderly nutrition products.

Increasing prevalence of age-related medical conditions: Conditions like arthritis, diabetes, osteoporosis, and dementia have increased the risk of malnutrition among older adults. This has boosted the need for dietary supplements and nutrition-enriched food among the elderly population.

Growing health awareness: People are resorting to preventive healthcare measures to actively address nutritional deficiencies early on. This evolving mindset favors the growth of the elderly nutrition market.

Current challenges in the Elderly Nutrition Market

The COVID 19 pandemic has negatively impacted the sales of various nutrition products for elderly population around the globe. Lockdowns imposed by various governments disrupted the supply chains and manufacturing activities, thereby hampering production volumes across key players. Growing health concerns among the aged group regarding the virus also discouraged them from stepping out and visiting retail stores, thereby decreasing walk-in sales substantially. Online channels provided some relief but cannot match the offline sales potential for such products. Global recession amid the pandemic has significantly weakened the purchasing power of consumers, especially the elderly who rely on pension plans and fixed incomes. Rising inflation is also reducing their spending abilities. Maintaining quality standards and addressing diverse nutrient requirements for a rapidly expanding aged demographic worldwide remains a key challenge for manufacturers.

SWOT Analysis

Strength: Wide range of specialized products available to cater to specific needs of elderly. Growing demand due to increasing life expectancy and declining health globally.
Weakness: High costs involved make the products unaffordable for many. Complexities related to digestion and absorption of nutrients among older adults.
Opportunity: Emerging economies with large elderly populations will drive future demand. Personalized nutrition tailored to an individual’s health condition and lifestyle can be a major area of growth.
Threats: Stiff competition between existing players. Regulations governing nutrient content, packaging and marketing can vary significantly across regions posing compliance challenges.

Geographical regions with high market concentration
North America currently accounts for the largest share of the global elderly nutrition market, mainly contributed by the United States. This can be attributed to factors such as early adoption of supplements and fortified foods, growing elderly population base with increasing healthcare expenditures, and presence of major industry players. Asia Pacific is estimated to witness the fastest growth during the forecast period supported by large consumer bases in China and India having rising life expectancy and disposable incomes.

Fastest growing region
Asia Pacific region is poised to exhibit the highest CAGR in the elderly nutrition market during the forecast period from 2024 to 2030. This rapid expansion can be credited to rise of nuclear families leading to lack of emotional support for elders, improving economic conditions increasing focus on preventive healthcare, growing preference towards active aging, and promotion by various public and private organizations in the region regarding nutrition needs of older adults. China and India with their enormous geriatric population pools will majorly drive the market in Asia Pacific.

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