by The elderly nutrition market comprises products such as powdered adult milk, on-the-go food, dental and bone health products etc. that cater to the unique nutritional needs of the elderly population. With old age come physical limitations and medical conditions that demand specific nutrients. Elderly nutrition products are specially formulated with additional vitamins, minerals, proteins that are easily digestible and support bone and dental health. The growing geriatric population worldwide is increasingly adopting such products to meet their healthcare and nourishment requirements.
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 2024 to 2031.
Key Takeaways
The Elderly Nutrition Market Size is witnessing several opportunities such as expansion of product offerings, tie-ups with e-commerce platforms for easy accessibility and product innovation factoring cultural preferences across regions. Global players are investing in emerging economies to tap into new customer bases and take advantage of rising purchasing power.
Key players operating in the elderly nutrition 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 rising elderly population worldwide is driving the substantial growth in demand for products specifically formulated for their nutritional needs. Factors such as increasing life expectancy, declining fertility rates are contributing to the demographic shift with over 65 population accounting for 8.5% of the total in 2024.
Market drivers
The rising geriatric population is one of the major drivers of the Elderly Nutrition Market Size. According to the WHO, the population of people aged 60 years and older is growing at a rate of about 3% per year. The number of elderly people is expected to more than double by 2050 to reach nearly 2.1 billion globally. With greater longevity comes increasing health issues that drive the demand for commodities supporting dietary needs in old age. Protein and vitamin deficiencies along with reduced appetite are common among the elderly requiring additional nutrition through supplements and fortified products. Thus, the accelerated growth of this demographic segment worldwide is significantly boosting the elderly nutrition industry.
PEST Analysis
Political: The government policies related to healthcare and increasing expenditure on elderly care are expected to positively impact the elderly nutrition market. The legislative bodies are raising awareness about the essential nutritional needs of the elderly population.
Economic: With rising aging population worldwide and growing per capita income, the overall expenditure on elderly care including nutritional products is increasing significantly. This will fuel the demand for elderly nutritional products during the forecast period.
Social: Changing social trends like more nuclear family structures and dual working parents are prompting healthcare facilities and home delivery services for elderly population. The awareness about specific dietary needs of seniors is rising which is benefitting the elderly nutrition market.
Technological: Manufacturers are focusing on advanced technologies to develop Nutraceuticals and functional ingredients fortified products for elderly. The online platforms are also improving reach of elderly nutrition products for home delivery.
The regions where the elderly nutrition market in terms of value is concentrated include North America, Western Europe and Asia Pacific. North America accounts for the largest value share currently benefitting from large aging population, high per capita healthcare expenditure and presence of major players. Western Europe is another major revenue generator driven by universal healthcare coverage and rising medical costs. Asia Pacific is witnessing fastest growth and will emerge as the new investment hotspot during the forecast period. Factors such as rapidly growing senior population, improving consumer affordability and increasing urbanization are fueling the elderly nutrition demand from Asia Pacific region.
The fastest growing regional market for elderly nutrition during the forecast period will be Latin America. The growth will be led by Brazil and Mexico where percentage of population above 60 years of age is rising sharply. Other growth drivers include increasing life expectancy, rising consumer living standards and growing medical tourism. The manufacturers are focusing on Latin America to benefit from future growth opportunities in the region. The demand for preventive healthcare and functional foods for seniors will majorly drive the elderly nutrition consumption in Latin America.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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.
