July 14, 2024

Elderly Nutrition Market Poised to Accelerate Growth during 2023-2030

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, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Elderly nutrition products consist of dietary supplements, medical food, and functional food & beverages designed for older individuals with the aim of meeting their nutritional needs and for general well-being. These products provide essential vitamins, minerals and proteins that elderly people may lack in their regular diet due to physiological changes associated with aging. They help enhance metabolism, improve bone and muscle health, support cognitive function, and boost immunity. Elderly nutrition products come in various forms including tablets, capsules, powder, ready-to-drink formulas and are fortified with nutrients like protein, vitamins B12 and D, calcium, iron, zinc and omega-3 fatty acids.

Market key trends:
One of the key trends in the elderly nutrition market is the rising demand for balanced nutrition formulas in the form of snacks, soups, puddings and cereals. These easy-to-eat formulas not only meet daily nutritional needs but are also suitable for elderly individuals having difficulty chewing or swallowing solid foods. Furthermore, product launches tailored toward specific health conditions affecting seniors, such as diabetes, osteoporosis and cancer are gaining popularity. Major players are developing innovative formulations embedded with functional ingredients like probiotics, prebiotics, plant-based proteins for additional health benefits. For example, Activated Probiotics+ developed by Ensure uses prebiotic fiber and probiotic cultures to support digestive and immune health.

Porter’s Analysis

Threat of new entrants: The elderly nutrition market has moderate barriers to entry due to capital requirements for R&D and manufacturing facilities. However, the market is growing rapidly which can attract new entrants.

Bargaining power of buyers: The bargaining power of buyers is moderate as the products introduced in the market are differentiated and aging population needs customized nutrition products.

Bargaining power of suppliers: The bargaining power of suppliers is low to medium as there are many raw material suppliers for varied ingredients used in elderly nutrition products.

Threat of new substitutes: Threat from substitutes is low as there are limited substitutes for specialized elderly nutrition products which meet the specific health requirements of elderly population.

Competitive rivalry: The rivalry in the market is high among existing key players due to the presence of many global and regional players offering customized products.

Key Takeaways

The Global Elderly Nutrition Market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing prevalence of chronic diseases among elderly population and growing awareness about maintaining good health in late adulthood.

The Asia Pacific region is expected to witness fastest growth in the elderly nutrition market during the forecast period owing to rising elderly population, increasing life expectancy, and growing healthcare expenditure in emerging economies like India and China. North America is currently dominating the market due to presence of major players and advanced healthcare infrastructure.

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. These players are focusing on new product launches and geographical expansion to strengthen their market presence.

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