by Elderly nutrition products provide balanced nutrition to elderly people suffering from chronic diseases and help them maintain proper health. These products are available in the form of dietary supplements, medical foods, and food for special medical purposes. The growing prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases, and arthritis among the elderly population is driving the demand for these specialized 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 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing prevalence of chronic diseases is one of the major drivers of the elderly nutrition market. Chronic diseases are long-lasting health conditions that require ongoing management over many years or decades. According to the World Health Organization (WHO), chronic diseases are the leading causes of death and disability worldwide. Common chronic diseases among the elderly include cardiovascular diseases, cancer, diabetes, arthritis, and respiratory diseases. For example, around 70% of all deaths in the U.S. are due to chronic diseases. The risk of developing chronic diseases increases with age. Since the elderly population is increasing worldwide, the prevalence of chronic diseases is also rising accordingly. This is creating significant demand for specialized elderly nutrition products that helps manage chronic conditions and maintain overall well-being.
SWOT Analysis
Strength: Elderly nutrition products are receiving increasing demand due to the rising aging population globally. Growing health awareness among the elderly population regarding the importance of proper nutrition is also boosting the market growth.
Weakness: Price sensitivity among consumers especially in developing regions poses a challenge for market players. Lack of awareness in some emerging countries limits the market potential.
Opportunity: Launch of innovative products tailored to address the nutritional needs of the elderly population presents lucrative opportunities. Rising incomes in developing regions will further drive the demand.
Threats: Stringent regulations associated with marketing and labelling of nutrition products poses threats. Intense competition from private label brands can reduce profit margins of established players.
Key Takeaways
The Global Elderly Nutrition Market Size is expected to witness high growth. The market size is projected to reach US$ 25215.77 Bn by 2030, expanding at a CAGR of 7.1% during the forecast period.
Regional analysis: North America currently dominates the elderly nutrition market, accounting for over 30% of the global demand in 2024. The rising geriatric population and increasing health awareness are major drivers for the regional market. Asia Pacific is expected to be the fastest growing region during the forecast period owing to rapidly aging demographies in China and India.
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. Key players are focusing on new product innovations tailored to meet the nutritional deficiencies commonly observed among the elderly. They are also adopting sustainable packaging solutions to appeal to health-conscious consumers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
