by The elderly nutrition market is segmented into standard nutrition and clinical nutrition. The clinical nutrition segment is dominating and expected to grow at a higher CAGR during the forecast period. The clinical nutrition segment caters to nutritional supplements specially designed for elderly with chronic conditions and recovering from surgery, trauma, or illness. It provides balanced nutrition through tube feeding and enteral feeding to those who are unable to meet their nutritional needs through normal diet.
PEST Analysis
Political: Governments across various countries are promoting the consumption of elderly nutrition products through initiatives aimed at providing subsidies and tax benefits. Strategies to improve healthcare accessibility for older people have boosted the adoption of clinical nutrition products.
Economic: Rising geriatric population coupled with growing per capita healthcare expenditure is fueling the demand for elderly nutrition globally. Additionally, higher disposable incomes have increased the ability of aged people to opt for quality nutritional supplements.
Social: Changing lifestyles and busy schedules have reduced dietary nutrient intake among seniors, leading to age-related health issues. Also, growing awareness about maintaining proper nutrition to live independently is driving the uptake of specialized elderly nutrition products.
Technological: Continuous product innovation focused on developing advanced food textures, flavors, and formulations suitable for age-related metabolic changes have made elderly nutrition more accessible and convenient.
Key Takeaways
The global elderly nutrition market size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing prevalence of chronic diseases and age-related health problems. The US dominates the global market owing to the availability of superior healthcare facilities and coverage along with high per capita healthcare spending on nutritional supplements for senior citizens.
Regional Analysis
North America accounted for the largest share of the global Elderly Nutrition Market in 2022. This is attributable to rapidly aging population in the US and Canada demanding preventive healthcare through nutrition. Asia Pacific is projected to emerge as the fastest growing regional market between 2022 to 2030 driven by strengthening economic conditions, improving standards of living and growing medical tourism in major countries including China, India and Japan.
Key Players
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’s, GlaxoSmithKline, Fresenius Kabi AG, Ranbaxy, WOCKHARDT, The Kraft Heinz Company, and Sichuan Kelun Pharmaceutical Company Limited. Major players are focusing on joint ventures and mergers & acquisitions to enhance their regional presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
