The global Elderly Nutrition Market is estimated to be valued at US$ 23,632.4 million in 2022 and is expected to exhibit a CAGR of 6.7% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Elderly nutrition refers to the specialized nutritional needs of the aging population. With advancements in healthcare and technology, people are living longer, leading to a growing elderly population globally. As individuals age, their nutritional requirements change and become more specific. Elderly nutrition products are designed to cater to the specific needs of older adults, providing them with the necessary nutrients to support their overall health and well-being. These products offer various benefits, including improved immune function, enhanced bone health, increased energy levels, and better cognitive function.
B) Market Key Trends:
One key trend in the elderly nutrition market is the increasing focus on personalized nutrition. As individuals age, their nutritional needs become more diverse and unique. Personalized nutrition involves tailoring dietary recommendations and nutrient intake based on an individual's specific health conditions, lifestyle, preferences, and genetic factors. This trend recognizes that a one-size-fits-all approach may not be suitable for older adults, and customized nutrition plans can optimize their health outcomes. For example, companies are utilizing genetic testing to determine an individual's nutrient deficiencies and recommending personalized dietary supplements.
C) PEST Analysis:
- Political: Government initiatives and healthcare policies aimed at promoting healthy aging can positively impact the elderly nutrition market. For example, the implementation of programs to address malnutrition among the elderly population can drive the demand for nutritional products.
- Economic: The growing spending power of the aging population, coupled with increased healthcare expenditures, creates opportunities for the elderly nutrition market. Additionally, the rising healthcare costs associated with age-related diseases and conditions emphasize the importance of preventive nutrition for older adults.
- Social: Changing lifestyles and dietary patterns among the aging population, including increased consumption of convenience foods and a higher prevalence of chronic diseases, are driving the demand for specialized nutrition products. Moreover, the rising awareness about the importance of healthy aging is influencing consumer choices towards nutritionally fortified products.
- Technological: Advancements in technology have enabled the development of innovative and convenient elderly nutrition products. These include functional foods, fortified beverages, dietary supplements, and digital health solutions that can track and monitor an individual's nutrient intake.
D) Key Takeaways:
- The global Elderly Nutrition Market is expected to witness high growth, exhibiting a CAGR of 6.7% over the forecast period, due to increasing health concerns among the aging population.
- Regionally, North America is projected to dominate the market, owing to the presence of a large aging population, high healthcare expenditures, and favorable government initiatives promoting healthy aging.
- Key players operating in the global elderly nutrition market include 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. These companies are focusing on product innovation, partnerships, and strategic collaborations to enhance their market presence and cater to the growing demand for elderly nutrition products.
In conclusion, the global elderly nutrition market is witnessing significant growth due to increasing health concerns among the aging population. With a focus on personalized nutrition, advancements in technology, and favorable government initiatives, this market presents lucrative opportunities for key players to meet the specific nutritional needs of older adults and improve their overall health outcomes.
