Elderly Nutrition is Estimated to Witness High Growth Owing to Increased Health Consciousness Among Elderly Population

Elderly nutrition

 Elderly nutrition refers to health care supplements and medical foods meant for elderly consumers aged 65 years and above. These nutritional products such as supplements, dietary foods, formulas, shakes, and bars are specially formulated to meet the nutritional and dietary needs of the geriatric population. The key advantages of elderly nutrition products are that they help in maintaining muscle strength, bone density, cognitive health, and general well-being among the elderly. With rising health awareness and changing lifestyles, there is an increasing demand for convenient and nutritious food and beverage options tailored for seniors.

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 Opportunity:
Increased health consciousness among the elderly population presents a major market opportunity for players in the elderly nutrition market. With rising incomes and better access to healthcare information, many seniors are now more mindful about maintaining an active and healthy lifestyle through proper nutrition and supplements. The market sees increased demand for vitamin- and nutrient-fortified foods and beverages targeted for seniors. Leading players can capitalize on this opportunity by launching innovative products tailored to suit the changing dietary preferences, health concerns, and busy lifestyles of the growing elderly demographic worldwide. Special focus on product formulations for age-related conditions like diabetes, arthritis and brain health can further drive the market growth over the forecast period.

Porter’s Analysis
Threat of new entrants: The elderly nutrition market has moderate threat of new entrants as it requires large investment in R&D and market establishment. However, growth of online channels and contract manufacturing reduce entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power as market has large customer base with diversified needs. Brand loyalty and medical advantages provided by key players increase their switching costs.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials used in elderly nutrition products are widely available. Manufacturers can easily switch to alternate suppliers.
Threat of new substitutes: Threat of substitutes is low as nutritional needs of elderly customers are specific and most substitutes fail to match their medical requirements. However, alternative delivery formats like shakes pose some threat.
Competitive rivalry: The market is highly competitive with large number of global and regional players targeting presence across different segments, regions and channels. Focus on new launches, M&A and regional expansion intensifies competition.

SWOT Analysis
Strengths: Established brands, diversified product portfolios, extensive R&D and distribution networks of key global players.
Weaknesses: High production and logistics costs, price sensitivity in developing markets, dependency on reimbursement policies.
Opportunities: Rising health awareness, growing elderly population, expanding e-commerce and Asia Pacific markets.
Threats: Stringent regulations, supply chain disruptions, threat from private label brands.

Key Takeaways
The global Elderly Nutrition market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is US$ 25215.77 Bn and is projected to reach over US$ 42000 Bn by 2030 at a CAGR of 6.7%.

Regional analysis of fastest growing and dominating region: Asia Pacific region dominates the elderly nutrition market currently and is expected to witness highest growth over the forecast period. Rapidly growing geriatric population along with improving healthcare infrastructure and rising discretionary incomes in China and India drive the region’s market growth.

Key players related content: 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. The key players focus on expanding their product portfolios and presence across various regional markets through new product launches, mergers and acquisitions.