by The elderly nutrition market caters to the dietary requirements of the elderly population aged 60 years and above. Products under this segment include ready to drink medical nutrition, easy to swallow nutrition, and energy dense nutrition. The demand for elderly nutrition has increased significantly owing to the rising consumer awareness about the importance of proper nutrition in improving quality of life and preventing age-related illnesses. The aging population is widely adopting elderly nutrition products over conventional food as these supplements offer digestion-friendly formulations, enhanced nutrient content, and suitable textures. The convenient packaging of these products such as bottles, stand-up pouches, and cartons also appeal to the elderly customers making consumption easier.
The Global Elderly Nutrition Market is estimated to be valued at US$ 29048.57 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031.
Key Takeaways
The key opportunities in the Elderly Nutrition Market Size include rising health supplement spending by aging populations globally, growing demand for high protein and fiber based supplements, and increasing adoption of convenient packaging solutions like bottles, cartons etc.
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.
Technological advancements like development of supplements in form of softgels, chewable tablets and easy-to-swallow formats are improving palatability and digestibility of elderly nutrition products.
Market Drivers
The increasing life expectancy worldwide is a major factor driving the sales of elderly nutrition products as nutritional requirements change with age. As per WHO, the number of people aged 60 years and above is projected to reach 2.1 billion by 2050 from 1 billion in 2020. This expanding pool of elderly population fuels the demand for supplementation according to their needs. Additionally, shifting lifestyle trends, rising health consciousness and growing product availability through multiple retail channels are some other important aspects favoring the market growth.
Current Challenges in Elderly Nutrition Market
The Elderly Nutrition Market Size is facing several challenges currently. As the elderly population is rising globally, their nutritional needs are also rising. However, many older people face issues like lack of appetite, difficulty in chewing or swallowing foods, medical conditions like diabetes etc. Designing nutritional food products that can meet their changed dietary needs is a major challenge. Many elderly also struggle with loneliness which affects their mental well-being and interest in food. Affordability of specialised nutritional products is another issue for some people in this age group who may have limited or fixed incomes. Lack of proper care facilities in some regions also restrict elderly people from getting access to nutrition supplements. Overall, addressing the evolving health and lifestyle changes among the growing elderly demographic through suitable, accessible and affordable solutions continues to challenge players in this market.
SWOT Analysis
Strength: Growing aging population worldwide resulting in increased demand for products catering to elderly health and nutrition needs.
Weakness: Specialised products often have higher prices which impacts affordability and mass adoption.
Opportunity: Scope to develop effective and tasty nutritional formulations for people with specific health conditions like dementia.
Threats: Stiff competition from private label brands offering similar products at lower costs can impact market share.
Geographical Regions
North America region currently accounts for the largest share of the global elderly nutrition market in terms of value. This is attributed to factors like growing elderly population, high healthcare spending and presence of major players in the region. Asia Pacific is expected to be the fastest growing regional market between 2024-2031 due to rising incomes, increasing life expectancy rates and expanding medical industry across nations like China and India.
The European market will also witness steady gains driven by high spending abilities and demand for innovative products in countries such as Germany, France and United Kingdom which have aging populations and well-developed healthcare infrastructure. Latin America and Middle East & Africa are identified as emerging markets with latent potential for elderly nutrition products suppliers. However, affordability and low penetration of specialty care models still pose challenges in these regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
