by The growing prevalence of chronic diseases such as diabetes, hypertension, cancer, and heart diseases has increased the focus on preventive healthcare measures. Elderly nutrition products such as nutritional shakes and supplements provide sufficient nutrients to maintain health and independence among the aging population.
The global Elderly Nutrition Market is estimated to be valued at US$ 25215.77 Billion 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 key trends:
One of the key trends in the elderly nutrition market size is the rising demand for easy-to-consume and on-the-go products. With busy lifestyles and independent living, there is growing preference for nutrition products that can be quickly consumed without much preparation. Manufacturers are focusing on developing nutrition bars, shakes, soups, and ready-to-eat meals for the elderly population. Furthermore, the market is witnessing increasing investments in research and development of personalized elderly nutrition solutions. Based on an individual’s medical history, nutrition requirements vary significantly. Key players are exploring opportunities to offer customized nutrition formulas tailored to the specific needs of the aging consumer. This trend is expected to further fuel the growth of the elderly nutrition market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements in elderly nutrition industry restricts threat of new entrants. Regulatory requirements for quality standards pose a barrier.
Bargaining power of buyers: Buyers have high bargaining power given the fragmented nature of the industry with many global as well as regional players. Buyers can choose from various product offerings and price points.
Bargaining power of suppliers: There is a concentration of raw material suppliers which gives them high bargaining power over industry players for pricing and quality. Suppliers integrate backward to capture higher margins.
Threat of new substitutes: Substitutes like dietary supplements, alternative medicine, and functional foods pose a medium threat. Switching costs for established consumer preferences are moderate to high.
Competitive rivalry: Intense competition among existing global and regional players to gain market share. Players differentiate through continuous innovations, customizations, and brand positioning. Price wars are common.
Key Takeaways
The global Elderly Nutrition market is expected to witness high growth over the forecast period of 2023 to 2030. The global Elderly Nutrition Market is estimated to be valued at US$ 25215.77 Billion in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
Europe dominated the market in 2023 with over 35% share due to rising health consciousness and aging population. However, Asia Pacific is expected to grow at the fastest pace over the coming years due to improving healthcare infrastructure and growing medical expenditures in major countries like China and India. North America is expected to grow significantly, expanding at a CAGR of 6.9% during the forecast period. Growing prevalence of chronic diseases fuelled by obesity and sedentary lifestyles is driving demand. Latin America is projected to exhibit notable growth with a CAGR of 7.2% during 2023-2030.
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. Otsuka Pharmaceuticals Co., Ltd. captured the largest market share of over 15% in 2023.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
