by Elderly nutrition products include packaged nutritional food and drinks that are specially formulated to meet the nutritional requirements and appetite sensitivities of the elderly population. Growing elderly population and increasing awareness regarding health are the key factors contributing to the growth of the global elderly nutrition market. With increasing internet penetration, e-commerce platforms have emerged as a major sales channel for elderly nutrition products. Availability of a wide range of products from multiple brands and attractive offers provided through online platforms is expected to drive the adoption of e-commerce sales channel over the forecast period.
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 7.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global Elderly Nutrition Market is expected to be flourished by the increasing penetration of e-commerce platforms. Availability of a wide range of products from multiple brands and attractive offers provided through online platforms is driving the adoption of e-commerce sales channel. According to a report by UNCTAD, global B2C e-commerce sales increased by 26% to $4.28 trillion in 2020. Growing adoption of online channels for purchasing goods and services due to convenience and safety offered during the pandemic is expected to boost the sales of elderly nutrition products through e-commerce over the forecast period. In addition, rising geriatric population worldwide which increases the demand for elderly nutrition products as well as personalised healthcare is another key driver that will support the market growth. According to UN reports, there were 727 million persons aged 65 years or over in 2020. The aged population is projected to double to 1.5 billion in 2050.
Segment Analysis
The elderly nutrition market is dominated by the powder sub-segment. Powder based supplements tend to have a longer shelf life and are easy to consume. The powder based supplements are portable and convenient to carry while traveling. These supplements are available in various flavors making it easy for the elderly population to consume them.
PEST Analysis
Political: Governments across various countries are promoting nutritional programs for elderly citizens. They are promoting awareness about supplements, subsidies and policy reforms to ensure access to nutrition.
Economic: With rising aging population and life expectancy, the demand for elderly nutrition products is growing. However, inflation and decreasing social security benefits pose economic challenges.
Social: The trend of independent living among elderly is increasing the demand for on-the-go supplements. Also, changing family structures are increasing the role of home care and assisted living centers who purchase these products.
Technological: Technologies improving shelf-life, miniaturization and personalized supplement formulations are fueling market growth. Digital healthcare is also aiding remote monitoring of nutritional needs.
Key Takeaways
The Global Elderly Nutrition Market Demand 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 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
Regional analysis :
The North America region currently dominates the elderly nutrition market led by US and Canada. Growth in these countries can be attributed to awareness initiatives by government and NGOs. Asia Pacific region is expected to grow at the fastest rate during the forecast period driven by expanding elder population in China and India and rising healthcare expenditure.
Key players :
Key players operating in the elderly nutrition market are Amcor Limited, WestRock Company, Sonoco Products Company, Sealed Air Corporation, Stora Enso Oyj. These key players are focusing on packaging innovations to improve shelf-life of supplements as well as launching new product varieties for specific health conditions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
