Elderly Nutrition Market share And Segments

Elderly Nutrition Market 

The elderly nutrition market is estimated to be valued at US$ 23,632.4 Mn in 2022 and is expected to exhibit a CAGR of 6.7% over the forecast period from 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Elderly nutrition products include drinks, snacks, and supplements specifically formulated to meet the nutritional needs of elderly consumers. Products are typically fortified with essential vitamins and minerals to help support the physiological changes associated with aging and associated illnesses. These products are available in liquid, powdered, bar, and other formats to suit varying lifestyles. Demand is driven by the desire to maintain health, independence, and quality of life among seniors.

Market Dynamics:

Rising geriatric population globally is the primary factor fueling market growth. According to the United Nations, the world’s population aged 60 years or older is growing at a rate of about 3% per year and is expected to reach 1.4 billion by 2030. This demographic shift is expected to significantly boost demand for elderly nutrition products over the coming years. Furthermore, increasing prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases among the elderly population is also propelling market expansion. Micronutrients and fiber-rich formulations are commonly recommended to manage lifestyle-related illnesses and support recovery from surgery or injury in old age.

SWOT Analysis
Strength: The Elderly Nutrition Market offers tailored products that meet the specific nutritional needs of the elderly population. These products help improve health outcomes and quality of life. Elderly nutrition products are convenient to consume and help support independence.
Weakness: Elderly nutrition products can be more expensive than regular foods. Some elderly individuals find it difficult to adapt to packaged nutrition products due to taste and texture preferences developed over a lifetime.
Opportunity: Rising healthcare costs associated with malnutrition and age-related diseases creates an opportunity to establish the value of preventative elderly nutrition products. Growth in the senior population creates a larger potential customer base.
Threats: Economic uncertainty and rising inflation could impact consumer spending on specialized nutrition products. New entrants may emerge offering lower cost alternatives.

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 healthcare costs associated with age-related diseases. By addressing malnutrition proactively, elderly nutrition products can help reduce overall healthcare expenditures.

Regional analysis: The US dominates the global elderly nutrition market currently. However, Asia Pacific is expected to grow the fastest due to a rapidly expanding senior population in China and India. In the US, convenient packaged nutrition products are popular for independent elderly citizens while powder formulations are gaining demand in Asia due to ease of preparation.

Key players: 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’s, GlaxoSmithKline, Fresenius Kabi AG, Ranbaxy, WOCKHARDT, The Kraft Heinz Company, and Sichuan Kelun Pharmaceutical Company Limited. These companies invest heavily in new product development and expansions to capitalize on the substantial market opportunity.

Read More : https://www.rapidwebwire.com/elderly-nutrition-market-connected-with-exponential-growth-opportunities-forecast-size/

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