ELDERLY NUTRITION MARKET ANALYSIS

Access to proper nutrition and healthcare is a challenge for the elderly population in many developing nations. Poverty, lack of social security, inadequate health infrastructure and lack of awareness can hamper uptake of elderly nutrition products. According to the United Nations Population Fund Data in 2021, nearly 89% of the world's elderly population will be living in developing countries by 2050. However, a major section of this demographic does not have the financial means or access to purchase supplements, formulations or packaged food items tailored for their nutritional needs. This significantly curbs the market potential for elder nutrition manufacturers looking to expand globally. Even where the supply chains have reached, cultural preferences and traditional diets continue to override medical advice in some regions. Affordability emerges as a massive roadblock especially for those suffering from chronic age-related diseases that require custom blended nutrition. Lack of public healthcare support for the aged people exacerbates medical conditions and increases malnutrition risks. As per data from World Health Organization, every year, over 3 million deaths among the elderly can be attributed to inadequacies in diet and healthcare access in developing nations.

Market Opportunities: Increasing demand in growing economies

Rising demand for elderly nutrition products in many developing economies due to significant changes in demographics and lifestyles can offer market growth opportunities. As life expectancy rises globally and population ages, more people are now living longer after 60 years of age. Countries like China and India with huge geriatric population pools are witnessing  growth. As per UN population data, number of elderly people is projected to double in India by 2050. This burgeoning elderly demographic in developing world can offer opportunity for nutrition companies. Traditionally, elderly people relied on home-cooked meals and local diets. However, modern lifestyles have increased health issues and nutrition deficiencies. Rising incomes also allow for more discretionary spend on health and wellness. Therefore, there is a growing appetite for specially formulated elderly nutrition products that address issues like malnutrition, bone & muscle loss, diabetes, and others.  Several international non-profits like WHO are aggressively promoting awareness about benefits of healthy aging through balanced diets, supplements and customised meals. Local players as well as global giants are keenly watching these emerging markets and customising their offerings to suit local price points and tastes. They are introducing small packages, mixing traditional flavors with nutrition-rich ingredients to make products more palatable for the elderly.