ELDERLY NUTRITION MARKET ANALYSIS

Elderly Nutrition Market Size and Trends

Global elderly nutrition market is estimated to be valued at USD 25.26 Bn in 2024 and is expected to reach USD 39.80 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.

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Rising aging population across major economies can boost demand for various elderly nutrition products. Growing awareness about the importance of maintaining proper nutritional diet among the elderly to stay healthy can also drive the market growth. Innovation and new product launches catering to the changing needs and preferences of the elderly demographics can offer business opportunities for the market players. However, high costs associated with some specialized elderly nutrition products can hamper the market growth. Increased focus on preventive healthcare and wellness among the aging population worldwide can offer growth opportunities for global elderly nutrition market.

Growing Elderly Population

Growing elderly population can drive the market growth. According to the United Nations, the number of people aged 60 years and older is expected to double by 2050 and reach nearly 2.1 billion people globally. As life expectancies increase around the world due to advancements in public health and medicine, people are living longer than ever before. As people live longer lives into their senior years, nutritional needs and requirements change with age. Older adults often experience a loss of appetite and changes in taste and smell, which can negatively impact their dietary intake and nutritional well-being. Many people also live with chronic health conditions like diabetes, heart disease or cancer that necessitate special diets. Due to growing aging population worldwide, there is huge demand for easy-to-consume foods and beverages specially formulated to meet the macronutrient and micronutrient needs of seniors. For instance, in September 2023, according to India Ageing Report, released by UNFPA, United Nations Population Fund, reveals critical insights into India's elderly population. It highlights a rapid growth rate of 41% among the elderly, projecting that by 2050, these will constitute over 20% of the total population. Economic challenges are stark, with more than 40% of elderly in the poorest wealth quintile and nearly 18.7% living without income, impacting their quality of life and healthcare access. By 2046, the elderly population is expected to surpass children aged 0-15 years. The report also notes gender disparities, with women generally having higher life expectancy at 60 and 80 years as compared to men, especially pronounced in states like Himachal Pradesh and Kerala in India.

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Rise of Age-Related Health Issues

As age of people increases, these people become more susceptible to various health issues. Conditions like arthritis, osteoporosis, hypertension, dementia and impaired mobility are increasingly prevalent among the elderly people. According to medical research, nutritional deficiencies and an inadequate diet can exacerbate or accelerate the progression of many age-related diseases and disabilities. Maintaining good nutrition help seniors to manage their health conditions better and live independently for longer. This boosts demand for fortified foods and supplements that provide antioxidants, vitamins, minerals, proteins and other important nutrients that are clinically proven to support cognitive function, bone and muscle health, heart health, blood sugar control and more. Increasing health challenges closely linked to aging can boost demand for customized nutrition solutions tailored to the specific illness management needs of older adults worldwide.