Elderly nutrition market is estimated to witness high growth, owing to increasing aging population & higher demand for nutrition supplements
Elderly nutrition market is estimated to be valued at USD 25.26 Bn in 2024, exhibiting a CAGR of 6.7% over the forecast period from 2024-2031. Rising prevalence of chronic diseases among the geriatric population can drive the market growth.
Market Dynamics:
Global elderly nutrition market growth is primarily driven by expanding aging population globally and rising demand for nutrition supplements. According to the UN Population Fund, the number of people aged 65 years and above will increase from 703 million in 2019 to 1.5 billion by 2050. Rising geriatric population base susceptible to nutrition deficiencies can offer significant opportunities for market players. Increasing prevalence of chronic conditions like diabetes and cardiovascular diseases among the older demographic group can also drive the market growth. Ensuring proper nutrition intake is imperative for managing the symptoms and treatment regime of these medical ailments. The market players are anticipated to gain broader prospects through new product innovations catering to specific nutrition needs with aging and through enhancing the distribution network worldwide.
Growing aging population and associated healthcare costs
Global elderly nutrition market growth is driven by growing aging population across the world and the associated increase in healthcare costs. As per the UN Population Fund, the number of people aged 60 years or over is expected to be more than double by 2050 and reach around 2 billion from 900 million in 2019. With advanced healthcare and improved living standards, people are living longer than before. This demographic shift puts tremendous pressure on healthcare systems and increases the need for elderly care products and services. Nutritional support for the elderly helps in maintaining health, mobility and independence among the aging population. It also contributes to lowering healthcare costs by preventing or delaying the onset of age-related diseases like osteoporosis, diabetes, and others. To address the growing needs of the elderly, nutritional product manufacturers are focusing on developing age-specific formulations tailored to the nutritional requirements of seniors.
Rising consumer awareness about benefits of proper nutrition
Increasing awareness among consumers, especially the elderly, about the importance of a balanced diet and nutrition in maintaining good health and quality of life can drive the market growth. Nowadays, elderly population is more educated, affluent and health-conscious as compared to previous generations. These people actively seek information on healthy aging and preventive healthcare options. Various online resources and awareness campaigns have highlighted the link between malnutrition and increased risk of illnesses, impaired mobility and cognitive decline in old age. This drives seniors to adopt targeted dietary modifications and use supplements as per their specific nutritional needs. Product innovations catering to elderly tastes like easy-to-swallow formats and fortified foods boosts the uptake of nutritional solutions. Diet and lifestyle changes to support healthy aging can offer lucrative opportunities for the market players.
Lack of personalized recommendations
Lack of personalized product recommendations and customized care plans can hamper the market growth. Each senior citizen has unique nutritional requirements depending on factors like gender, physical abilities, medical conditions, medicines used, and others. While awareness levels are rising, proper nutritional guidance tailored to individual needs still remains a challenge, especially in developing nations. This ambiguity over the most suitable formulations can lead to under-consumption of beneficial products or overuse of certain nutrients without realizing potential health complications. Standardized guidance from dieticians, doctors and other experts is needed to improve adherence to nutritional plans. Lack of personalized monitoring can limit ongoing support and timely adjustments as needs change with age.
High costs associated with specialized products
The high costs involved in developing and marketing specialized, science-based elderly nutrition solutions can also hamper the market growth. Strategic research and rigorous clinical testing are essential to establish efficacy, claims and gain regulatory approvals for complex age-specific formulations. This boosts product development costs significantly. Marketing and education costs are also high due to targeted elderly demographic which needs customized communication and education methods. The costs involved are eventually passed on to consumers, thus, making such customized products unaffordable for a large percentage of seniors, especially those in developing economies. While affordability is a key consideration due to rising out-of-pocket healthcare expenses for the elderly, pricing remains a major adoption barrier currently restricting wider market reach and penetration of science-backed targeted solutions.
Growing demand for home healthcare
Global elderly nutrition market growth is driven by rising demand for home healthcare services. Due to rising medical costs, families are increasingly looking for cost-effective options to support the elderly within the comfort of their own homes for as long as possible. This growing preference for aging-in-place requires nutritional support customized to the needs and abilities of home-dwelling seniors. Companies offering home delivery of meals and supplements tailored to individual prescriptions, as well as nutrition monitoring and remote diet management services, stand to gain. Technologies enhancing remote patient engagement like telehealth and AI-based monitoring can also offer market growth opportunities. By addressing demand for convenience, affordability and customized care at home, market players have an opportunity to penetrate new customer segments and gain strong stakes in the future of elderly healthcare.
Link: https://www.coherentmarketinsights.com/market-insight/elderly-nutrition-market-2437
Key Developments:
- In December 2023, Danone, a France-based multinational food-products corporation, introduced Fortimel, its medical nutrition product for adults with special medical needs in China. This launch aligns with Danone's strategy to apply its scientific expertise across all life stages, focusing on enhancing medical nutrition for the country's aging population.
- In November 2023, Nestlé, a Switzerland-based multinational food and drink processing conglomerate corporation, introduced N3 milk, derived from cow's milk and enriched with essential nutrients including proteins, vitamins, and minerals. This new product also features prebiotic fibers, low lactose content, and boasts over 15% fewer calories as compared to regular milk. Developed using proprietary technology, Nestlé reduced lactose using specialized enzymes to create beneficial prebiotic fibers.
- In September 2022, Abbott, a global healthcare company, launched a new formulation of Ensure aimed at supporting ageing Indians. Named Ensure with HMB, this nutritional supplement is designed to address poor muscle health, which affects four out of ten Indians. Muscle loss can lead to reduced energy, mobility issues, increased fall risk, and slower recovery from illness.
- In March 2021, The Ministry of Social Justice announced its plans to launch a Poshan Abhiyan to provide nutrition support to impoverished elderly not in Old Age Homes, using local food for hot-cooked mid-day meals. Gram Panchayats and Urban Municipalities will implement the scheme funded by the Senior Citizens Welfare Fund. By 2036, India expects 22.74 crore senior citizens (14.9% of the population). The National Action Plan for Senior Citizens covers financial security, healthcare, nutrition, shelter, welfare, protection, active ageing, and awareness.
Key Players: AAK AB, Abbott, Ajinomoto Co., Inc., Danone, DSM-Firmenich AG, GlaxoSmithKline plc, Nestle, Otsuka Holdings Co., Ltd., Pfizer Inc., The Vitamin Company India, Bayer AG, Sanofi S.A., Fresenius Kabi AG, Unilever plc, Novartis AG, Meiji Holdings Co., Ltd.
