The global Elderly Nutrition Market is estimated to be valued at US$ 25215.77 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Elderly nutrition products help meet the daily nutritional requirements of the elderly population. They help improve the overall health and nutritional status of people aged 60 years and above. Oral nutrition supplements, which include both liquid and powder formulations, are easy to consume and assist in managing health conditions like chronic diseases.
Market key trends:
One of the major trends in the elderly nutrition market is the growing demand for functional and branded oral nutrition supplements. Consumers are increasingly preferring functional supplements that provide specific health benefits beyond basic nutrition. For instance, supplements containing prebiotics and probiotics for gut health or Omega-3 fatty acids for heart health. Branded supplements are gaining popularity due to rising focus on quality, safety, and consistency in composition. These supplements carry brand recall which drives repetitive purchases. Factors like convenience, perceived value and personalized product offerings are fueling growth in demand for functional and branded oral nutrition supplements for elderly care.
Segment Analysis
The global elderly nutrition market is segmented based on product type, application and distribution channel. Based on product type, the market is segmented into medical food and supplementary food. The medical food segment dominates the market as they are prescribed by doctors and nutritionists for patients with specific health conditions. Based on application, the market is segmented into cancer, diabetes, obesity, osteoporosis, sarcopenia and other diseases. The diabetes segment accounts for the largest share as diabetes prevalence increases with age. Based on distribution channel, the market is categorized into hospital pharmacies, retail pharmacies, online pharmacies and hypermarkets/supermarkets. The retail pharmacies segment generates the highest revenue owing to easy availability of products.
Key Takeaways
The global Elderly Nutrition Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing aging population globally. The aging population is more susceptible to chronic diseases which drives the demand for elderly nutrition products.
Regional analysis: North America dominates the global elderly nutrition market, holding over 35% of the total market share. This is attributed to rising elderly population and unhealthy dietary habits in the region. Asia Pacific region is expected to witness highest growth rate over the forecast period owing to increasing prevalence of chronic diseases and improving healthcare infrastructure in emerging countries such as China and India.
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, Nestlés, GlaxoSmithKline, Fresenius Kabi AG, Ranbaxy, WOCKHARDT, The Kraft Heinz Company, and Sichuan Kelun Pharmaceutical Company Limited. These players are focusing on new product launches and strategic partnerships for gaining competitive advantage in the market.
Read More:https://www.ukwebwire.com/elderly-nutrition-market-size-share-and-growth-forecast/
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