Elderly nutrition products provide balanced nutrition to elderly population who are 65 years and above. The products are available in various forms such as powder, pills, and liquid which helps in providing necessary nutrients to body. These products are specially formulated to meet the nutritional needs of elderly people as nutrient requirements differ significantly from adults. With increasing life expectancy and rising burden of age-related diseases, there is a growing need for elderly nutrition products to ensure proper health and wellbeing of aging population.
The global Elderly Nutrition Market is estimated to be valued at US$ 25215.77 Bn 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 Opportunity
Increasing prevalence of age-related diseases remains a key factor driving the demand for elderly nutrition products. Chronic conditions such as osteoporosis, cardiovascular diseases, and cancer are highly common among the elderly. According to World Health Organization (WHO), approximately 8.5 million deaths globally are attributed to cancer while 17.9 million deaths are due to cardiovascular diseases each year. Elderly nutrition products help in promoting health, alleviate conditions, and improve quality of life of people living with chronic diseases. They facilitate meeting nutrition needs through balanced diet and ease management of health issues. Thus, the growing burden of diseases associated with aging is creating significant market opportunity for companies operating in elderly nutrition market.
Porter's Analysis
Threat of new entrants: The elderly nutrition market size has high capital requirement and established distribution channels which act as a barrier for new players.
Bargaining power of buyers: The buyers have moderate bargaining power due to availability of substitutes and differentiation in products offered by various players.
Bargaining power of suppliers: The suppliers have low to moderate bargaining power due to availability of substitutes and less switching costs for buyers.
Threat of new substitutes: Low threat as other protein and supplements require prescription and are aimed at specific medical conditions.
Competitive rivalry: Intense due to presence of global and local players.
SWOT Analysis
Strength: Wide range of customized products for specific age groups, health conditions and ease of consumption. Strong distribution network of major players along with brand recognition.
Weakness: High costs of R&D to develop newer formulations. Vulnerable to economic slowdowns as discretionary expenditure.
Opportunity: Increasing life expectancy, growing elderly population, rising healthcare expenditure in developing nations present huge market potential.
Threats: Stringent regulations. Patent expiries leading to price erosion.
Key Takeaways
The global elderly nutrition market is expected to witness high growth over the forecast period owing to rapid increase in aged population worldwide. The global Elderly Nutrition Market is estimated to be valued at US$ 25215.77 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
North America dominates currently due to rise in lifestyle diseases. However Asia Pacific is growing rapidly with nations like China and India expected to offer immense opportunities through government efforts to enhance healthcare access and life expectancy. Japan also presents scope due to one of the oldest populations globally. Europe is mature but continues growing steadily with major spenders being Germany and U.K. Rest of world regions are at a nascent stage but market is projected to expand fast there.
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€TMs, GlaxoSmithKline, Fresenius Kabi AG, Ranbaxy, WOCKHARDT, The Kraft Heinz Company, and Sichuan Kelun Pharmaceutical Company Limited. These established brands have strong distribution networks across key regions helping them gain significant shares.
Get more insights on this topic: https://www.trendingwebwire.com/elderly-nutrition-market-size-and-opportunity-analysis-2023-2030/
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