The Elderly Nutrition Market consists of food and beverage products that are specially formulated to address the nutritional needs of the elderly population. Key products in this segment include milk and dairy-based beverages, juice, soups, porridge and meal replacement drinks. The increasing aging population globally has driven a rise in age-related health issues like osteoporosis, diabetes and obesity among others. This has catalyzed demand for healthy and nutritious foods that help the elderly population meet their daily nutrition requirements and stay active.
The Global Elderly Nutrition Market is estimated to be valued at US$ 29048.57 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031.
Key Takeaways
The key opportunities in the Elderly Nutrition Market Size include development of functional and easy-to-consume products like nutrition bars and shakes. These products help address challenges with poor appetite and difficulty in chewing and swallowing faced by many elderly individuals. Manufacturers are also developing personalized nutrition recommendations and digital tools to assist elderly consumers in meeting their daily requirements.
Key players operating in the Elderly Nutrition market are Amcor Limited, WestRock Company, Sonoco Products Company, Sealed Air Corporation, Stora Enso Oyj, Bemis Company, Inc., MULTIVAC, WS Packaging Group, Inc., Active Packaging Ltd., and ULMA Packaging, S.Coop. These players dominate the market with their extensive product portfolio and global manufacturing and distribution network.
Globally, the market continues to witness strong growth with increasing focus on preventive healthcare. Major players are expanding to high growth regions like Asia Pacific and Latin America through partnerships, mergers and acquisitions. This allows them to tap into the fast growing aging demographics in developing economies and establish an early mover advantage.
Market Drivers
Growing elderly population: According to WHO, the number of people aged 65 years and above is projected to reach 1.5 billion by 2050 from 703 million in 2019. This vast aging demography is the key driver behind growing demand for elderly nutrition products.
Focus on preventive care: With lifestyle diseases affecting quality of life in old age, there is greater focus on addressing the daily nutritional needs of elderly through customized diets and supplements. This drives uptake of specialized elderly nutrition products.
Market Restraints
High prices: Specialized formulations and functional ingredients used in elderly nutrition products make them relatively expensive compared to mass-market foods. This impacts volume uptake, especially in price-sensitive developing markets.
Poor taste perception: Flavor masking techniques used to formulate nutrients into less volumes often compromise taste, leading to reluctance in product adoption. Companies must focus on taste to increase acceptability.
Segment Analysis
The elderly nutrition market is dominated by the oral nutritional supplements segment. Oral nutritional supplements such as powder, liquid, and mousse accounted for more than 50% of the overall market share in 2024. The demand for oral supplements is high among the elderly population as they are easy to consume and provide complete balanced nutrition. Oral supplements help to improve nutritional intake among seniors with chewing and swallowing difficulties.
Next, the medical food segment also captured a major market share in 2024. Medical food products specially formulated to address nutritional shortfalls related to specific diseases and health conditions. They play an important role in managing chronic diseases like diabetes, cancer, etc. common among the elderly. These medical food products are available in both liquid and powder forms and are mainly prescribed by doctors for patients recovering from illness, injury, or surgery. Their demand is expected to rise significantly during the forecast period.
Global Analysis
The North America region dominated the global elderly nutrition market in 2024 with a share of over 35%. The presence of a large elderly population base and increasing prevalence of chronic diseases in the United States and Canada are key factors driving the regional market. Moreover, high healthcare spending and availability of advanced elderly nutrition products have boosted the North American elderly nutrition industry.
Asia Pacific is projected to witness the fastest growth during the forecast period of 2024-2031. This can be attributed to the rising geriatric population, growing health awareness, and improving healthcare infrastructure in highly populated countries like China and India. China currently has the largest elderly population globally and is expected to contribute to the Asia Pacific market growth.
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