PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1532408
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1532408
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.
Report Coverage | Report Details | ||
---|---|---|---|
Base Year: | 2023 | Market Size in 2024: | US$ 25.26 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
Forecast Period 2024 to 2031 CAGR: | 6.70% | 2031 Value Projection: | US$ 39.80 Bn |
Global elderly nutrition market growth is driven by rising geriatric population worldwide and the associated health issues. Nutrition plays a vital role in ensuring the physical well-being and overall health of the aged people. Poor dietary habits and malnutrition among elderly people can increase the risk of chronic diseases and faster cognitive decline. There has been huge demand for fortified food products that provides essential nutrients, vitamins, minerals, and protein to senior citizens. Various types of nutritional supplements including vitamins, proteins, minerals, fibers and probiotics are emerging as effective solutions to fulfill their daily nutrition intake and support healthy aging. Growing aging population can drive the elderly nutrition market growth in the near future.
Global elderly nutrition market growth is driven by rapid aging of population across regions. According to the data published by United Nations, the number of people aged 60 years and older is projected to double by 2050 and reach around 2 billion. Rising life expectancy and declining fertility rates contributes to growing aged demography. This wide geriatric base requiring nutritional care can drive the market growth. However, high costs associated with elderly nutrition products can hamper the market growth. Lack of awareness among seniors regarding their specific nutritional needs can also hamper the market growth. Growing health consciousness and rising spending capacity of the elderly can offer opportunities for premium customized nutrition options. Ongoing R&D to develop flavorsome yet highly nutritious formulations suitable for the elderly is the major trend in the market.
Detailed Segmentation-