Global Silver Food Market - 2023-2030

Market Overview

Silver food is a nutritional supplement that contains silver, which has anti-inflammatory and antibacterial characteristics. Rising consumer awareness of nutritional insufficiency and the diseases resulting from such deficiencies has resulted in growing global demand for the product. Another aspect promoting global sales growth is the global expansion of distribution channels. The silver food market's revenue has been greatly boosted by e-commerce. The product's availability in numerous categories, such as gluten-free, cholesterol-friendly, and reduced sodium, is expected to accelerate global market development in the coming years.

The global silver food market was valued at USD YY million in 2022. It is forecasted to reach USD YY million by 2030, growing at a CAGR of 4.10% during the forecast period (2023-2030).

Market Dynamics: Increasing consumer awareness of nutritional insufficiency and its consequences

Rising consumer awareness of nutritional deficiency and its consequences promotes the expansion of the silver food market. In addition, the aging population is a big development driver in the silver food business. This business raises the possibility of developing particular diets or supplements to improve the nutritional status of the aged population. Moreover, more people aged 80 or older will use these products in the coming years. According to the United Nations, the number of people aged 80 nearly tripled between 1990 and 2019, rising from 54 million to 143 million. It is expected to triple again between 2019 and 2050, reaching 426 million. This number implies that the silver food industry will grow during the predicted period as a result of aged seniors being an essential portion of any country's population; hence a significant amount of public spending is reserved for this age group. This spending includes free healthcare, retirement, and other programs. To reduce government spending on the elderly, persons' health must be maintained so that they do not become a burden to the government. As a result, governments in several places have encouraged the distribution of healthy food and supplements to the elderly.

However, a lack of awareness regarding silver food products impedes market growth in some places. Furthermore, increasing costs and a lack of affordability may produce a market gap.

Market Segmentation: The meal box segment for the highest share in the global silver food market

Meal box for the elderly have a substantial market share in 2021. With the changing needs of its elderly consumers, meal boxes are available for various tastes. The bulk of meal boxes features ready-to-eat food that requires very no preparation. Meal box providers consider the diverse nutritional needs of the elderly population, such as gluten-free, low-carb, low-sodium, diabetic-friendly, and renal diets. Growth in the elderly population and an increase in the number of senior citizens living alone will fuel demand form meal boxes in the coming years.

Geographical Penetration: Asia Pacific is the dominating region during the forecast period.

In 2021, Asia Pacific was expected to dominate the global silver food market. The growing aging population and high sales of supplements in countries such as India and Japan have contributed to this region's growth. In the predicted timeframe, an increase in the number of senior individuals in this region, as well as obesity, diabetes, and other health issues, would enhance the local market. Moreover, experts strongly recommend the product, particularly for the elderly, to meet their nutritional needs. Another major driver of the silver food market expansion in the coming years would be an increase in the number of diseases in this region, combined with increased disposable income.

Competitive Landscape:

The market for silver food is fragmented due to local and micro-local manufacturers. Local producers are selling a range of supplements at reasonable rates, increasing market competitiveness. Key market participants in the silver food area cater to end consumers' unique needs. Pfizer, Inc., Nestle S.A., Koninklijke DSM N.V., Abbott Laboratories, Arla Foods Ingredients Group P/S, Roquette Freres, Herbalife Nutrition, Sysco Corporation, Nutrisystem, Inc., Apetito, Oy Karl Fazer Ab, and COOK Trading Ltd. are among the major competitors in the silver food business.

In addition, the companies invest in developing new innovative nutrient-rich- diets for silver food to prevent the cognitive decline of elderly people due to a diet rich in nutrients for brain health. For instance, on June 23, 2020, The Silver Brain Food initiative was launched by Activ'Inside. This program is carried out in partnership with NutriNeuro and Bordeaux Population Health University Laboratories and a consortium of industrial enterprises. Silver Brain Food strives to offer local, individualized solutions, goods, and services for the elderly to encourage a nutrient-rich diet, which is crucial for brain health and thereby prevents cognitive loss. This research initiative has a total budget of €16.3 million, including €9.3 million from Bpifrance's Investments for the Future Program.

COVID-19 Impact: Positive impact on the global silver food market

COVID-19 has varying effects based on each country's cultural norms, mitigating strategies, and health infrastructure. The COVID-19 pandemic has dramatically affected the worldwide market dynamics involving production, supply chains, and financial markets. Income losses, firm closures, government-imposed limitations on the free movement of people and products, market deglobalization, and market collapse due to supply and demand shocks are all challenges for low- and middle-income countries' economies.

The food sector is expected to alter in 2021 as customers become more conscious of their dietary options. The demand for these goods is aimed at older persons to address the specific nutritional inadequacies of that age group. During the pandemic, the product is provided by non-profit organizations, private firms, and government authorities. Many governments have taken steps to stimulate the growth of the silver food business to help the country's aging population. As a result, the market for silver food experienced considerable development throughout the epidemic.

The global silver food market report would provide access to approximately 59 market data tables, 46 figures and 170 pages.