The Older Adults Health Supplements Market is poised for exponential growth, riding on a projected CAGR of 6% from 2021 to 2032. Estimated to reach a valuation of US$ 265 billion by 2032, this market is witnessing a significant paradigm shift due to a myriad of factors. As the world’s population ages and becomes more health-conscious, the demand for supplements tailored for older adults is on an upward trajectory. With an increasing awareness of healthcare needs, the market is experiencing a surge in competition, leading to innovative offerings at competitive prices, thus making these supplements more accessible globally.
The demand for older adults health supplements is being driven by several key factors. As individuals age, their bodies become less efficient in absorbing essential nutrients, necessitating external supplementation. Moreover, the growing awareness among the elderly about age-related health issues such as cardiovascular diseases, joint pains, memory loss, and deteriorating eyesight is propelling the demand for health supplements catered to their specific needs. Additionally, shifting fitness trends and a proactive approach towards maintaining physical and mental well-being are further fueling the demand for these supplements.
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Several factors contribute to the robust growth of the older adults health supplements market. Increased healthcare knowledge, urbanization, changing fitness patterns, and advancements in living standards are among the primary drivers. Furthermore, the burgeoning aging population, particularly in regions like Asia Pacific and North America, coupled with rising disposable incomes and evolving lifestyles, is significantly bolstering market growth. The expansion of the market is also facilitated by the introduction of diverse product formats such as tablets, liquids, powdered supplements, and energy bars, catering to varied consumer preferences.
These supplements serve as beneficial alternatives to combat the deficiency of key nutrients in older adults population. They are available in different forms such as pills, liquids, powdered supplements, energy bars and others.
The Increase in Healthcare Awareness Drives the Demand for Older Adults Health Supplements
The increase in awareness of healthcare is anticipated to serve as the major driver for older adults health supplements market. The elderly population constitutes a massive number of the total population in the world. According to United Nations report, the population aged 60 years or above numbered 962 million in the year 2017.
Since the elderly these days are more aware about various diseases such as cardiovascular diseases, sore joints, memory loss, loss of vision and others that may happen in the old age, they are switching to these older adults health supplements. Also, a shift in fitness trends serves as a huge driver and opens more opportunities for the growth of the older adults health supplements market because the elderly these days are aware of physical and mental fitness and inquisitive and keen to invest their money in older adults health supplements that can help them to cut down the healthcare costs and aid in keeping them fit and healthy.
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Key Players in the Older Adults Health Supplements Market:
Bayer AG, Pharma Nord Inc., Epax Norway AS, Validus Pharmaceuticals, Lexicare Pharma Private Limited, Biocare Copenhagen A/S, Bright Food (Group) Co., Ltd, Otsuka Pharmaceutical Co., Ltd., Healthy Life Pharma Private Limited, SNU Biocare, Saipro Biotech Private Limited, V.R.Industries Pvt. Ltd and Nutra Healthcare are some of the leading participants in the older adults health supplements market.
Recent developments of the Older Adults Health Supplements Market:
- Abbott Laboratories developed strawberry-flavoured food supplements in India in October 2020. This will bolster the company’s assortment of dietary supplements, driving the demand for older adults health supplements
- Amway committed USD 200 million in November 2023 to establish a nutritional supplement innovation centre in China. This aided in the provision of customised solutions and the general development of the business.
- In October 2019, Herbalife developed a relaxing tea and new immune basics including EpiCor to fulfil the North American region’s nutritional supplement need. This would bolster its sales of older adults health supplements product.
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Older Adults Health Supplements Market Segmentation
The Older adults health supplements Market can be segmented on the basis of Nature, Form, Flavors and Sales channel.
The Older adults health supplements Market can be segmented on the basis of Nature as:
- Organic
- Conventional
The older adults health supplements can be segmented on the basis of Form as:-
- Pills
- Powders
- Liquids
- Energy Bars
The Older adults health supplements Market can be segmented on the basis of Flavour as:
- Orange
- Lemon
- Cherry
- Raspberry
- Chocolate
- Strawberry
The Older adults health supplements Market can be segmented on the basis of Sales Channel as:
- B2C
- Stores Based Retailing
- Grocery Retailers
- Modern grocery retailers
- Hyper Markets
- Super Markets
- Online Retailing
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