In order to attain a valuation of US$ 265 billion by 2032, the market for Older Adults Health Supplements Market is for older persons is expected to grow at a compound annual growth rate (CAGR) of 6% from US$ 140 billion in 2021 to US$ 265 billion.
Growing health consciousness and population ageing are fueling the demand for health supplements for older persons. It tackles age-related health issues and observes a spike in demand for supplements that promote brain function, joint health, and overall vitality. It is expected that ongoing research and product developments would support its expansion.
A vast array of products are included in supplements to the diet or health, which are mostly consumed to enhance health and balance the diet. With the world population growing and more individuals becoming older, the market for health supplements geared towards this demographic is growing at a very different rate.
It has been observed that as one ages, the body becomes less capable of absorbing some vital nutrients. Because of this, seniors who require health supplements must get their important nutrients from outside sources. The increasing usage of supplements by the well-aware elderly is expected to cause a major shift in the market for health supplements for older persons.
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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.
The Older adults health supplements can nowadays be found easily in the supermarkets, hypermarkets and others as the trend in the consumption of these supplements is increasing so, increase in healthcare awareness, urbanization, change in the fitness trends and advancement in living standards is impacting the older adults health supplements Market positively.
Older Adults Health Supplements: Key Participants
- 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
- Nutra Helthcare