According to Future Market Insights (FMI), the worldwide Older Adults Health Supplements market is valued at USD 182.6 billion in 2024 and it is anticipated to reach USD 314.2 billion by 2034. Over the next decade, global Older Adults Health Supplements demand is likely to increase at a CAGR of 5.6%.
The frequency of chronic diseases among older adults, including arthritis, osteoporosis, cardiovascular diseases, and cognitive decline, is driving the growing demand for health supplements made for their needs. Omega-3 fatty acids, glucosamine, calcium, and vitamins D and B12 are frequently utilized to manage or prevent these conditions.
Sales of Older Adults Health Supplements have exhibited a spike over the past few years, driven by shifting consumer preferences and technological advancements related to personality development. More consumers are seeking natural and organic ingredients that have been sustainably procured to manufacture supplements. Supplements that are free from synthetic additives and preservatives have been gaining widespread popularity across regions.
Innovative marketing strategies employed by key older adults health supplements companies are expected to boost the market during the next ten years.
By highlighting the specific health benefits and quality-of-life improvements offered by these products, companies are capturing the attention and trust of older consumers. This targeted approach promotes more awareness and acceptance of health supplements within the older demographic, resulting in heightened demand and increased sales.
For instance,
- Herbalife created a calming tea and new immunological fundamentals, such as EpiCor, in October 2019 to meet the need for nutritional supplements in the North American market. This would increase the company’s sales of health products for senior citizens.
- Abbott Laboratories launched food supplements with a strawberry flavor in India, that will increase demand for dietary supplements for older individuals by enhancing the company’s portfolio.
Key Takeaways from the Older Adults Health Supplements Report:
- The global Older Adults Health Supplements market is expected to reach a valuation of USD 314.2 billion by 2034.
- Global demand for Older Adults Health Supplements is likely to soar at 5.6% CAGR over the forecast period.
- North America is projected to hold a dominant value share of 31.2% in the global market by 2034.
- Germany market is estimated to witness a value CAGR of 4.7% during the projection period.
“The older adults health supplement market is experiencing significant growth driven by an aging population, increased health awareness, and advancements in nutritional science. The demand is further fueled by government support for preventive healthcare and effective marketing strategies targeting older adults. Innovations in product formulations and flavors, alongside convenient sales channels, are making supplements more accessible and appealing, solidifying their role in maintaining the health and well-being of the elderly population.”– says a lead analyst at Future Market Insights (FMI)
Who is Winning?
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 Healthcare, and Nestle (Nutren) are key Older Adults Health Supplements manufacturers listed in the report.
These companies are concentrating on expanding their portfolios by launching new products. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market. For instance,
- In November 2023, Amway made a USD 200 million commitment to establish a center for nutritional supplement innovation in China. This facilitated the delivery of customized options and the overall growth of the company.
Extensive Market Research: Complete Report and Findings
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Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global Older Adults Health Supplements market presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the Older Adults Health Supplements market based on Nature (organic and conventional), Form (pills, powders, liquids, and energy bars), Flavor (Orange, Lemon, Cherry, Raspberry, Chocolate, Strawberry), Sales Channel (B2C, stores based retailing, grocery retailers, modern grocery retailers, hyper markets, super markets, and online retailing) across various regions.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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