Older Adults Health Supplements Industry Outlook from 2024 to 2034

The global Older Adults Health Supplements industry is estimated to be worth USD 182.6 billion in 2024 and is projected to reach a value of USD 314.2 billion by 2034, expanding at a CAGR of 5.6% over the assessment period of 2024 to 2034

The global population is aging promptly, which is leading to a significant increase in the number of older adults. This demographic shift is driving older adults to seek health supplements to maintain their well-being, fill their nutritional gaps, and manage their chronic conditions. These supplements provide essential nutrients that may be lacking in their diet and help them in enhancing their quality of life and nutritional balance.

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.

Attributes Description
Estimated Global Older Adults Health Supplements Business Size (2024E) USD 182.6 billion
Projected Global Older Adults Health Supplements Business Size Value (2034F) USD 314.2 billion
Value-based CAGR (2024 to 2034) 5.6%

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Semi-Annual Business Landscape Update

Particular Value CAGR
H1 4.7% (2023 to 2033)
H2 5.3% (2023 to 2033)
H1 4.5% (2024 to 2034)
H2 5.4% (2024 to 2034)

The above table presents the expected CAGR for the global Older Adults Health Supplements trade environment over several semi-annual periods spanning from 2024 to 2034. In the first half (H1) of the decade from 2023 to 2033, the business is predicted to surge at a CAGR of 4.7%, followed by a slightly higher growth rate of 5.3% in the second half (H2) of the same decade.

Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to increase slightly to 5.4% in the first half and remain relatively moderate at 5.5% in the second half. In the first half (H1) the industry witnessed a decrease of 20 BPS while in the second half (H2), the industry witnessed an increase of 10 BPS.

Key Industry Highlights

Role of Scientific Innovation in Enhancing Health Supplements for Older Adults

Scientific advancements are playing a crucial role in significantly increasing the older adults' health supplement retail space.

Additionally, innovations and introduction of new ingredients along with formulations upgrade made for the specific nutritional needs of the older generation are driving business growth, which ensures these supplements meet the specific health requirements of the aging population. This scientific improvement supports the development of high-quality, targeted health solutions.

Flavor Innovations Boosting Consumption of Health Supplements among Older Adults

Innovation in flavour profile enhances the appeal of health supplements for aging populations by making them more palatable and enjoyable. Introducing diverse flavors such as orange, lemon, chocolate, raspberry or strawberry encourages regular consumption. These options cover the various taste preferences and especially benefit those sensitive to the taste of unflavored products.

Convenience and Precision: The Appeal of Pills and Energy Bars

Pills and energy bars remain the most preferred and popular choice when it comes to choosing the form of Older Adults Health Supplements. Consumers like the ease of including these forms in their daily routine without needing to mix or measure them.

This is especially captivating for those consumers who seek straightforward and hassle-free health solutions. Moreover, these forms ensure consistent dosage to consumers for consuming the exact amount of nutrients needed, which enhances efficacy and safety.

Nandini Roy Choudhury
Nandini Roy Choudhury

Principal Consultant

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2019 to 2023 Global Older Adults Health Supplements Sales Analysis Compared to Demand Forecasts for 2024 to 2034

Global Older Adults Health Supplements sales increased at a CAGR of 4.2% from 2019 to 2023. For the next ten years (2024 to 2034), projections are that expenditure on Older Adults Health Supplements will rise at 5.6% CAGR

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 specific health conditions and functionalities. Omega-3 fatty acids, glucosamine, calcium, and vitamins D and B12 are frequently utilized to manage or prevent these conditions.

As older adults are seeking ways to maintain their health and alleviate symptoms associated with these chronic ailments, the use of supplements becomes increasingly integral. This demand is fueled by the desire for proactive health management and the potential to mitigate the impact of age-related health challenges, contributing to the overall growth of the older adults health supplements industry.

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.

The line-up of marketing efforts with the unique concerns and preferences of older adults strengthens brand loyalty encourages a positive perception of these supplements and contributes to the sales of it.

Market Concentration

Tier 1 companies comprise market leaders with market revenue of above USD 100 million capturing a significant market share of 15% to 20% in the global sphere. These business leaders are characterized by high production capacity and a wide product portfolio.

These trade leaders are distinguished by their extensive expertise in manufacturing and reconditioning across multiple packaging formats and a broad geographical reach, underpinned by a robust consumer base.

They provide a wide range of series including reconditioning, recycling, and manufacturing utilizing the latest technology and meeting the regulatory standards providing the highest quality. Prominent companies within tier 1 include Bayer AG, Biocare Copenhagen A/S, SNU Biocare, Nestle (Nutren), and Pharma Nord Inc.

Tier 2 companies include mid-size players with revenue of USD 50 to 100 million having a presence in specific regions and highly influencing the local retail space. These are characterized by a strong presence overseas and strong consumer base knowledge. These industry players have good technology and ensure regulatory compliance but may not have advanced technology and wide global reach.

Prominent companies in tier 2 range includes Epax Norway AS, Validus Pharmaceuticals, Otsuka Pharmaceutical Co., Ltd., Healthy Life Pharma Private Limited, Saipro Biotech Private Limited., V.R.Industries Pvt. Ltd, and Nutra Healthcare

Tier 3 includes the majority of small-scale companies operating at the local presence and serving niche demand having revenue below USD 50 million. These companies are notably oriented towards fulfilling local marketplace demands and are consequently classified within the tier 3 share segment.

They are small-scale players and have limited geographical reach. Tier 3, within this context, is recognized as an unorganized field, denoting a sector characterized by a lack of extensive structure and formalization when compared to organized competitors.

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Country-wise Insights

The following table shows the estimated growth rates of the top three sales domains. Japan and India are set to exhibit high Older Adults Health Supplements consumption, recording CAGRs of 5.1% and 5.5%, respectively, through 2034.

Countries CAGR 2024 to 2034
United States 4.3%
Germany 4.7%
Japan 5.1%
China 4.5%
India 5.5%

United States to Retain Dominance in Older Adults Health Supplements Sales

The ecosystem for Older Adults Health Supplements in the United States is projected to exhibit a CAGR of 4.3% during the assessment period. By 2034, revenue from the sales of Older Adults Health Supplements in the country is expected to reach USD 4.6 billion.

Recommendations from the physician play an important role in driving the demand for older adult health supplements in the United States. Healthcare providers frequently include supplements in the health plans of older patients, emphasizing their importance for overall well-being.

This endorsement not only enhances the credibility of supplements but also causes a sense of necessity among older adults, who trust their physicians' expertise. As a result, patients are more inclined to incorporate supplements into their daily routines, contributing to increased demand in the territory.

Demand Outlook for Older Adults Health Supplements in Germany

Older Adults Health Supplements demand in Germany is calculated to rise at a value CAGR of 4.7% during the forecast period (2024 to 2034). By 2034, Germany is expected to account for 17.8% of Older Adults Health Supplements sales in Europe.

Germany is the largest economy in Europe and home to a vast health-conscious population. As such, it has a rising consumer base for supplements aimed at promoting overall well-being. A robust regulatory framework ensures product safety and quality standards in the country, instilling confidence among consumers in efficacy and reliability.

The widespread availability of various retail channels, including pharmacies, health food stores, and online platforms, enhances product accessibility and convenience for consumers across the country.

Government support is the rising popularity of older adults health supplements in Japan

Consumption of Older Adults Health Supplements in Japan is projected to increase at a value CAGR of 5.1% over the next ten years. By 2034, the domain size is forecasted to reach USD 1.8 billion, with Japan expected to account for an industry share of 14.8% in East Asia.

Government support in Japan is promoting the acceptance and adoption of supplements among older adults by promoting their role in preventive healthcare and healthy aging initiatives. With a focus on proactive health management, government endorsements give credibility to supplements, which encourages their uptake among the aging population.

This support highlights the importance of supplements in maintaining wellness and fits well with cultural values of longevity. As a result, older adults are more inclined to include supplements in their daily routines, contributing to increased demand.

Category-Wise Insights

Popularity of Pills Lies in Ease of Consumption

Segment Pills (Form)
Value Share (2024) 44.2%

Sales of Older Adults Health Supplements tablets are projected to register a CAGR of 4.7% from 2024 to 2034. The higher use of pills lies in the simplicity of their consumption; in other delivery formats, they mostly require measuring, mixing, or preparation. Pills offer a straightforward and effortless way to incorporate Older Adults Health Supplements into one’s daily routine.

They are often used to encapsulate ingredients with strong taste or odor, such as herbs and botanicals that are commonly found in Older Adults Health Supplements. Pills also help in precise dosage control as the amount of active ingredients in each tablet can be accurately measured and standardized.

All in all, pills provide consumers with the confidence that they are receiving the correct amount of supplement each time, enhancing their overall satisfaction and trust in the product.

Online Retailers are Leading Older Adults Health Supplements Sales

Segment Online Retailers (Sale Channel)
Value Share (2024) 38.6%

The rapidly growing popularity of online retailers is linked to the easy availability of products on these platforms. The online retailers segment is anticipated to advance at 5.4% CAGR during the projection period.

Online retailers provide consumers with easy access to a wide range of products as compared to traditional retailers. These offer convenience and accessibility to consumers, allowing them to browse and purchase from a wide range of Older Adults Health Supplements from the comfort of their home.

This diverse selection option allows consumers to explore different brands, formulations, and price points, empowering them to make informed choices that best suit their needs and preferences. Convenient delivery options, including home delivery and express shipping, make it easy for consumers to receive their supplements on time.

Competition Outlook

The Older Adults Health Supplements territory encompasses a diverse and dynamic competitive landscape. Leading Older Adults Health Supplements manufacturing companies are focusing on research and development, sustainable sourcing, and new formulations. They are also emphasizing environment-friendly practices and product certifications to satisfy the increasing demand for natural and sustainable ingredients.

Manufacturers are also looking to preserve their demand space position by focusing on product quality, innovation, and matching varied customer preferences.

For instance

  • In October 2020, Abbott Laboratories launched food supplements with a strawberry flavor in India. This will increase demand for dietary supplements for older individuals by enhancing the company's portfolio.
  • 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.
  • 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.

Leading Older Adults Health Supplements Brands

  • 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
  • Nestle (Nutren)
  • Others

Key Segments of the Report

By Nature:

As per nature, the ecosystem has been categorized into organic and conventional

By Form:

This segment is further categorized into pills, powders, liquids, and energy bars.

By Flavor:

This segment is further categorized into Orange, Lemon, Cherry, Raspberry, Chocolate, and Strawberry

By Sales Channel:

Different sales channels include B2C, Stores Based Retailing, Grocery Retailers, Modern grocery retailers, Hyper Markets, Super Markets, and Online Retailing

By Region:

Industry analysis has been carried out in key countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.

Frequently Asked Questions

What is the current value of the Older Adults Health Supplements industry?

The global Older Adults Health Supplements industry is estimated at a value of USD 182.6 billion in 2024.

At what rate did the revenue stream for Older Adults Health Supplements grow between 2019 and 2023?

Sales of Older Adults Health Supplements increased at 4.2% CAGR between 2019 and 2023.

Who are the leading manufacturers of Older Adults Health Supplements?

Bayer AG, Biocare Copenhagen A/S, SNU Biocare, Nestle (Nutren), Epax Norway AS, Validus Pharmaceuticals, Otsuka Pharmaceutical Co.,Ltd., Healthy Life Pharma Private Limited, and Saipro Biotech Private Limited. are some of the leading players in this industry.

Which region will garner a significant value share by 2024?

The North American sales domain is projected to hold a revenue share of 31.2% over the forecast period.

What share does Europe account for in the global Older Adults Health Supplements demand space in 2024?

Europe holds 24.8% share of the global demand space for Older Adults Health Supplements.

Table of Content
	1. Executive Summary
	2. Industry Introduction, Including Taxonomy and Market Definition
	3. Market Trends and Success Factors, Including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
	4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
	5. Pricing Analysis
	6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
		6.1. Nature
		6.2. Form
		6.3. Flavour
		6.4. Sales Channel
		6.5. Region
	7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Nature
		7.1. Organic
		7.2. Conventional
	8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Form
		8.1. Pills
		8.2. Powders
		8.3. Liquids
		8.4. Energy Bars
	9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Flavour
		9.1. Orange
		9.2. Lemon
		9.3. Cherry
		9.4. Raspberry
		9.5. Chocolate
		9.6. Strawberry
	10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Sales Channel
		10.1. B2C
		10.2. Stores Based Retailing
		10.3. Grocery Retailers
		10.4. Modern grocery retailers
		10.5. Hyper Markets
		10.6. Super Markets
		10.7. Online Retailing
	11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region
		11.1. North America
		11.2. Latin America
		11.3. Europe
		11.4. East Asia
		11.5. South Asia
		11.6. Oceania
		11.7. Middle East and Africa
	12. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
	13. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
	14. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
	15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
	16. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
	17. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
	18. Oceania Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
	19. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
	20. Sales Forecast 2024 to 2034 by Category A, Category B, and Category C for 30 Countries
	21. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
	22. Company Profile
		22.1. Bayer AG
		22.2. Pharma Nord Inc.
		22.3. Epax Norway AS
		22.4. Validus Pharmaceuticals
		22.5. Lexicare Pharma Private Limited
		22.6. Biocare Copenhagen A/S
		22.7. Bright Food (Group) Co., Ltd
		22.8. Otsuka Pharmaceutical Co., Ltd.
		22.9. Healthy Life Pharma Private Limited
		22.10. SNU Biocare
		22.11. Saipro Biotech Private Limited
		22.12. V.R. Industries Pvt. Ltd
		22.13. Nutra Healthcare
		22.14. Nestle (Nutren)
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