Global Market Insights, Inc. provides a detailed overview of Silver Food market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.
Rising consumer awareness regarding nutritional deficiency and consequent ailments resulting from such deficiencies has resulted in increased demand for the product globally. Another factor supporting the growth of sale in the global market is worldwide development of distribution channel. E-commerce has significantly driven the revenue in the silver food market. Availability of the product in various categories like gluten free, cholesterol friendly, low sodium etc. is likely to propel global market development in the coming years.
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Supplements occupy a significant market share in the overall silver food market and is likely to generate revenue exceeding USD 7 billion by 2025. Various supplements are available in the market for elderly population like supplements for iron, fatty acids, calcium, all types of vitamins, proteins, magnesium, etc. These supplements are found in the form of tablets, capsules, syrup or powder. Senior friendly food is also available in different varieties depending on factors like age, sex and specific requirements. These products ensure proper intake of essential nutrients and maintains the health of ageing population. High growth in global supplements industry will propel the market development in the study period.
Europe is a key silver food market that is likely to reach around USD 6 billion by 2025. Rising percentage of population over 60 years in countries like Germany, France, Italy, Sweden, etc. will drive the demand for the product in the forecast timeframe. Rising government expenditure on health in the region will also augment product demand to meet nutritional requirements of the elderly.
Some of the global market participants include Herbalife Nutrition, Oy Karl Fazer Ab, Mom’s Meals, Koninklijke DSM N.V., Arla Foods Ingredients Group P/S, Nutrisystem, Inc., Pfizer Inc. Nestle S.A., Abbott Laboratories, Roquette Frères, Sysco Corporation, etc. Product innovation by market players is likely to be a major strategy to gain competitive advantage in the silver food industry in the coming years.
Silver Food Market size will likely to surpass USD 18 billion by 2025; according to a new research report by Global Market Insights, Inc.
Major growth driver of silver food market is the ageing population. Increasing number of populations above the age of 60 means greater usage of the product in the coming years. According to UN, the number of persons aged 80 or over was estimated to be 137 million in 2018 and is expected to triple by reaching 425 million in 2050.
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Europe holds a major market share followed by Asia Pacific and North America. Asia Pacific is likely to exhibit highest gains over the forecast timeframe due to rapid economic and social development in the region coupled with improving disposable income has resulted in increased sale of silver food. For instance, annual average income of urban households in China increased from USD 637.3 in 1995 to over USD 5,425 in 2018.
Online portal is a key distribution channel in the silver food market which is likely to propel at a CAGR of more than 4% in the forecast timeframe. This distribution channel enables to achieve a greater market coverage with limited cost. Products of companies like Nestle, Abbot laboratories etc. are available at various online portals. Grocery stores is another important distribution channel in the silver food market which significantly contributes to sales expansion.