Silver Food Market Analysis

Silver Food Market Analysis

Based on product, the global market has been categorized into meal boxes and supplements. Supplements is the largest segment in terms of revenue and will grow by a rate of more than 4% during the forecast timeframe. Meal boxes for elderly also occupies a high industry share in terms of volume. Meal boxes come in various varieties to match the changing requirements of its senior customers. Most meal boxes are ready to eat food with minimal preparation required. Various dietary requirements of the elderly population are taken into consideration by the companies offering meal boxes like gluten free, low carb, low sodium, diabetic friendly, renal diet, etc. Rising elderly population coupled with increasing number of senior citizens living alone will drive demand for meal boxes in coming years.

The global silver food market is segmented, based on distribution channel, into senior care facilities, hospitals, grocery stores, online portals, restaurants and others which include direct selling, other retail formats, etc. More than 24% market share is held by senior care facilities. In order to ensure the health of their patients and to follow a diet chart most of these facilities provide food that is specially made for senior citizens. Hence, this segment is expected to grow at a CAGR of more than 4% in the forecast timeframe.

Hospital segment held a significant share of the overall market in 2018. Many silver food manufacturing companies sell their product to hospitals that take care of elderly patients. Rising health issues have led to increasing patients in the hospitals which in turn would increase the requirement for silver food for elderly. High growth in the global healthcare industry will augment this segment’s development and is likely to grow at a rate of about 3% during the forecast timeframe.

Asia Pacific region held a significant demand in the global market and generated a revenue of about USD 4.3 billion in 2018. High sale of supplements in China, India, Japan, and South Korea will be the main driver behind the region’s top industry position. Doctors highly recommend the product, especially for the ageing population to fulfill their nutritional requirements. Increasing number of ailments in this region coupled with rising disposable income will be another important driver behind the silver food market expansion in the coming years.

North America is another key silver food market which is likely to propel by a growth rate exceeding 3% by the end of the study period. Increase in the number of elderly people in this region along with problems of obesity, diabetes etc. will boost the local market in the forecast timeframe. The population is aware about the advantages of nutritional food and are increasingly demanding meal kits which incorporates natural ingredients. The growth of online portals for home delivery of food products will also help the silver food market to grow. These trends will augment product sale in the future.