Silver Food Market Size

Silver Food Market Size

Silver Food Market size was estimated over USD 13.4 billion in 2018 and the industry will grow by a CAGR of more than 4% up to 2025.

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The global silver food market will be primarily driven by increasing ageing population, especially in the Asia Pacific region. Japan ranks the highest with approximately 27% of its population over 65 years. Counties such as Italy, Portugal, Germany, Finland and Bulgaria follow this trend and are among the top six nations with about one-fifth of its population above the 60-year mark. According to WHO, among the global population, more than two billion people will be in the age group of more than 60 years by 2050. This will lead to lower population in the workforce, declining GDP, rising healthcare and pension expenditure. Major factors contributing to this situation are falling fertility rates and longer lifespan in certain regions. The fast rise in ageing population will drive demand for senior friendly food products and nutritional supplements in coming years.

Another factor driving the global market are rising healthcare expenditure on elderly population by governments of different countries. For instance, global healthcare spending in 2015 was USD 7.1 trillion. Out of this, the U.S. spent the highest of about USD 3.3 trillion. The global healthcare industry is expected to grow in the coming year and would cross USD 1 trillion in terms of revenue. These factors coupled with increasing awareness among consumers regarding the advantages of healthy eating habits will drive silver food demand. Rising disposable income in developing countries is another factor propelling this industry. Various government initiatives for senior citizens such as the Commodity Supplemental Food Program (CSFP), Senior Farmers' Market Nutrition Program (SFMNP), National Programme for Health Care of the Elderly (NPHCE), etc. will boost product demand and will help the global market to grow.