Silver Food Market

Silver Food Market Size and Forecast (2023-2028):

The Global Silver Food Market size is expected to grow at a CAGR of 4.2% during the forecast period 2023-2028 to reach USD 19.58 billion by 2028 from USD 14.98 billion in 2022.

Market Overview:

A group of nutrient-rich, whole foods is known as silver food and is recognized for its beneficial effects on health. These foods are loaded with vital vitamins, minerals, and antioxidants that support overall health and prevent several diseases. Silver food includes fish, nuts, whole grains, fruits, vegetables, seeds, etc. These nourishing alternatives support a healthy, balanced lifestyle and keep people feeling young and energized. Silver food is particularly significant to older individuals as it offers crucial nutrients that are particularly beneficial to aging individuals. They can improve mental abilities through antioxidants, boost heart health by supplying omega-3 fatty acids and fiber, help in digestion via dietary fiber, and contribute to strong bones by providing calcium and vitamin D.

REPORT COVERAGE:

Drivers:

The growing aging population is one of the major drivers of the silver food market growth. As the population of older people is increasing, there is a growing demand for specialized food options. As a result of this demographic shift, there is an increased focus on nutritional products that address age-related health issues, provide nutrient needs, and fulfill the desire for better aging. They are enhanced with functional ingredients and nutrients like vital vitamins, minerals, and dietary fibers. Silver foods are in sync with the growing focus on managing chronic diseases, maintaining cognitive function, and boosting overall well-being in older people. This is influencing the demand for silver food among old people and hence boosting the shares of the market globally.

Another significant driver for the silver food market demand is growing health and wellness trends. These days, people are focusing on health, and hence, they are seeking food alternatives that are nutritionally rich and very beneficial for their overall wellness. There is a rising need for foods that provide both survival and functional benefits as more people are becoming health-conscious. As silver foods offer various nutrients and biologically active elements that promote certain wellness objectives, particularly among these health-conscious consumers, they fit in perfectly with this growing trend. Hence, the expansion and growth of the market are significantly fueled by this rising health and wellness trend, which promotes the production of nutrient-rich food products that satisfy the special demands of these health-conscious consumers.

Further, the market growth is driven by the increase in chronic diseases globally. With the increasing population, there is a surge in chronic disorders among people in various regions. Due to this, there is a growing focus on dietary options that can help prevent, manage, or treat chronic health disorders like heart disease, diabetes, and osteoporosis as their prevalence increases. Omega-3 fatty acids, antioxidants, fiber, essential minerals, and vitamins are some of the nutrients that are rich in silver foods and have been associated with reducing the risk and severity of many chronic diseases. This is causing an increased demand for silver food among people as they are becoming aware of how it helps to prevent chronic diseases and ultimately influencing the shares of the market.

Restraints:

One of the major restraints on the market demand is the lack of awareness about silver foods among people. Many consumers, especially elderly people, might not be familiar with the concept of "silver foods" and the associated health benefits. This lack of knowledge can lead to several challenges, including difficulties in stimulating demand for silver foods, restrictions on making informed diet decisions, and missed opportunities to enhance well-being through focused nutrition. A lack of awareness of the special benefits provided by silver foods can sometimes create doubt, and people resist changing their long-standing dietary habits, leading to a decline in the demand for silver foods.

The high prices of silver foods act as a significant obstacle to the silver food market expansion. The higher prices of silver foods are a result of factors including specialized production, sourcing of premium ingredients, strict quality standards, and specialized packaging. The targeted population, a lack of economies of scale, and difficulties with distribution can all boost the overall cost of silver foods. This can restrict the demand for silver foods among people with low budgets as they can not afford food products with higher costs, which is retraining the overall market growth.

Opportunities:

The market has an outstanding opportunity owing to the growing demand for functional foods globally. Silver food has the potential to take advantage of the trend toward food products that provide unique health benefits beyond just basic nutrition. Silver foods can distinguish themselves as a significant category within the functional food sector by utilizing their essential nutritional richness and possible health benefits. This makes it possible to develop products that are specifically designed to meet certain health issues that older people face, such as heart health, memory, brain function, and long-term disease management. The addition of beneficial ingredients improves the nutritional content of silver foods while also attracting consumers who are health-conscious and looking for complete wellness alternatives. These silver foods provide proactive measures for the best possible health across all age groups, which not only serves the demands of aging populations but also attracts a broader base of consumers. As the market continues to meet the growing demand for functional food by providing various silver food product options, it will grow rapidly in the coming years.

COVID-19 Impact on Silver Food Market:

The COVID-19 pandemic had significant impacts on market demand and expansion. An important target market for silver food is elderly people who are concerned about their health and prefer to strengthen their immune systems. During the pandemic, older people were easily prone to COVID-19 due to weak immunities. As a result, demand for nutritious and functional food products was increased to boost their immunities and overall health. This contributed to an increase in the demand for silver foods in this period. However, the accessibility and availability of silver foods were impacted by lockdowns, social distancing, lack of labor, and supply chain disruptions that hampered the growth of the market. Also, the economic uncertainties limited consumer purchasing of expensive products, and as silver foods are pretty costly; their demand declined during the pandemic.

Silver Food Market Segmentation Analysis:

By Type:

• Meal Boxes
• Supplements

By type, the supplements segment is anticipated to dominate the silver food market demand during the forecasted period. As vitamins, minerals, antioxidants, omega-3 fatty acids, and other bioactive substances are commonly present in these supplements, they help specific health issues commonly encountered by elderly people, such as immunological support, bone health, and nutritional deficiencies associated with aging. This attribute is boosting the market demand for supplements. At the same time, the meal boxes segment is expected to grow significantly during the projected period. These meal boxes often involve healthy, well-balanced meals that take into consideration the nutritional requirements and tastes of older people. In addition to promoting convenience and weight management, they ensure people get the vital nutrients needed for their well-being. This is influencing the demand for meal boxes.

 By Distribution Channel:

• Senior Care Facilities
• Hospitals
• Grocery Stores
• Restaurants
• Online Portals

By distribution channel, the senior care facilities are ruling the silver food market growth during the anticipated period. The distribution of this segment consists of retirement communities, nursing homes, assisted living facilities, and retirement communities. The nutritional requirements of those living in these facilities are provided with silver food, ensuring that older people are properly nourished while maintaining any dietary restrictions, which is contributing to an increase in the demand for this segment. However, the hospital's segment is expected to grow at the fastest rate during the forecasted period. Hospitals are involved in providing older individuals with specialized nutrition throughout their period of hospitalization. These foods serve the special nutritional needs of older patients and are commonly created to enhance post-operative recovery, promote healing, or manage chronic diseases. This is majorly influencing the shares of the market in the coming years.

By Industry Vertical:

• Hospital And Healthcare
• Diet And Nutrition
• Other Restaurant Industry
• Food & Beverage
• Others

By industry vertical, the diet & nutrition segment is anticipated to dominate the silver food market share in the forecasted period. This segment focuses on food products and services for older people who need dietary planning, counseling, and customized nutrition assistance. It concentrates on offering professional guidance on combining silver foods into a healthy diet that promotes healthy aging and caters to particular nutritional requirements. This is inducing the demand for silver food in this vertical. At the same time, the food & beverages segment is expected to grow at the fastest CAGR during the projected period. Actual silver food products, such as meal kits, nutritional supplements, and other foods targeted toward senior citizens, are produced and distributed in this industry vertical. It highlights how important it is for the food and beverage sector to provide a variety of products that meet the dietary needs of the aging population.

By Application:

• Nutritional Supplements
• Dietary Requirements
• Others

The nutritional supplements segment is gaining traction over the shares of the market, whereas dietary requirements are deemed to grow at a higher rate during the forecast period.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

By Region Analysis:

By region, the Asia Pacific is anticipated to rule the silver food market share during the forecasted period. In this region, the aging population is growing rapidly, and hence, there is a boost in age-related disorders, which require a proper diet to promote immunity & overall wellness. This mainly includes the increased demand for silver food in countries like China, India, Japan, etc. Hence, in this region, there is a boost in the adoption of silver foods among older and health-conscious individuals. However, North America is expected to grow at a healthy CAGR in the upcoming years. Owing to the growing focus on dietary preferences, health concerns, and the growing aging population. These attributes influence the demand for the silver food market in this region.

Key Players in the Market:

Major Key Players in the Global Silver Food Market are

• Abbott Laboratories
• Magic Kitchen
• Pfizer
• Nestle
• Carezzo Nutrition B.V.
• Arla Foods Ingredients Group
• DSM
• Roquette
• Herbalife Nutrition