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22 Dec 2023

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Turnover in the healthy F&B market for the elderly projected to grow in 2024 amid rising senior population despite several challenges (Current Issue No.3446)

คะแนนเฉลี่ย

        The healthy food and beverage (F&B) market in Thailand exhibits bright prospects due to the growing senior population. However, as purchasing power of the majority of the elderly population is not too high, healthy F&B businesses for senior citizens may have to adjust certain strategies to cope with this challenge. Preliminarily, we at KResearch project that turnover in the healthy F&B market for older adults will reach at least THB34 billion, an increase of approximately 6 percent YoY, in 2024. This figure represents a meagre growth due mainly to the broader population base of the elderly, with potential.  
        There are two types of healthy F&B for the elderly, as follows:
  1. Healthy F&B for general senior citizens. This segment accounts for 92 percent of the total turnover in the healthy F&B market for the elderly. Such F&B products are suitable for the early stage of market penetration because they can be made available more easily to senior citizens, who are willing to pay for healthy foods that help improve their health and quality of life, including dietary supplements, organic foods, and therapeutic foods. These F&B products are largely affordable and processed from quality raw materials that help address health issues among the elderly   
  2. Medical foods for the elderly, with dependencies . Although this segment accounts for only 8 percent of the total turnover in the healthy F&B market for older adults, it is projected to grow ahead as the number of the elderly, with dependencies may double from 410,000 reported in 2021 to 830,000 by 2037. Additionally, as this population group requires specifically tailored foods to meet their nutrition needs, related entrepreneurs may explore opportunities in processing such food products and/or distribution channels via cooperation with hospitals.
        Looking ahead, it is expected that the healthy F&B market for senior citizens will expand gradually in line with the growing elderly population in Thailand. If related entrepreneurs expand their investment and further penetrate the market to an extent that they have a diverse range of affordable products, they may be able to tap into other elderly consumer segments, including those residing upcountry, or even export their products to other aging countries, including Japan and those in the European Union.  

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