Silver Food Market Size

Silver Food Market Size

The global silver food market size was valued at USD 17.94 billion in 2023 and is projected to grow at 5.4% CAGR from 2024 to 2032, driven by an 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 the ageing population will drive demand for senior friendly food products and nutritional supplements in coming years.
 

Additionally, there is increasing consumer demand for premium and artisanal food products. Trends include a rise in high-end, aesthetically designed silver cookware and tableware, which enhance the dining experience. Furthermore, there is growing interest in eco-friendly and sustainable silver solutions, reflecting broader environmental concerns. Technological advancements in silver plating and alloy composition are also contributing to market expansion by improving product durability and affordability. This includes affluent consumer segments seeking luxury and high-quality dining experiences, alongside an expanding global market for gourmet and specialty foods.
 

Factors driving the global market are rising healthcare expenditure on elderly population by governments of different countries. For instance, global healthcare spending in 2022 was USD 9.1 trillion. Out of this, the U.S. spent the highest of about USD 4.3 trillion. The global healthcare industry is expected to grow in the coming year and would cross USD 2 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 Program for Health Care of the Elderly (NPHCE), etc. will boost product demand and will help the global market to grow.