September 28, 2023: The Association of Senior Living India (ASLI) has scheduled the 4th ASLI Ageing Fest on November 17, 2023. To be held at the Le Méridien Hotel in New Delhi, the event will focus on the growth potential within the senior care sector and the investment opportunities it offers. The event was announced during a curtain-raiser event held coinciding with The International Day of Older Persons.
Saurabh Garg, secretary, department of social justice and empowerment, emphasised that the ministry has allocated funds for startups venturing into senior care products and services and expressed a strong desire for more startups to participate in this endeavor. He believes that by encouraging innovation in senior care, the industry can be elevated to the next level, simultaneously addressing the existing supply gap.
Elaborating about the potential within the senior living sector, ASLI mentioned that there are currently only a few players tapping into this opportunity. The purpose of the Ageing Fest initiative is to convene policy makers, investors and end consumers under one umbrella, fostering collaboration and synergy to drive advancements in the senior care industry. This collective effort aims to not only meet the growing needs of senior citizens but also to unlock the sector’s untapped potential for the benefit of all stakeholders involved. PwC is the knowledge partner for the 4th ASLI Ageing Fest.
As per the ASLI statement, India’s demographic landscape is undergoing a shift, with the elderly population aged 60 years and above expected to surge from 8.6% in 2011 to a staggering 19.5% by 2050, according to the UN Population Division. What makes this transformation remarkable is that these seniors are living healthier and have substantial spending power.
The official statement also mentioned that recent projections suggest that the spending power of senior citizens in India will increase dramatically, skyrocketing from $100 billion in 2020 to a staggering $1 trillion by 2030. This demographic shift has captured the attention of investors and businesses eager to capitalise on the evolving needs of India’s aging population.
Adarsh Narahari, chairman, ASLI and managing director, Primus Senior Living, said, “Addressing the needs of our aging population is both a social requirement and a significant economic opportunity. We are bringing together key stakeholders of the senior care space to help improve the quality of life of elders in India. The Ageing Fest 2023 serves as a timely response to India’s unfolding demographic shift. By 2030, one in every five Indians will be 55 years or older, reflecting the scale of the market to address.
As per ASLI’s findings, the urban Generation S, representing approximately 45% of the urban population, primarily within the top three wealth quintiles, is a demographic segment with a strong affinity for lifestyle products. They contribute to expenditures exceeding Rs 6,000 crore and wield substantial influence over a grocery market valued at a remarkable Rs 11,150 crore. Furthermore, there is a significant untapped opportunity in the senior-oriented medical products market, boasting an addressable market size of Rs 2,031 crore, with online sales anticipated to grow as seniors increasingly embrace digital channels. The adoption of digital platforms by Generation S is expected to ignite substantial growth, projected to reach an impressive Rs 39,488 crore.
In addition to their financial clout, seniors already claim a significant 35% share of the pharmacy market, valued at Rs 43,685 crore. These statistics underscore the significant economic influence and market potential of India’s increasingly affluent and digitally engaged senior population, making it an attractive segment for businesses and investors alike.
One of the key areas of growth within the senior care industry is senior living communities. The market for senior living in India, valued at approximately $10.15 billion as of 2022, is projected to maintain a robust compound annual growth rate (CAGR) of 10% over the next 6-8 years. The 4th ASLI Ageing Fest will emphasise the role played by different partners, including operators and infrastructure industry players, in developing the senior care ecosystem to cater to the diverse needs of seniors.
See also: Outright purchase model dominate the senior living space in India
Ankur Gupta, co-founder ASLI and joint managing director, Ashiana Housing, emphasises, “As Indians live longer and healthier, there is a huge demand coming for lifestyle, travel, health, medical and senior living. We as the private sector need to develop our strength to service this oncoming demand.”
“India’s senior living industry holds immense potential, but it’s not without its challenges. Regulatory frameworks, societal perceptions, and infrastructure development are hurdles we must address to ensure a brighter future for our elders. As we navigate these challenges, ASLI is committed to advocating for a transformative approach that prioritizes the well-being and dignity of our seniors, making their golden years truly golden” said Rajit Mehta, chairman-Elect of ASLI and MD & CEO, Antara Senior Care.
See also: DS Group launches rental-mode senior living project in Greater Noida
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