According to the growth trend of the aging population in China, China will enter a deeply aging society in 2024-2026. With the growth of China's aging population, China's pension-related industries have also experienced several major development stages:
By 2022, the proportion of the population aged 65 and over in China has reached 14.9%, and the degree of population aging is higher than the world average (9.3% of the population aged 65 and over). The demand for old-age care brought by the huge elderly population is increasingly strong. However, combined with the "9073" model structure proposed by China, the current pattern of providing for the aged in China is still not perfect. At present, the market share of home-based pension in China is 96%, community-based pension is 3%, and institutional pension is 1%. The pension market cannot fully meet the needs of the elderly in China.
According to the data of the National Bureau of Statistics, the proportion of the elderly population in China has been rising in recent years, and the proportion of the elderly population over 65 years old has increased from 9.3% in 20 15 to 14.9% in 2022, an increase of 5.6 percentage points.
From 20 18 to the first quarter of 2022, although the number of national pension service institutions has increased from160,000 to 360,000, compared with the huge market demand, there is still room for further growth. In addition, in the face of the changes in consumption upgrading and the expansion of China residents' health needs, diversified, professional and targeted market development is needed. In addition to the increase in quantity, the service quality of institutional pension also needs to be improved.
Demand continues to rise and the market scale is expected to continue to expand.
With the acceleration of the aging trend, the nutrition market in China has maintained a high growth. In 2022, the scale of China's pension market has exceeded 9.4 trillion. Due to the gradual expansion of the middle class's awareness of old-age care, the demand for old-age care services will further increase. It is estimated that by 2028, the scale of China's pension market will reach 30 trillion.
For more industry-related data, please refer to the analysis report of China Pension Industry (Silver-haired Economy) Development Prospect and Investment Strategic Planning by Prospective Industry Research Institute.