Food trends have been consistently evolving since past several years. Consumers’ view about wellness has been broader and is being viewed through a more sophisticated lens by encompassing not only nutrition and fitness but also mental and physical health and appearance. Several trends have merged in this space with introduction of different nutrition and health facilitating products. For instance, consumers are inclined towards plant based food, probiotic and probiotic food products, collagen supplements, dairy alternatives and organic and functional food products.
Definition of wellness from consumer perspective has transformed the food industry as companies focus on understanding the market from the consumer point of view. Better health, nutrition, fitness, appearance, sleep and mindfulness are the key dimensions that influence consumer views and purchasing decisions. This factor is expected to emboss a positive impact on the health and wellness food market growth in the following years.
Health Conscious Mindset to Trigger Growth of Health and Wellness Food Market
Rapid urbanization and industrial growth has resulted in a fast paced lifestyle of individuals translating into poor diet schedules, less physical activity and a sedentary lifestyle. With growing industrial sector, individuals are getting good work opportunities; however, owing to poor intake and food management, they are suffering or likely to suffer from lifestyle disorders. Following this, the burden associated with suffering from chronic disorders such as diabetes and cardiovascular diseases along with health problems is bound to increase. Increasing lifestyle disorders have translated in high mortality rates on the global front. According to World Health Organization, non-communicable diseases such as diabetes, cancer and heart strokes collectively account for more than 70% of deaths worldwide.
Against this backdrop, increasing consumer awareness apropos to health concerns and rising healthcare expenditure on chronic ailments is expected to give a boost to the consumption of health and wellness food products. Going beyond a mere consideration of food as a means to control hunger, consumers are shifting towards a health conscious mindset. That said, health and wellness food products are considered as providers of essential nutrients that can support in combating chronic disorders. This factor has considerably influenced sales of health food products in turn complementing growth of the health and wellness food market.
Increasing healthcare costs coupled with growing ageing population remains instrumental in driving demand for health and wellness food products. As per World Health Organization (WHO), individuals aged 60 years and above will cross 1 billion recorded in 2020 and is expected to touch 2.1 billion by end of 2050. Also, according to analysis of International Food Information Council (IFIC), millennials, youngsters and aged are shifting towards consumption of health and wellness food as it provides potential health benefits beyond basic nutrition. This factor has fuelled demand for health food such as functional and organic food products, consequently auguring well for the health and wellness food market.
Sale through Stores Backed by Government Initiatives to Provide an Impetus to Market Growth
Health and wellness food sales via supermarkets are expected to increase at a stable rate in the following years. This can be attributed towards favourable government initiatives to promote health and wellness food as an attempt to curb rising lifestyle disorders. Initially, sales of junk food through distribution channels such as hypermarkets and supermarkets have witnessed a significant high in the past owing to lucrative discount offers provided by store management. However, with government measures to reduce consumption of junk food variants, supermarkets and hypermarkets are focusing on promoting and selling health and wellness food products. For instance, Government of Australia imposed restrictions on promotions such as refills and multi buys for unhealthy food products. Similarly, Scotland and UK government regulations have placed restrictions on discounted pricing for junk and unhealthy food across various stores, which are expected to fuel health food demand. In this background, backed by supportive government measures, the health and wellness food market is expected to witness significant growth in the coming years.
Increasing Organic Food Demand to Bode Well for Market Growth
The demand for organic food is expected to witness momentous increase in the years to follow. Rising consumer awareness regarding health, fitness and wellbeing, detrimental effects of pesticides and antibiotics and food safety has triggered the need for organic food products that are void of synthetic or toxic ingredients. In addition, benefits of organic food such as high nutritional value, less energy requirement for processing, high biological quality, better shelf life and high organoleptic properties such as taste, fragrance and colour are expected to increase their demand in regular consumer diets, consequently contributing towards health and wellness food market growth.
Asia Pacific to Account for a Major Share
Asia Pacific is expected to account for a significant share in the health and wellness food market on the back of growing consumer inclination towards wellness across emerging nations. Emerging economies, especially India and China are poised to showcase lucrative growth prospects, thus presenting an optimistic landscape. Increasing number of health conscious consumers coupled with rising demand for packaged foods is expected to influence market growth in the region. Moreover, rising aging population is another factor favouring health and wellness food consumption. As per Asian Development Bank, Asia Pacific’s population in the age range of 65 years and above is increasing. From a 6% in 2010 aging population rose to 9% in 2020 and is projected to touch 18% by 2050, thus generating demand for wellness. This macro factor remains a key influencer in driving growth of health and wellness food market in Asia Pacific and companies can expect a plethora of opportunities in the following years.
Health and Wellness Food Market: Competitive Landscape
Few of the major companies in the health and wellness food market include DANONE SA, Nestle SA, Archer Daniels Midland Co., PepsiCo Inc., Dean Foods and General Mills.
Global Health and Wellness Food Market is Segmented as Below:
By Product Type
By Distribution Channel
Key Elements Included In The Study: Global Health and Wellness Food Market
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