Growth in demand for fortifying and nutritional food additives has considerably influenced the consumption of functional foods. Recently, there has been a transition toward healthy diet as consumers shift from fatty junk food in a bid to improve lifestyle. Focus toward high quality diet and rise in life expectancy together have influenced the consumption of various health and wellness food varieties such as functional foods. Against this backdrop, the market for functional health and wellness food is likely to grow at a steady pace in the years to follow.
The COVID 19 pandemic has significantly increased the demand for health and wellness foods, especially functional food products. According to scientists, the spread of among elderly individuals is relatively higher than millennial and children. This is mainly due to the resistance offered by the human body in creating natural antibodies against the virus. However, improper nutrition has had appalling impact on inner vitality and body resistance. This fact remains a key opportunity for functional food suppliers as the basic concept of functional food circles around health and wellness. With the pandemic on the rise, it has become imperative for consumers to opt for higher nutrition and health and wellness food is no exception. This has triggered the demand for functional food among individuals worldwide, and as a consequence, the demand for health and wellness food is likely to increase.
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Health-conscious mindset to augment growth of the health and wellness food market
Rapid urbanization has translated into poor diets, with more salt and meat and less physical activity. Going forward, the chronic diseases and burden associate with health problems are bound to increase, given the sedentary lifestyle of youngsters and elderly people alike. This has resulted in increased incidences of disorders eventually contributing to the rise in mortality rates. According to WHO, NCDs (Noncommunicable Diseases) such as heart strokes, diabetes and cancer collectively account for over 70 percent of deaths on the global front. This has influenced the demand for health and wellness food as consumers turn toward health conscious food products. Not only are consumers considering food as a measure to control hunger, but also are considering food as providers of essential nutrients and as an appropriate means to combat disorders. This has dramatically improved the sales of various health and wellness foods worldwide, in turn augmenting the growth of the health and wellness food market.
Global Health and Wellness Food Market Players are: AgriPure Holding plc, Albert?s Organic, Aleias Gluten Free Foods LIC, Arla Foods, Big Oz Industries, BioGaia AB, Blue Diamond Growers, Bob’s Red Mill Natural Foods, Chiquita Brands International, Chr. Hansen A/S, Clover Industries, Danone SA, Dean Foods, Domino’s Pizza, Doves Farm Foods, Dr. Sch?r AG/SPA, Eden Foods, Enjoy Life Natural Brands LLC, Farmo S.P.A, Fonterraoperative Group, Food For Life Baking, Food Should Taste Good, French Meadow Bakery, Gardenburger, General Mills, Genius Foods, Gerber Products, Green Mountainfee Roasters, Hero Group AG
In addition, the increasing demand for health and wellness food continues to remain influenced with rising health care costs coupled with desire of aged to enhance quality if their life. According to survey by IFIC (International Food Information Council), aged and youngsters alike are inclining toward the fact that certain food products have significant health benefits beyond basic body nutrition. This has raised the importance bar for various health and wellness foods such as functional foods and organic foods among consumers, subsequently driving the growth of the health and wellness food market.
Supermarkets show moderate pace in terms of health and wellness food sales; government initiatives to curb discounts on unhealthy food to favour market growth
Sales of health and wellness food through supermarkets are estimated to grow at a moderate pace in the coming years. This is mainly attributed toward government measures to promote health and wellness food products. The sales of junk food across various channels such as supermarkets and hypermarkets have remained high as store management focused on promoting their sales by providing lucrative discounts. However, with the recent transformation and government initiatives, stores are now focusing on creating demand for health and wellness food products. For instance, Australian government has restricted multi-buy on unhealthy food and promoting health and wellness food products. Likewise, the UK and Scotland government regulations that focus on restricting discounted pricing for unhealthy food have paved a novel platform of growth for sales of health and wellness foods.
Overall, the scenario of health and wellness food market is expected to stay positive, albeit higher cost of various health and wellness food products. Stakeholders in the health and wellness food market can focus on emerging economies of Asia Pacific. Increasing population and hence consumer pool, higher prevalence of lifestyle disorders and a steady growth in GDP per capita in these regions continue to influence the demand for health and wellness food, marking emerging Asian countries as key revenue pockets in the years to follow.
KEY QUESTIONS ANSWERED IN THE REPORT
- What is the market size and growth rate of the global and regional markets by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market during the forecast period?
- What factors are anticipated to impact demand and supply trends in the market during the forecast period?
- What factors are likely to drive market revenue growth during the forecast period?
- What are the key technology and other trends shaping the market?
- What are the key opportunities in the market?
- What are some of the strategies implemented by key companies operating in the market?
- What is the COVID 19 impact on the market?
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