Health and Wellness Foods - Global Market Trajectory & Analytics

Consumers Penny Pinching On Everything Else Are Loosening Up Their Purse Strings for Health and Wellness Foods. Demand Spikes by 8.1%.

The global market for Health and Wellness Foods is expected to spike by 8.1% in the year 2020 and continue to grow to reach US$ 1 trillion by the year 2027, trailing a post COVID-19 CAGR of 6% over the analysis period 2020 through 2027. Defined as indirect protection coming when most of the population is infected & develop immunity to an infectious disease, herd immunity has been presented as way to end the pandemic. For the world to come out of the COVID-19 pandemic without a vaccine, over 65% of the global population should develop antibodies to the virus. The concept of herd immunity is therefore becoming an increasingly unrealistic strategy to exit the pandemic. With a large portion of the population still vulnerable to the infection, immunity building is gaining importance to reduce mortality & risk of developing infection related complications. Little wonder that spending on and consumption of health and wellness food has and will continue to increase sharply among all age groups. Foods benefitting metabolism, mental state and immunity are becoming increasingly popular amid the pandemic, in countries across the world. Consumers are now more focused on eating healthy and companies also appear to have taken note of this changing demand trend and aggressively innovating for bringing a variety of products for matching these emerging consumer behaviors. The pandemic brought forth several changes in consumer behaviors, priorities and attitudes and this evolution is offering food and beverage companies unique opportunities to bring to market products that help consumers stay healthy.

Generation Z and millennial consumers have always been attracted to the health first trends of the food and beverage industry and the pandemic has only boosted it further. Consumers are increasingly seeking nutrition as the way to promote immunity and health. Demand for healthy and nutritious foods and beverages increased significantly amid the pandemic. Foods and beverages with probiotics and vitamins and minerals are finding many takers. People once saw snacks as mere indulgences but the trend of 'healthy snacking' is changing even this perception. Snacks that help consumers achieve their wellness goals are witnessing increased sales. Other products becoming popular are plant based meat alternatives. Plant based alternatives in other categories like ice cream and cheese are also increasing. Immunity boosting foods also gained much during the pandemic. Focus on immunity boosting foods began even before the pandemic and the pandemic only accelerated development and demand for such products. Consumers today are more interested in products that enhance immune function and gut health, since good immunity is essential for fighting COVID-19. Consumers are becoming aware of the relation between human microbiome and immune system. Products with prebiotics, post biotics and probiotics, which benefit human microbiome are therefore witnessing strong increase in demand. Demand is also growing for plant based products. In the US for instance, demand for alternative, plant-based protein had increased manifold during the pandemic. Plant-based food and beverage products capable of delivering high quality sensory experience and exceptional nutrition are therefore poised to gain much even after the pandemic. There has also been growing focus among consumers, on the relation between metabolic health and weight management. The consequences of the COVID-19 pandemic on people with CVDs, diabetes and high BP led to more and more consumers viewing metabolic health and weight management in a completely new perspective.

Demand for functional foods that support metabolic wellness and which help in effectively managing weight had therefore increased and the trend is likely to continue beyond COVID-19. Consumers are also focused on emotional wellbeing and self-care and the nutrition that aids in enhancing the two. COVID-19 led to emergence of difficult circumstances for people increasing their feelings of stress and anxiety. Mental health issues are fast increasing in number and people are seeking ways to enhance mental wellness in such stressful times. Demand had therefore increased for comforting foods and beverages. Food products that can elevate mood, reduce stress and sustain energy levels have been in demand. Baked goods and snacks packed with nutrient rich ingredients, offering functional benefits at the same time, would continue to witness strong demand increase. Awareness about individual risk factors also increased among consumers amid the pandemic, which led to increased demand for highly personalized wellness and health solutions. More and more consumers today hold an opinion that they need a customized and unique approach to exercise and diet and therefore are choosing nutrition and health foods that are tailored. Food and beverage companies are therefore trying to come with such products focused on improving general wellness, self-care and nutrition for attracting consumers.

Select Competitors (Total 304 Featured):

• Abbott Laboratories
• Aleia's Gluten Free Foods
• Amy's Kitchen
• Bayer AG
• Blue Diamond Growers
• Bob's Red Mill Natural Foods
• Chiquita Brands International Sarl
• Danone SA
• EVOLVE Brands LLC
• Kellogg Co.
• Nestle SA
• The Procter & Gamble Company
• UNFI