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The Health & Wellness Food Market is estimated to reach $1,734 billion by 2028, growing at a CAGR of 9.1% over the forecast period 2023-2028. Many people
are focused on consuming healthy snacks, food and beverages. Several studies
indicate that the pandemic made more people interested in healthy snacks and beverages with low calories and
reduced calories to boost their immunity.
According to a research study, 33% of customers said their concerns about
immunity-boosting products increased in 2020 and 60% of consumers are starting
to look for such products. Thus, the demand for healthy snacks and immunity
boosters is anticipated to be a top trend throughout the forecast period of
2023–2028, increasing the global health and wellness food market size. Geographically,
North America dominates the health & wellness food market with a share of 30% in 2022, owing to
the increase in demand for nutritional and fortified food products among U.S. consumers. In an effort to improve their health, American consumers have tried
a wide range of dietary and lifestyle modifications.
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Health & Wellness Food Market Drivers:
- Consumer Demand for Clean-Label Foods:
Food items with a
clean label typically have components that are more natural and less processed.
The demand for food products for health and wellness is rising as consumers
choose wholesome, clean food options to lead healthier lifestyles. According to
the Food and Health Survey, 60% of people often pay attention to food labels
while shopping. The health & wellness food market size is anticipated to
expand as a result of the rising number of producers acquiring clean-label
safety products to meet customers' growing demand for clean labeled & healthy
food.
- Demand for Organic Food Prepared with Natural Ingredients:
Organic food
is grown without the use of synthetic chemicals and does not contain
genetically modified organisms (GMOs). Organic food items include fresh produce,
meats and dairy products as well as processed foods and beverages such as
crackers, drinks and frozen meals. According to the organic food consumption
statistics, sales of fresh fruit and vegetables increased by over 11% in 2020, frozen products by 28.4%, canned products by 24.7% and those of
dry beans, fruits and vegetables by 18.1%, which in turn is promoting the growth of the Health and Wellness Food market size.
R&D Investment:
In August 2021, General Mills, Inc. announced the addition of a number of new products to its line of ready-to-eat cereals. The "Cinnadusted" breakfast cereal marketed as CinnaGraham Toast Crunch combines the sweet honey flavor of Graham Crackers and the cinnamon flavor of Cinnamon Toast Crunch.
Major
Players in Health & Wellness Food Market:
The major companies in the Health and Wellness Food Market include PepsiCo, Nestle, OREO, Clif Bar & Company, General Mills Inc., Quaker Oats Company, Incorporated, Abbott, Green Valley Dairies, LIBERTE and Others.
In March 2021, the top oats brand in India, Quaker, introduced Quaker Oats with Flavour Mix through its TVC campaign, "One Oats, Many Tastes." This is a first-of-its-kind food flavor innovation in the oats sector.