Another 185,000 Americans filed new claims last week
SAN FRANCISCO, March 23, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Health and Wellness Foods – Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 8; Released: February 2022
Executive Engagements: 2989
Companies: 304 – Players covered include 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 and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Naturally Healthy Foods, Functional Foods, Better-For-You (BFY) Foods, Organic Foods, Food Intolerance Products); Distribution Channel (Retail, Online)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Health and Wellness Foods Market to Reach $1 Trillion by 2026
Health and wellness foods are foods or beverages, which are capable of imparting a physiological benefit aimed at improving overall health, helping in the prevention or treatment of a disease, or enhancing physical or mental performance due to the addition of a functional ingredient or through change in processing. Growth in the global market is being fueled by rising focus on healthy eating, growing popularity of organic foods, and increasing sensitivities to foods. Growing sedentary lifestyles and the ill effects of such lifestyles have resulted in the shift towards healthy eating. Trends such as organic, range-fed, low carbohydrates, dairy-free, and gluten-free are all by-products of consumers' drive towards a healthier lifestyle. In addition, recent outbreaks of health scares, including the present COVID-19 pandemic have popularized the consumption of healthy foods to improve immune responses. The increasing availability of natural and organic foods in regular stores, as opposed to the availability in specialty stores, is also driving the market. In addition, the establishment of standard procedures for natural, organic, and health benefit certification are also aiding in the development of a large number of products, thus driving market growth. Focus on health and wellness food products is also rising due to increasing obesity levels and rising incidence of chronic illnesses such as asthma, diabetes, and blood pressure, among various others in both developed and developing countries. Naturally healthy foods are known to play a vital role in the prevention and treatment of several medical conditions.
Amid the COVID-19 crisis, the global market for Health and Wellness Foods estimated at US$841.1 Billion in the year 2022, is projected to reach a revised size of US$1 Trillion by 2026, growing at a CAGR of 6% over the analysis period. Naturally Healthy Foods, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$480.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Functional Foods segment is readjusted to a revised 6.3% CAGR for the next 7-year period. This segment currently accounts for a 20.4% share of the global Health and Wellness Foods market. Growth in the global market for naturally healthy foods is being fueled by the increasing consumer focus on health and wellness and rising consumer awareness about the health benefits offered by such foods. Naturally healthy foods are generally unprocessed or minimally processed to ensure that they remain close to their original state, and are generally consumed to derive health benefits. Few of the naturally healthy foods include high fiber food, olive oil, 100% fruit/vegetable juice, herbal tea, green tea, honey, sour milk beverages, and fruit snacks, among others. Also termed fortified foods, functional food products are designed to offer health benefits beyond the nutritional value that would not be naturally found in the product. The booming functional foods and drinks sector is attributable to rising health consciousness and the shift towards preventive medicine.
The U.S. Market is Estimated at $298.3 Billion in 2022, While China is Forecast to Reach $124.6 Billion by 2026
The Health and Wellness Foods market in the U.S. is estimated at US$298.3 Billion in the year 2022. The country currently accounts for a 35.33% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$124.6 Billion in the year 2026 trailing a CAGR of 8.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 5.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR while Rest of European market (as defined in the study) will reach US$133.2 Billion by the end of the analysis period. Developed markets such as North America and Europe dominate market growth. Health and wellness foods are inherently premium products, and the higher disposable incomes in developed markets of North America and Europe, as well as the higher consumer awareness in such markets have resulted in the larger shares of these regions. Developing markets in Asia-Pacific such as China and India hold the highest growth potential, owing to the growing awareness and increasing disposable incomes in the markets.
Better-For-You (BFY) Foods Segment to Reach $183.7 Billion by 2026
Better-for-you products are especially gaining prominence due to their positive health benefits. Increased fears of adverse effects of the coronavirus in vulnerable populations such as pregnant women, diabetics and the elderly led to rise in demand better-for-you products in countries across the world. In the global Better-For-You (BFY) Foods segment, USA, Canada, Japan, China and Europe will drive the 4.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$115.2 Billion will reach a projected size of US$160.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$13.7 Billion by the year 2026, while Latin America will expand at a 6.3% CAGR through the analysis period. More
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