Health And Wellness Food Market Size, Share, Opportunities, And Trends By Type (Functional Foods, Fortified And Healthy Bakery Products, Healthy Snacks, Beverages And Chocolates, Others), By Calorie Content (No- Calorie, Low Calorie, Reduced Calorie), By Nature (Non- GMO, GMO), And By Geography - Forecasts From 2024 To 2029

Health and wellness food products can be defined as those food products that provide beneficial nutrients and minerals that enhance and increase the functionality of the human body. Health and wellness products are known to provide a wide range of benefits, which include weight loss, support muscles, reduction in risk of chronic diseases, maintenance of healthy diet practices, strengthening of bones and immunity power, and many others. There is a wide range of products that can be considered health and wellness foods, which include functional foods, bakery products, and many others, with ingredients that provide a wide variety of nutrients and minerals used for the production of health and wellness products.

Introduction:

The health and wellness food market is expected to witness growth during the forecasted period of 2024-2029, due to factors such as the growth of the ageing population and the increase in household disposable income worldwide.

Drivers:

• Increase in ageing population: The growth in the aged population drives the growth of the health and wellness food market, due to the increasing dependency on healthy and nutritional foods for those who are above the age of 60. As the age of a person increases as time passes, the body is affected by the accumulation of molecular and cellular damage, which reduces the physical and mental capacity of old people. This further leads to a decrease in immunity, leading to an increased risk of disease contraction. Due to this, health and wellness food products play a major role in the maintenance and management of the health and wellness of old age people, due to the necessary nutrients and useful minerals that such food products provide to keep the bodies of old aged people healthy and functioning. As per the World Health Organization, the population of those who are 60 years and above is expected to nearly double from 12% to 22% (estimated 2.1 billion) between 2015 and 2050. Furthermore, it is expected that the share of the population aged 60 years and above will reach 1.4 billion by 2030, which is an increase from 1 billion in 2020. It is also expected that the number of people aged 80 years and above will triple between 2020 and 2050, reaching an estimated 426 million. This increase in the aged population will give the necessary boost in demand for health and wellness products, due to the health benefits and properties of such products that can help in maintaining the diet of old people, enhancing and improving the functionality and life expectancy of the ageing population.
• Increase in household disposable income: The increase in household disposable incomes drives the growth of the health and wellness food market, due to the increase in affordability of consumers, which furthers changes the preferences of the consumers in the food and beverage industry. The households with higher disposable incomes will have higher affordability power, allowing households to acquire premium and healthy food and beverage products, which include functional food, snacks, bakery products, and many others. As per the European Commission, the household disposable income per capita displayed a significant increase in the EU region, which is an increase of 14% between 2013 to 2021. Furthermore, the growth rate in 2021, when compared to 2020, displayed an increase of 2.6%. This increase in household disposable income can be linked to the increasing urbanization rates in developing economies, further assisting in the growth of food and beverage products, especially health and wellness food products. This also allows the number of health-conscious consumers to increase in the market, due to the several health benefits from the consumption of health and wellness products, further propelling the growth of the health and wellness market during the forecast period.

Key Players:

• Danone: A multinational company that is known for its food and beverage products and services, which aims to enhance health in as many people as possible through its products, which include fresh dairy products, bottled water, early life nutrition, medical nutritional products and several others.
• General Mills, Inc.: A consumer foods company that is known for the marketing of their products in over 100 countries worldwide, with products that are designed to provide beneficial nutrients such as vitamins, protein, fibre, and minerals.

Regional Analysis:

The North American region is expected to witness significant growth in the health and wellness food market during the forecasted period, due to factors such as the significant increase in disposable income. Health and wellness foods contribute to the improvement of the health of a person, which further improves the productivity and efficiency of the person. The increase in real disposable income leads to changes in the preferences of the consumer, which include food and beverage products such as nutritional foods, functional foods, snacks, and many others. As the income of an individual increases, the individual will have a change in preference from their regular food and beverages to more premium or healthy alternatives, such as health and wellness products. As per the Federal Reserve Bank of St. Lois, the real disposable income per capita displayed a significant increase in growth, which is an increase from US$47,872 in June 2022 to US$50,360 in November 2023. This increase in disposable income per capita can change the preferences of customers towards higher-cost food and beverage products, which include premium products and healthy products, increasing the growth of health and wellness products during the forecasted period. The increase in the growth of health and wellness products also helps in the growth of health-conscious consumers in the market, which can be linked to the awareness of the health benefits such products provide to the human body, further increasing the growth rate of the health and wellness food market during the forecasted period of 2024-2029.

Segmentation:

• By Type:
  • Functional Foods
  • Fortified and Healthy Bakery Products
  • Healthy Snacks
  • Beverages and Chocolates
  • Others
• By Calorie Content:
  • No- Calorie
  • Low Calorie
  • Reduced Calorie
• By Nature:
  • Non- GMO
  • GMO
• By Geography:
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others