Global health and wellness foods market set to reach $1,495 billion by 2032
The wellness findings come from a recent report by Fact.MR, a leading provider of market research and competitive intelligence
This year, the demand for wellness foods is expected to increase at a compound annual growth rate (CAGR) of 6.1%. The trend to eat natural and healthy foods is a significant driver that is expected to bolster the sales of wellness foods. The growing awareness about naturally healthy foods that are rich in antioxidants, fibre, vitamins, and nutrition is also expected to drive growth in the global market.
The report states that in recent years, there has been a noticeable increase in the demand for natural foods such as nuts and seeds, fresh fruits & vegetables, olive oil, honey, green tea, and herbal tea. Furthermore, the growing consumption of various organic foods such as organic milk and yogurt, grapes, apple, eggplants, and cabbage is likely to propel growth avenues in the market for health and wellness foods.
On the flip side, fluctuations in prices and high cost of health and wellness foods are predicted to serve as noticeable constraints for market growth. The easy availability of low-cost healthy foods also hampers the adoption of healthy food products. The study reveals that the European market is projected to hold a share of 33% by the end of 2032, with Germany anticipated to expand at a CAGR of 4.4% through 2032.
The growing use of plant-based diets is a new trend in the industry of wellness food due to the rising count of health-conscious people. The report highlights that the rising population of gluten-intolerant people further propels the demand for gluten-free foods. In addition, there is an increasing demand for natural and clean products owing to rising awareness about the health benefits of these products.
The report segments the market by product including naturally healthy foods, functional foods, better-for-you (BFY) foods, organic foods, and food intolerance products. Other segments include distribution channel, including retail and online, as well as five major regions – North America, Europe, Asia Pacific, Latin America, and MEA. The key companies profiled in the report include Abbott Laboratories, Bob’s Red Mill Natural Foods, Amy’s Kitchen, UNFI, The Procter and Gamble Company, Evolve Brands LLC, and Nestle SA.
In conclusion, the global health and wellness foods market is expected to witness significant growth in the coming years, driven by the trend of eating natural and healthy foods. The growing demand for plant-based diets and gluten-free foods is also expected to boost market growth opportunities.