Growing Health And Wellness Trend Is Estimated To Augment The Growth Of The Health And Wellness Packaged Food Market

 

Health And Wellness Packaged Food Market

With the introduction of health and wellness packaged food to the marketplace, health and well-being have become a major concern for society.  People in countries such as the US and the United Kingdom are embracing a more natural lifestyle. And it is this natural lifestyle that has been driving a recent increase in the demand for healthy and wellness foods and products. Many of these health and wellness packaged food brands are based around natural ingredients and try and avoid any artificial additives, hormones, or preservatives.

The growing health and wellness trend is a key factor driving the growth of the health and wellness packaged food market. Increasing disposable income of consumers coupled with the growing demand for organic food ingredients such as nuts & seeds, legumes, grains, and fruits & vegetables is also projected to propel the growth of the market. According to the Organic Trade Association, in 2019, organic sales in the food and non-food markets totaled a record $55.1 billion, up a solid 5 percent from the previous year. Improving standard of living and increasing demand for healthy and easy on-the-go snacks has further boosted the growth of the health and wellness packaged food market.

The Asia Pacific is projected to gain significant growth over the forecast period and this is attributed to the high demand for packaged food and expanding processed food industry in the region. According to the India Brand Equity Foundation, the Indian food and grocery market is the world’s sixth-largest, with retail contributing 70 percent of the sales. The Indian food processing industry accounts for 32 percent of the country’s total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export, and expected growth.

Key Developments:

1.      In October 2020, Bulletproof 360, the lifestyle company is widely known for innovative food, beverage, and supplements that fuel human performance announced the release of bold new packaging across their entire portfolio and the launch of two new food and beverage offerings.

2.      In April 2020, ITC, Dabur, Marico, and Godrej have launched more than three dozen products and variants in the health and hygiene segment over the past month to cash on the increased consumer awareness and demand for such products due to Covid-19 fear

3.      In June 2020, CVS Pharmacy announced the launch of more than 80 new products under the Live Better™ by CVS Health brand

4.      In December 2020, FrieslandCampina Ingredients has announced the launch of offerings to address stress and anxiety within its Biotis Brain Health Benefit Solutions

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