The global health food market is expected to reach US$557.6 billion in 2024, increasing at a CAGR of 7.15%, for the duration spanning 2020-2024. The factors such as increasing sales of organic food, rising consumption of vegetable oils, growth in geriatric population, rising problem of undernourishment, rapid urbanization and increasing consumers’ demand for transparency would drive the growth of the market. However, the market growth would be challenged by risk of allergies associated with vegetable sources, high cost of health food in low and middle income countries and stringent government regulations. A few notable trends may include upsurge in energy drink demand, growing adoption of meat alternative, growing consumers; focus on achieving health goals and high demand for on-the-go dietary supplement products.
The global health food market is highly concentrated with organic food products, due to the growing people’s focus on the nutritional values of their food. In addition, increasing adoption of healthy eating habits among people is leading to the rising demand for functional food products such as grains, fruits, vegetables and nuts, which is eventually accelerating the growth of the global health food market.
The fastest regional market is the U.S., owing to the growth in health conscious population as well as growing people’s awareness about the health benefits of nutritional and balanced diet. Further, the sudden outbreak of COVID-19 is lead to the changes in consumer’ eating habits from unhealthy and processed food to nutritional food. Consumers are maximising their healthy diet in order to boost their immunity and reduce vulnerability to the fatal disease, which is providing a growth opportunity to the global health food market during the forecasted period.
Scope of the report:
The report provides a comprehensive analysis of the global health food market. The major regional markets (The U.S., Western Europe, China, Other Asia, Japan, Latin America, East Europe & Russia and ROW) have been analyzed. The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth. The competitive landscape of the market, along with the company profiles of leading players (Nestlé, PepsiCo, Danone (Sofina), General Mills, Kellogg’s, Dean Foods (DFA)) are also presented in detail.
Key Target Audience:
Health food Manufacturers Food and Beverage Firms End Users (Super market, groceries, consumers) Investment Banks Food and Beverage Consultants Government Bodies & Regulating Authorities
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