The global health and wellness food market is expected to grow at a compound annual growth rate (CAGR) of 6.22% by 2021, according to a new report from Technavio.
“Rising health consciousness, emphasis on preventive health care and increased focus on healthy diet have further increased the demand for health and wellness food,” said Amber Chourasia, an analyst from Technavio.
The market research firm identified the three top trends set to impact the health and wellness market.
“The demand for probiotic products will propel the market as the benefits of these products is attracting consumers and will continue to do so in the forecast period,” Technavio said.
Rising demand for healthy snacks and convenient options has spurred innovation in the packaging world. Plastic-based flexible packaging is surging in popularity to suit the desire for smaller portions, Technavio said. To cater to convenience-seeking consumers, many flexible packaging designs include such features as peel-off lids, zippers, pouring spouts and microwavable pouches.
Graphic design on packaging is boosting sales as well.
“The use of vibrant colors, different color coding, and graphics are becoming common marketing approaches among manufacturers,” Technavio said. “They are also focusing on using sustainable packaging solutions for designing of new or redesigning of existing packaging. This will positively affect the market during the forecast period.”
The need for natural
The natural health food segment was the highest revenue contributor for the health and wellness market during 2016, Technavio said. The shift in preference from synthetic ingredients to more natural formulations is driving the demand for natural and herbal products.
Factors such as the growing awareness of quality, evolving lifestyles and the increasing incidence of food-related disease will continue to drive consumption of natural products, Technavio said. These products include whole wheat and multigrain bread, whole wheat pasta, baked potato chips, high-fiber cereals and products containing zero trans-fat oils.“The rising demand for natural and herbal products has encouraged manufacturers to increase their production to meet the increasing demand,” Mr. Chourasia said. “This will help maximize the profitability of vendors and provide positive outcomes for the market during the forecast period.”