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(MoneyNewsWire.Net, August 24, 2016 ) Description-
Overview of the health and wellness food market
Technavios research analyst predicts the global health and wellness food market to grow steadily at a CAGR of 6% during the forecast period. The growing health awareness among consumers globally is the primary growth driver for this market. Health and wellness food products and drinks are known to help cure and prevent gastrointestinal illnesses such as irritable bowel syndrome, inflammatory bowel disease, food allergies, maintaining blood glucose level, and diarrhea. They are also used in functional foods such as dairy products to aid digestion, reduce cholesterol levels, enhance brain function, and increase immunity.
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The product innovations in this market are expected to boost the market growth during the forecast period. Vendors are constantly innovating in packaging, formulations, and are even inventing new ways to increase consumption of their products. For instance, Nestle has launched a "Portion Guidance" programme making healthier choices easier for the consumers. Under this program, the company engages consumers with on-pack messaging, highlighting the quality of ingredients used, and giving clear visual instructions to users for brands such as Nido.
Product segmentation and analysis of the health and wellness food market
Food intolerance
Organic food
Better for you (BFY)
Functional food
Naturally healthy food
The naturally healthy food segment dominated the market during 2014, with a market share of 39%. An ageing population, high obesity rates, and a raised awareness of unhealthy food are the main factors fueling the demand for the naturally healthy food among the consumers.
Segmentation by distribution channel and analysis of the health and wellness food market
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Hypermarkets and supermarkets
Independent small grocers
Discounters
Convenience stores
Hypermarkets and supermarkets accounted for 57% of the market share during 2014. The convenience provided by this distribution channel and their ability to price products competitively has been driving the growth of this segment.
Geographical segmentation and analysis of the health and wellness food market
Americas
APAC
Europe
MEA
North America accounted for 37% of the market share during 2014 and is expected to grow at a CAGR of 5% during the forecast period. The rise in ageing populations, growing number of diabetic patients and the associated health issues are the primary drivers for the market growth in this region.
Competitive landscape and key vendors
The global health and wellness food market is highly fragmented because of the presence of numerous small and large vendors. The vendors in the market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion. The high vendor competition has led an increased number of mergers and acquisitions, wherein smaller entities are being acquired by, or are being merged with, major players.
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