Health Food Market Forecast, 2023-2028

The Health Food Market is estimated to reach $1,321.5 billion by 2028, growing at a CAGR of 9.2% over the forecast period 2023-2028. The demand for healthy food products has increased as a result of consumers' growing health consciousness toward curbing obesity, which is having a significant impact on the market for these food items. The World Obesity Atlas 2022, published by the World Obesity Federation, predicts that one billion people globally, including 1 in 5 women and 1 in 7 men, would be living with obesity by 2030. Healthy food is something that maintains, enhances or improves general health. Natural health food such as Functional food, cereals, legumes, quinoa and organic food that are rich in macronutrients, micronutrients and enough dietary energy are all essential components of a healthy diet. It protects one from a number of chronic, non-communicable diseases, including cancer, heart disease and diabetes. A balanced diet consists of a variety of food items, including staples like cereals, starchy tubers or roots, legumes, fruit and vegetables, as well as items derived from animals. 

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Health Food Market Report Coverage

The report: “Health Food Market – Forecast (2023-2028)” by IndustryARC, covers an in-depth analysis of the following segments in the Health Food Market.

By Product – Natural Health Food, Better-for-you (BFY) food, Functional Food and Organic Food.

By Distribution Channel – Offline and Online.

By Geography – North America (the U.S., Canada and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia and New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and the Rest of South America) and the Rest of the World (the Middle East and Africa).

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Key Takeaways

• Growing knowledge of the health benefits connected to the use of organic products is one of the main drivers fueling the Health Food industry expansion. 
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• As a result of the shift in consumer purchasing behavior, sales of organic food are anticipated to increase. Additionally, the Health Food industry is expanding due to the growing customer preference for non-GMO products.
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• The demand for organic food has been significantly impacted by the COVID-19 epidemic. Consumers' buying habits changed as a result of this uncertainty, favoring more organic and natural products as they became more conscious of the value of having a robust immune system.

• A detailed analysis of strengths, weaknesses, opportunities and threats would be provided in the Health Food Market Report.

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• The Absence of Quality Rules for Functional Food in Emerging Nations:

  Budget restrictions are limiting the capacity of regulatory agencies to develop a cadre of well-trained inspectors and enhance the detection and enforcement of non-compliant products, according to a report from the National Center for Biotechnology Information (NCBI) published in 2020. This is one of the key factors that is having a detrimental effect on the market's expansion. The Mexican region has a history of unfavorable convergence with food. Furthermore, a study on cereal health claims conducted by Mexico's Institute of Public Health revealed that at least 70% of unhealthy cereals included at least one nutritional claim on the label. Similarly, less than half of the healthy functional food, alleged to have caused adverse health events, were recalled between 2018 and June 2022, according to regulator data from South Korea. Only 13.61 tons or 43% of the 31.85 tons of health functional food that were correctly recalled over the course of five years were hazardous items. This is already an obstacle to the market for Health Food in the target country and it also significantly undermines consumer confidence.

  Health Food Market Industry Outlook

  Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Health Food Market. The top 10 companies in the Health Food Market are:
  
  
  1. Archer Daniels Midland Co.
  2. Danone SA
  3. Dean Foods Co.
  4. Dairy Farmers of America, Inc.
  5. Mondelez Global LLC
  6. General Mills Inc.
  7. GlaxoSmithKline Plc
  8. Kellogg Co.
  9. Nestle SA
  10. PepsiCo Inc.

  Recent Developments

  • In June 2021, Kraft Heinz Company has announced the acquisition of Assan Foods from the privately held Turkish company Kibar Holding. The company wants to broaden its market reach worldwide through this acquisition while focusing on food quality and service.
  • In February 2021, Danone acquired Your Heart, a pioneer in the plant-based industry. The acquisition would focus on the expansion of the company through the introduction of new organic products to satisfy consumer demand and preserve competitive advantage over other market participants.
  • In April 2020, Amy's Kitchen launched new vegetable-packed gluten-free pizzas in April 2020. The new Veggie Crust Pizzas have organic sweet potato, broccoli and cauliflower crusts that are topped with mozzarella cheese and slow-simmered tomato sauce. The pizzas come in cheese and spinach flavors.

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