Published on : Jan 07, 2016
The health and wellness concept has become a key trend in the past few years, not just in emerging markets of North America and Europe but also in a number of emerging economies globally. The rising demand for organic food products, healthcare devices, exercise equipment, functional beverages, and supplementary diets has increased and is thus pointing towards rising health and wellness awareness amongst consumers. The growth in emerging economies has been fuelled by a number of factors such as the increasing incidence of chronic diseases and the growing disposable incomes of consumers.
- Fortified Functional and Naturally Healthy Products Propel Growth: The fortified or functional products are more capable of showing their worth in the market in comparison to the organic products, which already are a niche. In addition, the naturally healthy category is the majorly demanded category within both the developed and emerging markets. Products that come under the category of food intolerance and are used as substitutes are a nice category, but are gaining traction in the recent years.
- Synergies to Benefit Developed and Developing Markets: The already developed markets remain as the first source of testing for a new product because of it being already launched and experienced within the developed market whereas in the emerging economies new products and super foods are picking grounds. Examples of these products are quinoa, chia seeds, and stevia and these products originated within Latin America.
- Local Players to Gain More Traction: In the emerging markets, local players have become popular, especially in the emerging economies and are fuelling the overall market for health and wellness. These local players have been taking key steps to expand their knowledge on the health concerns and taste preferences of the local residents and are introducing products accordingly. On the other hand, local knowledge in necessary for global players in order to gain a strong foothold within the market for health and wellness within the emerging economies.
Thus, though the growth within the already developed markets for health and wellness is stagnant, still the growth is increasing gradually amongst the developing or emerging markets and is predicted to constitute approximately 49% sales by 2019 from being at a meager 28% in 2002.