Pune, India -- (SBWire) -- 07/17/2020 --Immunity Boosting Food Products Market:
Executive Summary
The global immunity boosting food products market is expected to grow from $16.31 billion in 2019 to $22.76 billion in 2020 at a compound annual growth rate (CAGR) of 39.6%. The exponential growth is mainly due to the outbreak of COVID-19 that raised awareness about boosting immunity in the human body to protect from being infected by the virus. The market is then expected to reach $24.02 billion in 2023 at a CAGR of 1.81%.
The immunity boosting food products market consists of sales of food products used to boost the immune system. The market consists of revenues generated by sales of immunity-boosting food products by companies producing them.
North America was the largest region in the immunity boosting food products market in 2019. Asia Pacific is expected to be the fastest-growing region in the immunity boosting food products market in the forecast period.
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In 2019, Olam International, a major food and agri-business company acquired Hughson Nut Inc., (HNI) from APB Partners, L.L.C. for $54 million. The acquisition of HNI is consistent with Olam's strategic plan to offer differentiated solutions such as ingredients and product innovation and to target new customer segments in co-manufacturing, foodservice and e-commerce. Hughson Nut is a grower, buyer and processor of California almonds.
The immunity boosting food products market covered in this report is segmented by product type into herbs & spices; nuts & seeds; fruits & vegetables; dairy-based products; probiotics and prebiotics; others. It is also segmented by form into tablets; capsules; powder; liquid; others and by distribution channel into store-based; non-store-based.
The high cost of raw materials and lack of awareness among people about the benefits of the products are hampering the growth of the immunity-boosting food products market. Nutrition care, which is an essential element of preventive health care, is simultaneously experiencing a major evolution in highly populous countries like India. There is a lack of awareness about the immunity boosting food products in a swiftly growing middle-class population. On the other hand, the high cost of raw materials used in the manufacturing of immunity-boosting food products has a great impact on the price of the final product, which may render them a practical option only for the urban and rich population, thereby limiting the market growth.
Instant immunity booster products are increasingly being used to boost immune function, which is used when under stress in the modern world. For instance, in January 2020, ZAND, the natural lozenge brand in health food stores known for herbal-based immune support, has launched the first rapid immunity product, Immune Fast. This breakthrough new supplement delivers clinically supported immune support whenever and wherever at work, the airport, school, large gatherings, anywhere. Thus, it is used on the spot to boost the immune system within two hours.
The increasing consciousness about health and fitness to live a healthier lifestyle will drive the immunity-boosting food products market. According to the Global Wellness Institute, in 2018, the global wellness market was valued at $4.5 trillion. According to the IHRSA (International Health, Racquet & Sportsclub Association), the health and fitness industry in the U.S. was valued at $30 billion in 2018. It has been growing by at least 3-4% annually for the last ten years. Also, the World Health Organization has declared the novel coronavirus (Covid-19) as a pandemic. A strong immune system is a key factor in the treatment of COVID 19 patients. This has resulted in an increase in the demand for immunity boosting products, thereby driving the immunity-boosting food products market.
Major players in the immunity boosting food products market are Danone SA, Nestle S.A., Blue Diamond Growers, Diamond Foods, LLC., Dole Food Company, Inc., Pinnacle Foods Corp., Olam International, Hines Nut Company, Fonterra Group Cooperative Limited, and Associated British Foods PLC.
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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Immunity Boosting Food Products Market 2020 Global Trend, Segmentation and Opportunities, Forecast 2030
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