Health and wellness trends are always evolving as new technology, fads, and priorities emerge every year. The global health and wellness market is huge and diverse – it’s worth several trillion dollars and is expected to grow by hundreds of billions of dollars over the next few years. So what can we expect from the industry in 2020?
Plant-based proteins branch out
Beyond Beef burgers made a splash last year with their realistic taste and texture. But burgers aren’t the only kind of meat that people want to eat, and companies are beginning to expand their plant-based meat offerings beyond the realm of beef. Chicken and fish are now both on the meat-free menu. Vegan company By Chloe just launched Chicky, its tempeh-based chicken, and other vendors are creating their own chicken alternatives as well.
On the seafood side, Sophie’s Kitchen produces plant-based products such as shrimp, crab cakes, and even smoked salmon, and restaurants like Chipotle are taking notice. Good Catch is another food company currently producing plant-based tuna and developing a line of crab cakes and other foods as well. The company mimics both the taste and texture of the seafood using legumes and algae oil.
Another health and wellness trend is the artificial meat market’s decreasing reliance on soy. Companies are using less of it in their products or leaving it out altogether, which is good news for people with soy allergies who are looking for meat substitutes. Pea protein, wheat protein, and mycelium are among the alternatives currently being used.
Taking sustainability to the next level
Sustainability isn’t a new trend, but it’s becoming more widespread as governments and corporations take measures to reduce waste and preserve the environment. It impacts all sections of the supply chain, from sourcing and manufacturing to the product and its packaging. Manufacturers are looking for ways to meet government regulations and consumer demands, as well as to operate more ethically. They are reducing the amount of plastic used in their packaging and adopting biodegradable materials. They are also more frequently using sustainability and sourcing as a selling point.
Consumers are looking at what ingredients and materials are used in a product and where they come from, regardless of whether they’re buying healthy food, beauty products, or a host of other items. They are increasingly factoring sustainability ethics into their brand and product choices, and are frequently willing to pay more for products and services from companies that are working to protect the environment. Manufacturers and service providers will need to account for this health and wellness trend in order to attract and keep customers who prioritize sustainability.
Beauty brands, for example, are adopting sustainability practices in a variety of ways. While recyclable, eco-friendly bottles and packaging are becoming more widespread, some companies are going well beyond this. Water conservation is something that brands are beginning to take into account, using less of it in both their manufacturing processes and their products. Companies are also developing reusable, refillable products, from perfume bottles to deodorant sticks. This year, expect to see more and more environmentally conscious products make their ways to store shelves.
Suggested reading: How the Japanese Packaging Industry is Stepping Up Its Game
CBD continues to make waves
As more countries and states legalize marijuana and CBD, demand for health and beauty products that include them continues to rise. The CBD oil market is expected to grow by over 30% in 2020, while the medical marijuana market will grow by close to 24%. Many brands are incorporating CBD into their skincare products due to its anti-inflammatory properties, and CBD gummies are being used as sleep aids. Adoption of CBD products will continue to be one of the key health and wellness trends this year.
However, since these products and the laws surrounding their use are still new, their quality and effectiveness varies substantially. Research is still being done on CBD and its uses, and many companies make health claims that are not backed up by sufficient studies. Consumers will need to choose their purchases carefully and pay attention to the ingredients and promises on product labels.
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Global Health and Wellness Market 2019-2023
Rest earns a place on the to do list
Sleep is a key factor in health and happiness, and a high percentage of adults aren’t getting enough of it. Between the busyness and stress of work and family, along with trying to find time for friends and leisure, many people make sleep a lower priority. However, this way of thinking is starting to change, and consumers are looking for tools to help them improve their habits and fall asleep more easily.
Many wearable devices track sleep, and an increasing number of people have been using them to measure their sleep cycles and track their habits. Having a record of how much (or little) sleep one is getting can highlight bad habits or sleep schedules that aren’t working, and help motivate change. The global wearable electronics market will grow by 16% in 2020, an increase of several billion dollars, and smart watches and smart bands account for more than half of that market. The popularity of fitness trackers and the growing focus on getting a good night’s sleep will make sleep tracking a popular health and wellness trend in 2020.
Limiting the amount of bright light and screen time before bed can also help with a good night’s sleep, and consumers are increasingly seeking out glasses, apps, and other products to facilitate this. There are several computer programs and phone apps that offer a “night mode” that’s more than just turning everything dark – these programs will change the type and amount of light on the screen to reduce the blue light that can keep people awake. Many Apple and Android devices come with this type of function built into their operating systems. Computer glasses that block blue light are also becoming increasingly popular, as consumers look for options that are both functional and attractive.
These are just a few of the health and wellness trends to look forward to in 2020. Sustainability and technology will play key parts in many of them, with consumers looking for ways to improve both their own lives and the environment. For more on the global health and wellness market, try out Technavio’s industry research report.