When the gloomy clouds of COVID19 pandemic are looming across the globe, human life and health have become the topmost priority. Every other priority has taken the back seat. This phenomenon has greatly impacted our food habits and given a surge to the demand for medicinal or functional foods. For instance, Spirulina, Curry Leaf Powder, Date Palm, Giloy, Ashwagandha, Aloe Vera, Ayurvedic spices and roots, Millet, and so on. Agricultural imports and exports are witnessing a paradigm shift in terms of global trade.
“Immunity” has become our biggest health priority now.
Various governments and food supply companies are striving to capitalize on this surging global demand by exporting nutritional and medicinal food products. Despite the economic deficit, they are providing multiple stimuli to their farmers and the agri-food sector.
According to Fact.MR (forecast 2020-2030): The market of organic medicinal herbs will grow by nearly 4.7X during the forecasted period owing to a high preference for organic products over conventional products. This shift has already been noted in East Asia where the market is forecasted to grow at a CAGR of nearly 10% during the forecasted period.
Amidst the crisis, the reliability of herbal products has increased as never before. In March 2020, Central Institute of Medicinal and Aromatic Plants introduced herbal sanitizer to fulfill the rising demand of sanitizers.
The countries that are least affected by the pandemic are focusing on the maximum capitalization of this demand.
As per 3w Market News Report — The Global Nutraceutical Ingredients Market is expected to reach USD 56.52 billion by 2025, from USD 31.69 billion in 2017 growing at a CAGR of 7.5% during the forecast period of 2018 to 2025.
The demand for functional drinks has risen as well. According to Carlotta Cattelani, Marketing Manager, Vital Well (a Swedish functional drink company) says — Sales of its Nocco and Barebells sports nutrition brands were “300% in March 2020 versus the same period last year.
COVID19 has changed the world's food consumption habits. Consequently, the equilibrium of global food export is changing as well.
We are entering a new world where the food demand and market segments are rapidly getting reshaped. This new trend will bring forward many opportunities and new dynamics for us.
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