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Report on the Market Outlook of China’s Health Food Industry in 2024

时间:2024/03/07

As population aging is accelerating, and Chinese people’s health awareness has been raising, their demand of health food has been expanding constantly, and the market size of health food is rising steadily.

Definition of health food

Health food (HF) claim to have specific health functions or provide vitamins and minerals. It is used by certain groups and can regulate our body’s functions. It is not intended for disease treatment, and does not cause any acute, sub-acute or chronic harm to human body.

According to ingredients, health food can be classified as marine health food, health food from rare land animals, vitamins, minerals, health food that contain probiotics, herbal or other plant-based health food.

Status quo of the health food industry

1. Aging population

China has a huge aging population. Ever since 2000 when China stepped into the aging society, population aging has been on the rise. According to data by AskCI Consulting, as of 2023, there were 296.97 million people aged 60 or above in China, accounting for 21.1% of the total population. 

 

2. Sales volume

As the aging population in China continues to grow in recent years and people’s health awareness gradually raises, their demand for health food increases, which contributes to a stable market size. In AskCI Consulting’s Report on China’s Health Food: Survey and Development Prospects (2024-2029), in 2022, China’s health food market scaled at 68 billion yuan, a year-on-year increase of 8.45%, and in 2023, it was approximately 72 billion yuan. It is predicted by analysts from AskCI Consulting that the sales of health food in 2024 will further increase to 77.8 billion yuan.

3. Sales channels

At present, the main sales channels in China’s healthcare product industry are direct selling, e-commerce, and drug stores, with direct selling occupying  the largest proportion, reaching 36%, e-commerce the second, reaching 24%, and drug stores the third, reaching 16%.

4. Penetration rate

In China, the highest penetration for healthcare products was seen among people  aged 45 and above, reaching 20% and above; the penetration rate of healthcare products among people aged 24 and below was 19%. China registers a large market potential of healthcare products.