Philippines have been the most improved economy in terms of health and wellness across other regions if seen across the globe. Consumer health in Philippines is further expected to be benefited due to stable economic growth predicted in future especially by middle and high income consumers for whom health and wellness has become their first priority.
According to reports, there has been an increase in the disposable incomes of people in Philippines which has further resulted in the development of health and wellness packaged food and beverages in the country. People are also becoming conscious about their health and increasing obesity in Philippines. Consumers are developing better understanding and potential benefits of consuming health and wellness food products. Many companies and government are conducting campaigns and marketing activities to aware people about the benefits. Manufacturers are also launching new products with more natural ingredients which are becoming popular among informed consumers.
By the end of 2016, a bolster in the demand has been witnessed by some companies in Philippines due to increase in awareness among consumers. As a result, it has led to economic stability and increase in modern lifestyle which has made health as an important priority for consumers in the country.
One of the powerful tools which have promoted health and wellness trend among consumers is the ‘internet’. Social networking sites and advertisements have been a very influential tool which has made the consumers adapt to such products for their betterment. Top brands are also using this tool to a great extent for increasing their sales and spreading brand recognition. Social media has proved to be the most effective platform to communicate the consumers in Philippines.
Companies are persistently producing multiple categories of products in order to create brand awareness. In 2016, many new brands have seen effective and positive response with improved feedback. Top most companies are also getting indulged in selling their products online. Wide ranges and categories are available online with attractive discounts. Massive growth in internet retailing is taking place.
More attention is given to e-commerce by retailers as well as manufacturers. Due to increase in GDP and purchasing power, the market of health and wellness is becoming popular. Consumers are also demanding more premium health and wellness products for their families. Youngsters, working adults and older people are the categories which extensively demand these types of products.
In future years as well, there will be an increase in health awareness and the amount of consumers will rise and will take more care about their eating and drinking habits. By focusing on the product development, expanding the packaged food of health & wellness and marketing it, manufacturers will capitalize on this rising demand. There will be increase in demand as well as supply by manufacturers and ultimately it will result in an expansion of the health and wellness sector as there will be multiplication in the categories of such products available, which will act as a key factor for product demand and development.