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"China will continue to facilitate the integration of its health-related industries with the elderly care, tourism, internet, fitness and food industries," said Hou Yan, an official with the NHFPC.

"Chinese consumers are trading up to higher-quality products," Jeff Walters, BCG managing director and co-author of the report said. "Digital technology is one of the underlying drivers that will continue to spur purchases."

"Coca-Cola is accelerating its journey as a total beverage company," said Curt Ferguson, president of Coca-Cola in China.

"Chinese consumers prefer complex and multifunctional products, compared with those in Europe and the United States, who like simpler ones. They also prefer red," he explained.

"China's reform and opening-up has contributed significantly to global development," Park said, as the Chinese government created huge demand via expansionary fiscal policy during the global financial crisis and thereafter, serving as a driving force for global economic growth via the largest consumer market in the world.