Firms dealing in potentially harmful goods should take more responsibility for public health, according to Wales' chief medical officer.
Sir Frank Atherton called on big business to get serious about cutting the sugar and salt people consume.
He said there was a case for government regulation if industries did not take their roles seriously.
In his annual report he also raised concerns about the health impacts of climate change, and the cost of living.
Those, he said, could be as damaging to the nation's health as the Covid-19 pandemic.
The annual assessment, published on Thursday and called Shaping Our Health, said more than 60% of the population, and nearly a third of children starting primary school, are overweight or obese.
Sir Frank said use of products like vapes was often down to strategies used by companies to sell them.
A rise in non-communicable disease was, he said, "being fuelled by a global economic system that currently prioritises wealth creation over health creation".
He highlighted a strategy of the food, alcohol, and gambling industries to fund education in schools in order to market "unhealthy products".
Companies, he said, "also target where they sell their products to reach as many people as possible who will consume them, meaning we have seen an increasing density of gambling, fast food and alcohol outlets in more deprived areas".
He called on big business to get serious about "reformulation, about reducing the amount of sugar and salt that we unnecessarily put into our bodies".
Sir Frank insisted government regulation would not be his first point of call, but added: "I think there's a role for government in this in terms of regulation, because if the industries that I'm talking about are not able to really take their role seriously then we need to think about how government can respond and how it can protect the health of the population."
In the report, Sir Frank claimed the cost of living crisis could be as damaging to the nation's health as the Covid pandemic.
Like the pandemic, he said, the negative impacts of the cost of living crisis on health and well-being were being "disproportionately felt by those on the lowest incomes".
He called for an urgent public health response.
"We know that these economic shocks to the system have long-term effects on the next generation," he said.
"So, the risk of scarring of the next population, of having a negative health consequence for young people today into the future through what we're now experiencing, is very, very real.
"And that's why I… highlight it as sitting alongside the Covid pandemic as a threat to our health."
Sir Frank repeated his concern climate change was the "largest and most complex public health challenge of our time".
He urged businesses to recognise their impact on climate and criticised so-called "green-washing".
One optometrist welcomed Sir Frank's climate change concerns.
Tim Morgan, of Buckley, Flintshire, said Wales' health care facilities needed to do more for the environment.
A Public Health Wales primary care green champion, he said higher temperatures would make certain infections more likely.
He added: "Climate change will likely lead to unplanned forced migrations of peoples, meaning conditions historically not encountered in UK will become more common".
Mum Amy Bowden, of Colwyn Bay, Conwy, worried children were drawn to vapes by their bright colours.
The 45-year-old said: "We don't need them in the world, do we? Let's get rid of them."
But her son Joe was unconcerned by sugar in soft drinks.
The 10-year-old said: "There's a fine amount of sugar in drinks and stuff. It's tasty."
The Welsh government said it was doing "everything we can to support people through this cost-of-living crisis by providing targeted help for those who need it the most".