The functional food market size was esteemed at $177,770.0 million of every 2019, and is assessed to reach $267,924.4 million by 2027, enlisting a CAGR of 6.7% from 2021 to 2027.
functional food can be expressed as an altered food that professes to further develop wellbeing. It doesn’t fix sickness yet it assists with lessening the danger of destructive illnesses by working on the wellbeing of the body by giving fundamental supplements and proteins. Useful food in the eating routine adds advantages to individual physiological state.
Sports nutrition arose as the second biggest fragment after cardio wellbeing utilizations of the useful food inferable from expanding commercialization of these game supplements and accessibility of wide item range including creatine and whey protein-based useful food. There has been an increment in the interest for useful food over the previous decade as new item types dispatches have saturated the food business. Additionally, the usage of these items by various end-clients, for example, sport nourishment, clinical sustenance, and weight the board is relied upon to drive the development of this market.
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Growth Factors
The increasing prevalence of chronic diseases prompts consumers to shift towards healthier food consumption habits. Rising interest of consumer regarding immunity benefits of a proper diet accounts for the key factor that drives the growth of functional foods market across the globe. Geriatric population believed to get the maximum benefit from functional foods because of age-related health problems. Consequently, burgeoning geriatric population across the globe expected to bolster the market growth. Moreover, the rising disposable income along with increasing demand for fortified food & beverage products leads to increased uptake of functional foods this in turn propels the growth of the market.
On the other hand, high prices of several functional food products limit their adoption that in turn expected to hamper the overall market growth over the forecast timeframe. In addition, downturn in the global economy has impelled consumer to switch towards low priced products and groceries. Furthermore, as per a research conducted on consumer perception on the functional food products regarding their health claims found to be limited. Thus, the above-mentioned factors expected to restrict the adoption functional food across globe on a larger scale. Additionally, food safety and related regulations also accounts to restrict the market growth. Nonetheless, rising population across developing countries expected to propel the market growth over the forecast timeframe.
Report Highlights
- The Asia Pacific encountered as the largest markets accounting for more than 40% of overall value share in 2019 due to the rising disposable income coupled with burgeoning population
- North America and Europe are the other most prominent revenue contributors owing to awareness among consumers pertaining to maintain good health and fitness through dietary plan
- Dairy products led the global market in terms of value in 2019, followed by the bakery & cereals segment and predicted to expand at a CAGR of nearly 8% during the analysis period
- New developments across the bakery & cereals sector anticipated to boost the market growth during the forecast timeframe
- By ingredients, vitamins dominated the global market in 2019, followed by dietary fibers and minerals
- The prebiotics & probiotics segment expected to register the fastest growth during the analysis period owing to its capability to enhance the functionality of some groups of beneficial bacteria
- Based on application, cardio health encountered the largest value share accounting for nearly 24% in 2019 because of rising demand for functional food in congestive heart failure, cardiovascular diseases, congenital heart defects, and hardening of arteries
- Digestive health expected to register significant growth over in the upcoming time-period due to great interest among women during the course of their reproductive life
Key Players & Strategies
The global functional food market is highly competitive owing to presence of large number of regional and international players. These industry participants focus primarily on manufacturing facilities and distribution channels in various regions across the globe. For instance, in June 2017, Amway announced to open a new distribution center in the major Thai market. Amway is a prominent seller of dietary supplements in the functional food market. Similarly, in October 2016, ADM introduced a new line of vegetable & fruit functional extracts that can provide a concentrated dose of powerful antioxidant compounds anthocyanins and beta-carotene in a variety of foods, beverages and supplement applications.
Dominating players in the market have strong footprint on the global and offer tough challenge for new entrant to establish their foothold. Despite of this, the prospective and new industry players invest prominently on the research & development (R&D) activity to withstand the competition prevalent in the industry.
Some of the key players operating in the market are Cargill, BASF, General Mills Inc., Standard Functional Foods Group Inc., Coca-Cola Co., GFR Pharma, Nutri-Nation, KFSU, Amway, Herbalife, and Arla Foods among others.
Top Key Players:
GlaxoSmithKline Company
Kraft Foods
Unilever
Raisio Group
Coca-Cola Company
Abbott Laboratories
Dr Pepper Snapple Group
Danone
PepsiCo
Nestlé
Ocean Spray Cranberries
Glanbia
Sanitarium Health＆Wellbeing Company
Dean Foods
Kellogg Company
Meiji Group
General Mills
Kirin Holdings
BNL Food Group
Royal FrieslandCampina
Arla Foods
Red Bull GmbH
Murray Goulburn
Mars
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By Types:
Carotenoids
Dietary Fibers
Fatty Acids
Minerals
Prebiotics & Probiotic
Vitamins
Others
By Applications:
Bakery & Cereals
Dairy products
Meat, fish & eggs
Soy products
Fats & oils
Others
