The new report by Expert Market Research titled, ‘Global Functional Food Market Growth, Size, Share, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global functional food market, assessing the market based on its segments like ingredient, product type, application`, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 170.2 Billion
- Forecast CAGR (2023-2028): 6.7%
- Forecast Market Size (2026): USD 251.1 Billion
The growth of the global market for functional food is driven by the rising health awareness among masses thereby increase in demand for healthy and nutrition rich diets. Additionally, growing disposable income and expenditure on health care products is anticipated to bolster the demand for functional food over the forecast period. Moreover, the market is further aided by increasing consumption of food for reducing risk of health condition such as diabetes, obesity, weight management, and cardiovascular diseases, among others. The hectic and sedentary lifestyles and rising stress among working class is likely to aid the demand further.
Functional Food Industry Definition and Major Segments
Functional food refers to food and beverages with additional fortified functional nutrients for providing health benefits. These nutrients include amino acid, vitamins, and minerals among others. These food items are consumed as traditional food products for physiological benefits and reduce risk of chronic illness.
By ingredient, the market is divided into:
- Minerals
- Proteins and Amino Acids
- Prebiotics and Dietary Fibres
- Vitamins
- Others
The industry can be categorised based on product type into:
- Bakery and Cereals
- Dairy Products
- Meat, Fish, and Eggs
- Soy Products
- Fats and Oils
- Others
Based on application, the market is classified into:
- Sports Nutrition
- Weight Management
- Clinical Nutrition
- Cardio Health
- Others
The regional markets for functional food include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Functional Food Market Trends
Regionally, North America is projected to dominate the global market for functional food. This can be attributed to rising health consciousness among the populace and high expenditure on health products. Moreover, the presence of key players in the regions and increasing research and development activities for developing wide range of functional food is projected to bolster the regional growth. Meanwhile, Asia Pacific is expected to grow at a significant rate over the forecast period. This can be attributed to factors such as large population, rising expenditure on processed food, and growing awareness of nutrient rich diets among others.
Key Market Players
The major players in the market are Danone S.A., Glanbia Plc, Hearthside Food Solutions LLC, Mars Incorporated, Meiji Holdings Company, Ltd., Nestlé S.A., Raisio plc, Royal FrieslandCampina N.V., Sanitarium Health Food Company, The Kraft Heinz Company, and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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