Global Functional Food Market Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Increasing demand for healthy and nutrient rich food, growing innovation & new product launches, rising number of diseases, increasing health awareness and growing consumption of functional food are some of the major factors driving the growth of Global Functional Food Market.
Global Functional Food Market is valued at USD 179.84 Billion in 2020 and expected to reach USD 287.27 Billion by 2027 with the CAGR of 6.92% over the forecast period.
A functional food is one that claims to have an added purpose by combining current ingredients or adding new ones. Ingredients in functional foods offer health benefits that go beyond their nutritional value. Some of them contain vitamins or other components that are intended to boost one's health. Functional foods contain essential nutrients that can aid in illness prevention. Important nutrients, such as vitamins, minerals, healthy fats, and fiber, are commonly found in functional foods. Functional foods have gained importance in recent years due to the increasing health awareness among consumers. The functional food market comprises of deals of functional food and related services. Functional food is typically nutritious and is related with numerous health and way of life benefits. The advantages can incorporate avoidance against nutrition insufficiencies, security against diseases, improved cholesterol levels, lower blood pressure, and encourages appropriate development and growth. The concept began in Japan in the 1980s, when government authorities began licensing foods with proven health advantages in an effort to improve the general public's health.
During Covid-19 pandemic, lockdown imposed by governments of different nations have led the temporary suspension of organizations and reduce the production and distribution of functional food and this have shown some decline impact on the market growth. Also, government forced restriction on transportation and social distancing to reduce the spread of disease has shown a decline impact on functional food market. However, COVID -19 has made immunity more of a top worry for consumers. During covid-19 pandemic, people are focusing on more healthy and nutritious food and concerned about strengthening immunity which increased the demand of global functional food market.
Some major key players for global functional food market report cover prominent players like -
Global functional food market is segmented on the basis of ingredient, product, application and country & region. On the basis of ingredients, the functional food market is segmented into probiotics, minerals, vitamins,proteins & amino acids, prebiotics & dietary fibers, others. On the basis of product, the market is segmented into bakery &cereals, fats & oils, dairy products, meat, fish & eggs, soy products, and others. On the basis of application, the market is divided into sports nutrition, weight management, digestive health, clinical nutrition, cardio health and others.
The regions covered in this global functional food market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of functional food is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
The major factor driving the growth of global functional food market is growing demand for healthy & nutrient rich diet. For instance, according to the Nutrition Business Journal, sales of functional foods and beverages increased by 9.4% to over $ 78 billion, compared to a projected 13% increase in organic sales to 47.9 billion. In addition, growing innovation & new product launches are also fostering the market growth. For example; The Morinaga Milk Industry, a leading Japanese researcher and manufacturer, has launched LAC-ShieldTM, a new paraprobiotic strain to meet the expanding global consumer demand for food and beverage products that support strong immune health.
Furthermore, rising number of diseases are shifting consumers focus towards health awareness thus supplementing the consumption of functional food and supplementing the market growth. For instance; according to the Journal of Nutrients 2020, based on their survey result, the 39% of those concerned about diseases and willing to spend would purchase functional food and When compared to the 18–25 age groupings, the 36–50 age group had the highest number of significant differences. Functional foods were viewed as more significant in the prevention of high cholesterol, diabetes, osteoporosis, a weakened immune system, and digestive issues by this age group. According to the Center for Disease Control and Prevention, heart diseases is a main source of death in the USA and around 6,47,000 Americans pass on from heart diseases consistently, which is one of each 4 deaths.
However, lack of awareness about clinical benefits of functional food and high price of functional food may hamper the market growth. In spite of that, increasing new and innovative products and growing demand for healthy diet can offer more opportunities for the further growth of the global functional food market.
Asia Pacific is expected to show a lucrative growth in the global functional food market within the forecast period owing to the rising awareness about health benefits of functional food and increasing prevalence of chronic diseases in this region. For instance; according to the China Food and Drug Administration, it approved a total of 17,947 health food products as of January 2020, with 17,164 being domestically produced and 783 being imported. It's worth noting that ""improving immunity"" was the most commonly approved health claim. According to the International Diabetes Federation, in the International Diabetes Federation South-East Asia Region, 88 million individuals (20-79) had diabetes in 2019. By 2045, this number is expected to rise to 153 million. And diabetes was responsible for 1.2 million losses in 2019.
North America is expected to show a significant growth in the global functional food market due to the increasing popularity of functional food products, rising demand for plant based foods and presence of key players in this region. For instance; according to the Survey Sampling International (SSI), 79 percent of U.S. consumers would prefer to consume probiotics in a food or beverage product rather than a pill or supplement, and research suggests there is also growing interest in immune support and high-protein foods and drinks. According to the centers for disease control prevention, obesity in America is increased by 42% between 2017 & 2018.
February 25th, 2021; Intelligent Blends announced the expansion of its robust research and development lab at their San Diego facility. By extending its abilities to address the developing consumer demand in functional beverages, the organization is ready to offer partners and clients the chance to meet consumer expectations and needs while accepting current food and drink patterns and developments in the market. The lab is additionally equipped to help the company’s developing assembling and packaging abilities. From developing the ideal blends and plans, to offering a wide selection of packaging alternatives including K-Cup, Compatible with Nespresso containers, stowed ground and entire bean espresso, half and half sacks, and stick packs etc. Intelligent Blends is conveying high-quality, innovative choices to clients at each progression of their journey.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 203.61 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 340.01 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Abbott, Danone, Glanbiaplc, Healthside Food Solutions LLC, Kellog NA Co., Mars, Incorporated, Nestle S.A. Raisioplc, Sanitarium Health Food Company, The Kraft Heinz Company, Tyson Foods Inc. and others|
|Segments Covered||By Ingredient, By Application, By Product|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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