Market Overview:
Global Functional Food Market Size Was Valued at USD 218.41 Billion In 2022 And Is Projected to Reach USD 330.15 Billion By 2030, Growing at A CAGR of 5.3% From 2023 To 2030.
Functional foods are types of foods that offer health benefits and additional nutritional value to the human body. Foods fortified with fiber, probiotics, prebiotics, vitamins, and minerals, as well as fruits, whole grains, fermented foods, seeds, nuts, and vegetables are some of the nutrient-rich functional foods. Modified functional foods such as yogurt, milk, rice, coconut, almond and cashew milk, eggs, granola, pasta, and others are some of the healthy alternatives providing nutritional benefits. Functional foods are high in demand as they prevent nutrition deficiencies, cell damage, and chronic diseases, and they boost the growth and development of infants and children.
Top Key Players in the Functional Food Market:
Merit Functional Foods (Winnipeg),0020Danone SA (France), Del Monte Pacific Limited (DMPL) (Singapore), Dr Pepper Snapple Group, Inc. (USA), General Mills, Inc. (USA), Glanbia Nutritionals Limited (UK), MaxiNutrition (UK), GNC Holdings, Inc. (USA), Hangzhou Wahaha Group Co., Ltd. (China), Herbalife International, Inc. (USA), Kellogg Company (USA), Meiji Holdings Co., Ltd. (Japan), Natural Products, Inc., and Other Major Players.
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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels. For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.
Market Dynamics and Factors for the Functional Food Market:
Drivers:
Rising Demand for Nutritional and Fortified Food products
In recent years, population around several developing economies have changed their eating habits, dietary patterns, and purchasing behavior owing to the rising chronic and lifestyle diseases. Increasing stress levels and hectic lifestyles have contributed to such occurrence of health diseases. This led to a drastic change in eating habits, and the replacement of meals with healthy snacking options such as protein bars and nutritional biscuits. Also, the ongoing trend of consuming protein-rich food products as it is considered anti-sugar, anti-fat, and a source of instant energy, will support the expansion of the market. Furthermore, to improve nutrition and add health benefits, fortified food products are high in demand.
Opportunities:
Adoption of Emerging Technologies in the Functional Food Industry
The introduction and adoption of emerging technologies such as high-hydrostatic pressure, encapsulation, radio-frequency drying, ultrasound-assisted and microwave-assisted extraction, and bio-encapsulation drive the growth of technological innovations in the functional food ingredients industry. In addition, the newly adopted technologies such as pulsed electric fields and high-voltage electrical discharge supported the growth in the development of functional ingredients. Further, for the overall simplification of processes and fast growth, the adoption of new technologies can be a lucrative opportunity. For instance, omega-3 fatty acids possess bad odor. Thus, the fragrance and taste of these ingredients are enhanced by using encapsulation technology.
Segmentation Analysis of the Functional Food Market:
By Ingredient
· Probiotics
· Carotenoids
· Minerals
· Proteins & Amino Acids
· Vitamins
· Others
By Product
· Bakery
· Cereals
· Dairy Products
· Meat
· Fish
· Others
By Application
· Sports Nutrition
· Weight Management
· Clinical Nutrition
· Cardio Health
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By Region
· North America (U.S., Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
· In June 2023, Nestlé announced a new line of plant-based protein powders under its Garden of Life brand. The powders are made with a blend of pea, rice, and hemp protein and are designed to help people meet their protein needs in a convenient and delicious way.
· In June 2023, Danone acquired White Rabbit, a Chinese dairy company that is known for its probiotic yogurt. The acquisition is part of Danone's strategy to expand its presence in China, the world's largest dairy market.
· In July 2023, Kellogg Company announced plans to invest $50 million in a new research and development center focused on functional foods. The center will be located in Battle Creek, Michigan, and will focus on developing new products that address the growing consumer demand for healthier and more convenient foods.
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