The new report from Expert Market Research titled, “Global Functional Food Market Price, Trends, Size, Share, Report and Forecast 2023-2028”, provides an in-depth analysis of the global functional food market, assessing the market based on its segments. such as ingredient, product type, application, and major regions such as Asia Pacific, Europe, North America, Middle East & Africa, and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, along with market analysis based on SWOT and Porter’s Five Forces models.
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Highlights of the report include:
Market Overview (2018-2028)
- Historic market size (2020): $170.2 billion
- Forecast CAGR (2023-2028): 6.7%
- Estimated market size (2026): $251.1 billion
The growth of the global market for functional food is fueled by increasing health awareness among the masses, thereby increasing the demand for healthy and nutrient-rich diets. Additionally, rising disposable income and spending on healthcare products is anticipated to bolster the demand for functional food over the forecast period. Additionally, the market is further aided by increasing consumption of food for reducing the risk of health conditions such as diabetes, obesity, weight management, and cardiovascular disease, among others. Hectic and sedentary lifestyles and rising stress among the working class are likely to help demand further.
Functional Definition of the Food Industry and Key Segments
Functional food refers to food and beverages with additional functional nutrients fortified to provide health benefits. These nutrients include amino acids, vitamins and minerals among others. These food items are consumed as traditional food products for physiological benefits and to reduce the risk of chronic diseases.
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By ingredient, the market is divided into:
- Proteins and Amino Acids
- Prebiotics and dietary fiber
The industry can be categorized based on the type of product into:
- Bakery and Cereal
- Dairy products
- Meat, Fish and Eggs
- Soy products
- Fats and oils
By application, the market is segmented into:
- Sports nutrition
- Weight management
- Clinical nutrition
- Cardio health
Regional markets for functional food include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Functional Food Market Trends
Regionally, North America is projected to dominate the global functional food market. This can be attributed to increased health awareness among the population and high spending on health products. Additionally, the presence of key players in the regions and increased research and development activities for the development of a wide range of functional foods is projected to drive regional growth. Meanwhile, Asia Pacific is expected to grow at a significant rate during the forecast period. This can be attributed to factors such as large population, increased expenditure on processed food and growing awareness of nutrient-dense diets among others.
Major market players
The major players in the market are Danone SA, Glanbia Plc, Hearthside Food Solutions LLC, Mars Incorporated, Meiji Holdings Company, Ltd., Nestlé SA, Raisio plc, Royal FrieslandCampina NV, Sanitarium Health Food Company, The Kraft Heinz Company and few others . The report covers market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other recent developments of these market players.
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