The functional food market size was valued at $177,770.00 million in 2019, and is estimated to reach $267,924.40 million by 2027, registering a CAGR of 6.7% from 2021 to 2027.
Functional food is high in nutrient & protein and offers number of powerful health benefits. People are increasingly consuming for additional essential nutrient and protein, which does not get from regular food in diet.
Probiotics ingredients are gaining significant traction in the functional food market owing to various benefits such as it improve mental health conditions, and reduce the severity of certain allergies and eczema. It is viable microbial dietary supplements that when introduced in sufficient quantities, beneficially affect human organism through their effects in the intestinal tract.
The major players operating in the market are Danone, Glanbia Plc., Kraft Foods Inc., Meiji Group, Murray Goulburn, Nestle S.A., Raisio Group, Royal FrieslandCampina, Sanitarium Health & Wellbeing Company and Mars, Inc..
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Growing urbanized population, increasing spending on the health related products and growing cardiovascular, chronic, and obesity linked diseases are majorly driving the growth of the functional food market. Functional food is reach sources of omega fatty acid which helps to maintain the weight and control blood circulation in the body. This why, functional food is increasing suggested by the health clubs and fitness centers.
However, lack of awareness regarding the clinical benefits of functional food and high prices are likely to hamper the growth of the functional food market during the forecast period. Despite the high prices, COVID-19 pandemic has been positively influencing the growth of the functional food market. As people are highly conscious and wish to improve the health and immunity power by consuming highly nutritious food.
The report segments the global functional food market into ingredient, product, application, and region On the basis of ingredient, the market is categorized into probiotics, minerals, proteins & amino acids, prebiotics & dietary fibers, vitamins, others. By product, it is segregated into bakery & cereals, dairy products, meat, fish & eggs, soy products, fats & oils and others. Depending on application, it is divided into sports nutrition, weight management, clinical nutrition, cardio health and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Russia, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
KEY MARKET SEGMENTS
• By Ingredient
o Probiotics
o Minerals
o Proteins & Amino Acids
o Prebiotics & Dietary Fibers
o Vitamins
o Others
• By Product
o Bakery & Cereals
o Dairy Products
o Meat, Fish & Eggs
o Soy Products
o Fats & Oils
o Others
• By Application
o Sports Nutrition
o Weight Management
o Clinical Nutrition
o Cardio Health
o Others
KEY BENEFITS FOR STAKEHOLDERS
• The study provides an in-depth analysis of the global functional food market, with current and future trends to elucidate the imminent investment pockets in the market.
• Current and future trends are outlined in the report to determine the overall market attractiveness and single out profitable trends to gain a stronger foothold in the market.
• The report provides information regarding drivers, restraints, and opportunities with impact analysis.
• A quantitative analysis of the current market and estimation for the same from 2019 to 2027 is provided to showcase the financial competency of the market.
• Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
• Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
• Competitive intelligence highlights business practices followed by leading market players across various regions.
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