Global Functional Food Market Share Is Expected To Grow At A CAGR Of 8.79% By 2028

23-Sep-2022 | Facts and Factors

According to Facts and Factors, the global functional food market size was worth around USD 2,33,620.2 million in 2021 and is predicted to grow to around USD 4,18,440 million by 2028 with a compound annual growth rate (CAGR) of roughly 8.79% between 2022 and 2028.

Functional foods have gained extreme momentum in the last few years, especially among health-conscious people. The term was first used in Japan, which currently follows a strict government regulatory process for classifying functional food items under the supervision of Food for Specified Health Use (FOSHU). Functional foods are also known as nutraceuticals and form a core part of nutrition-rich food groups that exhibit powerful health benefits. Some of the examples include protection against diseases, deficiencies, and the promotion of healthy physical growth and development. Foods that act as an excellent source of minerals, vitamins, fiber, and probiotics are considered functional foods including items like fruits, seeds, vegetables, and nuts to name a few. Oats, an excellent example of functional food, are known to contain beta-glucan, which is known to improve the heart’s condition while reducing any kind of inflammation and enhancing immunity. Vegetables and fruits are scientifically proven to be full of antioxidants, providing disease protection. A healthy diet promotes the consumption of functional foods like legumes and whole grains since they not only provide essential body minerals but also promote proper growth.

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Browse the full “Functional Food Market Size, Share, Growth Analysis Report By Product (Dairy Products, Bakery & Cereals, Soy Products, Fats & Oils, Fish & Eggs, and Others), By Ingredient (Minerals, Probiotics, Prebiotics, Proteins & Amino Acids, Vitamins, Dietary Fibers, and Others), By Application (Cardiovascular Health, Weight Management, Sports Nutrition, Clinical Nutrition, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/functional-food-market

During Covid-19, the global functional food market cap gained high revenue, since it was a part of the essential products section resulting in a limited impact of transport restrictions. Since immunity played a key role in fighting the virus and reducing its impact on infected patients, more people opted to incorporate as many nutritious food items into their regular diet, as possible, which was further propelled by encouragement from the healthcare sector prompting people to focus on diet and regular exercise during the pandemic.

The global functional food market is projected to grow significantly owing to the rising awareness amongst the population about the benefits of functional food items as well as growing research & development activities by players working in the functional food segment toward product innovation resulting in the availability of multiple options depending on the requirement of the consumers. The growing number of medical patients is expected to contribute significantly to the further addition of new consumers. People suffering from heart conditions, diabetes, digestive issues, weight management, and obesity are recommended by nutritionists and physicians to develop a healthy diet plan and approach toward maintaining a balanced diet. Since functional foods are known to contribute to helping patients navigate through the disease and live a normal life, a lot of patients after consultation prefer to consume nutraceuticals as regularly as possible. For instance, patients living with type-2 diabetes are recommended to opt for baked goods made of oat, whole wheat, rye, and barley. In the same way, nuts and almonds are known to have significant effects on the skin & hair quality and are recommended for people suffering from hair loss.

The presence of phytochemicals may restrict the global market expansion while increasing investment in the advertisement of the products is projected to provide growth opportunities. The high cost could create challenges during the global market growth trend.

The global functional food market is segmented based on product, application, ingredient, and region.

Based on product, the global market is divided into dairy products, bakery & cereals, soy products, fats & oils, fish & eggs, and others. The global market was led by the dairy segment in the previous year owing to the high consumption level of products like milk, cheese, and yogurt and the constant product innovation in this food category. The segmental revenue was around USD 48.832 million in 2019.

Based on application, cardiovascular health, weight management, sports nutrition, clinical nutrition, and others are the main segments. Sports nutrition leads the segmental growth with a projected CAGR rate of 6.55% in the coming years. The increasing awareness about physical and mental health benefits associated with functional food may drive the demand in this segment.

Based on ingredient, the global market is segmented into minerals, probiotics, prebiotics, proteins & amino acids, vitamins, dietary fibers, and others. The dominating segment is the dietary fibers and vitamins section. The components form an extremely crucial part of a healthy diet and are highly recommended by medical professionals with adequate intake daily. For instance, almonds have high vitamin E3 content and are well-known for skin benefits.

Asia-Pacific is projected to grow at the highest CAGR in the global functional food market during the projection period driven by an increasing number of people suffering from chronic diseases as well as obesity. As per data from the National Library of Medicine, India had more than 77 million people suffering from type-2 diabetes in 2019, and the number may reach 134 million by 2045. In China, 1 in every 7 people is known to meet obesity criteria, while 1 in every 3 people suffers from abdominal obesity.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 2,33,620.2 Million

Projected Market Size in 2028

USD 4,18,440 Million

CAGR Growth Rate

8.79% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Laird Superfood, GENERAL MILLS, Unilever, Abbott, Clif Bar & Company, Kellogg Company, and others.

Key Segment

By Product, Ingredient, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

Purchase Options

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The global functional food market is led by players like Laird Superfood, GENERAL MILLS, Unilever, Abbott, Clif Bar & Company, Kellogg Company, and others

Recent Developments:

  • In March 2021, ZOMATO announced its plan to venture into the functional food market with the product being soon available on the application for orders.
  • In September 2022, PepsiCo announced its decision to develop a functional beverage designed for sleep.

The global functional food market is segmented as follows:

By Product

  • Dairy Products
  • Bakery & Cereals
  • Soy Products
  • Fats & Oils
  • Fish & Eggs
  • Others

By Ingredient

  • Minerals
  • Probiotics
  • Prebiotics
  • Proteins & Amino Acids
  • Vitamins
  • Dietary Fibers
  • Others

By Application

  • Cardiovascular Health
  • Weight Management
  • Sports Nutrition
  • Clinical Nutrition
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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