Yahoo Finance Functional Food Market Size to Surpass $418,440 Mn by 2028, Exhibit a CAGR of 8.79% - Industry Trends, Analysis & Forecast Report by Facts & Factors
[223+ Pages Report] According to Facts and Factors, the Global Functional Food Market size is estimated to grow from USD 233,620.2 Million in 2021 to USD 418,440 Million by 2028, at a CAGR of 8.79% between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are Laird Superfood, GENERAL MILLS, Unilever, Abbott, Clif Bar & Company, Kellogg Company, and others.
NEW YORK, United States, Oct. 04, 2022 (GLOBE NEWSWIRE) -- According to Facts and Factors has published a new research report titled “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” in its research database.
“According to the latest research study, the demand of global Functional Food Market size & share in terms of revenue was valued at USD 233,620.2 million in 2021 and it is expected to surpass around USD 418,440 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 8.79% during the forecast period 2022 to 2028.”
Functional Food Market Overview:
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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Our Free Sample Report Consists of the Following:
Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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About 223+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on Request
Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
Includes Tables and figures have been updated
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Functional Food Market Dynamics
Growth Drivers
Growing health concerns to attract more consumers in the coming years
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.
Restraints
Presence of phytochemicals to restrict market expansion
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.
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Functional Food Market: COVID-19 Impact Analysis
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.
Functional Food Market: Segmentation Analysis
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.
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
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
Competitive Landscape
The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards. Some of the main competitors dominating the global Functional Food market include -
Laird Superfood
GENERAL MILLS
Unilever
Abbott
Clif Bar & Company
Kellogg Company
Key Insights from Primary Research:
According to the analysis shared by our research forecaster, the Functional Food market is likely to expand at a CAGR of around 8.79% during the forecast period (2022-2028).
In terms of revenue, the Global Functional Food Market size was valued at around US$ 233,620.2 Million in 2021 and is projected to reach US$ 418,440 Million by 2028.
Based on product segmentation, dairy products were predicted to show maximum market share in the year 2021
Based on application segmentation, sports nutrition was the leading application in 2021.
On the basis of region, Asia-Pacific was the leading revenue generator in 2021.
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Key questions answered in this report:
What is the market size and growth rate forecast for Functional Food industry?
What are the main driving factors propelling the Functional Food Market forward?
What are the leading companies in the Functional Food Industry?
What segments does the Functional Food Market cover?
How can I receive a free copy of the Functional Food Market sample report and company profiles?
Key Offerings:
Market Size & Forecast by Revenue | 2022−2028
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Product, Ingredient, Application, and Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
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.
By Region
North America
Europe
Asia Pacific
The Middle East & Africa
Latin America
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.
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 | Request customized purchase options to meet your research needs. |
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