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The global functional food market was valued at US$ 194.54 Billion in 2021.
We expect the global functional food market to exhibit a CAGR of 6.60% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of functional foods.
The rising awareness towards the benefits of functional foods, such as fruits, vegetables, nuts, etc., in curing various digestive disorders, including diverticulitis, stomach ulcers, hemorrhoids, and acid reflux is primarily driving the global functional food market.
Based on the product type, the global functional food market can be categorized into bakery products, breakfast cereals, snack/functional bars, dairy products, baby food, and others. Currently, dairy products exhibit clear dominance in the market.
Based on the ingredient, the global functional food market has been segmented into probiotics, minerals, proteins and amino acids, prebiotics and dietary fiber, vitamins, and others. Among these, vitamins currently hold the largest market share.
Based on the distribution channel, the global functional food market can be bifurcated into supermarkets and hypermarkets, specialist retailers, convenience stores, online stores, and others. Currently, supermarkets and hypermarkets account for the majority of the total market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global functional food market include Abbott Laboratories, Amway, BASF SE, Cargill Incorporated, Clif Bar & Company, Danone S.A., General Mills inc., Glanbia PLC, Hearthside Food Solutions LLC, Kellogg Company, Kerry Group plc, Nestlé S.A., and Raisio Oyj.
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