The latest report by IMARC Group, titled "Functional Food Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," finds that the global functional food market size reached US$ 207.7 Billion in 2022. Functional food refers to a category of products that have been formulated or modified to offer additional health benefits beyond their basic nutritional value. The concept of functional food is rooted in the idea of "food as medicine," recognizing that certain foods can contribute to the prevention or management of chronic diseases and promote overall well-being. These foods are designed to provide specific physiological or functional benefits, targeting digestion, heart health, immune support, cognitive function, or weight management. Functional foods contain bioactive compounds, such as vitamins, minerals, fiber, probiotics, antioxidants, or plant-based phytochemicals, which are known to have positive effects on human health. They are naturally rich or typically fortified with these bioactive ingredients. Some of the functional foods include fortified cereals, probiotic yogurts, omega-3 enriched eggs, antioxidant-rich berries, and high-fiber bread.
Global Functional Food Market Trends:
One of the primary factors driving the market is the growing number of health-conscious individuals seeking ways to improve their overall well-being. Additionally, the rising prevalence of chronic ailments, such as obesity, diabetes, and heart diseases, has escalated the demand for functional foods. Functional foods are often fortified with ingredients like vitamins, minerals, antioxidants, and probiotics, which are believed to promote good health and reduce the risk of chronic conditions. Other than this, the aging population is another factor driving the functional food market. As individuals age, they become more concerned about maintaining their health and preventing age-related ailments. Functional foods, with their potential to address specific health concerns and support overall well-being, are becoming increasingly popular among the elderly population. Besides this, the growing influence of social media, health influencers, and wellness trends has contributed to the market growth. People are often motivated by popular figures promoting healthy lifestyles, encouraging them to embrace functional foods as part of their daily diet. Moreover, the advancements in food science and technology have facilitated the development of innovative functional food products. Manufacturers are constantly exploring new ingredients and formulations to enhance the nutritional profile and health benefits of their offerings, thus catering to evolving consumer demands. Looking forward, IMARC Group expects the market value to reach US$ 305.6 Billion by 2028, exhibiting a CAGR of 6.5% during the forecast period (2023-2028).
- On the basis of the product type, the market has been segmented into bakery products, breakfast cereals, snack/functional bars, dairy products, baby food, and others.
- Based on the ingredient, the market has been classified into probiotics, minerals, proteins and amino acids, prebiotics and dietary fiber, vitamins, and others.
- On the basis of the distribution channel, the market has been bifurcated into supermarkets and hypermarkets, specialist retailers, convenience stores, online stores, and others.
- Based on the application, the market has been segmented into sports nutrition, weight management, clinical nutrition, cardio health, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being 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.
|Base Year of the Analysis
||Product Type, Ingredient, Distribution Channel, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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