The Functional Food Market size is estimated to reach 97.1 Billion by 2025, growing at a CAGR of 6.14% during the forecast period 2020-2025. The concept of functional foods is those food products that are designed to modulate health and metabolism, with added nutrients that provide significant health attributes, extending beyond their nutritional value. Globally, the consumption pattern of consumers is evolving, surging growth in health awareness and consciousness towards therapeutic food products, along with escalating health issues as well as an increasing number of players are driving the growth of Functional Food products during the forecast period 2020-2025.
Functional Food Market Segment Analysis – By Product Type
Based on Product Type, Functional Food Market is categorized into Probiotics, Protein and Amino Acids, Phytochemical and Natural Extracts, Prebiotics, Fibers & Specialty Carbohydrates, Omega 3 Fatty Acids, Carotenoids, Vitamins and others. The Vitamin segment dominated the functional food market in 2019. This is owing to the associated advantages that proffer preventive health measures like cardiovascular disease, cancer and many more. The Prebiotics and Probiotics segments is estimated to be the fastest growing with a CAGR of 7.12% during the forecast period 2020-2025. This is owing to health benefits in large intestine resulting in the reduction of cancer risk and increasing absorption for calcium and magnesium.
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Functional Food Market Segment Analysis – By Application
Based on the Application, Functional Food market is segmented into Food and Beverages. Food segment dominates the global functional food market in 2019. This is owing to its usage in avant-garde products such as Infant Food, Dairy Products, Bakery and Confectionary, Meat and Meat products and others to cater the strong market interest among children, adults, and geriatric class. Food Segment is also set to be the fastest growing CAGR during the forecast period 2020-2025.
Functional Food Market Segment Analysis – By Geography
Based on Geography the global Functional Food Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominated the Functional food market with global share of 38.66% in 2019. This is owing to rapidly growing consumption of nutritional and fortified food additives, and the prevalence of chronic diseases that trigger customers to have healthy diets in North America. Europe is set to be the fastest growing CAGR during the forecast period 2020-2025. This is owing to rising health awareness in European countries which is driving the growth of Europe during the forecast period 2020-2025.
Functional Food Market Drivers
Increasing number of Health Issues
The prevalent chronic diseases have transformed the focus of the consumers towards procuring a healthy diet that can promote optimal immunity. To mitigate health issues, the potentials of functional food supplements play a significant role. New eating habits is the trend adopted by the modern age consumers, and therefore, in developed countries, people are more into functional food and enhanced food supplements for balanced and high-energy diets.
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Functional Food Market Challenges
The primary challenge is high-priced functional food products that have made it difficult for new entrants to manage a prominent foothold in the market. Majorly the respective challenges are owing to managing the credible accuracy of natural, healthier and technologically designed measures for the functional food products, characterized by growing safety concerns. Moreover, introducing functional foods to the market needs the applicable regulatory requirements that are quite expensive activity to withstand the functional food competition, reported during the forecast period 2020-2025.
Functional Food Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Functional Food Market. Key companies of this market are Abbott Nutrition (USA), Archer Daniels Midland Company (USA), BASF SE (Germany), CytoSport, Inc. (USA), Del Monte Pacific Limited (DMPL), Pepsico U.S., General Mills, Kellogg, Coca-Cola, Kraft and among others.
In 2016, General Mills, a consumer food powerhouse acquired EPIC Provisions, a premium meat snack company based in Texas to expand the health-focused, natural and organic food portfolio of the company.
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