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Functional Foods Market was valued at USD 173 Billion in 2019 and projected to grow at 7.3?GR during the forecast period. GMI Research speculates that the functional foods market is increasing exponentially due to the dynamic changes in the diet patterns of the consumers and growing health awareness among the end-users.
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Introduction of the Functional Foods Market
Functional foods are immensely nutritious and have a high value of powerful health advantages; thus, these are also called nutraceuticals. A few examples of functional food products are designer food products, herbal products, dietary supplements and diets, and processed food products such as soups, beverages, and cereals. These food products are a rich source of nutrients and other substances that encourage good health. They help protect against various diseases, prevent nutrient deficiencies, to offer proper growth and development while enhancing overall health.
Key Players of the Market
Functional Foods Market Dynamics
The prominent factors that are surging the demand of the global functional food market are the unhealthy lifestyle of the Millenials and the post-Millenials, the increasing rate of chronic disease from an early age, and the rising rate of the geriatric population. Furthermore, the developing health awareness amongst the consumers, coupled with the growing trend of healthy diet patterns, are generating multiple opportunities for functional food market growth in the coming years. The increasing consciousness amongst people for gut health due to the rising number of deadly incidents with intestinal inflammation is an additional factor driving the market growth.
The growing buying power of end-users, followed by the increasing healthcare expenses, has further surged the global functional foods market demand. In addition, with the outbreak of the COVID-19, consumers are highly inclined towards functional food products having more nutritional values to improve their immune systems. Furthermore, to reduce the spread of the coronavirus, particularly in 2020, the consumers have shifted towards a healthy lifestyle. These combined factors will boost the growth of functional food products over the coming years. Multiple food safety regulations and the limited health advantages of functional foods than the required number of benefits by the sellers are several other factors that are likely to hinder the growth of the global functional foods market size.
Functional Foods Market Segmentation
Ingredient Market Drivers
Based on the ingredient, the vitamin segment is expected to dominate the functional food market in the next six years. The increasing awareness about the exceptional benefits connected with the consumption of vitamins, such as controlling blood sugar, lowering cholesterol levels, and helping in maintaining overall health, is a crucial factor supporting the segment growth. All these benefits of vitamins have boosted the demand for the segment in the market. Besides, the prebiotics and probiotics segment is anticipated to grow at a higher CAGR over the forecast period. Prebiotics enhance the activities of some groups of beneficial bacteria as they are short-chain carbohydrates. Hence, lowering cancer risk and increasing the absorption capacity of calcium and magnesium are the benefits of prebiotics. All these benefits will motivate the consumers to prefer food products having prebiotics as an ingredient.
Application Market Drivers
Based on the application, the cardio health segment is expected to rise at a higher CAGR in the coming years due to the rising demand for functional food products amongst people suffering from congenital heart defects, hardening of arteries, congestive heart failure, and cardiovascular diseases. Furthermore, the increasing focus on improving joint health, bone and muscle strength, and weight loss will steer the segment’s demand.
Product Market Drivers
Based on the product, the dairy products segment is projected to encounter a higher CAGR over the next six years. The growing demand for dairy products like spreads, yogurts, and milk drinks is the crucial driver surging the segment demand. These products are frequently added as an ingredient in the food preparation process as they are rich in compounds.
Geographical Drivers
Based on the region, the Asia-pacific region is expected to dominate the global functional food market during the forecast period. It is due to the rising rate of population, coupled with the growing per capita income and increasing usage of processed food products in Asian countries. In addition, the increasing security concerns amidst the consumers, impacting consumer behavior, and the growing concern about poverty and malnutrition will further stimulate the market’s demand in the region.
FunctionalMarket Segmentation
Market Segmentation by Ingredient
Market Segmentation by Product
Market Segmentation by Application
Market Segmentation by Region
North America
Europe
Asia-Pacific
RoW
Introduction of GMI Research
GMI Research is a market research and consulting firm that provides market insights and intelligence across 12 major sectors, helping our clients make effective investment and business decisions.
