The growth of functional food market is primarily driven by
increasing consumer awareness of the health benefits, rising demand
for products targeting specific health concerns, and evolving
dietary preferences towards nutritionally fortified and
health-promoting food options.
WILMINGTON, Del., Aug. 15, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Functional Food
Market by Type (Bakery & Cereals, Dairy Products,
Beverages, Dietary Supplements and Other Products), Source
(Conventional and Organic), and Distribution Channel
(Supermarkets/Hypermarkets, Specialty Stores, Online Channels and
Convenience Stores): Global Opportunity Analysis and Industry
Forecast, 2024-2033". According to the report, the functional
food market was valued at $172.6
billion in 2023, and is estimated to reach $237.8 billion by 2033, growing at a CAGR of 3.4%
from 2024 to 2033.
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Brochure: https://www.alliedmarketresearch.com/request-sample/A04953
Prime determinants of growth
The functional food market is experiencing growth driven by
several key factors. Rising consumer awareness of the link between
diet and health drives demand for products offering specific health
benefits. This awareness extends to concerns about chronic diseases
like heart disease and diabetes, spurring interest in functional
foods known to mitigate such risks. In addition, advancements in
food science and technology facilitate the development of
innovative formulations and delivery methods, enhancing product
efficacy and appeal. Moreover, shifting dietary preferences towards
natural and organic ingredients, coupled with an increasing
emphasis on sustainability, contribute to market expansion.
Furthermore, the aging population's focus on health and wellness
and the integration of functional foods into personalized nutrition
and wellness programs further drives market growth.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base
Year
|
2023
|
Market Size in
2023
|
$172.6
Billion
|
Market Size in
2033
|
$237.8
Billion
|
CAGR
|
3.4 %
|
No. of Pages in
Report
|
342
|
Segments
Covered
|
Type, Source,
Distribution Channel And Region.
|
Drivers
|
Growing Health
Awareness
|
Rising Incidence Of
Chronic Diseases
|
Shifting Dietary
Preferences
|
Opportunities
|
Personalized Nutrition
Trends
|
Novel Ingredients And
Formulations
|
Restraints
|
Taste And Texture
Concerns
|
Segment Highlights
The demand for bakery & cereals is driven by several
factors. Firstly, these products offer a convenient and familiar
way for consumers to incorporate functional ingredients into their
diets without drastically changing eating habits. Functional
ingredients such as fibers, whole grains, and added vitamins and
minerals can easily be incorporated into bread, cereals, and baked
goods, making them accessible to a wide consumer base.
Moreover, the versatility of bakery and cereal products allows for
a diverse range of functional formulations, catering to various
health concerns such as digestive health, heart health, and weight
management. Additionally, the widespread availability of bakery and
cereal products in both retail and foodservice channels contributes
to their dominance in the functional food market.
The demand for conventional food products is influenced by
multiple factors. Firstly, conventional functional foods have a
longer history and established consumer trust compared to novel or
specialty products. Consumers often gravitate towards familiar
brands and products when seeking health benefits, leading to higher
sales in this segment. Moreover, conventional functional foods are
more widely available and accessible in mainstream retail outlets,
making them convenient for consumers to purchase and incorporate
into their daily diets. This widespread availability contributes to
their dominance in the market.
The supermarket/hypermarket dominated the distribution channel
segment. Firstly, these retail channels offer a wide array of
products, including conventional functional foods, catering to
diverse consumer preferences and needs. This extensive product
selection provides consumers with convenience and choice, driving
sales in these outlets. Moreover, supermarkets and hypermarkets
benefit from their widespread presence and accessibility in urban
and suburban areas, attracting a large volume of foot traffic and
customer visits. This high visibility and convenience contribute to
their dominance in the market.
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Regional Outlook
Asia-Pacific has a significant
share and dominance in the functional food market. Firstly,
the region's large and diverse population, including emerging
economies like China and
India, presents a vast consumer
base with evolving dietary preferences and health concerns. This
demographic diversity drives demand for functional foods targeting
various health needs, fueling market growth. Moreover, increasing
urbanization, rising disposable incomes, and changing lifestyles in
Asia-Pacific countries contribute
to greater awareness of health and wellness, prompting consumers to
seek out functional food options. The region's rich culinary
heritage and tradition of using natural ingredients align well with
the growing global trend towards natural and minimally processed
foods, boosting the popularity of functional foods with natural and
organic formulations.
Players: -
- Nestle
- PepsiCo
- Danone
- General Mills
- Kellogg's
- Yakult Honsha
- Meiji Co. Ltd.
- Mondēlez International
- Unilever
- Red Bull GmbH
The report provides a detailed analysis of these key players in
the global functional food market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/A04953
Recent Development:
- In February 2023, Hindustan
Unilever Ltd (HUL) announced the launch of its new chocolate flavor
Millet Horlicks in Tamil Nadu. The company claims that Millet
Horlicks in chocolate flavor is HUL's first product with
super-grain which contains multi-millets like Finger Millet (Ragi)
, Sorghum (Jowar) , Foxtail Millet (Kanngani) and Pearl Millet (Bajra) and these multi-millets are
claimed to be a natural source of calcium, iron, protein, and
fiber.
- In April 2023, Nestlé announced the launch of its two new
vegan chocolate chips under its Toll House brand. These chips are
claimed to be dairy-free and were launched to meet the demand for
plant-based products.
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