The global Functional Food Market is estimated to be valued at Us$ 204.22 Bn in 2023 and is expected to exhibit a CAGR Of 6.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Functional foods provide health benefits beyond basic nutrition to lower the risk of certain diseases and improve general health. They help provide essential vitamins, minerals, fibers, antioxidants and probiotics needed by the body while promoting overall wellness. Functional foods provide important health benefits to consumers looking to easily incorporate nutrition into their diets.
Market Overview:
Functional foods include fortified foods such as cereals, dairy products and beverages that provide additional health benefits. Probiotics, prebiotics and plant sterols are some of the important categories under functional foods. Probiotics in particular are gaining popularity due to their effectiveness in maintaining gut health, immunity and digestive functions.
Market key trends:
One of the key trends driving the growth of the functional food market is the rising demand for probiotic functional foods. Probiotic foods such as yogurt, kefir, kombucha and kimchi have gained widespread popularity in recent years due to their scientifically proven health benefits. Research shows probiotics support the growth of beneficial bacteria in the gut, reduce inflammation, boost immunity and lower the risks of many diseases. Their ability to maintain gut and digestive health through easy consumption makes probiotic functional foods the fastest growing segment. This has prompted many food companies to introduce new probiotic fortified products.
Segment Analysis
The global functional food market is segmented into categories based on product type and applications. By product type, the market is categorized into bakery & cereals, dairy products, meat, fish & eggs, soy products, fats & oils and others. Among these, bakery & cereals segment dominates the market owing to increasing adoption of functional breads, biscuits and breakfast cereals enriched with fiber, protein and prebiotic ingredients. By applications, the market is classified into sports nutrition, weight management, clinical nutrition, cardiac health and other applications. The sports nutrition segment is expected to be the largest owing to growing health consciousness among consumers and rising demand for gym snacks and beverages enriched with proteins and other nutrients.
Key Takeaways
The Global Functional Food Market Size is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing health awareness and growing demand for food products offering additional health benefits.
Regional analysis
North America dominates the functional food market currently. However, Asia Pacific is projected to witness the fastest growth over the forecast period attributed to growing western influence on diets and rising middle class population in emerging countries like China and India.
Key players
Key players operating in the functional food market are Danone, Glanbia Plc, Hearthside Food Solutions Llc, Mars, Incorporated, Meiji Co., Ltd., Nestle S.A., Raisio Plc, Royal Frieslandcampina N.V., Sanitarium Health Food Company, And The Kraft Heinz Company .
