The functional foods market is on a rapid growth trajectory, expanding from $251.66 billion in 2023 to $282.11 billion in 2024, at a CAGR of 12.1%. This surge is attributed to rising health awareness and preventive healthcare trends. By 2028, the market is expected to reach $421.65 billion, maintaining a CAGR of 10.6%, supported by innovations in food technology and consumer demand for gut health products.
Major Driver In The Functional Foods Market
The demand for functional foods is on the rise, driven by an increasing focus on healthy eating amid a growing number of diseases. Functional foods, providing essential nutrition, vitamins, and minerals, play a crucial role in reducing the risk of diseases. The Centers for Disease Control and Prevention highlights heart disease as a leading cause of death in the USA, with approximately 647,000 Americans dying from it annually, accounting for one in every four deaths. The global surge in cardiovascular and other diseases is expected to fuel the demand for a healthy diet, leading to a subsequent increase in the revenues of the functional food market over the forecast period.
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Functional Foods Market Competitive Landscape
Nestlé Alimentana SA, BASF SE, PepsiCo Inc., Unilever plc, Abbott Laboratories, The Coca-Cola Company, GlaxoSmithKline Company, Mondelez International Inc., Danone SA, Kraft Foods Inc., General Mills Inc., Royal FrieslandCampina NV, Kellogg Company, Kirin Holdings Company Ltd., Dr PepperSnapple Group Inc., Red Bull GmbH, Ajinomoto Co. Inc., Meiji Holdings Company Ltd., Givaudan SA, Glanbia plc, Barilla Holding SpA, Arla Foods UK plc, Ocean Spray Cranberries Inc., Sanitarium Health and Wellbeing Company, Raisio Oyj, Lifeway Foods Inc., GFR Pharma Ltd., BNL Food Group Inc., Suiza Foods Corporation, Murray Goulburn Co-Operative Co. Limited
Key Functional Foods Market Trend
New product developments and company expansion are key trends in the functional food market. For instance, in January 2022, Fonterra Co-operative Group Limited, a New Zealand-based dairy company, Tillamook Country Creamery Association (TCAA), and Three Mile Canyon Farm launched Pro-Optima, an A-grade functional whey protein concentrate. This product enhances the texture of cultured products like yogurt and provides multi-functional benefits.
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Functional Foods Market Segmentation
The functional foods market covered in this report is segmented –
1) By Product Type: Bakery & Cereals, Dairy Products, Meat, Fish & Eggs, Soy Products, Fats & Oils, Other Product Types
2) By Ingredients: Carotenoids, Dietary Fibers, Fatty Acids, Minerals, Prebiotics & Probiotics, Vitamins, Other Ingerdients
3) By Application: Sports Nutrition, Weight Management, Immunity, Digestive Health, Clinical Nutrition, Cardio Health, Other Applications
By Geography:The regions covered in the functional foods market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the functional food market in 2023.
The Functional Foods Global Market Report 2024 furnishes information about the global functional foods market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
