Global Functional Food Market Trends And Strategies Of Major Players In The Functional Food Market 2021-2030
The functional food market consists of sales of functional food and related services. Functional food is highly nutritious and is associated with many health benefits. The benefits include prevention against nutrition deficiencies, protection against diseases, improved cholesterol levels, lower blood pressure, and promote proper growth & development.
Global Functional Food Market Size And Drivers:
The global functional food market declined from $174.6 billion in 2019 to $169.5 billion in 2020 at a compound annual growth rate (CAGR) of -2.9%. The decline was mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is expected to recover and reach $209.9 billion in 2023 at a CAGR of 7.4%. The increasing number of diseases is shifting consumer`s focus on healthy eating, which in turn, is projected to boost the demand for functional foods.
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Trends In The Global Functional Food Market
Key players dealing in the functional food market are increasingly focusing on new product developments and company expansion in order to meet the rising demand from the consumers.
Global Functional Food Market Segments:
The global functional food market is further segmented based on product type, ingredients, application and geography.
By Product Type: Bakery & Cereals, Dairy Products, Meat, Fish & Eggs, Soy Products, Fats & Oils, Others
By Ingredients: Carotenoids, Dietary Fibers, Fatty Acids, Minerals, Prebiotics & Probiotics, Vitamins, Others
By Application: Sports Nutrition, Weight Management, Immunity, Digestive Health, Clinical Nutrition, Cardio Health, Others
By Geography: The global functional food market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Asia Pacific was the largest region in the functional foods market.
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Functional Food Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides functional food market overviews, analyzes and forecasts market size and growth for the global functional food market, functional food market share, functional food market players, functional food market segments and geographies, functional food market’s leading competitors’ revenues, profiles and market shares. The functional food market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.