The global Functional Foods Market size is expected to reach USD 586.1 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.5% over the forecast period in terms of revenue. The market for functional foods is expected to witness growth due to a shift from traditional to enriched nutraceutical products, increasing consumer awareness of maintaining overall wellness and health, and a rise in consumer demand for food products fortified with vitamins and minerals.
The
functional foods market growth is being driven by increased awareness and
concern about preventive healthcare among consumers and the efficiency of
fortifying food additives on overall health. Food and beverage manufacturers
are fortifying their product offerings with nutritional additives such as fibers, omega-3,
vitamins, minerals, and others. Furthermore, demand for foods
containing dietary fibers has increased due to an increase in
consumption of functional foods that have the potential to improve health as
well as provide basic nutrition, which will positively impact market growth in
the coming years.
Rising
awareness campaigns by government agencies, non-governmental organizations, and
companies have also further boosted consumer awareness pertaining to the
nutritional benefits offered by functional foods, which, in turn, is projected
to fuel market growth. Changing government regulations and increasing stringent
policies pertaining to food fortification, to ensure the health and safety of
consumers, are further driving consumer attention toward consuming healthy
products. Moreover, the consumption of premium nutrition-infused products is
regarded as a symbol of one’s social status in many countries, thereby further
fueling the market growth.
Increasing
demand for fortified food items is boosting the demand for functional food
products. Functional food manufacturers are also using attractive packaging as
an effective marketing solution to lure consumers and enhance profits.
Manufacturers are focusing on incorporating new technologies and customized
solutions to meet consumer demands. Functional food manufacturers are aiming to
cut down on costs associated with the procurement of raw materials,
transportation of raw materials to the production site, and packaging of the
final product by vertically integrating their operations.
The
functional foods market in Europe is expected to rise steadily during the
forecast period. Major European countries such as France, Germany, the U.K.,
Italy, Spain, and others have witnessed a growing consumer inclination towards
functional ingredients. Additionally, the food and beverage industries in these
countries are also highly advanced, with major multinational corporations
introducing new technologies and products to meet rising regional demand.
List of Key Players in the Functional Food Market
- The
Coca-Cola Company
- GFR Pharma
- Arla Foods
amba
- Amway Corp.
- Herbalife
International of America, Inc.
- Cargill,
Incorporated
- General
Mills Inc
- BASF SE
- Standard
Functional Foods Group Inc.
- KFSU
- Nutri-Nation
Related Press
Release@ Functional
Foods Market Report
Functional Foods Market Report Highlights
- In the
ingredient segment, vitamins are expected to witness a
significant growth rate owing to increasing awareness regarding
attaining health & wellness, as well as a rise in preventive
healthcare
- Soy is expected
to grow at the fastest rate in the product segment over the forecast
period. The growing global prominence of dairy-free products including
spreads, yogurts, and milk drinks has significantly contributed to
the segment expansion
- Weight
management accounted for a significant share of the application
segment in 2021. The increasing obesity rate across the globe and
weight-related diseases are expected to propel product demand in this
application area
- Asia Pacific
is predicted to expand at the highest CAGR from 2022 to 2030. The
functional foods market is being fueled by numerous government initiatives
aimed at encouraging healthy lifestyles in countries such as
India, Japan, and China
Functional Foods
Market Report Scope
|
Report Attribute |
Details |
|
Market size value in 2022 |
USD 304.2 billion |
|
Revenue forecast in 2030 |
USD 586.1 billion |
|
Growth rate |
CAGR of 8.5% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Historical data |
2017 - 2020 |
|
Forecast period |
2022 - 2030 |
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Functional Foods Market Segmentation
Grand
View Research has segmented the global functional foods market based on
ingredient, product, application, and region:
Functional Food Ingredient Outlook (Revenue, USD Billion,
2017 - 2030)
- Carotenoids
- Dietary
Fibers
- Fatty Acids
- Minerals
- Prebiotics
& Probiotics
- Vitamins
- Others
Functional Food Product Outlook (Revenue, USD Billion,
2017 - 2030)
- Bakery &
Cereals
- Dairy
Products
- Meat, Fish
& Eggs
- Soy Products
- Fats &
Oils
- Others
Functional Food Application Outlook (Revenue, USD
Billion, 2017 - 2030)
- Sports
Nutrition
- Weight
Management
- Immunity
- Digestive
Health
- Clinical
Nutrition
- Cardio
Health
- Others
Functional Food Regional Outlook (Revenue, USD Billion,
2017 - 2030)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Central
& South America
- Brazil
- Argentina
- Middle East
& Africa
- South
Africa
- Saudi
Arabia
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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