LONDON, Jan. 11, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the functional food market, functional food manufacturers are increasingly collaborating with health care medical professionals to spread awareness about the benefits of functional food. Functional food can prevent nutrition deficiencies, improve cholesterol levels, protect against diseases, lower blood pressure, and promote proper body growth and development. Healthcare professionals instill trust in consumers by educating them on the potential benefits of choosing functional food options. According to a survey, USA grocery stores are deploying registered dietitians to help customers make healthy choices. Around 11,000 grocery stores are already covered by dietitians to offer on-the-spot advice.
The global functional food market size reached a value of nearly $161.9 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.2% since 2015. The functional food market is expected to grow from $161.9 billion in 2020 to $228.7 billion in 2025 at a rate of 7.1%. The global functional food market is expected to reach $315.6 billion in 2030.
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The functional food market is highly fragmented with several players having intense competition. The top ten competitors in the market made up to 52.96% of the total market in 2019. The market fragmentation can be attributed to the new product offerings, changing taste and preference of consumers, availability of various distribution channels, innovation in their product portfolio, attractive packaging, and high competition among the players in the market. Major players in the market include Nestle S.A, Danone, Kelloggs, The Kraft Heinz Company, General Mills, Glanbia Plc., Unilever, Dean Foods, and others.
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The functional food market is segmented by product type into bakery & cereals, dairy products, meat, fish & eggs, soy products, fats & oils, others; by ingredients into carotenoids, dietary fibers, fatty acids, minerals, prebiotics & probiotics, vitamins, others; by application into sports nutrition, weight management, immunity, digestive health, clinical nutrition, cardio health, and others.
Functional food manufacturers are offering new flavors in the market to match the changing preferences of consumers. Also, manufacturers are focusing on balancing the functional benefits and flavor. Manufactures are adopting advanced technologies to keep up with the functional food market growth, while successfully developing products that mask the unpleasant taste of certain functional ingredients. For instance, USA-based food products manufacturer Angie’s Artisan Treats, LLC offers Gluten-free flavored kettle corn “BOOMCHICKAPOP” in rose flavor. As a food commodity that is abundant in probiotics, yogurt is the first preference for the consumers. A lactose-free yogurt NOLA Fit, a new lactase enzyme-based product, is produced as a functional food without compromising on taste.
As stated in the functional food market analysis, Asia Pacific was the largest region in the global functional food market, accounting for 47.4% of the total in 2020. It was followed by Western Europe, North America, and then the other regions. Going forward, the fastest-growing regions in the functional food market will be South America, the Middle East, and Asia Pacific where growth will be at CAGRs of 8.8%, 8.8%, and 8.3% respectively. These will be followed by Eastern Europe and North America.
Functional Food Market Global Report 2023: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide functional food market overviews, functional food market analyze and forecast market size and growth for the whole market, functional food market segments and geographies, functional food market trends, functional food market drivers, functional food market restraints, functional food market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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