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Functional Food Market Size Worth Around USD 309 Bn by 2027

Precedence Research, Recently Published Report on “Functional Food Market Size, Share, Growth, Trends, Consumption, Regional Insights and Forecast 2020 to 2027”

/EIN News/ -- OTTAWA, Nov. 19, 2020 (GLOBE NEWSWIRE) -- The global functional food market size was valued at USD 173.26 Billion in 2019 and expected to reach USD 309.00 Billion by 2027 and poised to grow at a compound annual growth rate (CAGR) 7.5% during the forecast period 2020 to 2027.

Functional foods are ingredients that provide health benefits that extend beyond a human’s nutritional value. For example, they may prevent nutrient deficiencies, protect against disease, and promote proper growth & development. Some types of functional foods contain supplements or other additional ingredients that are designed to improve the health.

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Growth Factors

The increasing prevalence of chronic diseases prompts consumers to shift towards healthier food consumption habits. Rising interest of consumer regarding immunity benefits of a proper diet accounts for the key factor that drives the growth of functional foods market across the globe. Geriatric population believed to get the maximum benefit from functional foods because of age-related health problems. Consequently, burgeoning geriatric population across the globe expected to bolster the market growth. Moreover, the rising disposable income along with increasing demand for fortified food & beverage products leads to increased uptake of functional foods this in turn propels the growth of the market.

On the other hand, high prices of several functional food products limit their adoption that in turn expected to hamper the overall market growth over the forecast timeframe. In addition, downturn in the global economy has impelled consumer to switch towards low priced products and groceries. Furthermore, as per a research conducted on consumer perception on the functional food products regarding their health claims found to be limited. Thus, the above-mentioned factors expected to restrict the adoption functional food across globe on a larger scale. Additionally, food safety and related regulations also accounts to restrict the market growth. Nonetheless, rising population across developing countries expected to propel the market growth over the forecast timeframe.

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Report Highlights

  • The Asia Pacific encountered as the largest markets accounting for more than 40% of overall value share in 2019 due to the rising disposable income coupled with burgeoning population
  • North America and Europe are the other most prominent revenue contributors owing to awareness among consumers pertaining to maintain good health and fitness through dietary plan
  • Dairy products led the global market in terms of value in 2019, followed by the bakery & cereals segment and predicted to expand at a CAGR of nearly 8% during the analysis period
  • New developments across the bakery & cereals sector anticipated to boost the market growth during the forecast timeframe
  • By ingredients, vitamins dominated the global market in 2019, followed by dietary fibers and minerals
  • The prebiotics & probiotics segment expected to register the fastest growth during the analysis period owing to its capability to enhance the functionality of some groups of beneficial bacteria
  • Based on application, cardio health encountered the largest value share accounting for nearly 24% in 2019 because of rising demand for functional food in congestive heart failure, cardiovascular diseases, congenital heart defects, and hardening of arteries
  • Digestive health expected to register significant growth over in the upcoming time-period due to great interest among women during the course of their reproductive life

Regional Snapshots

The Asia Pacific emerged as the dominant market in the year 2019 because of a substantial rise in the disposable income of consumers. The functional food industry is also strengthened by the favorable support offered by the government bodies in various countries of the region. Further, to for rising combat concerns related to malnutrition various regulatory bodies have increased their focus on food fortification. This has significantly influenced the consumer behavior, thereby drives the demand for functional food products in the region.

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Key Players & Strategies

The global functional food market is highly competitive owing to presence of large number of regional and international players. These industry participants focus primarily on manufacturing facilities and distribution channels in various regions across the globe. For instance, in June 2017, Amway announced to open a new distribution center in the major Thai market. Amway is a prominent seller of dietary supplements in the functional food market. Similarly, in October 2016, ADM introduced a new line of vegetable & fruit functional extracts that can provide a concentrated dose of powerful antioxidant compounds anthocyanins and beta-carotene in a variety of foods, beverages and supplement applications.

Dominating players in the market have strong footprint on the global and offer tough challenge for new entrant to establish their foothold. Despite of this, the prospective and new industry players invest prominently on the research & development (R&D) activity to withstand the competition prevalent in the industry.

Some of the key players operating in the market are Cargill, BASF, General Mills Inc., Standard Functional Foods Group Inc., Coca-Cola Co., GFR Pharma, Nutri-Nation, KFSU, Amway, Herbalife, and Arla Foods among others.

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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

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