Global Functional Food Market Size
Functional foods are food products that come with added health benefits beyond
basic nutrition. These foods provide health benefits that can help reduce
disease risk or promote optimal health.
The global
functional food market is estimated to be valued at US$ 204.22 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Functional
foods contain added ingredients like vitamins, minerals, prebiotics and probiotics
that help support specific bodily functions. They can help lower cholesterol,
manage blood pressure and boost immunity. The growing trend of healthy eating
and rising health consciousness among people is driving the demand for
functional foods globally.
Market key trends:
A major trend fueling the growth of the functional food market is the rising
adoption of probiotic functional foods. Probiotics are live microorganisms that
when consumed in sufficient amounts provide health benefits by improving the
intestinal microbial balance. They are gaining widespread popularity due to
their various health benefits like improving gut health, boosting immunity and
reducing inflammation. Probiotic yogurt is one of the most popular probiotic
foods. However, probiotic ingredients are now being added to various other food
items like juices, baked goods and snacks. The growing awareness about the
multiple health attributes of probiotics is propelling the demand for such
functional food products globally. Furthermore, innovations with new probiotic
strains are expanding the offerings in this category. This growing focus on
probiotics will continue shaping the future growth trajectory of the functional
food market over the forecast period.
Segment
Analysis
The global functional food market is segmented on the basis of product type,
target consumer, and region. Based on product type, the market is segmented
into functional bakery & cereals, functional dairy products, functional
fats & oils, and other functional food products. Among these, the
functional dairy products segment dominates the market and accounts for the
largest revenue share. Functional dairy products help maintain bone health,
improve digestion and immunity, and have several health-promoting benefits that
attract more consumers.
Key Takeaways
Global
Functional Food Market Size is expected to witness high growth over the
forecast period.
Regional
analysis: North America holds the largest share in the functional food market
owing to rising health consciousness. The US accounts for the major share owing
to presence of major players and mature healthcare infrastructure. Asia Pacific
is expected to be the fastest growing region on account of rising lifestyle
diseases and growing health awareness in emerging economies such as India and
China. Rapid urbanization and economic growth in these countries are driving
the demand for functional foods.
Key players operating in the functional food market include F Hoffmann-La Roche
AG, Merck KgaA, Apexigen Inc., Immunovia AB, Viatris Inc., Amgen Inc.,
AstraZeneca PLC, Bristol-Myers Squibb, Novartis AG, Pfizer Inc., Myriad
Genetics Inc., Canon Medical Systems Corporation, FUJIFILM Holdings
Corporation, Boston Scientific Corporation, and Rafael Holdings Inc. (Rafael
Pharmaceuticals), among others.
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