Redding, California, Feb. 07, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Functional Food and Beverages Market by Type (Bakery Products, Confectionery Products, Snacks, Energy Drinks, Sports Drinks), Application (Health & Wellness, Immunity, Clinical Nutrition, Cardio Health), Distribution Channel - Global Forecast to 2030,’ the functional food and beverages market is expected to reach $532.98 billion by 2030, at a CAGR of 8.9% from 2023 to 2030.
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Functional food and beverages offer health benefits beyond their nutritional value. In addition to nutrient-rich ingredients such as fruits and veggies, it also includes foods fortified with vitamins, minerals, probiotics, and fiber. Functional foods and beverages target a number of health objectives, including enhancing weight loss, improving joint health, increasing muscle and bone strength, decreasing risk factors for cardiovascular disease and type 2 diabetes, enhancing digestion, and decreasing wrinkles.
The major factors driving the growth of the functional food and beverages market include the increasing demand for healthy & nutrition-rich diets, rising demand for sports & performance drinks, innovation and new product developments, changes in lifestyles, and the rising incidence of chronic diseases.
Furthermore, the increasing investments by small & medium-sized food products manufacturing companies and rapid growth in the retail sector are expected to provide significant opportunities for the growth of this market. However, the higher prices of functional food & beverages compared to conventional food & beverages and stringent government regulations & guidelines hinder the growth of this market.
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The functional food and beverages market is segmented by type, application, distribution channel, and geography.
Based on type, the functional food and beverages market is segmented into functional food and functional beverages. In 2023, the functional food segment is expected to account for the larger share of the functional food and beverages market. The large market share of this segment is attributed to the growing demand for nutritional & fortifying food products and rising awareness about the health benefits of consuming these products. Today, consumers are drawn to foods with functional ingredients to lower the risk of specific health concerns, such as obesity, weight loss, diabetes, and cardiovascular diseases, which contributes to the growth of this segment.
However, the functional beverages segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the growing demand for functional beverages in emerging economies, increasing demand for sports drinks, and a rise in health expenditure.
Based on application, the functional food and beverages market is segmented into health & wellness, sports nutrition, weight management, immunity, digestive health, clinical nutrition, cardio health, and other applications. In 2023, the health & wellness segment is expected to account for the largest share of the functional food and beverages market. The large market share of this segment is attributed to the factors such as the increasing health consciousness among consumers and the growing demand for clean-label and non-GMO food products.
Based on distribution channel, the functional food and beverages market is segmented into supermarkets & hypermarkets, convenience stores, specialty stores, E-commerce, and other distribution channels. In 2023, the supermarkets & hypermarkets segment is expected to account for the largest share of the functional food and beverages market. The large market share of this segment is attributed to the increased sales of functional food and beverages in well-established supermarkets and hypermarket chains, consumers’ preference for shopping from brick-and-mortar grocers due to easy access and availability, and the increasing consumer spending on functional food products. However, the E-commerce segment is projected to witness significant growth during the forecast period of 2023–2030. The rapid growth of this segment is mainly attributed to the growing preference for personalization, the convenience offered by E-commerce, the availability of greater discounts compared to offline stores, and a greater product selection experience.
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Based on geography, in 2023, North America is expected to account for the largest share of the functional food and beverages market. North America’s major market share is attributed to the well-established food & beverage industry, high awareness of the health benefits of functional food and beverages, the growing popularity of protein bars, shakes, and cookies among millennials, and the high demand for nutritional products across the region. However, the market in Asia-Pacific is slated to register the fastest growth rate during the forecast period.
The key players operating in the functional food and beverages market are The Coca-Cola Company (U.S.), Danone S.A. (France), Glanbia plc (Ireland), Hearthside Food Solutions LLC (U.S.), Mars, Incorporated (U.S.), Meiji Holdings Co., Ltd. (Japan), Nestlé S.A. (Switzerland), Raisio plc (Finland), Royal FrieslandCampina N.V. (Netherlands), The Kraft Heinz Company (U.S.), Arla Foods amba (Denmark), Amway Corporation (U.S.), PepsiCo, Inc. (U.S.), Kellogg Company (U.S.), and General Mills, Inc. (U.S.).
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Scope of the Report:
Functional Food and Beverages Market, by Type
- Functional Food
- Bakery Products
- Confectionery Products
- Snacks
- Dairy Products
- Infant Food Products
- Other Functional Foods
- Functional Beverages
- Energy Drinks
- Sports Drinks
- Fortified Juices
- Dairy-based Beverages
- Other Functional Beverages
Functional Food and Beverages Market, by Application
- Health & Wellness
- Sports Nutrition
- Weight Management
- Immunity
- Digestive Health
- Clinical Nutrition
- Cardio Health
- Other Applications
Functional Food and Beverages Market, by Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores
- Specialty Stores
- E-commerce
- Other Distribution Channels
Functional Food and Beverages Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific (RoAPAC)
- Latin America (LATAM)
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa (MEA)
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