Portland, OR, May 31, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global functional food market generated $177.77 billion in 2019, and is expected to garner $267.92 billion by 2027, witnessing a CAGR of 6.7% from 2021 to 2027. The report provides an extensive analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in demand for functional food in developing nations, surge in consumption of natural sports drinks, and changes in lifestyle and food habits drive the growth of the global functional food market. However, availability of healthier substitutes along with stringent regulations and international quality standards hinder the market growth. On the other hand, rise in investments by small- & mid-sized food product manufacturing companies and rapid rise of the retail sector present new opportunities in the market.
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Covid-19 Scenario:
- Production of functional food hindered due to lockdown imposed by governments in many countries. In addition, transportation restrictions limited the supply of different products.
- The demand for applications such as sport nutrition, cardio health, and clinical nutrition increased during the pandemic as the focus on health and nutrition rose among people.
The report offers detailed segmentation of the global functional food market based on ingredient, product, application and region.
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Based on ingredient, the probiotics segment held the highest share in 2019, accounting for more than one-fourth of the total market share, and is expected to maintain its lead position during the forecast period. However, the vitamins segment is projected to portray the highest CAGR of 7.7% from 2021 to 2027.
Based on product, the bakery & cereals segment accounted for the highest market share in 2019, accounting for more than one-fourth of the global functional food market, and is estimated to continue its leadership status during the forecast period. However, the soy products segment is expected to witness the fastest CAGR of 8.8% from 2021 to 2027.
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Based on region, Asia-Pacific contributed to the highest share in 2019, accounting for nearly half of the global market, and is estimated to maintain its dominant share in terms of revenue by 2027. In addition, this region is expected to portray the highest CAGR of 7.2% during the forecast period.
Leading players of the global functional food market analyzed in the research include Danone, Hearthside Food Solutions LLC, Glanbia PLC, Meiji Co., Ltd., Mars, Incorporated, Sanitarium Health Food Company, Nestlé S.A., Royal frieslandcampina N.V., Raisio PLC, and The Kraft Heinz Company.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.