Pune, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The global functional food market size was USD 142917.04 million in 2021 and is expected to register a steady revenue CAGR of 4.59% during the forecast period. Key factors such as rising prevalence of chronic diseases, growing inclination towards convenience food, rising demand for top-quality nutritional food to cater to rapidly expanding global population, and increasing focus on maintaining good health are expected to drive global market growth during the forecast period. To Know more about the market get the Sample PDF Copy of Report (Including Full TOC, List of Tables & Figures, and Chart) Here: https://www.xcellentinsights.com/enquiry/sample/201916
Functional foods are ingredients that offer numerous health benefits, extending beyond their nutritional values. These food ingredients and products do not cure chronic diseases but help in enhancing a certain physiological response or reducing the disease risk. Functional foods are typically high in vitamins, healthy fats, fibers, and minerals that promote optimal health by boosting metabolism, aiding better digestion, and improving nutrition absorption. Over recent years, there has been a sudden surge in the demand for functional food to cater to growing prevalence of cardiovascular diseases, congenital heart defects, and digestive problems, changing lifestyle preferences, rising preference for nutritious and processed food, and rising availability of various types of functional food and beverages.
Factors such as growing awareness about health benefits of functional foods, rising geriatric population, and increasing investments in developing innovative and more nutritional ingredients are expected to drive global market growth during the forecast period.
However, lack of awareness about functional foods, high cost of functional food ingredients and products, and rising complexities related to integration and adulteration of functional foods are expected to hamper overall market growth during the forecast period.
Key Companies Operating in the Market:
- Abbott laboratories
- Archer Daniels Midland
- Arla
- BASF
- Danone
- Dean Foods
- General Mils
- Kellogg
- Nestlé
- PepsiCo
Functional Food Industry Recent Developments:
- In December 2020, Nestlé announced the launch of a new powdered beverage consisting of milk-based ingredients for supporting bone health, joint functionality and muscle strength in adults.
- In March 2021, Zomato announced that it will soon launch its own line of nutrition supplement and functional foods, available on the app for order.
Browse complete Report Summary with TOC here: https://www.xcellentinsights.com/reports/functional-food-market-201916
Market Segment by Type:
- Carotenoids
- Dietary Fibers
- Fatty Acids
- Minerals
- Prebiotics and Probiotic
- Vitamins
- Others
Carotenoids Segment To Register Rapid Revenue CAGR:
The carotenoids segment is expected to register rapid revenue CAGR over the forecast period. This can be attributed to rising prevalence of chronic diseases such as eye disorders, diabetes, and cancer, growing awareness about health benefits of carotenoids such as bowel health maintenance, blood sugar control, and cholesterol reduction, and increasing investments in developing high-value natural carotenoids.
Market Segment by Application:
- Bakery and Cereals
- Dairy Products
- Meat, Fish and Eggs
- Soy Products
- Fats and Oils
- Others
Bakery and Cereals Segment to Account for Largest Revenue Share:
The bakery and cereals segment is expected to account for largest revenue share during the forecast period owing to growing inclination towards health meal substitutes, rising demand for cereal bars, protein bars, nutritional bars, and energy bars, and increasing investments for the development of novel, innovative, tasty and more nutritional functional bars, cookies and cereals.
Segment by Region:
- North America (USA, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (Saudi Arabia, U.A.E, Egypt, Nigeria, South Africa, Rest of MEA)
North America to Lead In Terms of Revenue Share:
North America is expected to lead in terms of revenue share during the forecast period owing to increasing demand for functional foods and drinks, high consumer focus on weight management, cardio, and digestive health, and presence of well-established manufacturers. Moreover, rising awareness about benefits of functional food products, high disposable income, and increasing focus on developing more advanced products and ingredients are expected to drive North America market growth going ahead.
Key Questions Addressed in the Report:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global functional food market?
- What is the expected market size of the global functional food market between 2023 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
Key Reasons to Purchase the Report:
- Estimates 2023 to 2028 functional food market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the functional food market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global functional food market
You can Purchase the Complete Report here: https://www.xcellentinsights.com/checkout/201916
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