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2020
Functional Food Market

Functional Food Market by Ingredient (Probiotics, Minerals, Proteins & Amino Acids, Prebiotics, & Dietary Fibers, Vitamins and Others), Product (Bakery & Cereals, Dairy Products, Meat, Fish & Eggs, Soy Products, Fats & Oils and Others), Application (Sports Nutrition, Weight Management Clinical Nutrition, Cardio Health, and Others): Global Opportunity Analysis and Industry Forecast 2021–2027
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A04953
Pages: 373
Aug 2020 | 16253 Views
Author(s) : Anil Kamble , Roshan Deshmukh
Tables: 130
Charts: 58
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The functional food market size was valued at $177,770.0 million in 2019, and is estimated to reach $267,924.4 million by 2027, registering a CAGR of 6.7% from 2021 to 2027. 

Functional food can be stated as a modified food that claims to improve health. It does not cure disease but it helps to reduce the risk of deadly diseases by improving the health of the body by providing essential nutrients and proteins. Functional food in the diet adds benefits to individual physiological state.

Functional Food Market

 

Sports nutrition emerged as the second largest segment after cardio health applications of the functional food owing to increasing commercialization of these sport nutrients and availability of wide product range including creatine and whey protein-based functional food. There has been an increase in the demand for functional food over the past decade as new product-types launches have permeated the food industry. Moreover, the utilization of these products by numerous end-users such as sport nutrition, clinical nutrition, and weight management is expected to drive the growth of this market. 

Functional Food Market
By Ingredients

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Probiotics segment helds the major share of 28.3% in 2019

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The report segments the functional food market into ingredient, product, application and region. On the basis of ingredient, the market is categorized into probiotics, minerals, proteins & amino acids, prebiotics & dietary fibers, vitamins, others. By product, it is segregated into bakery & cereals, dairy products, meat, fish & eggs, soy products, fats & oils and others. According to application, it is divided into sports nutrition, weight management, clinical nutrition, cardio health and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Russia, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa).  

According to Functional Food Market Analysis, On the basis of ingredients, the probiotic segment accounted for the around one-third half of the global functional food market share in 2019, and is expected to sustain its share during the forecast period. This is majorly attributed to increasing awareness regarding the benefits of the probiotics contained food, Benefits includes help to balance digestive system, prevent & treat diarrhea and supplements to improve mental health conditions.

Functional Food Market
By Product

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Bakery & Cereals segment helds the major share of 27.8% in 2019 Fats & Oils

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Depending on product, the dairy product segment was valued at $48,831.8 million in 2019, and is expected to grow to $73,030.0 million by 2027, with a CAGR of 6.6%. Milk is considered as a nearly complete food as it is a good source of protein, fat and major minerals. Dairy products includes any food made from milk, including butter, cheese, ice cream, yogurt, and condensed and dried milk. People are increasingly consuming dairy products as it is important for building healthy bones and for maintaining a healthy weight. Yogurt is majorly used as functional food owing to its high nutritional value and enormous health benefits. Yogurt is produced using various fruits such as peaches, cherries, apricots, papaya, cactus pear and blueberries, which makes it healthier and more nutritious.  

Functional Food Market
By Application

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Sport Nutrition segment helds the major share of 27.4% in 2019

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By application, sports nutrition is projected to grow at $ 72,114.6 million by 2027, registering a CAGR of 6.5%. Increasing awareness about the fact that nutritional factors can influence the physical and mental performance capacity of individuals who are involved in intense exercises including bodybuilders, and sportsmen.  Specific nutritional substances can be required for the body after heavy exercise which can be fulfilled by the functional food. Furthermore, increase in number of health clubs and fitness centers is expected to boost the demand for functional food through sport nutrition application.

Functional Food Market
By Region

2027
Asia Pacific 
North America
Europe
Lamea

Asia Pacific region helds the higest market share of 46.8% in 2019

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Region wise, Asia-Pacific dominated the functional food market in 2019, and is expected to sustain its dominance dominate throughout the functional food market forecast period. Growing urbanization, increasing spending on health products and awareness regarding the medicinal benefits of the functional food are expected to drive the functional food market growth in Asia-Pacific during the forecast period. Furthermore, change in lifestyle and drastic changes in the food preference is further influencing the growth of the market.

The players in the functional food market have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Danone, Glanbia PLC, Hearthside Food Solutions LLC, Mars, Incorporated, Meiji Co., Ltd., Nestlé S.A., Raisio PLC, Royal frieslandcampina N.V., Sanitarium Health Food Company and The Kraft Heinz Company.      

 Key Benefits for Stakeholders:

  • The report provides a quantitative analysis of the current functional food market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.  
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis and the market size and segmentation assists to determine the prevailing functional food market opportunities.  
  • The major countries in each region are mapped according to their revenue contribution to the market.   
  • The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the functional food industry. 

Key Market Segments & Key Market Players

Segments Sub-segments
BY INGREDIENT
  • Probiotics
  • Minerals
  • Proteins & Amino Acids
  • Prebiotics & Dietary Fiber
  • Vitamins
  • Others
BY PRODUCT
  • Bakery & Cereals
  • Dairy Products
  • Meat, Fish & Eggs
  • Soy Products
  • Fats & Oils
  • Others
BY APPLICATION
  • Sports Nutrition
  • Weight Management
  • Clinical Nutrition
  • Cardio Health
  • Others
BY REGION
  • North America  (U.S, Canada, Mexico)
  • Europe  (Germany, UK, France, Russia, Italy, Spain, Rest Of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players DANONE, GLANBIA PLC, HEARTHSIDE FOOD SOLUTIONS LLC, MARS, INCORPORATED, MEIJI CO., LTD, NESTLÉ S.A, RAISIO PLC, ROYAL FRIESLANDCAMPINA N.V, SANITARIUM HEALTH FOOD COMPANY, THE KRAFT HEINZ COMPANY
 

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As per the perspective of top-level CXOs, the global functional food market is expected to offer remunerative business opportunities in the developing economies such as India and China. This is attributed to increase in disposable income, awareness regarding health concerns and growing cardiovascular diseases. 

The CXOs further added that manufacturers are focusing on displaying the transparency of the ingredients, which are added in the product, as majority of the consumers choose products by reading the labels. In addition, consumers prefer products with organic and plant-based ingredients. Moreover, increasing application of functional food in sport nutrition and clinical nutrition is further boosting the growth of the functional food market.

Furthermore, rise in rate of internet penetration around the major parts of the world makes way for manufacturers to initiate several key online marketing programs. These online platforms are one of the easiest ways to create awareness about the benefits of the functional food with respect to various diseases including cardiovascular diseases, cancer and obesity linked diseases. Hence, tapping into such markets is expected to create potential opportunities for the expansion of the global functional food market.

Increasing innovation in the ingredients used for functional food is the key factor for the growth of the global functional market. Rise in demand for various functional food products from target customer makes way for the manufacturers to come up with innovation in almond flour, which is anticipated to boost the growth of the market.

Key players in the market have adopted product launch, continuous innovation, and acquisition as their key developmental strategies to cater to the rising demands for functional food. Sport nutrition, cardio health and weight management application are growing at highest CAGR owing to medicinal benefits of the of the functional food products.                                                             `

However, the existing challenges such as close substitutes and lack of awareness regarding the functional food benefits that are known to control and prevent commonly known diseases such as obesity, heart attack and cancer, are expected to hamper the growth of the functional food market during the forecast period.

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FREQUENTLY ASKED QUESTIONS?

A. The growth rate of the Functional Food Market is 6.7% during the forecast period 2021-2027.

A. The global functional food market is expected to reach $267,924.40 million by 2027.

A. The global functional food market is expected to grow at a CAGR of 6.7% from 2021 to 2027.

A. 2019 is the base year calculated in the Functional Food Market report.

A. Danone, Glanbia PLC, Hearthside Food Solutions LLC, Mars, Incorporated, Meiji Co., Ltd., Nestlé S.A., and Raisio PLC are top companies hold market share in functional food market.

A. Soy Product is the most influencing segment growing in the functional food market report.

A. Increasing health conscious people and growing awareness regarding the medical benefits of the functional food which can prevent cancer and obesity linked diseases such as high blood pressure, fatty liver disease, and kidney disease, are likely to bolster the growth of the functional food market.

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