Global Functional Foods Market by Types (Functional Bar, Bakery/ Breakfast Cereals, Yogurt, Functional Dairy, and Other Functional/ Fortified Food Products), Ingredients (Proteins & Amino Acids, Minerals, Probiotics, Vitamins, Prebiotics & Dietary Fibers, and Others), Applications (Sports Nutrition, Weight Management, Cardio Health, and Others), End-users (Convenience Stores, Supermarkets/ Hypermarkets, Online Retail, and Others), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East &Africa) Forecast, 2021-2028
The global functional foods market size was valued at USD 280 billion in 2019 and is expected to reach USD 526 billion by 2028. The market is anticipated to expand at a considerable CAGR of 9% during the forecast period, 2021 – 2028. The growth of the market is attributed to rising demand for a healthy and nutrient-rich diet as well as increasing disposable income of people around the world.
Functional foods are medicinal foods that aid in prevention of diseases, improvement of health, and reduction of healthcare expenses. Functional food is rich in protein and nutrients and offers several health benefits. Amino acids, minerals, vitamins, minerals, proteins, fatty acids, and prebiotics are among these nutrients. Increased mental energy, boost to immune system, enhanced bone health, cholesterol management, improved heart health, and other benefits linked with eye health and eyesight are some benefits provided by functional foods. Innovation and economic growth in the global functional foods industry in recent years is attributed to increasing consumer knowledge of health and nutritional benefits of functional foods. Functional foods are in demand in developed countries. Consumers in developed countries are turning to functional foods and beverages to solve perceived nutritional deficiencies.
Market Trends, Drivers, Restraints, and Opportunities:
- The market is primarily driven by population growth and changes in consumer food preferences. People are worried about their health and willing to pay a high price for foods that are good for their health. As a result, this trend and public awareness boosts the functional food business.
- Rising global elderly population is expected to enhance the global functional food market, due age-related health issues.
- Increased adoption of functional foods is fueled by rising disposable income and growing demand for fortified food and beverage items, which drives the functional food market.
- High cost of many functional foods constrains their usage, which is projected to restrict the global market over the projected time frame.
- The worldwide economic downturn compelled consumers to seek low-cost goods and foodstuffs. This is expected to hinder market expansion.
- During the forecast period, surging investments by small and medium food product manufacturing companies are expected to generate major opportunities in the market.
- Explosive growth of the retail sector is expected to create considerable opportunities in the market during the forecast period.
Scope of the Report
The report on the global functional foods market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes |
Details |
|
Base Year |
2020 |
|
Historic Data |
2018–2019 |
|
Forecast Period |
2021–2028 |
|
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
|
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Global Functional Foods Market Segment Insights:
Based on types, the market is divided into functional bar, bakery/ breakfast cereals, yogurt, functional dairy, and other functional/ fortified foods products. The yogurt segment is expected to account for a key share of the market during the forecast period due to high affordability and high demand in developing countries, where per capita income and expenditures on healthy foods are low.
In terms of ingredients, the market is segregated into proteins & amino acids, minerals, probiotics, vitamins, prebiotics & dietary fibers, and others. The probiotic segment is expected to dominate the market during the forecast period. This is mostly due to increased awareness of the importance of probiotics in food, which include aiding in the balance of the digestive system, preventing and treating diarrhea, and providing supplements to enhance mental health disorders.
On the basis of applications, the market is categorized as sports nutrition, weight management, cardio health, and others. The sports nutrition segment is projected to dominate the market during the forecast period, due to increasing awareness that nutritional issues affect physical and mental performance ability of people who engage in intense exercises, such as bodybuilders and athletes.
In terms of end-users, the market is divided into convenience stores, supermarkets/ hypermarkets, online retail, and others. The online retail segment is anticipated to dominate the market during the forecast period, due to attractive pricing, strong sales and support, and seamless shopping experience for consumers. Leading manufacturers are aggressively entering popular e-commerce platforms.
Based on regions, the market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific was valued at USD 100 billion in 2020 and is expected to grow at a CAGR of 10.0 percent from 2021 to 202, due to rising health awareness and increased discretionary expenditures in the region. Growing urbanization, rising healthcare spending, and increased awareness of the medical benefits of functional foods are expected to fuel the functional food market in Asia Pacific to great levels over the forecast period. Furthermore, changes in lifestyle and significant shifts in dietary preferences are driving the market.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Functional Foods Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Functional Foods Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Functional Foods Market - Supply Chain
4.5. Global Functional Foods Market Forecast
4.5.1. Functional Foods Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Functional Foods Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Functional Foods Market Absolute $ Opportunity
5. Global Functional Foods Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Functional Foods Market Size and Volume Forecast by Types
5.3.1. Functional Bar
5.3.2. Bakery/ Breakfast Cereals
5.3.3. Yogurt, Functional Dairy
5.3.4. Functional/ Fortified Foods Products
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Functional Foods Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Functional Foods Market Size and Volume Forecast by Applications
6.3.1. Sports Nutrition
6.3.2. Weight Management
6.3.3. Cardio Health
6.3.4. Others
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Functional Foods Market Analysis and Forecast by End Users
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by End Users
7.2.2. Y-o-Y Growth Projections by End Users
7.3. Functional Foods Market Size and Volume Forecast by End Users
7.3.1. Convenience Stores
7.3.2. Supermarkets/ Hypermarkets
7.3.3. Online Retail
7.3.4. Others
7.4. Absolute $ Opportunity Assessment by End Users
7.5. Market Attractiveness/Growth Potential Analysis by End Users
8. Global Functional Foods Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Functional Foods Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Functional Foods Demand Share Forecast, 2019-2026
9. North America Functional Foods Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Functional Foods Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Functional Foods Market Size and Volume Forecast by Types
9.4.1. Functional Bar
9.4.2. Bakery/ Breakfast Cereals
9.4.3. Yogurt, Functional Dairy
9.4.4. Functional/ Fortified Foods Products
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. North America Functional Foods Market Size and Volume Forecast by Applications
9.7.1. Sports Nutrition
9.7.2. Weight Management
9.7.3. Cardio Health
9.7.4. Others
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. North America Functional Foods Market Size and Volume Forecast by End Users
9.10.1. Convenience Stores
9.10.2. Supermarkets/ Hypermarkets
9.10.3. Online Retail
9.10.4. Others
9.11. Basis Point Share (BPS) Analysis by End Users
9.12. Y-o-Y Growth Projections by End Users
9.13. Market Attractiveness/Growth Potential Analysis
9.13.1. By Country
9.13.2. By Product Type
9.13.3. By Application
9.14. North America Functional Foods Demand Share Forecast, 2019-2026
10. Latin America Functional Foods Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Functional Foods Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Functional Foods Market Size and Volume Forecast by Types
10.4.1. Functional Bar
10.4.2. Bakery/ Breakfast Cereals
10.4.3. Yogurt, Functional Dairy
10.4.4. Functional/ Fortified Foods Products
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Latin America Functional Foods Market Size and Volume Forecast by Applications
10.7.1. Sports Nutrition
10.7.2. Weight Management
10.7.3. Cardio Health
10.7.4. Others
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Latin America Functional Foods Market Size and Volume Forecast by End Users
10.10.1. Convenience Stores
10.10.2. Supermarkets/ Hypermarkets
10.10.3. Online Retail
10.10.4. Others
10.11. Basis Point Share (BPS) Analysis by End Users
10.12. Y-o-Y Growth Projections by End Users
10.13. Market Attractiveness/Growth Potential Analysis
10.13.1. By Country
10.13.2. By Product Type
10.13.3. By Application
10.14. Latin America Functional Foods Demand Share Forecast, 2019-2026
11. Europe Functional Foods Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Functional Foods Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Functional Foods Market Size and Volume Forecast by Types
11.4.1. Functional Bar
11.4.2. Bakery/ Breakfast Cereals
11.4.3. Yogurt, Functional Dairy
11.4.4. Functional/ Fortified Foods Products
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Europe Functional Foods Market Size and Volume Forecast by Applications
11.7.1. Sports Nutrition
11.7.2. Weight Management
11.7.3. Cardio Health
11.7.4. Others
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Europe Functional Foods Market Size and Volume Forecast by End Users
11.10.1. Convenience Stores
11.10.2. Supermarkets/ Hypermarkets
11.10.3. Online Retail
11.10.4. Others
11.11. Basis Point Share (BPS) Analysis by End Users
11.12. Y-o-Y Growth Projections by End Users
11.13. Market Attractiveness/Growth Potential Analysis
11.13.1. By Country
11.13.2. By Product Type
11.13.3. By Application
11.14. Europe Functional Foods Demand Share Forecast, 2019-2026
12. Asia Pacific Functional Foods Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Functional Foods Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Functional Foods Market Size and Volume Forecast by Types
12.4.1. Functional Bar
12.4.2. Bakery/ Breakfast Cereals
12.4.3. Yogurt, Functional Dairy
12.4.4. Functional/ Fortified Foods Products
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Asia Pacific Functional Foods Market Size and Volume Forecast by Applications
12.7.1. Sports Nutrition
12.7.2. Weight Management
12.7.3. Cardio Health
12.7.4. Others
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Asia Pacific Functional Foods Market Size and Volume Forecast by End Users
12.10.1. Convenience Stores
12.10.2. Supermarkets/ Hypermarkets
12.10.3. Online Retail
12.10.4. Others
12.11. Basis Point Share (BPS) Analysis by End Users
12.12. Y-o-Y Growth Projections by End Users
12.13. Market Attractiveness/Growth Potential Analysis
12.13.1. By Country
12.13.2. By Product Type
12.13.3. By Application
12.14. Asia Pacific Functional Foods Demand Share Forecast, 2019-2026
13. Middle East & Africa Functional Foods Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Middle East & Africa Average Pricing Analysis
13.2. Middle East & Africa Functional Foods Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Functional Foods Market Size and Volume Forecast by Types
13.4.1. Functional Bar
13.4.2. Bakery/ Breakfast Cereals
13.4.3. Yogurt, Functional Dairy
13.4.4. Functional/ Fortified Foods Products
13.5. Basis Point Share (BPS) Analysis by Types
13.6. Y-o-Y Growth Projections by Types
13.7. Middle East & Africa Functional Foods Market Size and Volume Forecast by Applications
13.7.1. Sports Nutrition
13.7.2. Weight Management
13.7.3. Cardio Health
13.7.4. Others
13.8. Basis Point Share (BPS) Analysis by Applications
13.9. Y-o-Y Growth Projections by Applications
13.10. Middle East & Africa Functional Foods Market Size and Volume Forecast by End Users
13.10.1. Convenience Stores
13.10.2. Supermarkets/ Hypermarkets
13.10.3. Online Retail
13.10.4. Others
13.11. Basis Point Share (BPS) Analysis by End Users
13.12. Y-o-Y Growth Projections by End Users
13.13. Market Attractiveness/Growth Potential Analysis
13.13.1. By Country
13.13.2. By Product Type
13.13.3. By Application
13.14. Middle East & Africa Functional Foods Demand Share Forecast, 2019-2026
14. Competition Landscape
14.1. Global Functional Foods Market: Market Share Analysis
14.2. Functional Foods Distributors and Customers
14.3. Functional Foods Market: Competitive Dashboard
14.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
14.4.1. Glanbia PLC
14.4.2. Danone
14.4.3. Hearthside Food Solutions LLC
14.4.4. Mars Incorporated
14.4.5. Meiji Co. Ltd.
14.4.6. Nestlé S.A.
14.4.7. Raisio PLC
14.4.8. Royal frieslandcampina N.V.
By Types
- Functional Bar
- Bakery/ Breakfast Cereals
- Yogurt, Functional Dairy
- Functional/ Fortified Foods Products
- Proteins & Amino Acids
- Minerals, Probiotics
- Vitamins
- Prebiotics & Dietary Fibers
- Others
- Sports Nutrition
- Weight Management
- Cardio Health
- Others
- Convenience Stores
- Supermarkets/ Hypermarkets
- Online Retail
- Others
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
- Glanbia PLC
- Danone
- 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
Key players in the functional food industry used a variety of development strategies to increase their market share, boost profitability, and stay competitive. Glanbia PLC, Danone, 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 are important players in the market. Functional foods are becoming popular, hence new players are entering the market to meet the growing need for economical products. The entry of new competitors into the market increased competition within the industry, which is a good element for the industry's growth.
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