New York, April 27, 2023 (GLOBE NEWSWIRE) -- The Global Functional Foods Market size is expected to be worth around USD 678.3 Billion by 2032 from USD 306.2 Billion in 2023, growing at a CAGR of 8.5% during the forecast period from 2022 to 2032.
Functional foods can be explained as upgraded food that helps to improve health. It does not cure the disease but can reduce the risk of having one. It provides healthy and needed nutrition, like proteins and fibers, to the body. This helps the body's organs to function properly and carry out seamless functioning throughout the body. In simple words, the functional foods in regular meals provide extra benefits to the state of the body of any individual. The rising awareness among individuals towards good health has shown a significant rise in the adoption of functional foods in the market.
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Key Takeaway:
- By Product, dairy products are mostly consumed by individuals across the world.
- By Ingredient, vitamins lead the segment with a major share of the account.
- By Application, functional foods are mostly consumed to maintain cardio health.
- Asia Pacific held a major revenue share of 33.4% in 2022.
- North America is the second largest market in the global functional foods market.
The increasing demand for nutrient-rich food among individuals across the world due to busy and hectic lifestyles for better health is driving the growth of the functional foods market. With increasing innovations in the healthcare sector, life expectancy has increased over the last few years. This is due to the innovations and research in the healthcare sector, which offers different solutions to live longer. But rising cost and prices in the healthcare sector has forced individuals to adopt a healthy lifestyle by consuming nutrient-rich food to prevent the malfunction of the body's vitals. This is propelling the growth of functional foods in the market.
Factors affecting the growth of the Functional Foods Market
Several factors can affect the growth of the functional foods market. Some of these factors include:
- Rising demand for food additives: The increasing demand for nutritional food additives among individuals across the world is propelling the growth of the functional foods market.
- Increasing disposable incomes: The increasing disposable incomes of individuals have shifted their food preferences to functional foods for living a healthy lifestyle.
- Rising Health Awareness: Individuals have become more health conscious in the last few years or after the COVID-19 pandemic. Individuals are focusing on proper diet to maintain good health. This is fueling the growth of the functional foods market.
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Top Trends in Global Functional Foods Market
The demand for functional foods is rising due to the trend of on-the-go snacks, which is impacting the market significantly. The fast-paced and busy lifestyles of people are driving them towards convenient and easy-to-consume snack options. As a result, many individuals are seeking on-the-go snacks with high nutritional value, which is fueling the growth of the functional foods market. The increasing popularity of functional foods among health-conscious consumers is encouraging manufacturers to offer a wide range of nutritious and tasty snack options, which is expected to further boost the growth of this segment in the coming years.
Market Growth
Since the COVID-19 pandemic, people have become more health conscious. Diet is becoming an important aspect of maintaining good health, and with rising disposable incomes, people are buying functional foods to support a healthy lifestyle and ensure continued good health - this has fuelled market expansion for functional foods; this growth also corresponds to rising consumer interest in nutritional food supplements.
Regional Analysis
The Asia Pacific region dominates the functional foods market by holding a major revenue share of 33.4%. The growth of the Asia Pacific region is attributed to the presence of a major population in the region and the increasing disposable incomes of individuals. The individuals in the Asia Pacific region have become more aware of health and started to consume nutrients rich and healthy food. This is also fueling the growth of the functional foods market in the Asia Pacific region. On the other hand, the North American region covers a big share of the functional foods market. North America's growth is attributed to individuals' increasing inclination towards healthy food items for applications in cardio and digestive health, better immunity, and weight management.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 306.2 Billion |
| Market Size (2032) | USD 678.3 Billion |
| CAGR (from 2023 to 2032) | 8.5% from 2023 to 2032 |
| Asia Pacific Revenue Share | 33.4% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The increased life expectancy and health awareness are promoting the use of functional foods among individuals in the last few years. Individuals prefer functional food over fast food and hard-to-digest food for its benefits. These key factors are driving the growth of the functional foods market. In addition, many governments and nonprofit organizations worldwide are spreading awareness of nutrient-rich food and good food habits. This is helping the functional foods market to grow further. Also, the key companies in the functional foods market are fortifying their products with nutritional additives like fibers, minerals, omega-3 fatty acids, vitamins, and many such nutrients. Adding such nutrients to food items increases the nutritional value of the food item and raises consumer demand in the market.
Market Restraints
The development of the nutrients at the production level requires a lot of money and specific conditions to produce proper nutrients. It involves complex processes and advanced technological conditions to comply. Therefore, it requires huge funding for the research and development of the companies for the development of functional foods. This high cost of production and complex operations are obstructing the growth of the functional foods market.
Market Opportunities
Many individuals across the world prefer to consume natural carotenoids over synthetic carotenoids due to their pure form. The production of synthetic carotenoids has a risk of contamination. Therefore, individuals prefer to consume natural carotenoids over synthetic carotenoids. This will encourage many companies to offer natural carotenoids in functional food items, thereby creating many lucrative opportunities in the market.
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Report Segmentation of the Functional Foods Market
Product Insight
Dairy products lead the product segment by accounting for major revenue share in the global functional foods market. Dairy products like milk, yogurt, buttermilk, and many such products are rich in nutrients like calcium and proteins. Therefore, many individuals prefer to consume dairy products as a functional food in their diet. This is fueling the expansion of the functional foods market in the product segment. Although, the bakery and cereal products are also anticipated to experience significant growth during the forecast period. The increasing developments in the bakery and cereal products are expected to boost the growth of the bakery and cereal segment during the forecast period
Ingredient Insight
Vitamins dominate the ingredient segment in the global functional foods market. The vitamins' growth is due to the high importance of the vitamins in healthy nutrients. In addition, the increased consumer preference towards a healthy and nutrient-rich diet is boosting the growth of vitamins in the ingredients segment of the functional foods market. Moreover, the carotenoids are anticipated to grow significantly during the forecast period. Carotenoids are available in various types of forms, like beta carotene, lycopene, astaxanthin, canthaxanthin, annatto, and lutein. The wide applications of these carotenoids in treating cancer, diabetes, and eye disorders are expected to drive the growth of carotenoids in the ingredient segment of the global functional foods market.
Application Insight
Cardio health holds a significant share in the global functional foods market due to the increasing demand for functional foods to prevent congestive heart failure, congenital heart failure, hardening of veins, and other cardiovascular diseases. This has significantly raised the need for healthy, functional foods. Also, digestive health is anticipated to experience significant growth due to the increasing adoption of ladies above 40 years of age to maintain a sound digestive system. Also, sport-playing athletes and individuals greatly impact the development of sports nutrition in the functional foods market.
Recent Development of the Functional Foods Market
- In July 2022, Laira Superfood launched their new plant-based protein bar which is made from hemp seeds, dietary fibers, peas, and all the needed amino acids.
- In March 2022, Danone introduced their new drinkable yogurt Activa+, which offers better immunity and health. Activa+ contains zinc vitamins D and C to maintain a good immune system.
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Market Segmentation
Based on Product
- Soy products
- Bakery & Cereals
- Meat, Fish, & Eggs
- Dairy Products
- Fats & Oils
- Other Products
Based on Ingredient
- Vitamins
- Minerals
- Dietary Fibers
- Carotenoids
- Probiotics & prebiotics
- Other Ingredients
Based on Application
- Sport Nutrition
- Digestive Health
- Weight Management
- Immunity
- Clinical Nutrition
- Cardio Health
- Other Applications
Based on Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The competitive landscape of the market has also been examined in this report. The global functional foods market is fragmented into many small and big companies. Major players in the market are adopting various strategies like collaboration, partnership, mergers, and acquisition to expand their share in the market and strengthen their position in the market. Some of the major players include
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