Functional Food Market Size Share Growth and Trends Value Report 2023-2030

Functional Food Market Report Size

Global Functional Food Market Surges to $195.4 Billion in 2022 and Anticipates a Remarkable Growth to $316.1 Billion by 2030, Propelled by Increasing Consumer Emphasis on Gut Health and Rising Demand for Personalized Nutrition Solutions

The Global Functional Food Market achieved a substantial valuation of US$ 195.4 billion in 2022, with a robust Compound Annual Growth Rate (CAGR) of 6.2%. Forecasts indicate an impressive escalation, reaching US$ 316.1 billion by 2030, driven by heightened awareness of gut health and a surging demand for functional foods with probiotics, prebiotics, and fiber. The forecast period spanning 2023-2030 is poised to witness sustained growth at a CAGR of 6.2%.

Consumers globally are increasingly recognizing the pivotal role of gut health in overall well-being. This trend has spurred a significant demand for functional foods, particularly those containing probiotics, prebiotics, and fiber that contribute to a healthy microbiome. The market's growth is further fueled by a heightened focus on preventive healthcare, a surge in health consciousness, and a burgeoning demand for convenient and personalized nutrition solutions.

Fortified Foods and Functional Ingredients Drive Market Momentum

Fortified foods, a specialized category of functional foods, are strategically formulated to deliver additional nutrients and health benefits. These foods combine essential nutrients with bioactive compounds to bolster overall well-being and address specific health concerns. Functional ingredients, the cornerstone of these products, play a pivotal role in delivering health-promoting properties beyond basic nutrition. Fiber-enriched foods, a subset of functional foods, are formulated with added dietary fiber to support digestive health, encourage regular bowel movements, and contribute to overall wellness conveniently.

Functional Food Market Scope: Key Metrics

CAGR: 6.2%

Size Available for Years: 2021-2030

Forecast Period: 2023-2030

Data Availability: Value (US$)

Segments Covered: Ingredient, Product, Application, and Region

Regions Covered: North America, Europe, Asia-Pacific, South America, and Middle East & Africa

Fastest Growing Region: Asia Pacific

Largest Region: North America

Insights Covered in the Report: The comprehensive market report includes insights such as Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. To explore further insights, a sample report is available for download.

For More Information and Insights, Download Sample Report.

Functional Food Market Dynamics: Responding to Health Consciousness

Increasing Demand for Functional Foods for Overall Health Improvement

Rising consumer awareness about health is propelling a surge in nutrient demand for functional foods. The prevalence of obesity globally, highlighted by World Health Organization data in 2022, underscores the urgency of addressing health challenges. Over 1 billion individuals are affected by overweight and obesity, with an estimated 167 million at risk of deteriorating health by 2025. Factors such as hectic lifestyles and work-related stress have contributed to these health disorders, prompting a shift in eating habits towards smaller, healthier meals. This trend has boosted the demand for healthy alternatives such as biscuits, snacks, and energy or protein bars.

Growing Demand for Sports Nutrition Driving Market Growth

The popularity of functional foods and dietary supplements in sports nutrition, particularly among working professionals, is a key driver for the market. The increasing health consciousness of consumers, coupled with the pursuit of solutions to enhance nutritional balance, has fueled the demand for functional foods. Notably, functional foods have demonstrated positive results in lowering blood pressure and preventing chronic diseases, contributing to their popularity as nutritional ingredients.

Key players in the market are responding to this demand with strategic product launches. For example, on April 24, 2023, CJ FNT introduced the functional nutrition brand ActiveNrich, addressing consumer demands for nutritional solutions in the food and supplement categories. This innovative brand, based on natural fermentation and featuring glutathione as a main component, serves as a foundation for a variety of health meals.

Volatility in Raw Material Prices Hindering Market Growth

The functional food market faces challenges due to fluctuations in raw material prices. Global supply and demand dynamics, influenced by factors like weather conditions, crop yields, disease outbreaks, and geopolitical events, contribute to price volatility. Trade policies, including import/export tariffs and disputes, can further impact raw material prices. Fluctuations in energy prices, particularly oil and gas, also influence transportation and logistics costs for raw materials, subsequently affecting overall prices. Seasonal production cycles of raw materials such as fruits, vegetables, and grains introduce supply variations, adding complexity to pricing and availability.

Functional Food Market Segment Analysis: Unraveling Growth Opportunities

Increased Demand for Probiotics Propels Segment Growth

The global functional food market is segmented based on ingredients, including probiotics, minerals, proteins & amino acids, prebiotics & dietary fibers, vitamins, and others. Probiotics emerge as a pivotal segment, with their significant role in enhancing the nutritional value of functional foods and providing specific health benefits. Probiotics are renowned for supporting digestive health, maintaining a healthy balance of gut microflora, improving digestion, and alleviating symptoms of gastrointestinal disorders. Products like yogurt, fermented milk, kefir, and cultured dairy often incorporate probiotic strains like Lactobacillus and Bifidobacterium.

Research and increased use of probiotics in functional foods further drive segment growth. On October 03, 2022, Teijin established the Teijin Meguro Institute, focusing on probiotic research and production for functional foods. Building on probiotics knowledge, the institute aims to provide functional food ingredients catering to health-conscious consumers.

Functional Food Market Geographical Share: North America Takes the Lead

North America stands out as one of the largest and most developed functional food markets globally. The region experiences robust growth fueled by increasing consumer interest in health and wellness, a rising awareness of functional food benefits, and a growing preference for natural and organic products. Consumers in North America seek functional foods targeting areas such as digestive health, weight management, heart health, immunity, and cognitive function.

Major key players in the region contribute to segment growth through strategic product launches. For instance, on July 21, 2022, Burcon NutraScience Corporation, a Canada-based company, introduced Peazazz C pea protein, a unique protein ingredient with a grit-free and smooth texture for ready-to-drink beverages.

Leading Players Shaping the Functional Food Market

The major global players driving the functional food market include Lotus Bakeries, Nestlé S.A., Hearthside Food Solutions LLC, Valio Eesti AS, The Kellogg's Company, Abbott Laboratories, PepsiCo Inc., Danone SA, Clif Bar & Company, and General Mills.

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Probiotics Market

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