Functional Food Products Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1357
Global Functional Food Products Market size is expected to rise at a significant CAGR during the forecast period. The driving force of this category is innovation in the food industry due to increased consumer awareness about the health and nutritional value. The rising medical expenses has also resulted in the growth of functional food products. The demand is higher in developed countries. The prevalent chronic diseases have shifted the focus of the consumers towards healthy food that can boost the immunity.
Geriatric population is expected to benefit from the consumption of functional foods. The increased demand of fortified food has bolstered the growth of this market. However, there are factors hampering the growth of the market. The high price of the products is impelling the consumers to switch to economical food and beverages. The research of the health claims associated with the products is limited. Another factor impeding the growth of the industry is food safety regulations. Nevertheless, there will be an increase in the population shifting towards functional foods. Changing dietary patterns have led to health disorders such as obesity, diabetes, heart disease, periodontal disease, cancer and many more. To combat these diseases, functional foods are a good option. Consumers are making informed choices using internet by searching for the nutritional value of foods.
Functional foods contain ingredients that target a specific function of the body. They provide nutrients and have a physiological effect on the body. The health is ensured by reducing the risk of diseases. The functionality of food is given by substances such as fibers, vitamins, flavonoids, minerals, omega-3 and bacterial cultures. The functional compounds are derived through processes such as enzyme technology, microencapsulation or nanoencapsulation of ingredients. Regular food is converted into functional food by fortifying it with herbs, vitamins and other nutrients.
Functional foods market can be categorized based on the products, applications, end-use and regions. Based on the products, the market is divided into carotenoids, vitamins, probiotics and prebiotics, fatty acids, dietary fibers, minerals and others. The others section includes enzymes, antioxidants and phytochemicals. Dietary fiber segment is expected to grow at a brisk rate in the forecast period.
Based on the application, the market is segregated into dairy products, cereals and bakery, soy products, fish, eggs, meat, fats, oils and others. The others segment includes nutritional bars, beverages and variety of snacks. In 2016, energy beverages accounted for a major share in the market. Biggest opportunities can be explored with snacks which are plant-based and gluten-free. Dairy products which are fermented such as yoghurts have numerous health benefits associated with them. Margarine consisting of fatty acid esters lowers the cholesterol level. These benefits ensure a substantial growth of the functional food industry. Based on end-use, the market is categorized into immunity, clinical nutrition, sports, digestive health, weight management and cardiovascular health.
Based on region, the market has been divided into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. In 2015, North America led the functional foods market and accounted for a major market share. The market size in Asia Pacific region is projected to grow at a brisk rate in the forecast period. The market in Europe is also growing at a good pace.
Some of the key participants in the industry of functional foods and beverages are Unilever, Red Bull GmbH, PepsiCo Inc., Arla, BASF, Dean Foods, Kellogg, Nestle, AbbVie Inc., Suntory, Danone, Abbott Laboratories, General Mills, GFR Pharma, Amway, etc. Danone has become one of the biggest players in global non-dairy products.
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