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Functional Foods Market Size By Ingredient (Prebiotics, Vitamins, Minerals, Carotenoids, Phytochemicals, Fibers & More), By Product (Dairy Products, Meat, Soy Products, Fats & Oils), By Application (Weight Management, Immunity, Others), 2023 - 2032
- Report ID: GMI5463
Functional Foods Market size crossed USD 240 billion in 2022 and is anticipated to expand at a CAGR of 7.8% from 2023 to 2032. The growth is attributed to the increased demand for healthier food products. People are becoming increasingly health-conscious and are looking for foods that provide additional health benefits beyond basic nutrition.
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Functional foods are designed to promote health and prevent diseases, thereby attracting consumers. As the population ages, there is an increased need for foods that can help manage age-related health issues including cognitive decline, joint health, and heart health. Chronic diseases, such as obesity, diabetes, and cardiovascular diseases, are on the rise and people are looking for foods that can help manage these conditions.
The demand for functional foods has been growing steadily in recent years and this trend is expected to continue. One of the main drivers of the functional foods market demand is the growing consumer awareness of the link between diet and health. As people become more health conscious, they are seeking out foods that can help them achieve their health goals. Functional foods are preferred as a solution as they provide additional health benefits beyond basic nutrition.
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The increasing demand for sports nutrition products reflects the growing interest in health & fitness as well as a recognition of the importance of proper nutrition in achieving athletic goals. With the rise of social media and the Internet, people have access to a wealth of information about health & fitness, leading to increased awareness of the importance of nutrition in achieving optimal athletic performance.
The rising demand for sports nutrition products represents a growing recognition of the importance of proper nutrition in achieving athletic goals and promoting the overall health and wellness. As a growing number of people become interested in health and fitness, the demand for these products will continue to grow. In addition to their performance-enhancing benefits, sports nutrition products can also promote overall health and wellness.
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In 2020, the Indian dairy product export market was valued at around USD 186 million, and in 2022, it was around USD 391 million. The constantly growing global population has led to the increasing functional foods market revenue for food including dairy products. Dairy products are a good source of essential nutrients including calcium, vitamin D, and protein, which are necessary for healthy bones, muscles, and overall health.
An increasing number of health-conscious consumers are turning to dairy products to meet their nutritional needs. The dairy industry has been innovative in recent years, introducing new products, such as plant-based dairy alternatives, that appeal to consumers looking for dairy-free options.
North America has a high level of consumer awareness and demand for functional foods driven by a growing interest in health & wellness, an aging population, and increasing concerns about chronic diseases such as obesity, diabetes, and heart disease. The region has a well-established food industry with a strong research & development infrastructure, allowing for the development of innovative functional food products.
Some key players involved in the functional foods market include BASF, Cargill, General Mills Inc., GFR Pharma, Nutri-Nation, Amway, and Arla Foods. These players are investing in research & development activities and continuous strategic initiatives, such as new product launches, to strengthen their market position.
For instance, in October 2017, Hearthside Food Solutions acquired Standard Functional Foods Group (SFFG). This acquisition enabled Hearthside to enter into the functional bar market and meet the U.S. market’s expanding demand for an increasing variety of bars. The Hearthside network now consists of 24 production facilities as a result of the addition of SFFG.