Functional Foods Market is growing at a CAGR of x.x% during the forecast period 2017-2022 | Key players are Unilever, Sanitarium Health & Wellbeing Company, Royal FrieslandCampina, Red Bull GmbH, Raisio Group, PepsiCo Inc., Ocean Spray Cranberries Inc., N
In recent years, the global market for functional foods has experienced innovation and economic expansion due to the growing awareness of consumers about its benefits for health and nutrition. Functional foods are useful to prevent disease, improve health, and reduce health care costs. The demand for functional foods is higher in developed countries. Consumers in developed countries are turning to functional foods and beverages to address perceived nutritional deficiencies. With a valuation of more than USD 10 billion, the United States was the largest functional food market. According to a survey conducted by the National Center for Biotechnology Information (NCBI), almost 90% of American adults have recognized the benefits of functional foods.
Functional Foods Market Size:
According to our report, Functional Foods Market was valued at USD XX Million in 2017 and this figure estimated to cross USD XX Million by 2022 end growing at a CAGR of XX% during the forecast period.
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Functional Foods Market Drivers and Restraints:
The increasing prevalence of chronic diseases is leading consumers to adopt healthier food consumption. The growing interest of consumers and the understanding of how a proper diet can improve immunity are some of the key factors in the growth of the global functional foods market. Among adult consumers, it is thought that the geriatric population benefits from functional foods due to health problems related to age. As a result, the increase in the global geriatric population supports market growth. In addition, the increase in disposable income and the growing demand for food enriched with beverages are leading to an increase in the absorption of functional foods, boosting market growth. While sales of functional food products have increased and will continue to increase at a steady pace, market growth is held back by economic problems. The high prices of several products limit their adoption. In addition, the global economic slowdown is encouraging consumers to opt for cheaper food. Research on consumer perceptions of these products and their health claims are also limiting the market. Another factor that restricts the demand for functional foods is food safety concerns and regulations. Together, these factors hinder the growth of the market. However, the sustained population increase will divert attention from high-consumption areas such as the United States and Japan to high-population areas such as China and India. This change is expected to provide huge growth opportunities for the functional food market in the future.
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Functional Foods Market Geographic Segmentation:
Asia Pacific market led the global industry and accounted for over 40% of total revenue in 2015. Rising demand along with increasing disposable income among consumers for such products in emerging countries such as India and China is expected to assist the regional growth. Moreover, increasing urbanization, growing baby boomer population and changing dietary patterns is supposed to drive the overall market demand in the region.
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Functional Foods Market Key Players:
Some of the prominent players of the market include Unilever, Sanitarium Health & Wellbeing Company, Royal FrieslandCampina, Red Bull GmbH, Raisio Group, PepsiCo Inc., Ocean Spray Cranberries Inc., Nestlé, Murray Goulburn, Meiji Group, Mars Inc., Kraft Foods Inc., Kirin Holdings, Kellogg Company, Danone, GlaxoSmithKline Company, Glanbia Plc., General Mills Inc., Dr Pepper Snapple Group, Dean Foods, The Coca-Cola Company, BNL Food Group, Arla Foods, and Abbott Laboratories.
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