Medical Foods Market is estimated to grow at a CAGR of 6.4% by 2023 | Global Industry Size, Share, Key Player Review, And Research Report by 2023

Medical Foods Market – Insight

The escalating medical service cost has resulted in consumer shift towards adoption of healthy alternatives into their daily routine. Owning to this, the consumption and demand for medical foods have experienced a drastic increase. Consumers are identified to include consumption of functional foods and supplements as a part of their daily diet. Medical foods provide essential nutrients the body thereby enhancing the body’s metabolism.

Owing to growing consumer needs and their awareness about dietary supplements and other medical foods required for nutrition and prevention of chronic disorders has grown in recent years. Market Research Future, a firm which specializes in market reports related to the Foods, Beverages & Nutrition sector among others, recently forecasted in its report “Global Medical Foods Market Research Report- Forecast to 2023” that the market will demonstrate an exceptional CAGR % while achieving million dollar growth readily in the forecast period.

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Apart from this, increasing growth of organized retail sector is expected to fuel the sales of medical foods during the forecast period. Increasing chronic diseases among the growing population is driving the growth of the market. Moreover, nutritional deficiency is a common concern observed globally which will propel the growth of the global medical foods market. Increasing geriatric population is anticipated to be a major factor driving the growth of medical foods market.

Key Players

Some of the key players profiled in the Global Medical Foods Market are

• Danone (France)
• Nestlé (Switzerland)
• Targeted Medical Pharma Inc. (U.S.)
• Fresenius Kabi AG (Germany)
• Abbott (U.S.)
• Mead Johnson & Company, LLC (U.S.)
• Primus Pharmaceuticals Inc. (U.S.)

Global Medical Foods Market – Segments

The Global Medical Foods Market has been divided into nutritional ingredients, form, ailment, and region.

On the Basis of Nutritional Ingredients

• Vitamins Minerals
• Proteins
• Omega-3
• Isoflavones
• Phytosterols

On the Basis of Form

• Pills
• Powders

On the Basis of Ailment

• Alzheimer’s Diseases
• Diabetic Neuropathy
• Nutritional Deficiency
• Depression

On the Basis of Region

• North America
• Europe
• Asia Pacific
• ROW

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Medical Foods Market - Regional Analysis

The Global Medical Foods Market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global Medical Foods market is highly dominated by North America and Europe owing to high consumption of nutritive and functional dietary supplement on a regular basis. North America is estimated to account for the major market proportion in the year of 2017 and it is expected to retain its dominance throughout the forecast period of 2017-2023. Among the North American region, the U.S. is accounting for a significant market proportion in the North America market. Also, the U.S. is estimated to retain its dominance throughout the forecast period of 2017-2023. Presence of established players in medical food products in the U.S. has attracted a huge consumer base. Product promotions through celebrity endorsements are also playing a significant role, giving a boost to this market.

However, Asia Pacific region is projected to expand at a high pace during the forecast period of 2017-2023. Escalating consumption of dietary supplement for enhanced body metabolism is supporting the sale of medical foods in this region. Presence of multi-national companies involved in the production of medical foods and running awareness campaigns is adding fuel to the market growth of medical foods in this region. Rising per capita disposable income is also observed to be a key driver for this market in Asia Pacific.

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This release was published on openPR.