Functional Food Market to Generate $267.92 Billion by 2027, States the Report by Allied Market Research

A lead analyst at AMR highlighted the functional food market across Asia-Pacific is projected to dominate, in terms of revenue, throughout the forecast period, due to the presence of high population base, changes in taste & preferences of consumers, and changing food habits of people in this province.

Allied Market Research published a research report on the functional food market. The findings of the report states that the global market for functional food generated $177.77 billion in 2019, and is projected to reach $267.92 billion by 2027, witnessing a CAGR of 6.7% from 2021 to 2027. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.

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“Various factors driving the growth of the functional food market such as growing health conscious people, chronic diseases, increasing obese population and increasing awareness regarding the medical benefits of the functional food that it can prevent cancer and obesity linked diseases.” said Roshan Deshmukh, Assistant Manager, Food and Beverages at Allied Market Research.

The report provides a detailed scenario of impact of the Covid-19 pandemic on the functional food market globally. The outbreak of covid-19 has given way to more health consciousness among individuals. At the same time, the stay-at-home orders in most countries have worked as a spur for people to get involved in healthy routines. This, in turn, has augmented the demand for functional food, thereby fueling the market growth. Moreover, the fact that functional food products are believed to improve immunity and help in the body’s defense system has boosted the global functional food market. On the other hand, although supply chain disruptions, especially during the first phase of the lockdown, affected the market growth to some extent, the eased off regulations imposed by several government bodies have now been beneficial to the market growth.

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The report offers detailed segmentation of the global functional food market based on ingredient, product, application, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the coming years.

On the basis of ingredients, the probiotics segment accounted for more than one-fourth of the total market share in 2019 and is projected to dominate by the end of 2027. Simultaneously, the vitamins segment would grow at the fastest CAGR of 7.7% during the forecast period.
On the basis of product, the bakery & cereals segment garnered more than one-fourth of the total market revenue in 2019 and is expected to rule the roost by 2027. The soy products segment, on the other hand, would cite the fastest CAGR of 8.8% throughout the forecast period.

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On the basis of region, Asia-Pacific, followed by North America, generated the highest share in 2019, contributing to more than half of the global market. The same region would also exhibit the fastest CAGR of 7.2% from 2021 to 2027.

The leading market players analyzed in the global functional food market report include Glanbia PLC, Hearthside Food Solutions LLC, Mars, Meiji Co., Ltd., Nestlé S.A., Raisio PLC, Royal frieslandcampina N.V., The Kraft Heinz Company, Danone, Sanitarium Health Food Company, and Incorporated.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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