Functional Food Market Growth Probability, Leading Vendors and Future Scenario By 2024-2031 | Danone, Glanbia Plc, Hearthside Food Solutions Llc

The Functional Food Market is estimated for 2023 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Functional foods are foods that offer health benefits beyond basic nutrition by adding vitamins, minerals, fiber, or other compounds. Functional foods help reduce the risk of diseases and offer additional health advantages like weight management, digestive health, heart health, and improved energy.

Market Dynamics:

The global functional food market is expected to witness significant growth over the forecast period owing to rising health awareness among consumers and growing inclination toward preventive healthcare. Consumers are increasingly adopting functional food products to gain nutrition as well as derive health and medical benefits. Furthermore, growing incidence of lifestyle diseases such as diabetes, obesity, and cardiovascular diseases has encouraged consumers to opt for healthier food alternatives. According to data, over 50% of the U.S. adult population has at least one chronic disease. The demand for functional food is high among the aging population who rely on them to lead healthier lives. Advancements in food science and technology have made it possible for manufacturers to incorporate various functional ingredients in existing food products, thus fueling the market growth.

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Top Key Players are Covered in this Report:

★ Danone
★ Glanbia Plc
★ Hearthside Food Solutions Llc
★ Mars
★ Incorporated
★ Meiji Co., Ltd.,
★ Nestlé S.A.
★ Raisio Plc
★ Royal Frieslandcampina N.V.
★ Sanitarium Health Food Company
★ And The Kraft Heinz Company

Market Segmentation:

By Ingredient:

★ Probiotics
★ Minerals
★ Proteins & Amino Acids
★ Prebiotics & Dietary Fibers
★ Vitamins
★ Others

By Product:

★ Bakery & Cereals
★ Dairy Products
★ Meat, Fish & Eggs
★ Soy Products
★ Fats & Oils
★ Others

By Applications:

★ Sports Nutrition
★ Weight Management
★ Clinical Nutrition
★ Cardio Health
★ Others

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Market Drivers for Functional Foods

Increased health consciousness among consumers is driving the functional food market

Consumers today are more health conscious than ever before. They are making proactive efforts to adopt healthy lifestyles and reduce risks of various diseases and health issues. There is a growing understanding among people that maintaining good health requires a balanced diet in addition to regular exercise and other lifestyle habits. This increasing focus on health and wellness is a major driver pushing consumers to opt for functional foods as they offer added health benefits beyond basic nutrition. Food products with added vitamins, minerals, probiotics, prebiotics, fibers and other ingredients that provide specific health benefits are becoming popular choices.

Growing aging population demanding healthier food options

With increased lifespan, the global population aged 60 and above is rising rapidly. Older consumers are more concerned about their health and nutrition to support an active lifestyle at advanced ages. Age-related diseases like cardiovascular issues, diabetes, osteoporosis have become common. The aged population demands food products that can help manage diseases and support overall wellness. Functional foods enriched with ingredients like omega-3 fatty acids, plant sterols, fibers meet the nutritional requirements of the elderly. The surging aging demography worldwide is spurring demand for specially formulated age-appropriate functional foods.

Market Restrain for Functional Foods

High prices of functional foods limits widespread adoption

While functional foods deliver notable health advantages, they come at a premium compared to regular food items. Incorporating extra nutritional ingredients into food products increases manufacturing costs which get passed on to customers. The high retail prices of functional foods pose affordability issues, restricting their adoption beyond health-conscious upper-income groups. Until prices come down substantially, mainstream consumers looking for budget-friendly grocery options may not view functional variants as a default choice. This price sensitivity acts as a key restraining factor in the market.

Market Opportunity for Functional Foods

Growing focus on gut health presents an opportunity

In recent years, gut health and the role of gut microbes in overall wellness has become a research hotspot. More is now known about how a balanced gut microbiota supports immunity, digestion, metabolic functions and mental health. Foods containing prebiotics and probiotics that nourish beneficial gut bacteria are gaining prominence. The market sees massive potential in fortifying existing product categories like yogurt, cereal, baked goods with gut-friendly functional ingredients. Formulating foods that specifically target gut health can open a new lucrative segment in this evolving landscape.

Market Trends for Functional Foods

Customized nutrition based on personalized needs is the new frontier

A one-size-fits-all approach doesn't work when it comes to functional foods and nutrition. Food and beverage companies are ramping up efforts towards customized, individually tailored offerings based on lifestyle patterns, genetic make-up, ethnicity and clinical conditions of customers. Technologies like nutrigenomics are enabling an in-depth understanding of how foods impact individuals differently based on personal biochemistry. Precision nutrition powered by data analytics and science will drive the next wave of functional foods catering to hyper-personalized health requirements of disparate consumer groups on a global scale.

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The report answers a number of crucial questions, including:

➥ Which companies dominate the global Functional Food market?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the Functional Food market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Functional Food Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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About Us

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.