Press release
Functional Food and Beverage Market Poised for Remarkable Growth, set to Reach USD 793.60 billion by 2032 with a CAGR of 10.33%.
Functional Food and Beverage Market
In 2024, the Asia Pacific region led the functional food and beverage industry, accounting for 39.45% of the market share. In the United States, the functional foods segment is anticipated to experience significant growth, reaching an estimated USD 117.22 billion by 2032, supported by rising demand from health-conscious consumers for nutrient-rich and functional products.
Functional food and beverage products are formulated with added nutrients beyond their basic nutritional content, offering a variety of health benefits. These added nutrients include vitamins, proteins, minerals, fatty acids, amino acids, and prebiotics. Recently, there has been a surge in interest in these products due to growing consumer health awareness. Especially in the wake of the COVID-19 pandemic, as immunity became a major concern, the popularity of functional foods and beverages has seen a sharp rise.
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➤ List of Key Players Covered in the Report:
• The Coca-Cola Company
• Celsius Holdings, Inc.
• PepsiCo, Inc.
• Glanbia plc
• Nestlé S.A.
• Arla Foods amba
• Hearthside Food Solutions LLC
• Tyson Foods, Inc.
• General Mills, Inc.
• Danone S.A.
➤ Market Driver
♦︎ Rising Demand for Nutrient-Dense Products to Accelerate Growth
The growing preference for fortified food and beverages is driven by fast-paced urban lifestyles and associated health risks. As more consumers seek options that support wellness and nutrition, functional food products are gaining traction. These products, such as those enriched with omega-3 fatty acids, offer a range of benefits including enhanced brain function, improved cardiovascular health, and anti-inflammatory properties. Beyond addressing lifestyle-related conditions, they are also effective in combatting malnutrition. For instance, according to the National Institutes of Health, the introduction of iron-fortified wheat flour in Jordan reduced iron deficiency anemia in children by 50%.
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➤ Regional Analysis
♦︎ Shifting Lifestyles in Asia Pacific to Fuel Robust Market Growth
Asia Pacific is projected to continue dominating the functional food and beverage industry, with an expected CAGR of 9.20% over the forecast period. The region's fast-evolving lifestyles are contributing to a rise in chronic health issues, partly due to increased consumption of processed and fast foods. This shift is prompting a higher demand for nutritious alternatives, particularly in countries like India. Additionally, functional hydration products are in high demand in tropical nations, where hydration is a major concern. North America is expected to follow, emerging as the second-largest market with a projected CAGR of 7.06% in the coming years.
➤ Competitive Landscape
♦︎ Innovation in Product Offerings to Drive Competitive Intensity
A key trend in the functional food and beverage industry is the active focus by leading companies on introducing innovative products. These frequent product launches not only strengthen a company's market presence but also influence the competitive landscape, driving innovation and consumer interest.
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➤ Industry Developments:
♦︎ December 2019: GCI Nutrients, a prominent nutraceutical firm in the U.S., launched a specialized advisory division to assist customers in using the company's branded ingredients for creating their own functional food and beverage products.
♦︎ October 2019: Drink Nutrient, a U.S.-based leader in functional beverages, unveiled a new drink series. Each packet delivers 13 essential vitamins and is free from GMOs, gluten, acrylamide, and artificial ingredients, aiming to enhance nutritional intake.
➤ Read Related News:
♦︎ Nutraceuticals Market: https://www.fortunebusinessinsights.com/nutraceuticals-market-102530
♦︎ Dietary Supplements Market: https://www.fortunebusinessinsights.com/dietary-supplements-market-102082
♦︎ Vitamins and Supplements Market: https://www.fortunebusinessinsights.com/vitamins-and-supplements-market-104051
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