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Heart Health Functional Food Market trends research and projections for 2017-2024
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Increasing life expectancy coupled with changing dietary patterns will drive the heart health functional food market over forecast period. Growing aging population and ongoing he cardiovascular related issues are expected to surge product demand. In 2016, WHO estimated 31% of overall deaths worldwide due to cardiovascular disease. Surge in production capacity and new product offerings by manufacturers will further boost the heart health functional food market. High product prices may hamper industry growth over forecast period.
On the basis of application, heart health functional food market is segmented into dairy, edible oil, breakfast cereal, nutritional bars. Dairy application segment will dominate the overall heart health functional food market. Growing demand of milk, yogurt, cheese and butter owing to rising population will support product market size. Shift in consumer preference for good quality edible oil will further drive the heart health functional products market. Consumer preference towards high nutrition meals to improve their fitness and immune system will boost product penetration over forecast period.
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Based on distribution channel, heart health functional products industry is classified into grocerants, department stores, grocery and online retailers. The grocerants accounts for a major share as urban and semi urban population preference owing to ease in availability of product. The retail segment is anticipated to grow at a significant rate due to considerable increase in number of stores by major players such as Walmart. In last few years, online platforms have witnessed substantial gains in sales revenue due to attractive discount offers and easy delivery. Department and grocery stores are projected to hold decent share over forecast period owing to their regional presence only.
North America will account for a major share in global heart health functional food market as the number of patients suffering from cardiovascular disease increased substantially in last few years. According to WHO study, around half the population in the region will suffer from obesity by 2030. Increasing consumer inclination toward high quality nutrient supplement consumption in the region will drive the industry over forecast period.
Asia Pacific is expected to witness significant growth rate owing to booming edible oil industry. The region accounts for more than 40% share of global edible oil industry. Further, population growth and rising standard of living will fuel product penetration. Latin America will witness moderate growth in the forecast timeframe.
Major players of heart health functional food market are Raisio, Kellogg’s, Kraft, Marico, Kalbe Farma, Bagrry, Nestle, Associated British Foods, ConAgra and PepsiCo to name a few. Companies are increasing their product offerings to enhance their share. For instance, Kellogg’s is planning to launch 50 new breakfast and snack products to meet increasing demand of products from consumers.
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