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Functional Foods Market Report 2024 - Functional Foods Market Trends, Growth And Analysis
Functional Foods Market
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According to The Business Research Company's, The functional foods market size has grown rapidly in recent years. It will grow from $251.66 billion in 2023 to $282.11 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to increasing health awareness, aging population, preventive healthcare trend, scientific research and nutritional advancements, rising incidence of lifestyle diseases.
The functional foods market size is expected to see rapid growth in the next few years. It will grow to $421.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to changing dietary patterns, personalized nutrition trends, expanding middle-class population, focus on gut health, clean label and natural ingredients. Major trends in the forecast period include advancements in food technology, rising consumer awareness of health and wellness, emphasis on gut health, innovation in ingredients and formulations, digitalization of nutrition and personalized diets.
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Market Drivers and Trends:
The increasing number of diseases is shifting consumers' focus to healthy eating, which in turn is projected to boost the demand for functional foods. Functional food provides the human body with healthy nutrition, vitamins and minerals, and reduces the risk of diseases. According to the Centers for Disease Control and Prevention, heart disease is a leading cause of death in the USA, and about 6,47,000 Americans die from heart disease every year, which is one out of every four deaths. Therefore, the increasing number of cardiovascular and other diseases across the globe is anticipated to generate higher demand for a healthy diet, which in turn, is likely to propel the revenues of the functional food market over the forecast period.
Key players dealing in the functional food market are increasingly focusing on new product developments and company expansion to meet the rising demand from consumers. For instance, in January 2022, Fonterra Co-operative Group Limited, a New Zealand-based dairy company, Tillamook Country Creamery Association (TCAA), and Three Mile Canyon Farm, introduced Pro-Optima, an A-grade functional whey protein concentrate. Pro-Optima can be used in cultured products such as yogurt to enhance the textures and deliver multi-functional benefits.
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Major Key Players of the Market:
Nestlé Alimentana SA, BASF SE, PepsiCo Inc., Unilever plc, Abbott Laboratories, The Coca-Cola Company, GlaxoSmithKline Company, Mondelez International Inc., Danone SA, Kraft Foods Inc., General Mills Inc., Royal FrieslandCampina NV, Kellogg Company, Kirin Holdings Company Ltd., Dr PepperSnapple Group Inc., Red Bull GmbH, Ajinomoto Co. Inc., Meiji Holdings Company Ltd., Givaudan SA, Glanbia plc, Barilla Holding SpA, Arla Foods UK plc, Ocean Spray Cranberries Inc., Sanitarium Health and Wellbeing Company, Raisio Oyj, Lifeway Foods Inc., GFR Pharma Ltd., BNL Food Group Inc., Suiza Foods Corporation, Murray Goulburn Co-Operative Co. Limited
Functional Foods Market 2024 Key Insights:
• The functional foods market size is expected to see rapid growth in the next few years. It will grow to $421.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
• Rising Disease Rates Drive Demand For Functional Foods: A Focus On Health And Prevention
• Recent Innovations And Market Expansion Strategies In The Functional Food Industry
• Asia-Pacific was the largest region in the functional food market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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