Functional Food Market to grow at a CAGR of 6.7% to hit $267,924.4 million by 2027

Functional Food Market

Functional Food Market

The report segments the functional food market into ingredient, product, application and region.

PORTLAND, OR, UNITED STATES, August 27, 2021 / — Functional food can be stated as a modified food that claims to improve health. It does not cure disease but it helps to reduce the risk of deadly diseases by improving the health of the body by providing essential nutrients and proteins. Functional food in the diet adds benefits to individual physiological state.

The functional food market size was valued at $177,770.0 million in 2019, and is estimated to reach $267,924.4 million by 2027, registering a CAGR of 6.7% from 2021 to 2027.

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.

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Functional food is defined as food that have a potentially positive effect on health beyond basic nutrition. They promote optimal health and help to reduce the risk of disease. It has been gaining significant popularity within health and wellness circles. Rise in disposable income and increase in expenditure on health and health related food products are expected to boost the growth of the global functional food market. Furthermore, growing cardiovascular diseases, obesity and obesity linked diseases are expected to drive the functional food industry during the forecast period.

The report segments the functional food market into ingredient, product, application and region. On the basis of ingredient, the market is categorized into probiotics, minerals, proteins & amino acids, prebiotics & dietary fibers, vitamins, others. By product, it is segregated into bakery & cereals, dairy products, meat, fish & eggs, soy products, fats & oils and others. According to application, it is divided into sports nutrition, weight management, clinical nutrition, cardio health and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Russia, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa).

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The players in the functional food market have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include 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.

Key Benefits for Stakeholders:
The report provides a quantitative analysis of the current functional food market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
In-depth analysis and the market size and segmentation assists to determine the prevailing functional food market opportunities.
The major countries in each region are mapped according to their revenue contribution to the market.
The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the functional food industry.

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Source: EIN Presswire