The scope of our recent study, titled “Functional Foods Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Bakery and Confectionery, Dairy and Frozen Desserts, Sweet and Savory Snacks, Breakfast Cereals, and Others), Category (Organic and Conventional), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others),” includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with market share analysis.
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The functional foods market was valued at US$ 233,620.18 million in 2021 and is projected to reach US$ 418,439.42 million by 2028. It is expected to grow at a CAGR of 8.7% from 2021 to 2028.
Functional foods are foods that provide health benefits in addition to nutritional value. The category includes foods fortified with vitamins, minerals, probiotics, and fiber, as well as nutrient-rich ingredients, including fruits and vegetables. The surging demand for nutrient-enriched food drives the functional foods market.
Based on distribution channel, the functional foods market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held a significant share in the global functional foods market in 2020. However, the online retail segment is projected to grow at the fastest CAGR over the forecast period, owing to its convenience in terms of shopping and product delivery. Furthermore, consumers can buy desirable products remotely. During the COVID-19 pandemic, online retail channels gained popularity as they offered home delivery services. These factors are expected to boost the segment’s growth during the forecast period.
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Based on geography, the functional foods market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). Asia Pacific functional foods market is expected to register the fastest growth over the forecast period. The rapidly changing lifestyle of consumers and the change in eating habits have been driving the healthy snacks market in Asia-Pacific. The region is witnessing a rise in the number of single-person and dual-income-no-kids (DINK) households. Long working hours drive the consumer preference toward healthy snacking options over meals, which is fueling the demand for convenient food and on-the-go food products. According to Mr. Sagar Kurade, president of All India Food Processors’ Association, fortified or functional packaged food is benefiting strongly from rising disposable income levels in India. These products are also benefiting from a strong health and wellness trend, with many people increasingly focused on obtaining optimum nutrition. Consequently, consumers are increasingly willing to pay more for fortified or functional packaged food, which is an important factor driving the functional food market across the region.
Impact of COVID-19 Pandemic on Functional Foods Market
The functional foods market witnessed mixed impacts of the COVID-19 pandemic. As people became health-conscious due to the pandemic, they preferred functional foods that help boost immunity and maintain overall health. This factor positively impacted the functional foods market growth. However, due to severe disruption of supply chains, there was a shortage of raw materials, which negatively impacted the profitability of small-scale and large-scale functional foods manufacturers. A shortfall in product supply created a demand and supply gap, which affected the growth of the functional foods market. However, the functional foods market is moving toward stability as the restrictions imposed by the governments of different nations are relaxed. Manufacturers are recovering from the losses as they are operating at full capacity. All these factors are projected to boost the functional foods market growth over the forecast period significantly. Thus, the COVID-19 pandemic significantly impacted the functional foods market in the short term; however, later, it opened lucrative growth opportunities for the market.
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Highlights of the Functional Foods market report:
- Includes a key findings segment to provide a brief overview of the market to the readers
- Detailed company profiles of leading players along with their product catalogue, key developments, CAGR, and valuation are given.
- PEST analysis of each region is provided.
- An in-depth study of strengths, weaknesses, oppurtunities, and threats of each company is conducted.
- Opinions and insights by esteemed analysts and industry experts are documented.
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