According to the report, the global functional food industry was pegged at $177.77 billion in 2019, and is expected to hit $267.92 billion by 2027, registering a CAGR of 6.7% from 2021 to 2027.
Drivers, restraints, and opportunities-
Rise in demand for functional food in developing nations, increase in consumption of natural sports drinks, changes in lifestyle & food habits, and surge in purchasing power of individuals fuel the growth of the global functional food market. On the other hand, availability of healthier substitutes and stringent regulations & international quality standards impede the growth to some extent. Nevertheless, increase in investments by small- & mid-sized food products manufacturing companies is expected to create multiple opportunities in the industry.
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COVID-19 scenario-
- The ongoing pandemic fear has made people more concerned about health and wellness. Also, the stay-at-home orders by government bodies across the world have worked as a catalyst for individuals to get involved in healthy routines which, in turn, has accelerated the demand for functional food.
- Also, functional food products are believed to boost immunity and aid in the body’s defenses. This factor has propelled the global functional food market to a great extent.
The probiotics segment to retain its dominance by 2027-
Based on ingredients, the probiotics segment contributed to more than one-fourth of the global functional food market share in 2019 and is expected to rule the roost by 2027. This is because it helps in the prevention of a number of diseases such as diarrhea. It also helps in boosting mental health conditions which further fuels the market growth. The vitamins segment, on the other hand, would register the fastest CAGR of 7.7% throughout the forecast period, due to increased health awareness among people and prevalence of diseases and disorders caused by vitamin deficiencies.
The bakery & cereals segment to rule the roost-
Based on product, the bakery & cereals segment accounted for more than one-fourth of the global functional food market revenue in 2019 and is projected to lead the trail by the end of 2027, owing to growing population and economic improvements of individuals across the world. Simultaneously, the soy products segment would garner the fastest CAGR of 8.8% during the study period. This is because it contains phytochemicals that can reduce the risk of chronic diseases.
Asia-Pacific, followed by North America, to dominate in terms of revenue-
Based on geography, Asia-Pacific, followed by North America, held the major share in 2019, generating nearly half of the global functional food market. The same region is projected to grow at the fastest CAGR of 7.2% from 2021 to 2027. This is due to the presence of high population base, changes in taste & preferences of consumers, and changing food habits of people in this province.
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Frontrunners in the industry-
- Glanbia PLC
- The Kraft Heinz Company
- Hearthside Food Solutions LLCIncorporated
- Meiji Co., Ltd.
- Raisio PLC
- Danone
- Mars
- Sanitarium Health Food Company
- Nestlé S.A.
- Royal frieslandcampina N.V.
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