BANGALORE, India, Sept. 2, 2020 /PRNewswire/ -- In recent years, fortified food and beverages' popularity has gradually increased, largely because of the hectic and unhealthy lifestyles that people lead in urban areas. As a result, increasing demand for nutrition-rich food and beverage products is being driven by rising health and wellness concerns. Functional foods have emerged as an attractive option for many consumers, given their wide-ranging and long-term benefits.
The functional food market size was valued at USD 177,770 Million in 2019 and is estimated to reach USD 267,924.4 Million by 2027, registering a CAGR of 6.7% from 2021 to 2027.
The Functional Food Market report provides a quantitative analysis of the current trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
TRENDS INFLUENCING THE FUNCTIONAL FOOD MARKET SIZE
It is anticipated that the increased demand for nutritional and fortified food additives will drive the functional food market size. Food and beverage manufacturers use dietary ingredients such as omega-3 fatty acids, fibers, vitamins, minerals, and other fortifications in their product offerings. The key reason for introducing the aforementioned additives into the food and beverage industries is to increase the nutritional content of food products.
The growing prevalence of chronic diseases is causing customers to move to a healthy diet. Consumers are becoming increasingly aware of their health and have begun to pay more attention to their lifestyles and healthy diets. This increase in awareness and the change in consumer trends is, in turn, expected to drive the growth of the functional food market size.
Because of age-related health concerns, the geriatric population is thought to benefit from functional foods. Thus, the growing global geriatric population is boosting the growth of the functional food market size.
Furthermore, the increase in disposable income due to economic development in developing countries leads to an increase in the consumption of functional foods, thereby increasing the function of food market size.
FUNCTIONAL FOOD MARKET SHARE ANALYSIS
Based on ingredients, the probiotic segment accounted for about one-third of the global market share of functional food in 2019 and is projected to retain its share over the forecast period. This is mostly attributable to improved understanding of the benefits of probiotics in food.
Based on the product, the dairy product segment was valued at USD 48,831.8 Million in 2019 and is expected to grow to USD 73,030.0 Million by 2027, with a CAGR of 6.6%. People are eating dairy products more and more, as it is necessary to create strong bones and maintain a healthy weight. Because of its high nutritional value and massive health benefits, yogurt is primarily used as a functional food.
Based on application, the sports nutrition segment is projected to grow at USD 72,114.6 Million by 2027, registering a CAGR of 6.5%. Growing understanding of nutritional factors can affect the physical and mental performance potential, coupled with a rise in the number of health clubs and fitness centers are expected to fuel the growth of the functional food market size.
Based on the region, Asia-Pacific held the largest functional food market share in 2019 and is expected to continue its dominance during the forecast period. Increasing urbanization, growing spending on health products, and awareness of the functional food's medicinal benefits are expected to drive the growth of the Asia-Pacific functional food market size. Additionally, lifestyle change and dramatic changes in food choices further affect market demand.
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The key 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 MARKET SEGMENTS:
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The Global Sports Nutrition Market size is expected to reach USD 44,003 Million by 2021.
Major factors driving the Sports Nutrition Market size growth include an increase in the number of health clubs and fitness centers, rapid urbanization, and increased disposable income.
The clinical nutrition market was valued at USD 31,357.80 Million in 2018 and is expected to reach USD 55,250.30 Million by 2026, registering a CAGR of 5.3% from 2019 to 2026.
Major factors driving the growth of clinical nutrition market size include a rise in the prevalence of chronic disorders and an increase in patients using advanced clinical nutrition. Also, government-led R&D investments in healthcare also contribute to the growth of the clinical nutrition market size.
The probiotics market is expected to garner USD 57.4 Billion by 2022, registering a CAGR of 7.7% during 2016-2022.
Rising customer demand for natural goods is the main factor driving the Probiotics Market Size. Increasing consumer concerns about preventive healthcare and the impact of probiotic bacteria on wellbeing drive market development.
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