Functional Food Market Size is projected to reach USD 347231 million by 2031, growing at a CAGR of 6.84%: Straits Research

According to Straits Research, “The global functional food market was valued at USD 191432 million in 2022. It is projected to reach USD 347231 million by 2031, growing at a CAGR of 6.84% during the forecast period (2023–2031).”

New York, United States, March 28, 2024 (GLOBE NEWSWIRE) — Foods that give health advantages beyond their nutritional characteristics are considered functional foods. They are beneficial in obtaining and maintaining good health and in minimizing illness risk. The wellness community as a whole has been adopting it at a rapid rate. The rise of the worldwide functional food market is predicted to be driven by increased disposable income and accompanying increases in expenditure on health and health-related food products. In addition, the rise of cardiovascular disease, obesity, and illnesses connected to obesity is predicted to boost the functional food market during the forecast period. Soy products are becoming increasingly popular for sports nutrition and weight control, likely enhancing the functional food market throughout the forecast period.

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Rising Interest in Nutritional Supplements among Consumers in Emerging Markets Drives the Global Market

The United States, Germany, France, Spain, Italy, and Japan, among other developed nations, have all asserted that contemporary consumers seek tailored diet and nutrition plans to help them meet their health and wellness goals. To a large extent, the original intent of goods and services meant to promote health and wellness has been rendered obsolete. Consumers in China, South Korea, and the United Arab Emirates have joined Americans in discovering the health benefits of functional foods, including meat, fish, eggs, bread, and cereal. Almond consumption is increasing among consumers in the Asia-Pacific area.

Increased Spending By Medium- And Small-Sized Food Producers Creates Tremendous Opportunities

The expanding market for functional foods presents numerous opportunities for small and medium-sized enterprises. Because the diverse corporations that dominate the food sector have a small footprint, stakeholders intend to build and grow their operations through product innovation. Upscale nutraceuticals and other dietary supplements could be a lucrative market for SMEs. Several companies’ sole mission is to create and sell functional food products. In developing countries like India and China, there has been a growth in the number of small and medium-sized food production facilities due to “made in the country” programs. The demand for meals with added health benefits grows as a result.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global functional food market. Functional food is used widely in many Asian countries for weight loss, therapeutic nutrition, and cardiovascular health. There is an increase in investment in the food manufacturing sector from several small and medium-sized businesses. Indicators like increased per capita income and the proliferation of western lifestyles point to a bright future for the sector. The regional functional food industry is being propelled by consumers’ evolving tastes and preferences and lifestyle changes. The region’s expanding market can be attributed to several factors, including rapid urbanization, rising affluence, a broad consumer base, and a preference for high-priced, vitamin-based products.

North America is expected to grow during the forecast period. Food manufacturers have been pushed to adapt their products to the growing number of people who follow health-focused diets like the ketogenic and paleo diets. Digestive health has become increasingly crucial as low-carb, high-protein, and paleo diets gain popularity. Low cholesterol, high-fiber candies, and baked goods have gained appeal as people become more health conscious. More and more people are opting for high-protein diets. Thus foods that are high in protein yet low in carbs are in high demand. Manufacturers of various foods, including pasta, bakery goods, and others, have taken note of the rising need for protein and have introduced new products that are high in both nutrients and protein. More people are eating out and buying packaged goods, which is excellent news for the region’s functional food industry.

European consumers’ increasing awareness of the health benefits of functional foods has resulted in a dramatic rise in their consumption. Consumers in the region have more disposable income, so they can spend more on functional food products, which contributes to the growth of the functional food business. Better distribution networks have led to a rise in the availability of functional foods across Europe. The market is projected to grow as the European public learns more about the benefits of functional food items, as their prices fall, and as their applications multiply.

Key Highlights

  • Based on ingredients, the global functional food market is bifurcated into probiotics, minerals, proteins & amino acids, prebiotics & dietary fibers, vitamins, and others. The probiotics segment is the highest contributor to the market.
  • Based on product, the global functional food market is bifurcated into bakery & cereals, dairy products, meat, fish & eggs, soy products, fats & oils, and others. The bakery & cereals segment is the highest contributor to the market.
  • Based on application, the global functional food market is bifurcated into sports nutrition, weight management, clinical nutrition, cardio health, and others. The cardio health segment is the highest contributor to the market.
  • Asia-Pacific is the most significant shareholder in the global functional food

Competitive Players

The global functional food market’s major key players are Danone, Glanbia PLC, Hearthside Food Solutions, Mars Incorporated, Meiji Co., LTD., Nestlé S.A., Raisio Plc, Royal Frieslandcampina N.V., sanitarium health food company, and Kraft Heinz Company.

Market News

  • In December 2021, Hearthside Foods Completed Asset Acquisition of Weston Foods Ambient Division.
  • In September 2021, The Sanitarium Health Food Company joined forces with Life Education and its mascot, the giraffe-like Healthy Harold, to promote healthy eating and active living among Australian children.

Global Functional Food Market: Segmentation

By Ingredient

  • Probiotics
  • Minerals
  • Proteins & Amino Acids
  • Prebiotics & Dietary Fibers
  • Vitamins
  • Others

By Product

  • Bakery & Cereals
  • Dairy Products
  • Meat
  • Fish & Eggs
  • Soy Products
  • Fats & Oils
  • Others

By Applications

  • Sports Nutrition
  • Weight Management
  • Clinical Nutrition
  • Cardio Health
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific

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About Straits Research Pvt. Ltd. 

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