Functional Food and Beverages Market is Expected to Grow at a CAGR of 8.9% from 2023-2030 to Reach $532.98 Billion by 2030 : Meticulous Research®

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Mar 08, 2023, 10:10 ET

REDDING, Calif., March 8, 2023 /PRNewswire/ -- According to a new market research report titled, 'Functional Food and Beverages Market by Type (Bakery Products, Confectionery Products, Snacks, Energy Drinks, Sports Drinks), Application (Health & Wellness, Immunity, Clinical Nutrition, Cardio Health), Distribution Channel—Global Forecast to 2030,' the functional food and beverages market is projected to reach $532.98 billion by 2030, at a CAGR of 8.9% from 2023 to 2030.

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Functional food and beverages can be considered whole, fortified, enriched, or enhanced food and beverages that provide health benefits beyond essential nutrients (e.g. vitamins and minerals) when consumed at efficacious levels as part of a varied diet. It also provides the body with the required vitamins, fats, proteins, carbohydrates, etc., for healthy survival. Functional food and beverages target several health objectives, including enhancing weight loss, improving joint health, increasing muscle and bone strength, decreasing risk factors for cardiovascular disease & Type 2 diabetes, enhancing digestion, and decreasing wrinkles.

The growth of this market is driven by the increasing demand for healthy & nutrition-rich diets, rising demand for sports & performance drinks, growing innovation and new product developments, and changes in lifestyles & rising incidences of chronic diseases. Furthermore, the increased investment and expansions in the functional food and beverages industry and rapid growth in the retail sector are expected to provide significant opportunities for the growth of this market.

However, the higher prices of functional food & beverages compared to conventional food & beverages and stringent government regulations & guidelines restrain the growth of this market. In addition, healthy snacking and clean labels are the major trends in this market.

Increasing Demand for Healthy & Nutrition-rich Diets to Drive the Growth of the Functional Food and Beverages Market

Consumers are becoming increasingly concerned about their health and paying more attention to their lifestyles and dietary habits. Thus, the global demand for healthy & nutrition-rich diets is rising with the growing world population. According to the Food and Agriculture Organization (FAO), in 2050, the global demand for food, particularly nutrient-rich, will be twice as compared to 2013.

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In recent years, consumer awareness regarding health, nutrition-rich diets, calorie reduction, and food safety has grown globally, which is expected to transform the food & beverage sector and boost the growth of the functional food and beverages market. Furthermore, the incidence of Type 2 diabetes has increased significantly in recent years and is expected to increase in the coming years. The rising incidence rate of diabetes is mainly attributed to the increasing number of people living sedentary lifestyles. According to the International Diabetes Federation (IDF), approximately 537 million adults (aged 20–79 years) across the globe had diabetes in 2021. The number is expected to reach 783 million by 2045, of which 541 million will be at increased risk of developing type 2 diabetes. Thus, the increasing cases of diabetes and increased consumer interest in nutrition and health are expected to boost the demand for healthy & nutrition-rich diets, subsequently driving the demand for functional food and beverages.

Moreover, the growing health-conscious population has boosted the demand for nutritional bars and beverages, increasing the sales of functional food and beverages. Furthermore, consumers are increasingly spending on value-added food categories to maintain healthier lifestyles, boosting the sales of functional food and beverages. Increasing awareness among people regarding strengthening their immunity to prevent risks of infections has compelled them to maintain healthy lifestyles and adopt proper dietary habits. These factors are expected to drive the growth of this market across the globe.

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Based on type, the functional food and beverages market is segmented into functional food and functional beverages. In 2023, the functional food segment is expected to account for the larger share of the functional food and beverages market. The large market share of this segment is attributed to the growing demand for nutritional & fortifying food products and rising awareness about the health benefits of consuming these products. Today, consumers are drawn to foods with functional ingredients to lower the risk of specific health concerns, such as obesity, weight loss, diabetes, and cardiovascular diseases, which contributes to the growth of this segment.

However, the functional beverages segment is expected to grow significantly during the forecast period. The rapid growth of this segment is mainly driven by the growing demand for functional beverages in emerging economies, increasing demand for sports drinks, and a rise in health expenditure.

Based on application, the functional food and beverages market is segmented into health & wellness, sports nutrition, weight management, immunity, digestive health, clinical nutrition, cardio health, and other applications. In 2023, the health & wellness segment is expected to account for the largest share of the functional food and beverages market. The large market share of this segment is attributed to the factors such as the increasing health consciousness among consumers and the growing demand for clean-label and non-GMO food products.

Based on distribution channel, the functional food and beverages market is segmented into supermarkets & hypermarkets, convenience stores, specialty stores, E-commerce, and other distribution channels. In 2023, the supermarkets & hypermarkets segment is expected to account for the largest share of the functional food and beverages market. The large market share of this segment is attributed to the increasing urbanization, rising per capita disposable incomes, consumers' increasing adoption of healthy eating habits, and increased sales of functional food and beverages in well-established supermarkets and hypermarkets.

However, the e-commerce segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly driven by the growing preference for personalized experience, the convenience offered by E-commerce, the availability of greater discounts compared to offline stores, and a greater product selection experience.

Based on geography, in 2023, North America is expected to account for the largest share of the functional food and beverages market. North America's major market share is attributed to the well-established food & beverage industry; high awareness of the health benefits of functional food and beverages; the growing popularity of protein bars, shakes, and cookies among millennials; and the high demand for nutritional products across the region.

However, the market in Asia-Pacific is slated to register the highest growth rate during the forecast period. The growth of this regional market is driven by the rising awareness about the health benefits of functional food and beverages, increasing disposable incomes, rapid urbanization, the rising incidence rate of diabetes and obesity, the increasing adoption of low-carb and clean-label trends, the growing demand for sugar-free products, and the rising health wellness trends in the region.

The key players operating in the functional food and beverages market include The Coca-Cola Company (U.S.), Danone S.A. (France), Glanbia plc (Ireland), Hearthside Food Solutions LLC (U.S.), Mars, Incorporated (U.S.), Meiji Holdings Co., Ltd. (Japan), Nestlé S.A. (Switzerland), Raisio plc (Finland), Royal FrieslandCampina N.V. (Netherlands), The Kraft Heinz Company (U.S.), Arla Foods amba (Denmark), Amway Corporation (U.S.), PepsiCo, Inc. (U.S.), Kellogg Company (U.S.), and General Mills, Inc. (U.S.).

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Scope of the Report:

Functional Food and Beverages Market, by Type

Functional Food

Bakery Products
Confectionery Products
Snacks
Dairy Products
Infant Food Products
Other Functional Foods

Functional Beverages

Energy Drinks
Sports Drinks
Fortified Juices
Dairy-based Beverages
Other Functional Beverages

Functional Food and Beverages Market, by Application

Health & Wellness
Sports Nutrition
Weight Management
Immunity
Digestive Health
Clinical Nutrition
Cardio Health
Other Applications

Functional Food and Beverages Market, by Distribution Channel

Supermarkets & Hypermarkets
Convenience Stores
Specialty Stores
E-commerce
Other Distribution Channels

Functional Food and Beverages Market, by Geography

North America

U.S.
Canada

Europe

Germany
France
U.K.
Italy
Spain
Rest of Europe (RoE)

Asia-Pacific (APAC)

China
Japan
India
Australia
South Korea
Rest of Asia-Pacific (RoAPAC)

Latin America (LATAM)

Brazil
Mexico
Argentina
Rest of Latin America (RoLATAM)

Middle East & Africa (MEA)

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