Functional Food Market to Reach $237.8 Billion, Globally, by 2033 at 3.4% CAGR: Allied Market Research

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Aug 15, 2024, 02:30 ET

The growth of functional food market is primarily driven by increasing consumer awareness of the health benefits, rising demand for products targeting specific health concerns, and evolving dietary preferences towards nutritionally fortified and health-promoting food options.

WILMINGTON, Del., Aug. 15, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Functional Food Market by Type (Bakery & Cereals, Dairy Products, Beverages, Dietary Supplements and Other Products), Source (Conventional and Organic), and Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online Channels and Convenience Stores): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the functional food market was valued at $172.6 billion in 2023, and is estimated to reach $237.8 billion by 2033, growing at a CAGR of 3.4% from 2024 to 2033.

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Prime determinants of growth

The functional food market is experiencing growth driven by several key factors. Rising consumer awareness of the link between diet and health drives demand for products offering specific health benefits. This awareness extends to concerns about chronic diseases like heart disease and diabetes, spurring interest in functional foods known to mitigate such risks. In addition, advancements in food science and technology facilitate the development of innovative formulations and delivery methods, enhancing product efficacy and appeal. Moreover, shifting dietary preferences towards natural and organic ingredients, coupled with an increasing emphasis on sustainability, contribute to market expansion. Furthermore, the aging population's focus on health and wellness and the integration of functional foods into personalized nutrition and wellness programs further drives market growth.

Report coverage & details:

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$172.6 Billion
Market Size in 2033	$237.8 Billion
CAGR	3.4 %
No. of Pages in Report	342
Segments Covered	Type, Source, Distribution Channel And Region.
Drivers	Growing Health Awareness
	Rising Incidence Of Chronic Diseases
	Shifting Dietary Preferences
Opportunities	Personalized Nutrition Trends
Opportunities	Novel Ingredients And Formulations
Restraints	Taste And Texture Concerns

Segment Highlights

The demand for bakery & cereals is driven by several factors. Firstly, these products offer a convenient and familiar way for consumers to incorporate functional ingredients into their diets without drastically changing eating habits. Functional ingredients such as fibers, whole grains, and added vitamins and minerals can easily be incorporated into bread, cereals, and baked goods, making them accessible to a wide consumer base. Moreover, the versatility of bakery and cereal products allows for a diverse range of functional formulations, catering to various health concerns such as digestive health, heart health, and weight management. Additionally, the widespread availability of bakery and cereal products in both retail and foodservice channels contributes to their dominance in the functional food market.

The demand for conventional food products is influenced by multiple factors. Firstly, conventional functional foods have a longer history and established consumer trust compared to novel or specialty products. Consumers often gravitate towards familiar brands and products when seeking health benefits, leading to higher sales in this segment. Moreover, conventional functional foods are more widely available and accessible in mainstream retail outlets, making them convenient for consumers to purchase and incorporate into their daily diets. This widespread availability contributes to their dominance in the market.

The supermarket/hypermarket dominated the distribution channel segment. Firstly, these retail channels offer a wide array of products, including conventional functional foods, catering to diverse consumer preferences and needs. This extensive product selection provides consumers with convenience and choice, driving sales in these outlets. Moreover, supermarkets and hypermarkets benefit from their widespread presence and accessibility in urban and suburban areas, attracting a large volume of foot traffic and customer visits. This high visibility and convenience contribute to their dominance in the market.

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Regional Outlook

Asia-Pacific has a significant share and dominance in the functional food market. Firstly, the region's large and diverse population, including emerging economies like China and India, presents a vast consumer base with evolving dietary preferences and health concerns. This demographic diversity drives demand for functional foods targeting various health needs, fueling market growth. Moreover, increasing urbanization, rising disposable incomes, and changing lifestyles in Asia-Pacific countries contribute to greater awareness of health and wellness, prompting consumers to seek out functional food options. The region's rich culinary heritage and tradition of using natural ingredients align well with the growing global trend towards natural and minimally processed foods, boosting the popularity of functional foods with natural and organic formulations.

Players: -

Nestle
PepsiCo
Danone
General Mills
Kellogg's
Yakult Honsha
Meiji Co. Ltd.
Mondēlez International
Unilever
Red Bull GmbH

The report provides a detailed analysis of these key players in the global functional food market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Recent Development:

In February 2023, Hindustan Unilever Ltd (HUL) announced the launch of its new chocolate flavor Millet Horlicks in Tamil Nadu. The company claims that Millet Horlicks in chocolate flavor is HUL's first product with super-grain which contains multi-millets like Finger Millet (Ragi) , Sorghum (Jowar) , Foxtail Millet (Kanngani) and Pearl Millet (Bajra) and these multi-millets are claimed to be a natural source of calcium, iron, protein, and fiber.
In April 2023, Nestlé announced the launch of its two new vegan chocolate chips under its Toll House brand. These chips are claimed to be dairy-free and were launched to meet the demand for plant-based products.

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