Functional Food Market size is set to grow by USD 127.46 bn from 2024-2028, rising health awareness to boost the market growth, Technavio

NEW YORK, May 16, 2024 /PRNewswire/ -- The global functional food market  size is estimated to grow by USD 127.46 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.66%  during the forecast period. 

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Key Market Trends Fueling Growth

The functional food market is experiencing robust growth due to the rise of personalized nutrition. This approach caters to unique health needs and preferences by tailoring dietary recommendations and food formulations based on genetic makeup, lifestyle, and health goals. Innovation is being driven by technological advancements, such as genetic testing and data analytics, enabling personalized insights into nutrition. Functional foods address specific health concerns, optimize performance, and enhance overall well-being, aligning with consumers' personal health objectives. Key areas of focus include nutritional additives, health benefits, supply chain, geriatric population, consumer interest, functional ingredients, omega-3 fatty acids, probiotics, fish oils, carotenoids, fiber, cholesterol reduction, blood sugar control, vitamins, dairy products, bakery and cereals, meat, eggs, soy products, fats and oils, sports nutrition, clinical nutrition, weight management, cardio health, immunity, digestive health, prebiotics, nutrigenomics, and various extraction techniques. 

Market Challenges

• Functional foods, enriched with probiotic strains, flavonoids like Quercetin, Kaempferol, and Catechins, and textured proteins, face high prices due to complex production processes and specialized ingredient sourcing. These factors can limit market accessibility to price-sensitive consumers, creating a perception of luxury or niche status. Functional foods, including energy drinks and dairy alternatives, support various health conditions such as obesity, diabetes, cardiovascular diseases, aging population, cognitive decline, joint health, and sports nutrition. Global consumer awareness and the growing health-conscious population continue to drive demand for these healthier food products. International food regulations ensure their safety and quality.

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Segment Overview 

This functional food market report extensively covers market segmentation by

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. Product Type
• 2.1 Dairy products
• 2.2 Bakery and cereals
• 2.3 Meat/fish and egg
• 2.4 Soy products and others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Offline-  In the realm of distribution channels for functional food markets, supermarkets and hypermarkets emerge as the most favored options due to their extensive offerings of nutritional additives and a wide array of products catering to various health benefits. The supply chain of these establishments ensures a steady flow of functional ingredients, such as omega-3 fatty acids, probiotics, fish oils, and yogurt, among others. Supermarkets and hypermarkets also cater to the growing consumer interest in geriatric population, offering products with cholesterol reduction, blood sugar control, and vitamins. Dairy products, bakery and cereals, meat, eggs, soy products, fats and oils, sports nutrition, clinical nutrition, weight management, cardio health, immunity, and digestive health are some of the categories that witness significant demand. Advanced technologies like ultrasound-assisted extraction, microwave-assisted extraction, pulsed electric field, radio-frequency drying, supercritical fluids, cold plasma treatment, electro-osmotic dewatering, and nanoencapsulation are employed to enhance the nutritional value and shelf life of these products. Additionally, the rise of veganism and plant-based meat alternatives further expands the scope of functional food offerings in supermarkets and hypermarkets.

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Research Analysis

The Functional Food Market encompasses a wide range of products designed to address the health concerns of various populations, particularly the geriatric population. Consumer interest in healthier food products has led to the incorporation of functional ingredients such as Omega-3 fatty acids, Probiotics, and Prebiotics. These ingredients are sourced through advanced supply chain methods, including Ultrasound-assisted extraction, Microwave-assisted extraction, Pulsed electric field, Radio-frequency drying, and Supercritical fluids. Functional foods play a crucial role in mitigating health issues like obesity, diabetes, cardiovascular diseases, heart disease, and stroke. The aging population, with its increased susceptibility to cognitive decline, further emphasizes the importance of functional foods in maintaining overall health.

The functional food market encompasses a wide range of products designed to provide health and nutritional benefits beyond basic nutrition. These foods may contain bioactive components, such as probiotics, prebiotics, fiber, vitamins, and minerals, that can positively impact health and reduce the risk of chronic diseases. The market is driven by increasing consumer awareness and demand for healthy food options, as well as advancements in food technology and innovation. Consumers are seeking functional foods that cater to specific health needs, such as weight management, energy boost, and immune system support. The market is also influenced by demographic trends, such as an aging population and the rise of vegetarianism and veganism. The future of the functional food market looks promising, with continued growth and innovation expected in the coming years.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Offline
• Online
• Product Type
• Dairy Products
• Bakery And Cereals
• Meat/fish And Egg
• Soy Products And Others
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio