Functional Foods Market Size to be Worth $586.1 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Dec. 15, 2022 /PRNewswire/ -- The global functional foods market size is expected to reach USD 586.1 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.5% over the forecast period in terms of revenue. The market for functional foods is expected to witness growth due to a shift from traditional to enriched nutraceutical products, increasing consumer awareness of maintaining overall wellness and health, and a rise in consumer demand for food products fortified with vitamins and minerals.

Key Industry Insights & Findings from the report:

• In the ingredient segment, vitamins are expected to witness a significant growth rate owing to increasing awareness regarding attaining health & wellness, as well as a rise in preventive healthcare.

• Soy is expected to grow at the fastest rate in the product segment over the forecast period. The growing global prominence of dairy-free products including spreads, yogurts, and milk drinks has significantly contributed to the segment expansion.

• Weight management accounted for a significant share of the application segment in 2021. The increasing obesity rate across the globe and weight-related diseases are expected to propel product demand in this application area.

• Asia Pacific is predicted to expand at the highest CAGR from 2022 to 2030. The functional foods market is being fueled by numerous government initiatives aimed at encouraging healthy lifestyles in countries such as India, Japan, and China.

Read 100 page full market research report, "Functional Foods Market Size, Share & Trends Analysis Report By Ingredient (Carotenoids, Prebiotics & Probiotics, Fatty Acids, Dietary Fibers), By Product, By Application, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Functional Foods Market Growth & Trends

The functional foods market growth is being driven by increased awareness and concern about preventive healthcare among consumers and the efficiency of fortifying food additives on overall health. Food and beverage manufacturers are fortifying their product offerings with nutritional additives such as fibers, omega-3, vitamins, minerals, and others. Furthermore, demand for foods containing dietary fibers has increased due to an increase in consumption of functional foods that have the potential to improve health as well as provide basic nutrition, which will positively impact market growth in the coming years.

Rising awareness campaigns by government agencies, non-governmental organizations, and companies have also further boosted consumer awareness pertaining to the nutritional benefits offered by functional foods, which, in turn, is projected to fuel market growth. Changing government regulations and increasing stringent policies pertaining to food fortification, to ensure the health and safety of consumers, are further driving consumer attention toward consuming healthy products. Moreover, the consumption of premium nutrition-infused products is regarded as a symbol of one's social status in many countries, thereby further fueling the market growth.

Increasing demand for fortified food items is boosting the demand for functional food products. Functional food manufacturers are also using attractive packaging as an effective marketing solution to lure consumers and enhance profits. Manufacturers are focusing on incorporating new technologies and customized solutions to meet consumer demands. Functional food manufacturers are aiming to cut down on costs associated with the procurement of raw materials, transportation of raw materials to the production site, and packaging of the final product by vertically integrating their operations.

The functional foods market in Europe is expected to rise steadily during the forecast period. Major European countries such as France, Germany, the U.K., Italy, Spain, and others have witnessed a growing consumer inclination towards functional ingredients. Additionally, the food and beverage industries in these countries are also highly advanced, with major multinational corporations introducing new technologies and products to meet rising regional demand.

Functional Foods Market Segmentation

Grand View Research has segmented the global functional foods market based on ingredient, product, application, and region:

Functional Food Market - Ingredient Outlook (Revenue, USD Billion, 2017 - 2030)

• Carotenoids
• Dietary Fibers
• Fatty Acids
• Minerals
• Prebiotics & Probiotics
• Vitamins
• Others

Functional Food Market - Product Outlook (Revenue, USD Billion, 2017 - 2030)

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

Functional Food Market - Application Outlook (Revenue, USD Billion, 2017 - 2030)

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

Functional Food Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America
•  U.S.
•  Canada
•  Mexico
• Europe
•  Germany
•  U.K.
•  France
•  Italy
•  Spain
• Asia Pacific
•  China
•  Japan
•  India
•  Australia
• South Korea
• Central & South America
•  Brazil
•  Argentina
• Middle East & Africa
•  South Africa
•  Saudi Arabia

List of Key Players in the Functional Food Market

• The Coca-Cola Company
• GFR Pharma
• Arla Foods amba
• Amway Corp.
• Herbalife International of America, Inc.
• Cargill, Incorporated
• General Mills Inc
• BASF SE
• Standard Functional Foods Group Inc.
• KFSU
• Nutri-Nation

Check out more related studies published by Grand View Research:

• Functional Mushroom Market - The global functional mushroom market size is anticipated to reach USD 65.8 billion by 2030, expanding at a compound annual growth rate (CAGR) of 10.8% over the forecast years, according to a new report by Grand View Research, Inc. The industry is expanding due to the rising demand for functional mushrooms as superfoods in developed regions, such as Europe and North America. Furthermore, the global demand for natural or organic skincare products has been rapidly growing over the past several years mainly on account of increased customer awareness regarding the side effects of synthetic cosmetic products. Mushrooms are rich sources of vitamins, antioxidants, essential oils & oils, hydrocolloids, proteins, terpenoids, and other bioactive compounds.
• Functional Ingredients Market - The global functional ingredients market size is projected to reach USD 105.64 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.4% from 2020 to 2027. Growing demand for healthy food with high nutritional value is anticipated to augment the market growth over the forecast period.

• Nutraceuticals Market - The global nutraceuticals market size is expected to reach USD 991.09 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.0% from 2021 to 2030. Rising awareness regarding calorie reduction and weight loss in the major markets including the U.S., China, and India is expected to promote the application of the health and wellness segment and thus, in turn, will have a substantial impact on the industry.

Browse through Grand View Research's  Nutraceuticals & Functional Foods Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.