Functional Food Market Overview 2023-2028:

IMARC Group’s latest research report, titled “Functional Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global functional food market size reached US$ 207.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 305.6 Billion by 2028, exhibiting a growth rate (CAGR) of 6.5% during 2023-2028.

What is the Functional Foods Market ? :

Functional food is food that has been scientifically designed to provide specific health benefits beyond basic nutrition. It contains biologically active compounds, such as vitamins, minerals, antioxidants, probiotics, and other nutrients that promote good health and prevents disease. Examples of functional foods include probiotic-rich yogurt, omega-3 fatty acid-rich fish, antioxidant-rich berries, and fiber-rich whole grains. It improves digestion, boosts immunity, reduces inflammation, lower cholesterol, and regulates blood sugar levels. It has become increasingly popular as people become more health conscious and interested in preventing and managing chronic diseases.

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Competitive Landscape with Key Players:

  • Abbott Laboratories
  • Amway
  • Cargill Incorporated
  • Clif Bar & Company
  • Danone S.A
  • General Mills inc
  • Glanbia PLC
  • Hearthside Food Solutions LLC
  • Kellogg Company
  • Kerry Group plc
  • Nestlé S.A
  • Raisio Oyj

Functional Food Market Growth and Development:

The global market is primarily driven by the increasing awareness of the health benefits of functional foods. In line with this, the rising demand for fortified food products is significantly contributing to market growth. Furthermore, the growing demand for natural and organic functional foods is positively influencing the market. Apart from this, the shifting inclination of consumers towards functional foods that boost immunity and promote overall health and wellness is catalyzing the market. Moreover, the escalating demand for nutritional and fortifying food additives is propelling the market. Additionally, the key players are focusing on marketing strategies to promote functional foods and expand their online distribution, which is providing a boost to the market.

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Key Market Segmentation:

Breakup by Product Type:

  • Bakery Products
  • Breakfast Cereals
  • Snack/Functional Bars
  • Dairy Products
  • Baby Food
  • Others 

Breakup by Ingredient:

  • Probiotics
  • Minerals
  • Proteins and Amino Acids
  • Prebiotics and Dietary Fiber
  • Vitamins
  • Others 

Breakup by Distribution Channel:

  • Supermarkets and Hypermarkets
  • Specialist Retailers
  • Convenience Stores
  • Online Stores
  • Others 

Breakup by Application:

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

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report: 

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape 

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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