Global Functional Foods Market: Overview
In the past few years, the global functional foods market has
experienced innovation and economic expansion owing to rising
consumer awareness regarding their health and nutritional benefits.
Functional foods are the medicinal foods that are helpful in
preventing diseases, enhancing health, and reducing the healthcare
costs
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The demand for functional foods is higher in developed countries.
Consumers in developed countries are turning towards functional foods
and drinks in order to address perceived nutritional shortfalls. With
a valuation of US$8.62 bn, the U.S. was the leading market for
functional foods in 2015. According to a survey by the National
Center for Biotechnology Information (NCBI) in 2014, nearly 90% of
American adults acknowledged the benefits of functional foods.
The report provides an in-depth analysis of the global functional
foods market. It does so by offering qualitative and quantitative
insights into its dynamics, application segmentation, and competitive
landscape. Primary and secondary resources have been taken into
account while compiling this study on the functional foods industry.
The report also sheds light on the estimated trajectory that each
market player is likely to experience during the forecast period.
Global Functional Foods Market: Drivers and Restraints
The rising prevalence of chronic diseases is prompting consumers to
shift towards healthier food consumption. The increasing consumer
interest and growing understanding of how a proper diet can enhance
immunity are some of the key factors driving the growth of the global
functional foods market. Among adult consumers, geriatric population
is believed to benefit from functional foods due to age-related
problems pertaining to health. Therefore, the rising global geriatric
population is bolstering the growth of the market. Moreover, the
rising disposable income and increasing demand for fortified food and
beverage products are leading to increased uptake of functional
foods, thereby propelling the growth of the market.
Although the functional foods product sales have and will continue to
rise at a brisk rate, the growth of the market is hampered due to
economic issues. The high prices of several products are limiting
their adoption. In addition, the global economic downturn is
impelling consumers to switch to cheaper groceries. Furthermore,
research into consumer perceptions of these products and their
associated health claims is limited. Another factor restraining the
demand for functional foods is food safety concerns and regulations.
These factors, collectively, are impeding the growth of the market.
Nevertheless, sustained population rise will lead to a shift of focus
from high consumption areas such as the U.S. and Japan to
high-population regions such as China and India. This shift is likely
to offer immense growth opportunities for the functional
foods market in near future.
Global Functional Foods Market: Key Growth Areas
Based on application, the market is segmented into confectionery,
fortified dairy products, bakery and cereals, frozen and chilled
food, and functional drinks. The fortified dairy products segment is
expected to witness substantial growth owing to the rising popularity
of probiotic yogurt drinks in developed countries and the increasing
dairy activities in developing countries. The growth of the
functional drinks can be attributed to the increasing demand for
high-performance drinks in sports and growing consumption of soy milk
worldwide. The bakery and cereals segment is likely to flourish
owing to growing number of cereal-based products being marketed as an
immunity-buster. The rising disposable income is augmenting the
growth of the confectionery segment.
Companies Mentioned in the Report
Unilever, Sanitarium Health & Wellbeing Company, Royal FrieslandCampina, Red Bull GmbH, Raisio Group, PepsiCo Inc., Ocean Spray Cranberries Inc., Nestlé, Murray Goulburn, Meiji Group, Mars Inc., Kraft Foods Inc., Kirin Holdings, Kellogg Company, Danone, GlaxoSmithKline Company, Glanbia Plc., General Mills Inc., Dr Pepper Snapple Group, Dean Foods, The Coca-Cola Company, BNL Food Group, Arla Foods, and Abbott Laboratories.
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