Functional Foods Market - Overview, Drivers and Restraints, Outlook 2016-2024

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.

Global Functional Foods Market Grows as Consumers Become More Health-aware

Transparency Market Research has compiled a large pool of information based on the recent and current events in the global industry of food and beverages. TMR’s latest study in this industry is titled, “Functional Foods Market - Global Industry Size, Share, Trends, Analysis And Forecast, 2012 – 2018.” As suggested in the title, this report elaborates on how the global functional foods market is expected to progress in the near future, given its current state and proponents of growth as well as restraints.

The key to the global functional foods market in terms of growth, as well as most other markets in the food and beverages industry, is increasing public awareness. The advantage possessed by this market lies in the increasing number of people becoming aware of the health benefits of consuming functional foods. The products in this market are capable of providing a much higher proportion of nutrients as well as help build a better resistance to diseases, spurring considerable demand for functional foods among a large base of consumers.

Functional foods are rapidly becoming popular for the health benefits they provide. They can improve the health of a person a lot faster than conventional foods, reduce the overall cost of healthcare for a patient, and help provide nutrition and support to rural regions. The global functional foods market is allowing the agriculture industry to expand its horizons in terms of crop diversity.

The global functional foods market is developing at a much faster rate in developed economies due to a faster market penetration rate and a higher level of awareness of the products on the market.

The key segments in the global functional foods market are functional drinks, frozen and chilled foods, fortified dairy products, confectionary, and bakery and cereals. In terms of geography, the global functional foods market is segmented into North America, Europe, Asia Pacific, and the Rest of World.

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The global functional foods market is expected to be dominated by North America in terms of consumption, owing to greater health-consciousness and higher disposable incomes. The coming years will see a growth rate of 21% for functional foods in the U.S. in terms of demand. The U.S. functional foods market is expected to reach US$8.62 bn by the end of the report’s forecast period. The majority of the growth of the U.S. functional foods market is attributed to the increasing demand for fortified dairy products and energy drinks.

The key players in the global functional foods market are Unilever, Sanitarium Health & Wellbeing Company, Royal FrieslandCampina, Red Bull GmbH, Murray Goulburn, Groupe Danone, Ocean Spray Cranberries Inc., Nestlé, Meiji Group, Dr Pepper Snapple Group, and The Coca-Cola Company.