Functional Foods Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Functional foods are highly nutritious foods that are associated with many health benefits. The benefits include prevention of nutrition deficiencies, protection against diseases, improved cholesterol levels, lower blood pressure, and promotion of proper growth and development.

Sizing and Forecast
The functional foods market size has grown rapidly in recent years. It will grow from $251.66 billion in 2023 to $282.11 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%.  The  growth in the historic period can be attributed to increasing health awareness, aging population, preventive healthcare trend, scientific research and nutritional advancements, rising incidence of lifestyle diseases.

The functional foods market size is expected to see rapid growth in the next few years. It will grow to $421.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.  The growth in the forecast period can be attributed to changing dietary patterns, personalized nutrition trends, expanding middle-class population, focus on gut health, clean label and natural ingredients. Major trends in the forecast period include advancements in food technology, rising consumer awareness of health and wellness, emphasis on gut health, innovation in ingredients and formulations, digitalization of nutrition and personalized diets.

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Segmentation & Regional Insights
The functional foods market covered in this report is segmented –
1) By Product Type: Bakery & Cereals, Dairy Products, Meat, Fish & Eggs, Soy Products, Fats & Oils, Other Product Types
2) By Ingredients: Carotenoids, Dietary Fibers, Fatty Acids, Minerals, Prebiotics & Probiotics, Vitamins, Other Ingerdients
3) By Application: Sports Nutrition, Weight Management, Immunity, Digestive Health, Clinical Nutrition, Cardio Health, Other Applications

Asia-Pacific was the largest region in the functional food market in 2023. Western Europe was the second-largest region in the global functional foods market. The regions covered in the functional foods market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing number of diseases is shifting consumers' focus to healthy eating, which in turn is projected to boost the demand for functional foods. Functional food provides the human body with healthy nutrition, vitamins and minerals, and reduces the risk of diseases. According to the Centers for Disease Control and Prevention, heart disease is a leading cause of death in the USA, and about 6,47,000 Americans die from heart disease every year, which is one out of every four deaths. Therefore, the increasing number of cardiovascular and other diseases across the globe is anticipated to generate higher demand for a healthy diet, which in turn, is likely to propel the revenues of the functional food market over the forecast period.

Key Industry Players
Major companies operating in the functional foods market report are Nestlé Alimentana SA, BASF SE, PepsiCo Inc., Unilever plc, Abbott Laboratories, The Coca-Cola Company, GlaxoSmithKline Company, Mondelez International Inc., Danone SA, Kraft Foods Inc., General Mills Inc., Royal FrieslandCampina NV, Kellogg Company, Kirin Holdings Company Ltd., Dr PepperSnapple Group Inc., Red Bull GmbH, Ajinomoto Co. Inc., Meiji Holdings Company Ltd., Givaudan SA, Glanbia plc, Barilla Holding SpA, Arla Foods UK plc, Ocean Spray Cranberries Inc., Sanitarium Health and Wellbeing Company, Raisio Oyj, Lifeway Foods Inc., GFR Pharma Ltd., BNL Food Group Inc., Suiza Foods Corporation, Murray Goulburn Co-Operative Co. Limited

The functional foods market report table of contents includes:
1. Executive Summary
2. Functional Foods Market Characteristics
3. Functional Foods Market Trends And Strategies
4. Functional Foods Market - Macro Economic Scenario
5. Global Functional Foods Market Size and Growth
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32. Global Functional Foods Market Competitive Benchmarking
33. Global Functional Foods Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Functional Foods Market
35. Functional Foods Market Future Outlook and Potential Analysis
36. Appendix