February 21, 2024
Functional Food Market

Functional Food Market Propelled by Rising Health Consciousness among Consumers

The functional food market comprises food and beverages products that deliver health benefits beyond basic nutrition. Functional foods help reduce the risk of diseases, enhance immunity, improve digestion, and promote overall well-being. Growing health concerns and change in dietary habits have increased the demand for functional food products such as fortified food, probiotic yogurt, prebiotic bread, omega-3 enriched eggs, plant-based drinks, and energy bars.

The global functional food market is estimated to be valued at US$ 204.22 Billion in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Rising health consciousness among consumers has propelled the demand for functional food products in recent years. People are increasingly resorting to functional food for meeting their nutritional needs instead of dietary supplements. The growing awareness about the linkage between diet and health has motivated consumers to opt for food products offering added health benefits. As consumers associate functional food with improved wellness and lower risk of chronic diseases, its demand is expected to rise substantially over the coming years. Food manufacturers are actively responding to this trend by introducing novel products fortified with various vitamins, minerals, prebiotics and probiotics. The functional food market is anticipated to gain significant traction across developing nations as people become more health-centric.

SWOT Analysis
Strength: Functional foods deliver health benefits beyond basic nutrition like reducing risk of disease, improving physical and mental performance. They promote overall wellness.

Weakness: Function claims may mislead consumers if not substantiated. New products may face regulatory issues before market approval. High costs of R&D and clinical trials.

Opportunity: Growing health awareness. Rising prevalence of chronic diseases and aging population driving demand. Innovation in delivery formats like snacks and beverages expands market reach.

Threats: Intense competition. Stringent regulations over health claims. Vulnerable to economic downturns affecting consumer spending. Changing consumer preferences and emergence of alternative therapy options.

Key Takeaways

Global Functional Food Market Size is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis:

North America currently dominates the market due to growing health consciousness. Europe also captures a significant share with rising focus on preventive healthcare and active aging population.

Key players operating in the functional food market are F Hoffmann-La Roche AG, Merck KgaA, Apexigen Inc., Immunovia AB, Viatris Inc., Amgen Inc., AstraZeneca PLC, Bristol-Myers Squibb, Novartis AG, Pfizer Inc., Myriad Genetics Inc., Canon Medical Systems Corporation, FUJIFILM Holdings Corporation, Boston Scientific Corporation, and Rafael Holdings Inc. (Rafael Pharmaceuticals), among others.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it