Functional Food Market Size Worth USD 597.1 Bn by 2032

The global functional food market size reached USD 305.4 billion in 2022 and it is expected to grow around USD 597.1 billion by 2032, growing at a CAGR of 6.93% from 2023 to 2032.

Table of Contents

Key Takeaways:

By ingredient, the carotenoids segment is expanding at a CAGR of 7.4% from 2023 to 2032.
The vitamin-based functional foods segment is growing at a CAGR of 7.1%.
By product, the dairy products segment has accounted revenue share of 39% in 2022 and is growing at a CAGR of 7.7%
The bakery and cereals segment has accounted for a 27% revenue share in 2022.
North America region has generated 24.9% of the total revenue share in 2022.
The Asia Pacific has accounted revenue share of over 35.9% in 2022.

Functional Food Market Size 2023 to 2032

Functional foods ae ingredients that provide health benefits that extend beyond a human’s nutritional value. For example, they may prevent nutrient deficiencies, protect against disease, and promote proper growth & development. Some types of functional foods contain supplements or other additional ingredients that are designed to improve the health.

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Growth Factors

The increasing prevalence of chronic diseases prompts consumers to shift towards healthier food consumption habits. Rising interest of consumer regarding immunity benefits of a proper diet accounts for the key factor that drives the growth of functional foods market across the globe. Geriatric population believed to get the maximum benefit from functional foods because of age-related health problems. Consequently, burgeoning geriatric population across the globe expected to bolster the market growth. Moreover, the rising disposable income along with increasing demand for fortified food & beverage products leads to increased uptake of functional foods this in turn propels the growth of the market.

On the other hand, high prices of several functional food products limit their adoption that in turn expected to hamper the overall market growth over the forecast timeframe. In addition, downturn in the global economy has impelled consumer to switch towards low priced products and groceries. Furthermore, as per a research conducted on consumer perception on the functional food products regarding their health claims found to be limited. Thus, the above-mentioned factors expected to restrict the adoption functional food across globe on a larger scale. Additionally, food safety and related regulations also accounts to restrict the market growth. Nonetheless, rising population across developing countries expected to propel the market growth over the forecast timeframe.

Report Highlights

The Asia Pacific encountered as the largest markets accounting for more than 40% of overall value share in 2019 due to the rising disposable income coupled with burgeoning population
North America and Europe are the other most prominent revenue contributors owing to awareness among consumers pertaining to maintain good health and fitness through dietary plan
Dairy products led the global market in terms of value in 2019, followed by the bakery & cereals segment and predicted to expand at a CAGR of nearly 8% during the analysis period
New developments across the bakery & cereals sector anticipated to boost the market growth during the forecast timeframe
By ingredients, vitamins dominated the global market in 2019, followed by dietary fibers and minerals
The prebiotics & probiotics segment expected to register the fastest growth during the analysis period owing to its capability to enhance the functionality of some groups of beneficial bacteria
Based on application, cardio health encountered the largest value share accounting for nearly 24% in 2019 because of rising demand for functional food in congestive heart failure, cardiovascular diseases, congenital heart defects, and hardening of arteries
Digestive health expected to register significant growth over in the upcoming time-period due to great interest among women during the course of their reproductive life

Report Scope of the Functional Food Market

Report Highlights	Details
Market Size	USD 597.1 Billion by 2032
Growth Rate	CAGR of 6.93% from 2023 to 2032
Largest Market	Asia Pacific
Fastest Growing Market	North America
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Product, Ingredient, Application, Region

Regional Snapshots

The Asia Pacific emerged as the dominant market in the year 2019 because of a substantial rise in the disposable income of consumers. The functional food industry is also strengthened by the favorable support offered by the government bodies in various countries of the region. Further, to for rising combat concerns related to malnutrition various regulatory bodies have increased their focus on food fortification. This has significantly influenced the consumer behavior, thereby drives the demand for functional food products in the region.

Key Players & Strategies

The global functional food market is highly competitive owing to presence of large number of regional and international players. These industry participants focus primarily on manufacturing facilities and distribution channels in various regions across the globe. For instance, in June 2017, Amway announced to open a new distribution center in the major Thai market. Amway is a prominent seller of dietary supplements in the functional food market. Similarly, in October 2016, ADM introduced a new line of vegetable & fruit functional extracts that can provide a concentrated dose of powerful antioxidant compounds anthocyanins and beta-carotene in a variety of foods, beverages and supplement applications.

Dominating players in the market have strong footprint on the global and offer tough challenge for new entrant to establish their foothold. Despite of this, the prospective and new industry players invest prominently on the research & development (R&D) activity to withstand the competition prevalent in the industry.

Some of the prominent players in the functional food market include:

Cargill
BASF
General Mills Inc.
Standard Functional Foods Group Inc.
Coca-Cola Co.
GFR Pharma
Nutri-Nation
KFSU
Amway
Herbalife
Arla Foods

Segments Covered in the Report

This research study comprises complete valuation of the market revenue with the help of widespread quantitative and qualitative insights, and prognoses of the market. This report presents breakdown of market into forthcoming and niche segments. Additionally, this research study gauges market revenue growth and its drift at global, regional, and country from 2023 to 2032. This report includes market division and its revenue assessment by categorizing it depending on product, ingredient, application, and region:

By Product