The functional foods market was valued at US$ 233,620.18 million in 2021 and is projected to reach US$ 418,439.42 million by 2028. It is expected to grow at a CAGR of 8.7% from 2021 to 2028.
According to our latest market study, titled " Functional Foods Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Bakery and Confectionery, Dairy and Frozen Desserts, Sweet and Savory Snacks, Breakfast Cereals, and Others), Category (Organic and Conventional), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)," the market was valued at US$ 233,620.18 million in 2021 and is projected to reach US$ 418,439.42 million by 2028. It is expected to grow at a CAGR of 8.7% from 2021 to 2028.
The rising number of diseases is prompting consumers to place a greater emphasis on healthy eating, which is expected to increase the demand for functional foods. Functional food supplies the human body with appropriate nourishment, vitamins, and minerals and lowers the risk of diseases. Further, most modern consumers worldwide are aware of dietary intolerances caused by substances such as gluten, dairy protein, and trans-fats. This rising awareness has resulted in consumers' perception that non-GMO foods are healthier and safer, which is boosting the sales of gluten-free and lactose-free functional food products. Functional foods such as probiotics, energy-boosting foods, and those loaded with vitamins and minerals are the healthy food products of the future. Dairy products containing probiotics, such as yogurt and cheese, and milk containing omega-3 fatty acids, play an essential role in creating functional foods. According to the Centers for Disease Control and Prevention, heart disease is the top cause of mortality in the US, with deaths of over 647,000 Americans each year, accounting for one out of every four deaths. As a result, the rising prevalence of cardiovascular and other diseases worldwide is expected to increase the demand for a healthy diet, thereby fueling the growth of the functional food market over the forecast period. Thus, the rise in the incidence of chronic diseases is potentially driving the functional foods market growth.
Key players operating in the global functional foods market include Unilever; Clif Bar & Company.; Laird Superfood; Abbott; Danone S.A.; GENERAL MILLS, INC.; HILDUR; Nestlé; Kellogg Company; and Good Source Foods, LLC.
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Impact of COVID-19 Pandemic on Functional Foods Market
Many sectors faced unprecedented challenges due to the COVID-19 outbreak. The food & beverages industry growth also suffered from severe disruption due to lockdowns, travel bans, border restrictions, and the shutdown of manufacturing units, among other factors. However, the COVID-19 pandemic had a mixed impact on the functional foods market. The demand for functional foods increased significantly as consumers became health-conscious, which opened significant opportunities for the functional foods market. The sales of functional foods increased as consumers focused on their health and wellbeing. Moreover, the demand for functional foods increased as they support immune health, boost heart health, and enhance bone health. However, due to the shortage of raw materials and laborers, a production shortfall created a demand and supply gap. The manufacturers are overcoming the demand and supply gap as they can now operate at full capacity. Moreover, the majority of the countries are vaccinated, which is a positive sign for the global marketplace. These factors are expected to drive the functional foods market growth over the forecast period. Thus, the market witnessed a mixed impact of the COVID-19 pandemic.
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Functional Foods Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Bakery and Confectionery, Dairy and Frozen Desserts, Sweet and Savory Snacks, Breakfast Cereals, and Others), Category (Organic and Conventional), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
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