DUBLIN, December 07, 2021--(BUSINESS WIRE)--The "Functional Foods Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global functional food market.
The global functional foods market is expected to grow from $161.99 billion in 2020 to $171.25 billion in 2021 at a compound annual growth rate (CAGR) of 5.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $228.79 billion in 2025 at a CAGR of 8%.
BNL Food Group
The Coca-Cola Company
Kraft Foods Inc.
Dr PepperSnapple Group
Ocean Spray Cranberries Inc.
Red Bull GmbH
Sanitarium Health and Wellbeing Company
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The functional food market consists of sales of functional food and related services. Functional food is highly nutritious and is associated with many health benefits. The benefits include prevention against nutrition deficiencies, protection against diseases, improved cholesterol levels, lower blood pressure, and promote proper growth & development.
The increasing number of diseases is shifting consumer's focus on healthy eating, which in turn, is projected to boost the demand for functional foods. Functional food provides the human body with healthy nutrition, vitamins & minerals, and reduce the risk of diseases. According to the Centre 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 of every 4 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 for the functional food market over the forecast period.
The higher price of functional food products attributing to the inclusion of healthier or natural ingredients is to limit the growth of the functional food market. The functional foods are sold at higher prices and holds larger profit margins than conventional food. The price of functional food is considerably 30 to 500% above similar conventional foods. Thus, the higher prices of functional food are to act as a major restraint for the growth of the functional food market over the forthcoming years.
The functional foods market covered in this report is segmented by product type into bakery & cereals, dairy products, meat, fish & eggs, soy products, fats & oils, others. It is also segmented by ingredients into carotenoids, dietary fibers, fatty acids, minerals, prebiotics & probiotics, vitamins, others and by application into sports nutrition, weight management, immunity, digestive health, clinical nutrition, cardio health, others.
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