Functional Food Market Revenues to Reach USD 212.85 billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

Hyderabad, July 12, 2023 (GLOBE NEWSWIRE) -- Functional Food Market Revenues to Reach USD 212.85 billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

According to a new market research report titled “Functional Food Market Report (2023-2028),” the market is estimated at USD 186.21 billion in 2023. It is expected to register a CAGR of 2.71% during the forecast period.

Functional foods provide specific health benefits beyond the regular daily intake of nutrients, for instance, enhanced bone health, cholesterol management, improved heart health, and other benefits associated with eye health and vision. The mounting demand for nutritional and fortifying food additives is projected to drive market growth. Food manufacturers are implementing the fortification of nutritional additives in their product offerings too. The objective of incorporating additives in the food industry is to improve the nutritional content of food items.

Report Summary:

Who are the Top Companies in the Functional Food Market?

The functional food market is competitive, and numerous domestic and multinational players are competing for market share. As a crucial marketing strategy, companies are focusing on new product launches with healthier ingredients/organic claims along with mergers and acquisitions, partnerships, and expansions.

The noteworthy players holding the global functional food market are:

• Lotus Bakeries
• Nestlé SA
• Hearthside Food Solutions LLC
• Valio Eesti AS
• The Kellogg's Company
• Abbott Laboratories
• PepsiCo Inc.
• Danone SA
• Clif Bar & Company
• General Mills
• Laird Superfoods
• Cocos Organic
• Yakult Honsha Co. Ltd
• Care Nutrition
• Hindustan Unilever Ltd

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Key Highlights from the Functional Food Market Report:

    Rising Consumption of Nutrient-Enriched Food

• The recognition regarding the health benefits of functional foods in protecting against diseases such as cancer, heart disease, diabetes, etc., is ascending. Thus, the positive impact of functional foods on one’s health is supporting market demand and growth. The growing population and changes in food fashion among people are the major drivers of the market.
• Similarly, the expanding trend of on-the-go snacking is becoming extremely popular among children due to their need for regular meals. Adults prefer them due to their active hectic lifestyles.

     Asia-Pacific Holds a Significant Market Share

• Asia-Pacific is the chief market for functional food foodstuffs. Growing consumer interest, along with a better understanding of the immunity-enhancing function of proper diet and food habits, are some of the significant factors driving the growth of mineral-enriched and vitamin-fortified food product sales.
• Furthermore, in countries such as Japan and China, manufacturers are becoming more creative with dairy packaging, ingredients, and flavors, launching fortified variants easily, thereby boosting the functional food market.

What are the Latest Developments in the Functional Food Market?

• In April 2023, Nestlé launched two new vegan chocolate chips under its Toll House brand. These chips were launched to meet the demand for plant-based products.
• February 2023: Hindustan Unilever Ltd (HUL) launched Millet Horlicks in Tamil Nadu. As per the company, Millet Horlicks in chocolate flavor is HUL's first product which contains multi-millets like Finger Millet (Ragi), Sorghum (Jowar), Foxtail Millet (Kanngani) and Pearl Millet (Bajra).

Mordor Intelligence has Segmented the Functional Food Market Based on Product Type, Distribution Channel, and Geography:

• By Product Type
  • Bakery Products
  • Breakfast Cereals
  • Snack/Functional Bars
    • Sports Bars
    • Energy Bars
    • Protein Bars
  • Dairy Products
    • Yogurt
    • Other Functional Dairy Products
  • Baby Food
  • Other Product Types
• By Distribution Channel
  • Supermarkets/Hypermarkets
  • Specialist Retailers
  • Convenience/Grocery Stores
  • Online Retail Stores
  • Other Distribution Channels
• By Geography
  • North America
    • United States 
    • Canada 
    • Mexico
    • Rest of North America
  • Europe 
    • United Kingdom 
    • Germany 
    • France 
    • Spain
    • Italy
    • Russia
    • Rest of Europe 
  • Asia-Pacific 
    • China 
    • India 
    • Japan 
    • Australia
    • Rest of Asia-Pacific 
  • South America 
    • Brazil 
    • Argentina 
    • Rest of South America 
  • Middle East & Africa 
    • South Africa 
    • United Arab Emirates
    • Rest of Middle East & Africa 

In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Functional Food Market Report (2023-2028).

Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:

• Europe Snack Bar Market Report - The European snack bar market size is expected to grow from USD 3.78 billion in 2023 to USD 4.80 billion by 2028, at a CAGR of 4.88% during the forecast period (2023-2028).
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• Energy Bar Market Report - The energy bar market size is estimated at USD 3.16 billion in 2023 and is expected to reach USD 3.73 billion by 2028 at a CAGR of 3.32% during the forecast period (2023-2028).

About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.

Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.

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• Functional Food Market - Mordor Intelligence