New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Functional Foods Global Market Report 2023" - https://www.reportlinker.com/p06284493/?utm_source=GNW
Major players in the functional food market are, Unilever, BNL Food Group, Dean Foods, The Coca-Cola Company, Arla Foods, Abbott Laboratories, PepsiCo Inc., Kraft Foods Inc., and Nestle.
The global functional foods market will grow from $203.64 billion in 2022 to $229.7 billion in 2023 at a compound annual growth rate (CAGR) of 12.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The functional foods market is expected to grow from $354.96 billion in 2027 at a CAGR of 11.5%.
The functional food market consists of sales of fatty acids, carotenoids, prebiotics & probiotics, vitamins, dietary fibers, minerals, and other functional foods.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Functional foods are foods that are highly nutritious and 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.
Asia Pacific was the largest region in the functional food market in 2022.Western Europe was the second-largest region in the functional food market.
The regions covered in functional food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types are bakery & cereals, dairy products, meat, fish & eggs, soy products, fats & oils, and other product types.A dairy product is milk and any of the foods made from milk, including butter, cheese, ice cream, yogurt, and condensed and dried milk.
The ingredients used for functional foods are carotenoids, dietary fibers, fatty acids, minerals, prebiotics, probiotics, vitamins, and other product types. The various applications of these food products are sports nutrition, weight management, immunity, digestive health, clinical nutrition, cardio health, and other product types.
The increasing number of diseases is shifting consumers’ focus to healthy eating, which in turn is projected to boost the demand for functional foods.Functional food provides the human body with healthy nutrition, vitamins and minerals, and reduces 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 out of every four 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 of the functional food market over the forecast period.
The higher price of functional food products attributed to the inclusion of healthier or natural ingredients is limiting the growth of the functional food market.Functional foods are sold at higher prices and hold larger profit margins than conventional foods.
Functional foods are priced 30 to 500% higher than comparable 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.
Key players dealing in the functional food market are increasingly focusing on new product developments and company expansion to meet the rising demand from consumers.For instance, in January 2022, Fonterra Co-operative Group Limited, New-Zealand-based dairy company, Tillamook Country Creamery Association (TCAA), and Three Mile Canyon Farm, introduced Pro-Optima TM, A-grade functional whey protein concentrate.
Pro-Optima TM can be used in cultured products such as yogurt, to enhance the textures to deliver multi-functional benefits.
In July 2021, Kerry Group , an Ireland-based food company acquired Biosearch Life for a deal of $ 150 million.Through this acquisition, Kerry Group aims to expand its product portfolio in health ingredients such as probiotics and omega 3s.
Biosearch Life is a Spain-based biotechnology company.
The countries covered in the functional food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The functional food research report is one of a series of new reports that provides functional food statistics, including functional food industry global market size, regional shares, competitors with functional food share, detailed functional food segments, market trends and opportunities, and any further data you may need to thrive in the functional food industry. This functional food research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06284493/?utm_source=GNW
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