Global Functional Food Market: has been witnessing steady growth during the 2022-2027 period. It is anticipated to grow at a CAGR of 10.10% throughout the period of assessment to reflect a market value of US$ 499.55 Bn by 2027 from a value of US$ 280.45 Bn in 2021.
Global Functional Food Market Overview:
The market report for Global Functional Food Market includes information on market share and company profiles for the leading international competitors along with a thorough analysis of the competition. The scope of the study includes a complete examination of the Global Functional Food Market as well as the factors influencing regional variations in the growth of the industry.
The demand for fortified food products has been one of the largest growing health and wellness food & beverage category worldwide, followed by naturally healthy, and organic food products. Products like milk formula, energy drinks, sports drink, probiotic yoghurt, juice drinks, cereals and biscuits topped the functional global health and wellness category sector in 2013 as per International Food Information Council (IFIC). Increasing awareness in consumers regarding various diseases, nutritional deficiency, desire for healthy aging and influence of celebrity diets have driven the market for this segment.
After market engineering, which included market statistics calculations, market size estimations, market predictions, market breakdown, and data triangulation, was complete, extensive primary research was carried out to gather data and confirm important figures. Throughout the market engineering process, top-down, bottom-up, and other data triangulation methodologies were routinely employed to conduct market estimates and forecasting for the general market segments and sub-segments detailed in this study. In order to provide vital information during the study, all data collected during the market engineering process is submitted to comprehensive qualitative and quantitative analysis.
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Global Functional Food Market Segmentation:
On the basis of ingredients, the market is segregated into carotenoids, dietary fibers, fatty acids, minerals, prebiotics and probiotics and vitamins. The vitamin section drove the general market in 2021, by means of revenue, followed by dietary fibers and minerals.
Countless advantages are related to the consumption of fiber including gut wellbeing support, bringing down cholesterol levels, and controlling glucose levels, among others. These benefits, combined with the developing functional food industry, are expected to dominate a critical part in the development of the dietary fiber segment.
Dietary fibre, which is often found in fruits, vegetables, whole grains, and legumes, is best known for its ability to prevent and alleviate constipation. Fiber-rich foods, on the other hand, will help you maintain a healthy weight and reduce your risk of diabetes and heart disease.
The prebiotics and probiotics segment is expected to observe the quickest development during the forecast time frame. Prebiotics are short-chain carbohydrates that are not easily digestible by human digestive enzymes and boost the function of some beneficial bacteria. Beneficial bacteria in the intestine ferment prebiotics to produce short-chain fatty acids.
Global Functional Food Market Key Players:
• BASF SE
• Cargill Inc
• General Mills
• Coca-Cola Co
• Standard Functional Foods Group
• GFR Pharma
• Kellogg NA
• Hearthside Food Solutions
• Nestle SA
• Tyson Foods
• Archer Daniels Midland
• BioCare Copenhagen A/S
To identify the market’s leaders and project market revenue, primary and secondary research are both used. CEOs, marketing executives, and seasoned front-line employees were just a few of the notable thought leaders and subject matter experts that participated in the in-depth interviews for the main study. As a part of the primary study, extensive interviews with important thought leaders and business experts—including CEOs, marketing executives, and seasoned front-line staff—were conducted.
The secondary study included a review of the annual and financial reports of the major manufacturers. Secondary data is employed to calculate percentage splits, market shares, growth rates, and global market breakdowns. The results of these calculations are then put up against the original data in comparison. The Global Functional Food market is dominated by the following businesses:
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The regional market research report for Global Functional Food also includes information on the specific market driving forces and changes in market legislation that have an impact on current and future market trends. Current and forthcoming trends are studied in order to evaluate the potential market as a whole and find profitable patterns to lay a stronger foundation. The evaluation of the regional market is built on the basis of the current environment and expected trends.
COVID-19 Impact Analysis on Global Functional Food Market:
A stop in activities between January 2020 and May 2020 resulted in a fall in the growth of end-user industries utilising Global Functional Food. These countries included Spain, France, Italy, China, the United States, the United Kingdom, and Spain. The market for Global Functional Food manufacturers as well as the profits of companies operating in these sectors consequently experienced a sharp decline. This affected the market’s growth in 2020. Due to lockdowns and an increase in COVID-19 occurrences globally, end-user business demand for Global Functional Food has been severely decreased.
Key Questions Answered in the Global Functional Food Market Report are:
- Which market segment has the highest percentage of Global Functional Food in 2021?
- To what extent is there competition in the market?
- What are the primary factors influencing the growth of the Global Functional Food market?
- What portion of the market does region Global Functional Food control?
- What is the expected market CAGR from 2022 to 2029?
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