The growth of the functional food market is mainly driven by increasing consumer awareness of the health benefits, rising demand for products to address specific health issues and evolving dietary preferences towards nutrient-enriched and health-promoting foods.

WILMINGTON, Delaware., 15 August 2024 /PRNewswire/ — Allied Market Research published a report titled: “Functional food market by Type (Bakery and Grain Products, Dairy Products, Beverages, Dietary Supplements and Other Products), Source (Conventional and Organic) and Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online Channels and Convenience Stores): Global Opportunity Analysis and Industry Forecast, 2024-2033″According to the report, the functional food market was 172.6 billion US dollars in 2023 and is expected 237.8 billion US dollars by 2033, with an average annual growth rate of 3.4% from 2024 to 2033.

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Key growth factors

The functional foods market is growing due to several key factors. Rising consumer awareness of the link between diet and health is driving demand for products with specific health benefits. This awareness also extends to chronic diseases such as heart disease and diabetes, fueling interest in functional foods known to mitigate these risks. Furthermore, advancements in food science and technology are facilitating the development of innovative formulations and delivery methods, thereby improving the efficacy and appeal of the products. Moreover, shift in dietary preferences towards natural and organic ingredients and increasing emphasis on sustainability are contributing to the market expansion. Moreover, the aging population’s focus on health and well-being and the integration of functional foods into personalized nutrition and wellness programs are further driving the market growth.

Report scope and details:

Segment highlights

The demand for baked goods and grain products is driven by several factors. First, these products provide consumers with a convenient and familiar way to incorporate functional ingredients into their diets without drastically changing their eating habits. Functional ingredients such as fiber, whole grains, and additional vitamins and minerals are easily incorporated into breads, cereals, and baked goods, making them accessible to a broad consumer base. In addition, the versatility of baked goods and grain products allows for a wide range of functional recipes that address various health concerns such as digestive health, heart health, and weight management. In addition, the widespread availability of baked goods and grain products in both retail and foodservice channels contributes to their dominance in the functional food market.

Demand for conventional foods is influenced by several factors. First, conventional functional foods have a longer history and established consumer trust than novel or specialty products. Consumers often gravitate toward well-known brands and products when looking for health benefits, leading to higher sales in this segment. In addition, conventional functional foods are more readily available and easier to obtain in conventional retail stores, allowing consumers to conveniently purchase and incorporate them into their daily diet. This wide availability contributes to their dominance in the market.

Supermarkets and hypermarkets dominate the retail channel segment. First, these retail channels offer a wide range of products, including conventional functional foods, that meet the diverse preferences and needs of consumers. This extensive product selection provides convenience and choice to consumers and drives sales at these outlets. In addition, supermarkets and hypermarkets benefit from their wide presence and accessibility in urban and suburban areas, attracting a lot of foot traffic and customer visits. This high visibility and convenience contribute to their dominance in the market.

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Regional outlook

Asia-Pacific has a significant share and dominance in the functional food market. Firstly, the region’s large and diverse population, including emerging economies such as China And Indiarepresents a large consumer base with evolving dietary preferences and health concerns. This demographic diversity is driving the demand for functional foods that target various health needs and is fueling market growth. In addition, urbanization, disposable incomes and changing lifestyles in Asia-Pacific Countries are contributing to a greater awareness of health and wellbeing, prompting consumers to seek out functional foods. The region’s rich culinary heritage and tradition of using natural ingredients fit well with the growing global trend towards natural and minimally processed foods, increasing the popularity of functional foods with natural and organic compositions.

Players: –

• Nestle
• PepsiCo
• Danone
• General Mills
• Kellogg’s
• Yakult Honsha
• Meiji Co. Ltd.
• Mondelez International
• Unilever
• Red Bull GmbH

The report offers a detailed analysis of these key players in the global functional foods market. These players have adopted different strategies such as new product launch, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominant shares in different regions. The report is valuable as it highlights the business development, business segments, product portfolio, and strategic moves of the market players to present the competitive scenario.

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Recent development:

• In February 2023Hindustan Unilever Ltd (HUL) has announced the launch of its new chocolate flavour Millet Horlicks in Tamil Nadu. The company claims that Chocolate flavour Millet Horlicks is HUL’s first super grain product that contains multiple varieties of millets such as finger millet (ragi), sorghum (jowar), foxtail millet (kanngani) and. Pearl millet (Bajra) and this multi-millet is considered a natural source of calcium, iron, protein and fiber.
• In April 2023, Nestlé announced the launch of two new vegan chocolate chips under the Toll House brand. These chips are said to be dairy-free and were launched to meet the demand for plant-based products.

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Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP, based in Wilmington, Delaware. Allied Market Research provides global corporations, medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR takes a focused approach to provide its clients with business insights and advice to help them make strategic business decisions and achieve sustainable growth in their respective market space.

We maintain professional business relationships with various companies and this helps us in sourcing market data that helps us in creating precise research data tables and ensures the highest accuracy in our market forecasts. CEO of Allied Market Research Pawan Kumar is instrumental in inspiring and encouraging all those associated with the company to maintain high quality data and help clients in every possible way to achieve success. All the data presented in the reports published by us is acquired through primary interviews with top officials of leading companies in the concerned industry. Our methodology for sourcing secondary data includes extensive online and offline research and discussions with knowledgeable professionals and analysts of the industry.

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