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Global Functional Food Market to Grow at a CAGR of 6.7% During 2021-2026, Aided by the Rising Demand for Nutritional and Fortified Food Products

According to a new report by EMR titled, ‘Global Functional Food Market Report and Forecast 2021-2026’, the market attained a value of USD 170.2 billion in 2020. The industry is further expected to grow at a CAGR of 6.7% in the forecast period of 2021-2026 to reach a value of USD 251.1 billion by 2026.

The rising consumer demand for healthy and nutritious food products is driving the growth of the functional food industry. Moreover, functional ingredients such as omega-3 and probiotics are frequently used in fish oils and yoghurt to reduce the risk of cardiovascular diseases and improve intestinal microflora quality. As a result of this trend, the market is expanding. Also, the demand for functional foods has risen throughout the world as people become more health-conscious and pay more attention to their lifestyles and diets. Furthermore, the increasing consciousness regarding digestive health owing to the rising popularity of low-carbohydrate and high-protein diets is expected to be a major factor propelling the market growth in the forecast period.

The growing collaborations among the leading players are expected to aid the industry growth in the forecast period. For instance, FrieslandCampina and Cayuga Milk Ingredients, a manufacturer of dairy ingredients for the global food and nutrition sectors, announced a collaboration in February 2021. Refit milk proteins MPI 90 and MPC 85 are the focus of the collaboration, which will be sourced from two farmer-controlled cooperatives working together to provide consumers with a local source of quality milk proteins from New York's Finger Lakes area. In addition, the easy availability of nutraceuticals and functional foods through online channels like Amazon (NASDAQ: AMZN) and Alibaba (NYSE: BABA) is expected to further propel the industry forward.

Market Analysis by Ingredient, Product Type, Application, and Region:

  • The market based on ingredients can be divided into probiotics, minerals, proteins and amino acids, prebiotics and dietary fibres, vitamins, and others.
  • By product type, the industry is categorised into bakery and cereals, dairy products, meat, fish and eggs, soy products, and fats and oils, among others.
  • The market can be classified based on application into sports nutrition, weight management, clinical nutrition, cardio health, and others.
  • The regional markets for functional food include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing demand for nutritious and healthy foods is expected to drive the market.
  • The increasing prevalence of cardiovascular diseases is likely to propel the growth of the market. 
  • The rising health consciousness among consumers is anticipated to have a positive impact on the growth of the industry.
  • The growing popularity of low-carbohydrate, high-protein diets, such as paleo and others, is expected to provide the industry with immense growth opportunities.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for functional food for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the ingredients, product types, applications, and regions of functional food.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global functional food market are Danone S.A., Glanbia, Plc, Hearthside Food Solutions LLC, Mars, Incorporated, Meiji Holdings Company, Ltd., Nestlé S.A., Raisio plc, Royal FrieslandCampina N.V., Sanitarium Health Food Company, and The Kraft Heinz Company, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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