Functional Food Market size was valued at USD 308.77 Bn in 2022 and is expected to reach USD 605.55 Bn by 2029, at a CAGR of 10.10%.

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Functional Food Market Overview:

The purpose of this study is to provide a thorough examination of the Functional Food market by component, application, industry, and geography. The study goes into great detail on the primary factors influencing the Functional Food market’s growth. The study also offers a comprehensive analysis of the market’s value chain.

Market Scope:

The research method used to assess and anticipate the Functional Food market begins with secondary research using sources that collect revenue data from key suppliers. When calculating market segmentation, the vendor offerings are also considered. Using the bottom-up method, the whole size of the Functional Food market was calculated using the revenue of significant enterprises.

Regional Analysis:

Global, North America, Europe, Asia-Pacific, the Middle East, and Africa, and South America market share statistics are accessible individually. Analysts at Maximize evaluate competitive strengths and conduct competitive analysis for each competitor individually.

Drivers:

Due to a convergence of factors that have drawn the interest of customers who are concerned with their health on a global scale, the functional food market is expanding significantly. The growing awareness of and emphasis on keeping a healthy lifestyle is one of the main drivers. Consumers are looking for ways to improve their overall well-being through diet and nutrition as concerns about obesity and chronic diseases grow.
The market is also significantly influenced by the ageing population. People adopt diets richer with functional foods that give certain health benefits, such as improved cognitive function, joint health, or cardiovascular support, as they age since there is a greater emphasis on preventive healthcare.

Segmentation:

By ingredients

Carotenoids, dietary fibres, fatty acids, minerals, prebiotics, probiotics, and vitamins are the several categories that make up the market. By revenue, the vitamin category led the overall market in 2021, followed by dietary fibres and minerals.
Consuming fibre has a variety of benefits, including promoting intestinal health, lowering cholesterol, and managing blood sugar levels, among others. These benefits are anticipated to play a significant role in the development of the dietary fibre segment, along with the growing functional food industry.

By Application
Sports nutrition, weight loss, immunity, digestive health, clinical nutrition, and heart health are the different segments of the market. Cardio health accounted for 24.2% of the market in 2020, making it the most prevalent sector. It is anticipated to increase at an average annual rate of 8.1% from 2022 to 2029 due to the demand for functional foods in cardiovascular disorders, congestive heart failure, arterial hardening, and congenital heart defects. Digestive health is anticipated to emerge as a result of a strong desire to maintain digestive health among men and women, particularly beyond the age of 40.

By product

Non-vegetarian items (meat, fish, and eggs), soy products, and fats and oils make up the non-vegetarian market. In terms of sales, the bakery and cereals segments were second and third, respectively, in the market as a whole in 2021. Other significant product categories include those for meat, fish, and eggs as well as for soy products, fats, and oils. New developments in the cereal and baking industries are anticipated to be advantageous for the sector.



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Key Players:

The major players covered in the Functional Food market report are

1. BASF SE
2. Cargill Inc
3. General Mills
4. Coca-Cola Co
5. Standard Functional Foods Group
6. GFR Pharma
7. Kellogg NA
8. Abbott
9. Hearthside Food Solutions
10. Nestle SA
11. Tyson Foods
12. DowDuPont
13. Puris
14. Archer Daniels Midland
15. BioCare Copenhagen A/S

Key Questions Answered in the Functional Food Market Report are:

Which segment grabbed the largest share in the Functional Food market?
How was the competitive scenario of the Functional Food market in 2020?
Which are the key factors responsible for the Functional Food market growth?
Which region held the maximum share in the Functional Food market in 2020?

COVID-19 Impact Analysis on Functional Food Market:

Aerospace and defence, agriculture, automobiles, retail and e-commerce, energy and power, healthcare, packaging, mining, electronics, banking, financial services, and insurance, among other industries, have all been affected by the COVID-19 epidemic. COVID-19 has had an impact on the Functional Food market in general, as well as the growth rate in 2019-2020, as the impact of COVID-19 spreads. Our most recent inquiry, opinions, and bits of knowledge on administration are critical to the businesses and associations in the Functional Food industry, which is driving through the COVID-19 emergency to handle risk digitising jobs in order to convey trusted data and experiences to the CEOs.

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