Global Functional Foods Market

Functional Foods Market Size, Share, Growth Analysis, By Ingredient(Carotenoids, Dietary Fibers), By Product(Bakery & Cereals, Dairy Products), By Application(Sports Nutrition, Weight Management) - Industry Forecast 2024-2031

Report ID: SQMIG30I2226 | Region: Global | Published Date: March, 2024
Pages: 198 | Tables: 99 | Figures: 76

Functional Foods Market News

  • The Kellogg Company declared in July 2023 that it will invest $50 million in a new functional food research and development center. Situated in Battle Creek, Michigan, the center's primary objective will be to create novel products that cater to the increasing needs of consumers for more convenient and healthful food options.

  • Nestlé revealed a new range of plant-based protein powders under the Garden of Life brand in June 2023. The powders are intended to assist people satisfy their protein demands in a tasty and convenient way. They are prepared with a blend of pea, rice, and hemp protein.

  • Danone purchased White Rabbit, a probiotic yogurt-focused Chinese dairy company, in June 2023. Danone plans to increase its market share in China, the largest dairy market in the world, as part of this transaction.

  • Nestlé announced in April 2023 the introduction of two new vegan chocolate chips under the Toll House brand. The chips are supposed to be dairy-free and were introduced to satisfy consumer desire for plant-based foods.

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Functional Foods Market size was valued at USD 304.2 Billion in 2022 and is poised to grow from USD 330.06 Billion in 2023 to USD 633.91 Billion by 2031, by rising at a CAGR of 8.5% during the forecast period (2024-2031).

The market for functional foods is very competitive, with many public and private companies working on product research and innovation. Public corporations have been active in launching tactics to achieve market competitive advantages. Privately held market players are anticipated in the near future. Amway Corp., for example, invested USD 15 million in its Michigan manufacturing facility in 2021 to redesign a 90,000-square-foot production plant to exclusively create sugar-free XS Energy Drinks that are sold globally. This new mill produces XS energy drinks for the United States, Latin America, and Canada. 'Nestlé S.A.', 'Danone S.A.', 'General Mills, Inc.', 'Kellogg Company', 'The Coca-Cola Company', 'PepsiCo, Inc.', 'Abbott Laboratories', 'Yakult Honsha Co., Ltd.', 'GlaxoSmithKline plc', 'Archer Daniels Midland Company', 'DuPont de Nemours, Inc.', 'Amway Corporation', 'The Hain Celestial Group, Inc.', 'Meiji Holdings Co., Ltd.', 'BASF SE', 'Royal FrieslandCampina N.V.', 'Dean Foods Company', 'Unilever N.V.', 'Kraft Heinz Company', 'Campbell Soup Company'

There is a growing awareness among consumers about the importance of maintaining a healthy lifestyle and making dietary choices that promote well-being. This increased health consciousness has fueled the demand for functional foods, as consumers seek products that offer additional health benefits beyond basic nutrition.

Increasing Demand for Personalized Nutrition: There is a growing trend towards personalized nutrition, where consumers seek functional foods tailored to their individual health needs, dietary preferences, and genetic profiles. Advances in technology, such as genetic testing and data analytics, are enabling companies to develop personalized functional food products and services to meet the specific requirements of consumers.

North America accounts for more than 24.7% of the market for nutritional foods. Immunity, losing weight, digestive health, and heart health are the most important application areas in the North American market. This might be due to consumers' increased interest in health in the United States, Canada, and Mexico, which is expected to drive demand for functional food and drinks. Furthermore, the increased popularity with protein bars, shakes, & cookies amongst millennials as healthy snacking options is expected to drive demand for nutritious foods in North America over the next several years.

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Global Functional Foods Market

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