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

Global 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).

Rising demand for nutrient-rich foods as a result of hectic lives, as well as improved consumer knowledge of the health benefits of certain foods, are likely to fuel market expansion in the United States. Furthermore, growing medical costs, aging population concerns about preserving excellent health, and greater consumer awareness in the link among well-being and healthy eating are boosting nutritious food demand in the country.

Due to the emphasis on living well, life expectancy has consistently grown in recent years. Consumers are becoming more health-conscious and are paying more attention about their lifestyles & diets, which has increased global demand for functional foods. Furthermore, increased consumer knowledge relating to the health advantages supplied by functional foods has been further enhanced by rising awareness efforts by government agencies, nonprofit organizations, and enterprises, which is expected to fuel market expansion.

Food and beverage manufacturers are reinforcing their goods with nutritious additions such as fibers, omega-3 fats, vitamins, and minerals, among others. The fundamental motivation for using such chemicals into food and beverage production is to boost the nutritional value of food items.

The majority of companies in the functional food market are releasing new goods in order to attract and suit the needs of consumers. The introduction of new goods into the market is assisting these firms in increasing their sales and capturing a larger proportion of the practical food market.