The functional foods market is likely to grow at a robust 8.1% CAGR during the 2021-2027 period, as demand for carbohydrates remains a promising driver. Rise in awareness about fitness, and the growing importance of carbohydrates to keep in check symptoms like high-cholesterol promises major growth for the functional foods market.
In 2020, LCAN (Low-Carb Action Network), a major coalition of consumers, doctors, and academicians came together to urge the government to adopt a low-carb diet as part of the 2020 dietary guidelines for Americans or DGA. Carbohydrates are essential sources of energy for the body and promise to tackle the health pandemic of high cholesterol resulting in numerous heart attack, obesity, and kidney failure cases across the United States.
According to the Centre for Disease Prevention and Control (CDC), over 38% of Americans embed high cholesterol in their bodies, which can lead to two major illnesses including stroke, and heart disease. These two illnesses are among the leading cause of death in the United States. Moreover, the high cholesterol does not result in any symptoms making dietary restrictions a key preventive measure to tackle the health pandemic. The growing awareness about high cholesterol, potential risks, and the growing importance of functional foods to gain cheap, and quick access to preventive healthcare will drive tremendous growth in the functional foods market.
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Global Functional Foods Market: Key Players
• GlaxoSmithKline Company
• Kraft Foods
• Raisio Group
• Coca-Cola Company
• Abbott Laboratories
• Dr Pepper Snapple Group
• Ocean Spray Cranberries
• Sanitarium Health＆Wellbeing Company
• Dean Foods
• Kellogg Company
• Meiji Group
• General Mills
• Kirin Holdings
• BNL Food Group
• Royal FrieslandCampina
• Arla Foods
• Red Bull GmbH
• Murray Goulburn
Global Functional Foods Market: by Type
• Dietary Fibers
• Fatty Acids
• Prebiotics & Probiotic
Global Functional Foods Market: by Applications
• Bakery & Cereals
• Dairy products
• Meat, fish & eggs
• Soy products
• Fats & oils
Global Functional Foods Market: Regions
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia, Spain and Benelux)
• Asia Pacific (China, Japan, India, Southeast Asia and Australia)
• Latin America (Brazil, Argentina and Colombia)
• Middle East and Africa
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Demand for Sports Nutrition and Weight Management to Remain a Key Drivers for Growth
Demand for sports nutrition worldwide remains high, thanks to growing visibility of commercial sports, and rising awareness about nutrition products. Moreover, the rising visibility of sports, and athletes has also led to awareness about leading issues like obesity. Data from Human and Health Services in the United States from 2010 suggest that there were 78 million adults, and nearly 13 million obese children across the United States. Furthermore, agency also estimated that the size of the obese population will likely rise to 50% by 2030, the half of all the population. Moreover, the obesity crisis is worsening by the day, as in early 1970s, just about 5% of the total population of children was obese. The percentage doubled by 2008, with 10%. Furthermore, among children aged between 6-11 years, the obesity crisis quadrupled during the 70s, and 2010. This is likely to push segments like sports nutrition further, as demand for targeted foods for both athletic performance, and to eat healthy with a key focus on reducing weights will remain high.
According to various studies, the millennial generation exudes more health consciousness as compared to the previous generation. The millennials visit the gym more often, are more concerned about their wellbeing and consume less alcohol as compared to the previous generation. The growing awareness among the current generation will likely bode well for functional foods like carbohydrates. For example, according to the studies published by the Food and Agricultural Organization of the United Nations, carbohydrates are strongly linked with increased endurance. Moreover, energy sources like carbohydrates are available to consumers through a wide range of products including powdered milk, ice creams, alcoholic beverages, health drinks, soda, among others. Moreover, many carbohydrates are new raw materials to consumers like seed gums, algal polysaccharides, which offer unique opportunities for commercialization. Many are also conversion products like lactulose, polydextrose, carboxymethylcellulose, enzymatic like starch syrups, and gellan gum. The growing demand for fitness trends among millennials and rising health consciousness will lead to robust growth for players in the functional foods market during the 2021-2027 period.
Strong Growth for Fibres, and Mineral Products Expected Due to Balanced Diets
According to the Food Technology journal, consumers are increasingly searching for a holistic solution to take control of their lives. This includes exercise, relaxation, and attention to emotional, and physical health. The demand for holistic diets has pushed 4 in 10 consumers to monitor what they eat closely. While, another 43% try to eat healthily, but aren’t glued to strict diets yet. This promises a major potential for growth for players in the functional foods market. Many products in the functional foods market including dietary fibers, minerals, fatty acids, and probiotics present various opportunities to serve the demand for balanced diets. According to Sloan and Adams Hutt, a leading nutritionist in the United States, the demand for exercise, balanced diets, and fitness in general guides nearly 40% of adults today. Moreover, according to the US census, over 109 million Americans are aged 50, or older. The growing elderly population and rising demand to prevent chronic conditions will also remain a key driver for growth in the functional foods market.
Consumer Demand for Organics Remains a Key Driver of Growth
According to the US Economic Research Service, the demand for organics continues to skyrocket in the US. The agency reported that consumer demand for organics is likely to double during the forecast period, as organic products reach over 20,000 natural food stores in the US, with nearly 3 out of 4 grocery stores carrying the organic food products across the US. Moreover, the sales continue to make up larger portion of the total food sales, thanks to robust demand, and flexibility for premium pricing. According to research from Cornell University, there were nearly 1800 fresh food markets in the United States in 1994. In 2013, the numbers reached nearly 8200 in total, thanks to rising demand for functional fresh foods like fruits, among others.
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The report can answer the following questions:
• North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Functional Foods industry.
• Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Functional Foods industry.
• Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Functional Foods industry.
• Different types and applications of Functional Foods industry, market share of each type and application by revenue.
• Global market size (sales, revenue) forecast by regions and countries from 2019 to 2026 of Functional Foods industry.
• Upstream raw materials and Functional Foods equipment, industry chain analysis of Functional Foods industry.
• SWOT analysis of Functional Foods industry.
• New Project Investment Feasibility Analysis of Functional Foods industry.
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