Functional Food and Beverage Market Size to Hit USD 529.66

PUNE, India, Oct. 10, 2022 (GLOBE NEWSWIRE) — The global functional food and beverage market The size is projected to reach $529.66 billion by 2028, at a CAGR of 9.5% over the forecast period. According to a recent report by Fortune Business Insights™titled “Functional Foods and Beverages Market, 2021-2028“, the market value in 2020 was USD 258.80 billion.

Increased need for immune-boosting functional foods amidst COVID-19 to fuel the market

The COVID-19 pandemic has created a public health emergency of unprecedented proportions, forcing people worldwide to rethink their diet and lifestyle. As the pandemic relentlessly deepens around the world, health experts are aggressively promoting functional foods and beverages to boost the immune system. For example, a former nutrition politician in the Philippines noted in a recent interview that functional foods like vegetables and fruits play an important role in fighting the coronavirus because they can boost immunity and also improve public health. Private food technology companies are also developing new techniques to create novel offerings. For example, Seattle-based SoRSE Technology announced in March 2021 that it is conducting intensive research to integrate functional ingredients into packaged foods. The outbreak of the coronavirus has thus revived interest in functional foods and beverages among consumers and manufacturers alike, which is benefiting the market and enabling it to grow considerably 11.0% in 2020.

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List of Major players covered in Functional Foods and Beverages Market report:

  • The Coca-Cola Company (Georgia, USA)
  • Celsius Holding, Inc. (Florida, United States)
  • PepsiCo Inc. (New York, USA)
  • Glanbia Plc (Kilkenny, Ireland)
  • Nestlé SA (Vevey, Switzerland)
  • Arla Foods amba (Viby, Denmark)
  • Hearthside Food Solutions LLC (Illinois, USA)
  • Tyson Foods Inc. (Arkansas, USA)
  • General Mills Inc. (Minnesota, USA)
  • Danone SA (Paris, France)

Scope and segmentation of the report:

report coverage details
forecast period 2021-2028
Forecast CAGR 9.5%
Value prognosis 2028 $529.66 billion
base year 2020
Functional foods and beverages market size in 2021 $281.14 billion
Historical data 2017-2019
number of pages 164
Covered Segments By type, by distribution channel, by geography
Functional Food & Beverage Market Growth Drivers Increasing consumption of nutrient-enriched foods to improve overall health and well-being to boost the market
Innovation and new product development to support growth
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Market segmentation:

On the basis of type, the market has been segmented into Functional Cereals & Grains, Functional Dairy, Functional Bakery, Functional Fats & Oils, and Other Functional/Fortified Foods.

Based on distribution channel, this market has been categorized into Supermarket/Hypermarket, Convenience Store, Online Retail and Others. In 2020, the Super/Hypermarkets segment led the global Functional Foods & Beverages market with a share of 44.21% and the US market with a share of 43.06%.

Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

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Report Highlights

This market report provides concrete insights into the regional prospects of the market and presents a comprehensive analysis of the market drivers and challenges. Additionally, the report provides a detailed profile of the key market players and a thorough study of their strategies, and provides industry-leading, actionable research on the various market segments.

driving factor

Proliferation of food and beverage startups to increase market potential

The growth of the functional foods and beverages market will accelerate due to the ever-growing presence of startups specializing in nutritionally fortified foods and beverages. For example, New Jersey-based Remedy Organics makes beverages based on plant products and adds potent super-ingredients, botanicals, herbs, protein and probiotics. In view of the increasing demand for dairy-free products, some startups are developing plant-based milk alternatives. Toronto-based company YoFiit, for example, uses the high nutritional value of chickpeas to develop functional solutions for dairy-free meals. Additionally, some startups are also targeting their products at consumers living with chronic illnesses. Texas-based company Hapi Drinks, for example, provides sugar-free beverages for children with the goal of fighting type 2 diabetes and childhood obesity. The increasing availability of such functional niche foods and beverages in the major economies will enable the market to have a long-term growth trajectory.

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Regional Insights

Asia Pacific offers excellent business opportunities for market participants

Due to rising consumer disposable incomes, especially in India and China, Asia-Pacific is expected to dominate the functional foods and beverages market share during the forecast period. The improvement in lifestyle in these countries is expected to drive demand for healthy food and beverage alternatives in the years to come, providing lucrative sales opportunities for players in this market. In 2020, the Asia Pacific market size was at $100 billion and the region is expected to register a CAGR of 10.04% from 2021 to 2028.

In contrast, in Europe, strict regulations for the food and drink industry should boost investment in innovation and research and development by companies in the region, which in turn will encourage the development of functional foods and drinks. In North America, a growing preference for naturally produced foods will prove favorable to the market.

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competitive landscape

Introduction of novel products in emerging markets to electrify the market

Key developers of functional foods and beverages are focused on capitalizing on untapped opportunities in emerging markets. These markets are thriving, helped by better incomes and growing health awareness, encouraging large food and beverage companies to launch new products and expand their customer base.

Detailed table of contents:

      • introduction
        • research area
        • market segmentation
        • research methodology
        • Definitions and Assumptions
      • summary
      • market dynamics
        • market leader
        • Market Restrictions
        • market opportunities
      • Important Findings
        • Overview of the Nutraceuticals Market
        • Regulatory Analysis
        • Industry SWOT Analysis
        • Recent industry developments – policies, mergers and acquisitions, and new product launches
        • Market analysis and insights (related to COVID-19)
          • Impact of COVID-19 on the market
          • Supply chain challenges due to the pandemic
          • Potential opportunities due to COVID-19
      • Global Functional Foods & Beverages Market Analysis, Insights & Forecasts, 2017-2028
        • Key Findings / Summary
        • Market size estimates and forecasts
          • By type (value)
            • Functional Cereals & Grains
            • Functional dairy products
            • Functional baked goods
            • Functional fats & oils
            • Other functional/fortified foods
          • By Sales Channel (Value)
            • Supermarkets/Hypermarkets
            • convenience stores
            • Online retail
            • Other
          • By Region (Value)
            • North America
            • Europe
            • Asia Pacific
            • South America
            • Middle East & Africa
      • Functional Foods & Beverages Market Analysis, Insights and Forecasts in North America, 2017-2028
        • Key Findings / Summary
        • Market size estimates and forecasts
          • By type (value)
            • Functional Cereals & Grains
            • Functional dairy products
            • Functional baked goods
            • Functional fats & oils
            • Other functional/fortified foods
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Table of contents continued…!

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