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PUBLISHER: IMARC | PRODUCT CODE: 1291395
PUBLISHER: IMARC | PRODUCT CODE: 1291395
Functional Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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Market Overview:
The global functional food market size reached US$ 207.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 305.6 Billion by 2028, exhibiting a growth rate (CAGR) of 6.5% during 2023-2028.
Functional food refers to a variety of processed food products that offer medical and health benefits and minimize the risk of different diseases. It comprises fruits, vegetables, nuts, seeds, legumes, whole grains, seafood, fermented foods, herbs and spices, and beverages. It is rich in vitamins, minerals, antioxidants, and heart-healthy fats and helps prevent cell damage and chronic conditions, such as heart disease, cancer, and diabetes. It also aids in curing various digestive disorders, including diverticulitis, stomach ulcers, hemorrhoids, and acid reflux.
Functional Food Market Trends:
At present, there is a rise in the commercialization of sports nutrients for athletes to enhance their performance in the competition. This, along with the availability of a wide product range, such as creatine and whey protein-based functional food, represents one of the key factors driving the market. Moreover, there is an increase in the demand for functional food to reduce the risk of diabetes, and cardiovascular diseases among consumers. This, coupled with the rising awareness among individuals about healthy eating habits, is propelling the growth of the market. In addition, the growing trend of on-the-go snacking among children and adults is positively influencing the market. Besides this, key market players are focusing on unique promotional strategies through social media platforms, which is catalyzing the demand for nutritional food. Furthermore, the escalating demand for probiotic food products among individuals to enhance their digestive health is bolstering the growth of the market. Besides this, the development of novel technologies, such as encapsulation, enzyme, vacuum impregnation, and edible coating for the formulation of functional food products is projected to strengthen the market growth in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global functional food market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, ingredient, distribution channel and application.
Breakup by Product Type:
- Bakery Products
- Breakfast Cereals
- Snack/Functional Bars
- Dairy Products
- Baby Food
- Others
Breakup by Ingredient:
- Probiotics
- Minerals
- Proteins and Amino Acids
- Prebiotics and Dietary Fiber
- Vitamins
- Others
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Specialist Retailers
- Convenience Stores
- Online Stores
- Others
Breakup by Application:
- Sports Nutrition
- Weight Management
- Clinical Nutrition
- Cardio Health
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Abbott Laboratories, Amway, BASF SE, Cargill Incorporated, Clif Bar & Company, Danone S.A., General Mills inc., Glanbia PLC, Hearthside Food Solutions LLC, Kellogg Company, Kerry Group plc, Nestle S.A. and Raisio Oyj.
Key Questions Answered in This Report:
- What was the size of the global functional food market in 2022?
- What is the expected growth rate of the global functional food market during 2023-2028?
- What has been the impact of COVID-19 on the global functional food market?
- What are the key factors driving the global functional food market?
- What is the breakup of the global functional food market based on the product type?
- What is the breakup of the global functional food market based on the ingredient?
- What is the breakup of the global functional food market based on the distribution channel?
- What are the key regions in the global functional food market?
- Who are the key players/companies in the global functional food market?
Product Code: SR112023A5455
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Functional Food Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Product Type
- 6.1 Bakery Products
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Breakfast Cereals
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Snack/Functional Bars
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Dairy Products
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
- 6.5 Baby Food
- 6.5.1 Market Trends
- 6.5.2 Market Forecast
- 6.6 Others
- 6.6.1 Market Trends
- 6.6.2 Market Forecast
7 Market Breakup by Ingredient
- 7.1 Probiotics
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Minerals
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Proteins and Amino Acids
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Prebiotics and Dietary Fiber
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Vitamins
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
- 7.6 Others
- 7.6.1 Market Trends
- 7.6.2 Market Forecast
8 Market Breakup by Distribution Channel
- 8.1 Supermarkets and Hypermarkets
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Specialist Retailers
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Convenience Stores
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Online Stores
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 8.5 Others
- 8.5.1 Market Trends
- 8.5.2 Market Forecast
9 Market Breakup by Application
- 9.1 Sports Nutrition
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Weight Management
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Clinical Nutrition
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
- 9.4 Cardio Health
- 9.4.1 Market Trends
- 9.4.2 Market Forecast
- 9.5 Others
- 9.5.1 Market Trends
- 9.5.2 Market Forecast
10 Market Breakup by Region
- 10.1 North America
- 10.1.1 United States
- 10.1.1.1 Market Trends
- 10.1.1.2 Market Forecast
- 10.1.2 Canada
- 10.1.2.1 Market Trends
- 10.1.2.2 Market Forecast
- 10.1.1 United States
- 10.2 Asia-Pacific
- 10.2.1 China
- 10.2.1.1 Market Trends
- 10.2.1.2 Market Forecast
- 10.2.2 Japan
- 10.2.2.1 Market Trends
- 10.2.2.2 Market Forecast
- 10.2.3 India
- 10.2.3.1 Market Trends
- 10.2.3.2 Market Forecast
- 10.2.4 South Korea
- 10.2.4.1 Market Trends
- 10.2.4.2 Market Forecast
- 10.2.5 Australia
- 10.2.5.1 Market Trends
- 10.2.5.2 Market Forecast
- 10.2.6 Indonesia
- 10.2.6.1 Market Trends
- 10.2.6.2 Market Forecast
- 10.2.7 Others
- 10.2.7.1 Market Trends
- 10.2.7.2 Market Forecast
- 10.2.1 China
- 10.3 Europe
- 10.3.1 Germany
- 10.3.1.1 Market Trends
- 10.3.1.2 Market Forecast
- 10.3.2 France
- 10.3.2.1 Market Trends
- 10.3.2.2 Market Forecast
- 10.3.3 United Kingdom
- 10.3.3.1 Market Trends
- 10.3.3.2 Market Forecast
- 10.3.4 Italy
- 10.3.4.1 Market Trends
- 10.3.4.2 Market Forecast
- 10.3.5 Spain
- 10.3.5.1 Market Trends
- 10.3.5.2 Market Forecast
- 10.3.6 Russia
- 10.3.6.1 Market Trends
- 10.3.6.2 Market Forecast
- 10.3.7 Others
- 10.3.7.1 Market Trends
- 10.3.7.2 Market Forecast
- 10.3.1 Germany
- 10.4 Latin America
- 10.4.1 Brazil
- 10.4.1.1 Market Trends
- 10.4.1.2 Market Forecast
- 10.4.2 Mexico
- 10.4.2.1 Market Trends
- 10.4.2.2 Market Forecast
- 10.4.3 Others
- 10.4.3.1 Market Trends
- 10.4.3.2 Market Forecast
- 10.4.1 Brazil
- 10.5 Middle East and Africa
- 10.5.1 Market Trends
- 10.5.2 Market Breakup by Country
- 10.5.3 Market Forecast
11 SWOT Analysis
- 11.1 Overview
- 11.2 Strengths
- 11.3 Weaknesses
- 11.4 Opportunities
- 11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
- 13.1 Overview
- 13.2 Bargaining Power of Buyers
- 13.3 Bargaining Power of Suppliers
- 13.4 Degree of Competition
- 13.5 Threat of New Entrants
- 13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
- 15.1 Market Structure
- 15.2 Key Players
- 15.3 Profiles of Key Players
- 15.3.1 Abbott Laboratories
- 15.3.1.1 Company Overview
- 15.3.1.2 Product Portfolio
- 15.3.1.3 Financials
- 15.3.1.4 SWOT Analysis
- 15.3.2 Amway
- 15.3.2.1 Company Overview
- 15.3.2.2 Product Portfolio
- 15.3.2.3 SWOT Analysis
- 15.3.3 BASF SE
- 15.3.3.1 Company Overview
- 15.3.3.2 Product Portfolio
- 15.3.3.3 Financials
- 15.3.3.4 SWOT Analysis
- 15.3.4 Cargill Incorporated
- 15.3.4.1 Company Overview
- 15.3.4.2 Product Portfolio
- 15.3.4.3 SWOT Analysis
- 15.3.5 Clif Bar & Company
- 15.3.5.1 Company Overview
- 15.3.5.2 Product Portfolio
- 15.3.6 Danone S.A.
- 15.3.6.1 Company Overview
- 15.3.6.2 Product Portfolio
- 15.3.6.3 Financials
- 15.3.6.4 SWOT Analysis
- 15.3.7 General Mills inc.
- 15.3.7.1 Company Overview
- 15.3.7.2 Product Portfolio
- 15.3.7.3 Financials
- 15.3.7.4 SWOT Analysis
- 15.3.8 Glanbia PLC
- 15.3.8.1 Company Overview
- 15.3.8.2 Product Portfolio
- 15.3.8.3 Financials
- 15.3.9 Hearthside Food Solutions LLC
- 15.3.9.1 Company Overview
- 15.3.9.2 Product Portfolio
- 15.3.10 Kellogg Company
- 15.3.10.1 Company Overview
- 15.3.10.2 Product Portfolio
- 15.3.10.3 Financials
- 15.3.10.4 SWOT Analysis
- 15.3.11 Kerry Group plc
- 15.3.11.1 Company Overview
- 15.3.11.2 Product Portfolio
- 15.3.11.3 Financials
- 15.3.12 Nestle S.A.
- 15.3.12.1 Company Overview
- 15.3.12.2 Product Portfolio
- 15.3.12.3 Financials
- 15.3.12.4 SWOT Analysis
- 15.3.13 Raisio Oyj
- 15.3.13.1 Company Overview
- 15.3.13.2 Product Portfolio
- 15.3.13.3 Financials
- 15.3.1 Abbott Laboratories
Product Code: SR112023A5455
List of Figures
- Figure 1: Global: Functional Food Market: Major Drivers and Challenges
- Figure 2: Global: Functional Food Market: Sales Value (in Billion US$), 2017-2022
- Figure 3: Global: Functional Food Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 4: Global: Functional Food Market: Breakup by Product Type (in %), 2022
- Figure 5: Global: Functional Food Market: Breakup by Ingredient (in %), 2022
- Figure 6: Global: Functional Food Market: Breakup by Distribution Channel (in %), 2022
- Figure 7: Global: Functional Food Market: Breakup by Application (in %), 2022
- Figure 8: Global: Functional Food Market: Breakup by Region (in %), 2022
- Figure 9: Global: Functional Food (Bakery Products) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 10: Global: Functional Food (Bakery Products) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 11: Global: Functional Food (Breakfast Cereals) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 12: Global: Functional Food (Breakfast Cereals) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 13: Global: Functional Food (Snack/Functional Bars) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 14: Global: Functional Food (Snack/Functional Bars) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 15: Global: Functional Food (Dairy Products) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 16: Global: Functional Food (Dairy Products) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 17: Global: Functional Food (Baby Food) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 18: Global: Functional Food (Baby Food) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 19: Global: Functional Food (Other Product Types) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 20: Global: Functional Food (Other Product Types) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 21: Global: Functional Food (Probiotics) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 22: Global: Functional Food (Probiotics) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 23: Global: Functional Food (Minerals) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 24: Global: Functional Food (Minerals) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 25: Global: Functional Food (Proteins and Amino Acids) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 26: Global: Functional Food (Proteins and Amino Acids) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 27: Global: Functional Food (Prebiotics and Dietary Fiber) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 28: Global: Functional Food (Prebiotics and Dietary Fiber) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 29: Global: Functional Food (Vitamins) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 30: Global: Functional Food (Vitamins) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 31: Global: Functional Food (Other Ingredients) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 32: Global: Functional Food (Other Ingredients) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 33: Global: Functional Food (Supermarkets and Hypermarkets) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 34: Global: Functional Food (Supermarkets and Hypermarkets) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 35: Global: Functional Food (Specialist Retailers) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 36: Global: Functional Food (Specialist Retailers) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 37: Global: Functional Food (Convenience Stores) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 38: Global: Functional Food (Convenience Stores) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 39: Global: Functional Food (Online Stores) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 40: Global: Functional Food (Online Stores) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 41: Global: Functional Food (Other Distribution Channels) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 42: Global: Functional Food (Other Distribution Channels) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 43: Global: Functional Food (Sports Nutrition) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 44: Global: Functional Food (Sports Nutrition) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 45: Global: Functional Food (Weight Management) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 46: Global: Functional Food (Weight Management) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 47: Global: Functional Food (Clinical Nutrition) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 48: Global: Functional Food (Clinical Nutrition) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 49: Global: Functional Food (Cardio Health) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 50: Global: Functional Food (Cardio Health) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 51: Global: Functional Food (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 52: Global: Functional Food (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 53: North America: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 54: North America: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 55: United States: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 56: United States: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 57: Canada: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 58: Canada: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 59: Asia-Pacific: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 60: Asia-Pacific: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 61: China: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 62: China: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 63: Japan: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 64: Japan: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 65: India: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 66: India: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 67: South Korea: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 68: South Korea: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 69: Australia: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 70: Australia: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 71: Indonesia: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 72: Indonesia: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 73: Others: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 74: Others: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 75: Europe: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 76: Europe: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 77: Germany: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 78: Germany: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 79: France: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 80: France: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 81: United Kingdom: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 82: United Kingdom: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 83: Italy: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 84: Italy: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 85: Spain: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 86: Spain: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 87: Russia: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 88: Russia: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 89: Others: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 90: Others: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 91: Latin America: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 92: Latin America: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 93: Brazil: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 94: Brazil: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 95: Mexico: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 96: Mexico: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 97: Others: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 98: Others: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 99: Middle East and Africa: Functional Food Market: Sales Value (in Million US$), 2017 & 2022
- Figure 100: Middle East and Africa: Functional Food Market: Breakup by Country (in %), 2022
- Figure 101: Middle East and Africa: Functional Food Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 102: Global: Functional Food Industry: SWOT Analysis
- Figure 103: Global: Functional Food Industry: Value Chain Analysis
- Figure 104: Global: Functional Food Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Functional Food Market: Key Industry Highlights, 2022 and 2028
- Table 2: Global: Functional Food Market Forecast: Breakup by Product Type (in Million US$), 2023-2028
- Table 3: Global: Functional Food Market Forecast: Breakup by Ingredient (in Million US$), 2023-2028
- Table 4: Global: Functional Food Market Forecast: Breakup by Distribution Channel (in Million US$), 2023-2028
- Table 5: Global: Functional Food Market Forecast: Breakup by Application (in Million US$), 2023-2028
- Table 6: Global: Functional Food Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 7: Global: Functional Food Market: Competitive Structure
- Table 8: Global: Functional Food Market: Key Players
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