Functional Foods Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type, Category, and Distribution Channel

List of Tables

The functional foods market was valued at US$ 233,620.18 million in 2021 and is projected to reach US$ 418,439.42 million by 2028. It is expected to grow at a CAGR of 8.7% from 2021 to 2028.

Functional food is a modified food that claims to benefit health. It does not cure disease, but it does help minimize the risk of fatal diseases by enhancing the body's health by giving essential minerals and proteins. Functional foods in the diet improve the physiological state of the individuals. Functional foods are enriched with functional nutrients and the product's basic nutritional content to give various health-related benefits. Amino acids, vitamins, minerals, proteins, fatty acids, and prebiotics are examples of nutrition. Because of growing consumer awareness, functional products have grown in popularity. In this day and age, when a pandemic like COVID-19 has swept the world, and everyone is concerned about increasing their immunity, functional foods are becoming quite popular, which is boosting the functional foods market growth.

Based on product type, the functional foods market is segmented into bakery and confectionery, dairy and frozen desserts, sweet and savory snacks, breakfast cereals, and others. The dairy and frozen desserts segment accounted for the largest market share in 2020. Dairy products include food made from milk such as butter, cheese, ice cream, yogurt, and condensed and dried milk. Consumers are increasingly consuming dairy products as it is important for building healthy bones and maintaining a healthy weight. Yogurt is being increasingly used as a functional food due to its high nutritional value and enormous health benefits. Different fruits such as peaches, cherries, apricots, papaya, , and blueberries are being used to make yogurt to provide different flavors and make it healthier and more nutritious.

Based on region, the functional foods market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2020, Asia Pacific held the largest share of the global functional foods market, and it is projected to register the fastest growth over the forecast period. The changing lifestyle preference in Asia Pacific is having a significant impact on the functional foods market growth in Asia Pacific. People are increasingly consuming products that provide functional benefits. With the rise in health awareness among consumers, the demand for functional foods products continues to grow.

Moreover, according to the Asia Pacific Observatory on Health Systems and Policies, most countries in Asia Pacific will experience rapidly aging societies over the next few decades. The high proportion of deaths across Asia Pacific is caused by chronic noncommunicable diseases (NCDs), particularly in Southeast Asia and Western Pacific. Major NCDs include cardiovascular diseases, diabetes, cancers, and chronic respiratory diseases. The increased prevalence of chronic diseases has led to a rise in focus on personal health and wellbeing. Consumers are increasingly demanding food products that will provide certain health and nutritional benefits. This will support the change in consumers' lifestyles. The Functional Food Center of the United States (FFC) stated that functional foods have scientifically proven benefits for improving general health and minimizing the impacts of chronic diseases. These foods also contain vital nutrients that can help prevent chronic diseases. Thus, the increasing prevalence of chronic diseases is driving the demand for functional foods growth across the region.

The leading players in the functional foods market include Unilever; Clif Bar & Company; laird superfood; Abbott; Danone S.A.; General Mills, Inc.; Hildur; Nestle; Kellogg company; and Good Source Foods, LLC.

The overall size of the global functional foods market has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants in this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the functional foods market.

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Product Code: TIPRE00018000

1. Introduction

1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Scope of the Study
3.2 Research Methodology
- 3.2.1 Data Collection
- 3.2.2 Primary Interviews
- 3.2.3 Hypothesis Formulation
- 3.2.4 Macro-economic Factor Analysis
- 3.2.5 Developing Base Number
- 3.2.6 Data Triangulation
- 3.2.7 Country-Level Data

4. Global Functional Foods Market Landscape

4.1 Market Overview

4.2. Porter's Five Force Analysis

4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Competitive Rivalry
4.2.5 Threat of Substitutes

4.3 Ecosystem Analysis
4.4 Expert Opinion

5. Global Functional Foods Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Surging Demand For Nutrient Enriched Food
- 5.1.2 Rise In Incidences Of Chronic Diseases
5.2 Market Restraints
- 5.2.1 Higher Prices Of Functional Foods
5.3 Market Opportunities
- 5.3.1 New Product Development
5.4 Future Trends
- 5.4.1 Rising Demand for Healthy Snacking
5.5 Impact Analysis of Drivers and Restraints

6. Functional Foods Market- Analysis

6.1 Market Overview
6.2 Functional Foods Market -Revenue and Forecast To 2028 (US$ Million)
6.3 Competitive Positioning: Key Market Players

7. Functional Foods Market Analysis - by Product Type

7.1 Overview
7.2 Functional Foods Market, by Product Type (2020 and 2028)
7.3 Bakery & Confectionery
- 7.3.1 Overview
- 7.3.2 Bakery & Confectionery: Functional Foods Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Dairy & Frozen Desserts
- 7.4.1 Overview
- 7.4.2 Dairy & Frozen Desserts: Functional Foods Market - Revenue and Forecast to 2028 (US$ Million)
7.5 Sweet & Savory Snacks
- 7.5.1 Overview
- 7.5.2 Sweet & Savory Snacks: Functional Foods Market - Revenue and Forecast to 2028 (US$ Million)
7.6 Breakfast Cereals
- 7.6.1 Overview
- 7.6.2 Breakfast Cereals: Functional Foods Market - Revenue and Forecast to 2028 (US$ Million)
7.6 Others
- 7.6.1 Overview
- 7.6.2 Others: Functional Foods Market - Revenue and Forecast to 2028 (US$ Million)

8. Functional Foods Market Analysis - by Category

8.1 Overview
8.2 Functional Foods Market, by Category (2020 and 2028)
8.3 Organic
- 8.3.1 Overview
- 8.3.2 Organic: Functional Foods Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Conventional
- 8.4.1 Overview
- 8.4.2 Conventional: Functional Foods Market - Revenue and Forecast To 2028 (US$ Million)

9. Functional Foods Market Analysis - by Distribution Channel

9.1 Overview
9.2 Functional Foods Market, by Distribution Channel (2020 and 2028)
9.3 Supermarkets and Hypermarkets
- 8.5.1 Overview
- 8.5.2 Supermarkets and Hypermarkets: Functional Foods Market - Revenue and Forecast To 2028 (US$ Million)
9.4 Convenience Stores
- 8.6.1 Overview
- 8.6.2 Convenience Stores: Functional Foods Market - Revenue and Forecast To 2028 (US$ Million)
9.5 Online Retail
- 8.7.1 Overview
- 8.7.2 Online Retail: Functional Foods Market - Revenue and Forecast To 2028 (US$ Million)
9.6 Others
- 8.9.1 Overview
- 8.9.2 Others: Functional Foods Market - Revenue and Forecast To 2028 (US$ Million)

10. Functional Foods Market - Geographic Analysis

10.1 Overview
10.2 North America: Functional Foods Market
- 10.2.1 North America: Functional Foods Market - Analysis and Forecast to 2028 (US$ Million)
- 10.2.2 North America: Functional Foods Market, by Product Type
- 10.2.3 North America: Functional Foods Market, by Category
- 10.2.4 North America: Functional Foods Market, by Distribution Channel
- 10.2.5 North America: Functional Foods Market, by Key Country
  - 10.2.5.1 US: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.2.5.1.1 US: Functional Foods Market, by Product Type
    - 10.2.5.1.2 US: Functional Foods Market, by Category
    - 10.2.5.1.3 US: Functional Foods Market, by Distribution Channel
  - 10.2.5.2 Canada: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.2.5.2.1 Canada: Functional Foods Market, by Product Type
    - 10.2.5.2.2 Canada: Functional Foods Market, by Category
    - 10.2.5.2.3 Canada: Functional Foods Market, by Distribution Channel
  - 10.2.5.3 Mexico: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.2.5.3.1 Mexico: Functional Foods Market, by Product Type
    - 10.2.5.3.2 Mexico: Functional Foods Market, by Category
    - 10.2.5.3.3 Mexico: Functional Foods Market, by Distribution Channel
10.3 Europe: Functional Foods Market
- 10.3.1 Europe: Functional Foods Market - Analysis and Forecast to 2028 (US$ Million)
- 10.3.2 Europe: Functional Foods Market, by Product Type
- 10.3.3 Europe: Functional Foods Market, by Category
- 10.3.4 Europe: Functional Foods Market, by Distribution Channel
- 10.3.5 Europe: Functional Foods Market, by Key Country
  - 10.3.5.1 Germany: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.3.5.1.1 Germany: Functional Foods Market, by Product Type
    - 10.3.5.1.2 Germany: Functional Foods Market, by Category
    - 10.3.5.1.3 Germany: Functional Foods Market, by Distribution Channel
  - 10.3.5.2 France: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.3.5.2.1 France: Functional Foods Market, by Product Type
    - 10.3.5.2.2 France: Functional Foods Market, by Category
    - 10.3.5.2.3 France: Functional Foods Market, by Distribution Channel
  - 10.3.5.3 Italy: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.3.5.3.1 Italy: Functional Foods Market, by Product Type
    - 10.3.5.3.2 Italy: Functional Foods Market, by Category
    - 10.3.5.3.3 Italy: Functional Foods Market, by Distribution Channel
  - 10.3.5.4 U.K: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.3.5.4.1 U.K: Functional Foods Market, by Product Type
    - 10.3.5.4.2 U.K: Functional Foods Market, by Category
    - 10.3.5.4.3 U.K: Functional Foods Market, by Distribution Channel
  - 10.3.5.5 Russia: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.3.5.5.1 Russia: Functional Foods Market, by Product Type
    - 10.3.5.5.2 Russia: Functional Foods Market, by Category
    - 10.3.5.5.3 Russia: Functional Foods Market, by Distribution Channel
  - 10.3.5.6 Rest of Europe: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.3.5.6.1 Rest of Europe: Functional Foods Market, by Product Type
    - 10.3.5.6.2 Rest of Europe: Functional Foods Market, by Category
    - 10.3.5.6.3 Rest of Europe: Functional Foods Market, by Distribution Channel
10.4 Asia-Pacific: Functional Foods Market
- 10.4.1 Asia-Pacific: Functional Foods Market - Analysis and Forecast to 2028 (US$ Million)
- 10.4.2 Asia-Pacific: Functional Foods Market, by Product Type
- 10.4.3 Asia-Pacific: Functional Foods Market, by Category
- 10.4.4 Asia-Pacific: Functional Foods Market, by Distribution Channel
- 10.4.5 Asia-Pacific: Functional Foods Market, by Key Country
  - 10.4.5.1 Australia: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.4.5.1.1 Australia: Functional Foods Market, by Product Type
    - 10.4.5.1.2 Australia: Functional Foods Market, by Category
    - 10.4.5.1.3 Australia: Functional Foods Market, by Distribution Channel
  - 10.4.5.2 China: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.4.5.2.1 China: Functional Foods Market, by Product Type
    - 10.4.5.2.2 China: Functional Foods Market, by Category
    - 10.4.5.2.3 China: Functional Foods Market, by Distribution Channel
  - 10.4.5.3 India: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.4.5.3.1 India: Functional Foods Market, by Product Type
    - 10.4.5.3.2 India: Functional Foods Market, by Category
    - 10.4.5.3.3 India: Functional Foods Market, by Distribution Channel
  - 10.4.5.4 Japan: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.4.5.4.1 Japan: Functional Foods Market, by Product Type
    - 10.4.5.4.2 Japan: Functional Foods Market, by Category
    - 10.4.5.4.3 Japan: Functional Foods Market, by Distribution Channel
  - 10.4.5.5 South Korea: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.4.5.5.1 South Korea: Functional Foods Market, by Product Type
    - 10.4.5.5.2 South Korea: Functional Foods Market, by Category
    - 10.4.5.5.3 South Korea: Functional Foods Market, by Distribution Channel
  - 10.4.5.6 Rest of Asia-Pacific: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.4.5.6.1 Rest of Asia-Pacific: Functional Foods Market, by Product Type
    - 10.4.5.6.2 Rest of Asia-Pacific: Functional Foods Market, by Category
    - 10.4.5.6.3 Rest of Asia-Pacific: Functional Foods Market, by Distribution Channel
10.5 South and Central America: Functional Foods Market
- 10.5.1 South and Central America: Functional Foods Market - Analysis and Forecast to 2028 (US$ Million)
- 10.5.2 South and Central America: Functional Foods Market, by Product Type
- 10.5.3 South and Central America: Functional Foods Market, by Category
- 10.5.4 South and Central America: Functional Foods Market, by Distribution Channel
- 10.5.5 South and Central America: Functional Foods Market, by Key Country
  - 10.5.5.1 Brazil: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.5.5.1.1 Brazil: Functional Foods Market, by Product Type
    - 10.5.5.1.2 Brazil: Functional Foods Market, by Category
    - 10.5.5.1.3 Brazil: Functional Foods Market, by Distribution Channel
  - 10.5.5.2 Argentina: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.5.5.2.1 Argentina: Functional Foods Market, by Product Type
    - 10.5.5.2.2 Argentina: Functional Foods Market, by Category
    - 10.5.5.2.3 Argentina: Functional Foods Market, by Distribution Channel
  - 10.5.5.3 Rest of South and Central America: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.5.5.3.1 Rest of South and Central America: Functional Foods Market, by Product Type
    - 10.5.5.3.2 Rest of South and Central America: Functional Foods Market, by Category
    - 10.5.5.3.3 Rest of South and Central America: Functional Foods Market, by Distribution Channel
10.6 Middle East and Africa: Functional Foods Market
- 10.6.1 Middle East and Africa: Functional Foods Market - Analysis and Forecast to 2028 (US$ Million)
- 10.6.2 Middle East and Africa: Functional Foods Market, by Product Type
- 10.6.3 Middle East and Africa: Functional Foods Market, by Category
- 10.6.4 Middle East and Africa: Functional Foods Market, by Distribution Channel
- 10.6.5 Middle East and Africa: Functional Foods Market, by Key Country
  - 10.6.5.1 South Africa: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.6.5.1.1 South Africa: Functional Foods Market, by Product Type
    - 10.6.5.1.2 South Africa: Functional Foods Market, by Category
    - 10.6.5.1.3 South Africa: Functional Foods Market, by Distribution Channel
  - 10.6.5.2 Saudi Arabia: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.6.5.2.1 Saudi Arabia: Functional Foods Market, by Product Type
    - 10.6.5.2.2 Saudi Arabia: Functional Foods Market, by Category
    - 10.6.5.2.3 Saudi Arabia: Functional Foods Market, by Distribution Channel
  - 10.6.5.3 UAE: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.6.5.3.1 UAE: Functional Foods Market, by Product Type
    - 10.6.5.3.2 UAE: Functional Foods Market, by Category
    - 10.6.5.3.3 UAE: Functional Foods Market, by Distribution Channel
  - 10.6.5.4 Rest of the Middle East and Africa: Functional Foods Market -Analysis and Forecast to 2028 (US$ Million)
    - 10.6.5.4.1 Rest of the Middle East and Africa: Functional Foods Market, by Product Type
    - 10.6.5.4.2 Rest of the Middle East and Africa: Functional Foods Market, by Category
    - 10.6.5.4.3 Rest of the Middle East and Africa: Functional Foods Market, by Distribution Channel

11. Impact of COVID-19

11.1 Overview - Impact of COVID-19
11.2 North America: Impact Assessment of COVID-19 Pandemic
11.3 Europe: Impact Assessment of COVID-19 Pandemic
11.4 Asia Pacific: Impact Assessment of COVID-19 Pandemic
11.5 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
11.6 South and Central America: Impact Assessment of COVID-19 Pandemic

12. Industry Landscape

12.1 Expansion
12.2 Product & Service Launch
12.3 Competitive Positioning: Key Market Players

13. Company Profiles

13.1 UNILEVER PLC
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
13.2 CLIF BAR AND COMPANY
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
13.3 LAIRD SUPERFOOD
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
13.4 ABBOTT LABORATORIES
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
13.5 DANONE S.A.
- 13.5.1 1.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
13.6 GENERAL MILLS, INC.
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
13.7 HILDUR FUNCTIONAL FOODS PVT. LTD
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
13.8 NESTLe S.A.
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
13.9 KELLOGG COMPANY
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
13.10 GOOD SOURCE FOODS, LLC
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments

14. Appendix

14.1 About The Insight Partners
14.2 Word Index