Functional Foods and Beverages Market to Hit USD 529.66 Billion by 2028 | Exclusive Report by Fortune Business Insights™
Key companies covered in the functional food and beverage market are The Coca-Cola Company (Georgia, United States), Celsius Holding, Inc. (Florida, United States), PepsiCo Inc. (New York, United States), Glanbia Plc (Kilkenny, Ireland), Nestle S.A. (Vevey, Switzerland), Arla Foods amba (Viby, Denmark), Hearthside Food Solutions LLC (Illinois, United States), Tyson Foods Inc. (Arkansas, United States), General Mills Inc. (Minnesota, United States), Danone S.A. (Paris, France), and more players profiled
Functional Foods Market
Pune, India, Dec. 12, 2023 (GLOBE NEWSWIRE) — The global functional foods and beverages market size is projected to reach USD 529.66 billion by 2028, exhibiting a CAGR of 9.5% during the forecast period. The market value stood at USD 258.80 billion in 2020.
In the ever-evolving landscape of the food and beverage industry, the functional food and beverage market has emerged as a dynamic and rapidly growing segment. Backed by comprehensive market research, this article aims to provide insights into key trends, growth drivers, and challenges shaping the functional food and beverage market.
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Leading Players Featured in the Research Report:
Companies leading the Functional Food And Beverage Market are The Coca-Cola Company (Georgia, United States), Celsius Holding, Inc. (Florida, United States), PepsiCo Inc. (New York, United States), Glanbia Plc (Kilkenny, Ireland), Nestle S.A. (Vevey, Switzerland), Arla Foods amba (Viby, Denmark), Hearthside Food Solutions LLC (Illinois, United States), Tyson Foods Inc. (Arkansas, United States), General Mills Inc. (Minnesota, United States), Danone S.A. (Paris, France), and more players profiled
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 9.5% |
| 2028 Value Projection | USD 529.66 Billion |
| Functional Food And Beverage Market Size in 2020 | USD 258.80 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 164 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Functional Food And Beverage Market Growth Drivers | The Proliferation of Food & Beverage Startups to Elevate Market Potential |
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Heightened Need for Immunity Boosting Functional Foods amid COVID-19 to Fuel the Market
The COVID-19 pandemic has created a health emergency of unprecedented magnitude, forcing people worldwide to rethink their diets and lifestyles. With the pandemic relentlessly intensifying across the planet, health professionals are aggressively promoting functional food & beverages to enhance immune systems. For example, an ex-nutrition policymaker in the Philippines recently noted in an interview that functional foods, such as vegetables and fruits, are instrumental in battling the coronavirus since they boost immunity and can also improve public health.
Key Market Segmentation:
By Type:
- Functional Cereal & Grains
- Functional Dairy Products
- Functional Bakery Products
- Functional Fats & Oils
- Other Functional/Fortified Foods
By Distribution Channel:
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retail
- Others
By Region:
- North America
- Europe
- Asia Pacific
- South America
- The Middle East and Africa
Highlights of the Report
This market report supplies tangible insights into the regional prospects of the market and presents an exhaustive analysis of the market drivers and challenges. Furthermore, the report contains detailed profiling of key market players and careful study of their strategies and incorporates industry-leading, actionable research into the different market segments.
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Driving Factor:
The Proliferation of Food & Beverage Startups to Elevate Market Potential
The Functional Foods and Beverages Market growth is set to accelerate due to the steadily growing presence of startups specializing in nutrient-enriched foods and drinks. For example, New Jersey-based Remedy Organics makes beverages based on plant products and infuses potent super-ingredients, botanicals, herbs, proteins, and probiotics. With the demand for non-dairy products rising, some startups are engaged in the development of plant-based dairy alternatives.
For instance, Toronto-based YoFiit leverages the high nutrition quotient of chickpeas to create functional non-dairy meal solutions. Further, a few startups are also targeting their products towards consumers living with chronic diseases. Texas-based Hapi Drinks, for example, offers sugar-free drinks for kids with a mission to fight Type 2 diabetes and childhood obesity. The increasing availability of such niche functional food & beverage in major economies will enable the market to achieve a long-lasting growth trajectory.
Challenges:
Meeting regulatory standards for health claims and labeling remains a challenge for the industry. Companies need to navigate a complex landscape to ensure their products comply with regional and global regulations.
Establishing scientific evidence supporting the health claims associated with functional ingredients is essential. The industry faces the challenge of providing credible and transparent information to consumers.
Regional Insights:
Asia Pacific to Present Excellent Business Opportunities for Market Players
Asia Pacific is expected to dominate the Functional Foods and Beverages Market share during the forecast period due to the rising disposable incomes of consumers, especially in India and China.
Improving lifestyle in these countries is anticipated to stoke the demand for healthy food and drink alternatives in the forthcoming years, spawning lucrative sales opportunities for players in this market. In 2020, the Asia Pacific market size stood at USD 100 billion and the region is forecasted to register a CAGR of 10.04% from 2021 to 2028.
In Europe, on the other hand, stringent regulations governing the food and beverage industry is likely to boost investments in innovation and R&D by companies in the region, which in turn will promote the development of functional food & beverages. In North America, a growing preference for naturally produced food items will prove favorable for the market.
Competitive Landscape:
Introduction of Novel Products in Emerging Economies to Electrify the Market
Key developers of functional food & beverages are focusing on capitalizing on the untapped opportunities in emerging markets. These markets are blossoming, underpinned by better incomes and improving health consciousness, encouraging large food and beverage companies to introduce new products and enlarge their customer base.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related (Nutraceuticals) Market
- Regulatory Analysis
- Industry SWOT Analysis
- Recent Industry Developments – Policies, Mergers & Acquisitions, and
- New Product Launches
- Market Analysis and Insights (in Relation with 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 and Beverages Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Functional Cereals & Grains
- Functional Dairy Products
- Functional Bakery Products
- Functional Fats & Oils
- Other Functional/Fortified Foods
- By Distribution Channel (Value)
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retail
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
TOC Continued…!
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