The Global Market for Functional Foods and Drinks is Projected to Exceed US$195 Billion by 2024
Improvements in Safety,
Efficacy and Nutritive Value Drive Renewed Consumer Interest in Functional
Foods and Drinks, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size, and demand forecasts on the global Functional Foods and
Drinks market. The global market for Functional
Foods and Drinks is projected to exceed US$195 billion by 2024, driven by rising focus on foods
and drinks with additional functional constituents that provide
disease-preventing, longevity-increasing, and health-promoting benefits.
All
foods provide energy and nutritional value essential for a healthy living and
are hence “functional” in some way or other. However, today’s functional foods
impart more than just sustenance of human life. The role of food and nutrition
today encompasses correction of nutritional deficiencies to promotion of health
and wellness to preventing diseases and offering health benefits such as gut
health, bone health, heart health, brain health, immunity, and nutrition, among
others. Few of the factors that brought about this transformation include
advancements in science, technology innovations, spiraling healthcare costs,
favorable regulatory environment regarding food labeling and product claims in
addition to expanding population of aging individuals across the world and
growing emphasis on health and wellness through natural foods amidst the
growing incidence of lifestyle related chronic diseases. Major focus areas of
research and development and scientific advancements in nutritional innovations
that are steadily expanding applications of functional foods and benefiting
market growth include functional ingredients; proteins and acidulates;
vitamins; minerals; prebiotics; probiotics; hydrocolloids; essential oils;
omega 3 & 6 fatty acids; flavonoids, and carotenoids, among others.
Future
growth of the market will be driven by growing effectiveness of functional
foods, drinks and their active ingredients in enabling life without drugs
amidst consumers grappling with the challenge of living (and eating) healthily
in an unhealthy modern world. Robust demand for mineral and vitamin fortified
drinks, sports and energy drinks; high protein drinks, drinks promoting digestive
health, drinks containing antioxidants, and drinks with lighter amounts of
ingredients represent another important growth driver. Major factors that are
poised to benefit market expansion in the near term include rising focus on
functional sports nutrition foods and beverages; strong demand for digestive
health and wellness; rising interest in fermented food and protein-fortified
products; and growing adoption of plant-based protein and naturally functional
products. Millennials inclination towards fitness and the ensuing focus on
functional foods and drinks; huge untapped potential offered by infant/children’s
functional nutrition, and upward trend in demand for water that is tapped from
fruits and their trees such as coconut water, maple water, birch water,
cactus water, artichoke water, etc., are also expected to aid market growth in
the coming years.
As stated by the new market research report on Functional
Foods and Drinks, the United States represents the largest market
worldwide. High levels of health consciousness; growing popularity of gut
health products, predominantly dairy-based; use of functional foods and drinks
in almost all age groups; high spending power of consumers, and a huge baby
boomer population represent major growth drivers in the country. Asia-Pacific
ranks as the fastest growing market with a CAGR of about 11.1% over the
analysis period, driven by the huge potential offered by the unpenetrated and
underpenetrated developing countries in the region.
Key
players in the market include Abbott Nutrition, ABF Ingredients Ltd., Amway
Corporation, Celsius Holdings Inc., Coca-Cola Co., Monster Beverage
Corporation, Dali Foods Group Co. Ltd., Danone SA, Dr Pepper Snapple Group
Inc., General Mills Inc., Glanbia Plc, GlaxoSmithKline Plc, Hangzhou Wahaha
Group Co. Ltd., Herbalife International Inc., Kellogg Company, Meiji Holdings
Co. Ltd., Nestlé S.A., Otsuka Pharmaceutical Co. Ltd., PepsiCo Inc., Post
Holdings Inc., Royal FrieslandCampina N.V., Suntory Holdings Limited, Red Bull
GmbH, The Hain Celestial Group Inc., and Yakult Honsha Co. Ltd., among others.
The
research report titled “Functional Foods and Drinks:
A Global Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review of market trends, growth drivers, mergers,
acquisitions, and other strategic industry activities of major players
worldwide. The report provides market estimates and projections in dollars for
all major geographic markets including the United States, Canada, Japan, Europe
(France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific
(China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of
Latin America), and Rest of World. Product segments analyzed include Functional
Cereals & Grains, Functional Dairy Products, Functional Beverages,
Functional Snacks, and Others.
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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