Major Trend in the Functional Foods Market (2024-2033): Developing Innovative Plant-Based Ingredients

The Business Research Company's Major Trend in the Functional Foods Market (2024-2033): Developing Innovative Plant-Based Ingredients

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The functional foods market has expanded swiftly in recent years, with growth from $251.66 billion in 2023 to an estimated $282.11 billion in 2024, reflecting a compound annual growth rate (CAGR) of 12.1%. This historical growth is primarily due to heightened health awareness, an aging population, a focus on preventive healthcare, advancements in scientific research and nutrition, and a rise in lifestyle-related diseases.

How Much Will the Global Functional Foods Market Grow, and What Is the Predicted Annual Growth Rate?
The functional foods market is projected to grow rapidly in the coming years, reaching $421.65 billion by 2028 with a compound annual growth rate (CAGR) of 10.6%. This anticipated growth is driven by shifts in dietary patterns, rising interest in personalized nutrition, an expanding middle-class population, increased focus on gut health, and a preference for clean label and natural ingredients.

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What Are The Top Drivers Contributing To The Growth Of The Functional Foods Market?
The growing demand for nutrient-rich foods is anticipated to drive the functional foods market in the coming years. Nutrient-rich foods are characterized by their high concentration of essential nutrients in relation to their calorie content. Functional foods are especially appealing as they provide key nutrients such as vitamins, minerals, healthy fats, and fiber, which are essential for maintaining health and reducing the risk of chronic diseases.

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Which Companies Are Leading Growth in the Functional Foods Market?

Key players in the functional foods market include Nestlé Alimentana SA, BASF SE, PepsiCo Inc., Unilever plc, Abbott Laboratories, The Coca-Cola Company, GlaxoSmithKline Company, Mondelez International Inc., Danone SA, Kraft Foods Inc., General Mills Inc., Royal FrieslandCampina NV, Kellogg Company, Kirin Holdings Company Ltd., Dr PepperSnapple Group Inc., Red Bull GmbH, Ajinomoto Co. Inc., Meiji Holdings Company Ltd., Givaudan SA, Glanbia plc, Barilla Holding SpA, Arla Foods UK plc, Ocean Spray Cranberries Inc., Sanitarium Health and Wellbeing Company, Raisio Oyj, Lifeway Foods Inc., GFR Pharma Ltd., BNL Food Group Inc., Suiza Foods Corporation, Murray Goulburn Co-Operative Co.

What Are the Key Trends Defining the Functional Foods Market Size?

Leading companies in the functional foods market are concentrating on creating innovative products, including new plant-based ingredients, to enhance their market position. Plant ingredients are substances derived from plants, used across various industries, including food, cosmetics, pharmaceuticals, and more.

What Are The Key Segments Of The Global Functional Foods Market?
1) By Product Type: Bakery & Cereals, Dairy Products, Meat, Fish & Eggs, Soy Products, Fats & Oils, Other Product Types
2) By Ingredients: Carotenoids, Dietary Fibers, Fatty Acids, Minerals, Prebiotics & Probiotics, Vitamins, Other Ingerdients
3) By Application: Sports Nutrition, Weight Management, Immunity, Digestive Health, Clinical Nutrition, Cardio Health, Other Applications

Geographical Highlights: Asia-Pacific Leading Functional Foods Market
Asia-Pacific was the largest region in the market in 2023. Western Europe was the second-largest region in the market. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is The Definition And Scope Of The Functional Foods Market Overview?
Functional foods are nutrient-dense foods linked to numerous health benefits, including the prevention of nutrient deficiencies, disease protection, improved cholesterol levels, reduced blood pressure, and support for healthy growth and development.

The Functional Foods Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

Overview of the Global Functional Foods Market Report: Trends, Opportunities, Strategies, and More
The Functional Foods Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into functional foods market size, functional foods market drivers and trends, functional foods competitors' revenues, and functional foods market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.

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Oliver Guirdham
The Business Research Company
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