Latest News- Functional Food Market: Offline is expected to lead the Distribution Channel segment during 2024-2028

The Functional Food Market is being driven by Rising health awareness

The Functional Food Market is expected to grow at a CAGR of 7.66% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 127.46 billion. The functional food market is experiencing significant growth due to the emergence of personalized nutrition, a trend that caters to individualized health needs and preferences. Personalized nutrition involves tailoring dietary recommendations and functional food formulations based on an individual's unique characteristics, including genetics, lifestyle, and health goals. This trend is driving innovation in the industry as companies leverage advanced technologies, such as genetic testing and data analytics, to offer personalized insights into nutrition. By understanding individual nutritional requirements, functional food manufacturers can create targeted products that address specific health concerns, optimize performance, and enhance overall well-being. Consumers are increasingly seeking personalized nutrition solutions that align with their unique health objectives, recognizing that a one-size-fits-all approach to nutrition may not be effective for everyone. This shift towards personalized nutrition is expected to fuel the growth of the global functional food market in the coming years. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • Offline
  • Online
• Product Type
  • Dairy products
  • Bakery and cereals
  • Meat/fish and egg
  • Soy products and others
• Geography
  • APAC
  • North America
  • Europe
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising health awareness
• Rise in demand for new varieties of functional foods
• Innovations in ingredients and technologies in functional food

However, the market also witnesses some limitations, which are as follows:

• High cost of functional foods
• Stringent regulations on use of synthetic food ingredients
• Side effects of food additives present in functional food

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Market Scope in Functional Food Market Research Report

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Research Analysis Overview

Functional foods are nutritionally enhanced products that offer health benefits beyond basic nutrition. The functional food market caters to consumer interest in combating health issues like obesity, diabetes, cardiovascular diseases, heart disease, stroke, and cognitive decline, particularly among the geriatric population. Functional ingredients, such as omega-3 fatty acids from fish oils, probiotics in yogurt, prebiotics, and nutrigenomics, are extracted using advanced techniques like ultrasound-assisted extraction, microwave-assisted extraction, pulsed electric field, radio-frequency drying, and supercritical fluids to create healthier food products. These ingredients support gut health, heart health, and cognitive function.

Market Research Overview

The functional food market, a segment of the global packaged foods and meats market, encompasses nutritional additives and functional ingredients that offer health benefits to consumers. Technavio's market analysis includes vendors involved in food processing to enhance product shelf life and eliminate microorganisms. The market size is determined by the collective revenue generated by these vendors, excluding food processing equipment manufacturers and packaged alcoholic or non-alcoholic beverage producers. Key functional ingredients include omega-3 fatty acids, probiotics, fish oils, yogurt, carotenoids like beta-carotene and lycopene, catering to consumer interest in the geriatric population's health and wellness.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/