Functional Foods And Beverages Market to grow by USD 141.4 billion between 2024-2028
According to a research report “ Functional Foods And Beverages Market” by Product (Functional foods, Functional beverages) Distribution Channel (Offline, Online) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 141.4 billion at a CAGR of almost 7.45% during the forecast period. In the dynamic functional foods and beverages market, innovation is the key driver. Manufacturers are responding to evolving consumer preferences by introducing new, flavorful functional offerings. For instance, Suntory, based in the UK, introduced Tropical Fusion in 2015, a reduced-sugar lemonade replacement with pineapple and kiwifruit flavors. This shift towards tropical tastes is a reflection of market trends. Additionally, brands are prioritizing sugar-free and low-calorie formulations to cater to increasing consumer demand for healthier options..
Browse market data tables, figures, and in-depth TOC on “Functional Foods And Beverages Market” by Product (Functional foods, Functional beverages) Distribution Channel (Offline, Online) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028.
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By Product, the Functional foods segment is projected to dominate the market size in 2024.
In the business landscape of the Functional Foods and Beverages Market, supermarkets and hypermarkets serve as the dominant distribution channels. These retail outlets provide consumers with a one-stop solution for purchasing a diverse range of functional products, while also offering enticing discounts and an appealing shopping experience. Moreover, the high product volumes handled by supermarkets and hypermarkets grant them substantial buying power, enabling them to price competitively and pass savings onto consumers.
By Distribution Channel, Offline segment is expected to hold the largest market size for the year 2024.
The functional foods and beverages market is experiencing robust growth, fueled by inventive product and ingredient developments within this sector. Driven by the rising demand from aging populations, health-conscious adults, and concerned parents, this trend is anticipated to persist throughout the forecast period. However, stringent government regulations necessitate precise and substantiated health claims, posing a significant challenge for market expansion.
APAC is forecasted to hold the largest market size by region in 2024.
In the dynamic business landscape, the Functional Foods and Beverages Market continues to gain traction, driven by consumer preferences for healthier options. These products, enriched with essential nutrients and health benefits, cater to various dietary needs and lifestyle choices. Market growth is fueled by innovative product development, strategic partnerships, and expanding distribution channels. Companies are investing in research and development to create functional foods and beverages that address specific health concerns, further bolstering market expansion.
The Functional Foods And Beverages Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the evolving lifestyles of consumers, the demand for value-added food categories that support preventive healthcare is on the rise. The Food & Beverage sector is responding by introducing functional foods and beverages, which offer additional health benefits beyond basic nutrition. These products cater to the growing concerns of sedentary lifestyles and the increasing prevalence of conditions like Type 2 diabetes. Functional foods and beverages are derived from raw ingredients sourced through farming and processing. They include immunity-boosting ingredients like fatty acids, proteins, and probiotics such as Lactobacilli. Nutraceuticals and functional dairy products like yogurt are popular choices due to their digestive function and positive impact on gut health. The retail sector plays a crucial role in making these functional foods and beverages accessible to consumers. The market for these products is expected to grow significantly due to their role in addressing health concerns and contributing to overall wellness. Key players in the market focus on research and development to innovate and offer a wide range of functional food and beverage options.
Market Research Overview
In the dynamic and evolving landscape of the food and beverage sector, functional foods and beverages have emerged as a significant trend, catering to consumers' increasing focus on health and wellness. These products, enriched with essential nutrients, vitamins, minerals, amino acids, and omega-3 fatty acids, address various health concerns such as chronic diseases like Type 2 diabetes, cardiovascular diseases, and weight management. The market for functional foods and beverages is driven by several factors, including disposable incomes, sedentary lifestyles, and the growing prevalence of chronic diseases. Consumers are increasingly seeking convenience and value-added food categories, leading to the popularity of nutrition bars, toffees, gummies, and sports & performance drinks. Innovation activities, such as edible coating technology, vacuum impregnation technology, encapsulation technology, and novel taste enhancers, are transforming the functional food and beverage market. E-commerce platforms and online retail sales have further fueled the growth of this sector, enabling easy access to a wide range of functional foods and beverages. Functional foods and beverages are not limited to traditional categories like bread, flour, milk, and yogurt. They also include plant-based products, probiotic dietary supplements, and functional dairy products. The market is expected to continue expanding, driven by unique promotional strategies, increasing incomes, and evolving lifestyles.
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