Functional Food Market Growth, Size, Share and Forecasts To 2020: Grand View Research, Inc.
Global functional foods market is expected to witness high growth owing to surge in demand for nutritional food supplements and energy drinks. The market has been experiencing high demand for food ingredients with added nutritional value and improved vitamin content and packaged food&beverages with longer shelf life. Rising health consciousness and disease prevalence owing to nutritional deficiency is expected to have a positive impact on functional foods market growth over the next six years. Specialty ingredients and emerging health oriented market coupled shifting interest towards protein consumption are key opportunities for the functional foods market. High price of synthetic dietary supplements along with increased incidences of side-effects has led to shifting consumer preference towards natural functional foods. The market is expected to witness surging demand from digestive health&heart health food products on account of increasing health consciousness and changing lifestyle.
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In terms of regional consumption patterns, North America was the largest market for functional foods with majority of the demand centered towards the U.S. U.S. alone accounted for over 30% of the global market demand in 2013. North America is estimated to continue its dominance in global market on account of favorable regulatory scenario for natural food supplements and other confectionery products by FDA and USDA. Asia Pacific functional foods market is estimated to witness above average growth rates over the forecast period. High demand for nutritional food supplements coupled with increasing disposable income among average consumers is expected to drive functional foods market growth in this region. Future demand is expected to come from countries such as U.S., China, Japan, Australia, India, Malaysia and France.
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Global functional foods market is characterized by constant product development in terms of higher nutritional value and unique formula claims by top players operating in the market. Major companies have now shifted their focus towards organic functional foods. Companies including Ceres Organics have developed several organic nutritional supplements based on linseed, sunflower seeds and almond. Major companies involved in this market include Kraft Food, Kellogg’s, Heinz, Unilever and Nestle.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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