Functional Food and Nutraceuticals Market: Overview
Over the projection period, it is anticipated that the growing senior population and rising healthcare costs would support the expansion of the worldwide functional food business. Functional meals are seen as having a very favourable reputation with consumers, largely because of the additional health and wellness advantages these products provide. The total growth has been assisted by the rising elderly population, rising healthcare costs, changing lifestyles, innovative food products, and expectations for higher prices.
Due to the rising relevance of preventive healthcare among consumers, the U.S. has seen an increase in demand for dietary supplements over the past several years. Customers have been favouring multivitamins that give the body the necessary nutrients.
Due to widespread knowledge of their advantages in maintaining physical and total health, dietary fibres and minerals are expected to increase in popularity. While minerals help to increase nutrition absorption and passage into cells as well as stimulate blood coagulation, fibres tend to ease bowel motions and provide essential internal organ cleansing. The market is also anticipated to grow in size during the forecast period as a result of the increasing acceptance rates of herbal medicines among people throughout the world due to growing worries over the potentially dangerous side effects of traditional pharmaceutical drugs.
The demand for nutritional supplements and functional foods has increased as a result of the COVID-19 epidemic. Over the past year, the popularity of immunity-boosting supplements has significantly altered consumer behaviour and purchasing habits. Additionally, following the COVID-19 pandemic, people’s daily life will likely include preventive healthcare practises like taking dietary supplements. As a result, the global COVID-19 epidemic has made it possible for nutraceuticals to establish a significant market presence.
Global Functional Food and Nutraceuticals Market: Major Players
Dr. Pepper Snapple Group Inc.
H.J. Heinz Co.
Yakult Honsha Co. Ltd.
Ostuka Pharmaceutical Co. Ltd
Mondelez International Inc.
Campbell Soup Company
Hormel Food Corporation
General Mills Inc.
Red Bull GmbH
Coca Cola Co.
Global Functional Food and Nutraceuticals Market: Types
Global Functional Food and Nutraceuticals Market: Applications
With a revenue share of over 40.0%, the functional food category took the top spot in the entire market in 2021, followed by functional beverages and dietary supplements. In the upcoming years, the dietary supplements market is expected to be driven by advancements in technology and product development. Sports drinks are becoming more and more popular among athletes and other people who engage in strenuous physical activity. Due to its high purchasing power, desire to spend money on health products, intense interest in sports, and increasing propensity toward fitness activities, the millennial generation rapidly pushes the sports drink business.
Healthy foods that have additional benefits to basic nutrition are referred to as functional foods. These foods have naturally occurring health-improving ingredients. This feature aids in reducing health issues and shields against several chronic illnesses. Additionally lowering cholesterol and promoting wellbeing, functional foods. The words “nutriceutical” and “pharmaceuticals” are combined to form the word “nutraceutical.” Nutraceuticals are thus healthy dietary sources with added medical benefits. These products are concentrated in liquid, pill, powder, or other forms of medicine and have a chemical makeup that is geared toward illness prevention.
The substance known as a nutraceutical product has physiological advantages, offers defence against chronic diseases, enhances health, slows down the ageing process, and lengthens life expectancy. The product type, distribution method, and geographic segments of the worldwide nutraceutical market are all defined. The market is divided into functional food, functional beverage, and dietary supplement categories based on product type. Cereal, bakery & confectionery, dairy, snacks, and other functional foods are other categories within the functional food market. Energy drinks, sports drinks, fortified juice, dairy and dairy substitute beverages, and other functional beverages are sub-segmented under functional beverages. Vitamins, minerals, botanicals, enzymes, fatty acids, proteins, and other dietary supplements are different types of dietary supplements.