The global functional food & beverages market size is projected to reach USD 529.66 billion by 2028, exhibiting a CAGR of 9.4% during the forecast period. According to a recent report by Fortune Business Insights™, titled “Functional Foods & Beverages Market, 2021-2028”, the market’s value stood at USD 258.80 billion in 2020.
A List of Renowned Functional
Food & Beverages Companies in the Global Market:
- Danone S.A. (Paris, France)
- Nestle S.A. (Vevey, Switzerland)
- General Mills Inc. (Minnesota, United States)
- Glanbia Plc (Kilkenny, Ireland)
- Tyson Foods Inc. (Arkansas, United States)
- PepsiCo Inc. (New York, United States)
- Hearthside Food Solutions LLC (Illinois, United States)
- Celsius Holding, Inc. (Florida, United States)
- Arla Foods amba (Viby, Denmark)
- The Coca-Cola Company (Georgia, United States)
This market
report supplies tangible insights into the regional prospects of the market and
presents an exhaustive analysis of the market drivers and challenges.
Furthermore, the report contains detailed profiling of key market players and
careful study of their strategies and incorporates industry-leading, actionable
research into the different market segments.
DRIVING FACTORS
Proliferation of Food & Beverage Startups
to Elevate Market Potential
The
functional food & beverages market growth is set to accelerate due to the
steadily growing presence of startups specializing in nutrient-enriched foods
and drinks. For example, New Jersey-based Remedy Organics makes beverages based
on plant products and infused potent super-ingredients, botanicals, herbs,
proteins, and probiotics. With the demand for non-dairy products rising, some
startups are engaged in the development of plant-based dairy alternatives. For
instance, Toronto-based YoFiit leverages the high nutrition quotient of
chickpeas to create functional non-dairy meal solutions. Further, a few
startups are also targeting their products towards consumers living with
chronic diseases. Texas-based Hapi Drinks, for example, offers sugar-free
drinks for kids with a mission to fight Type 2 diabetes and childhood obesity.
The increasing availability of such niche functional food & beverages in
major economies will enable the market to achieve a long-lasting growth
trajectory.
Read a Detailed Summary of This Report:
COVID-19 IMPACT-
Heightened Need for Immunity Boosting
Functional Foods amid COVID-19 to Fuel the Market
The COVID-19
pandemic has created a health emergency of unprecedented magnitude, forcing
people worldwide to rethink their diets and lifestyles. With the pandemic
relentlessly intensifying across the planet, health professionals are
aggressively promoting functional food & beverages to enhance immune
systems. For example, an ex-nutrition policymaker in the Philippines recently
noted in an interview that functional foods, such as vegetables and fruits, are
instrumental in battling the coronavirus since they boost immunity and can also
improve public health.
Private food
technology companies are also developing new techniques to create novel
offerings. In March 2021, for instance, Seattle-based SoRSE Technology
announced that it is engaging in intensive research to integrate functional
ingredients into packaged food. The coronavirus outbreak has, thus, rejuvenated
the interest in functional foods and drinks among consumers and producers alike,
thus benefiting the market and allowing it to register a considerable growth of
11.0% in 2020.
REGIONAL INSIGHTS
Asia Pacific to Present Excellent Business
Opportunities for Market Players
Asia Pacific
is expected to dominate the functional food & beverages market share during
the forecast period due to the rising disposable incomes of consumers,
especially in India and China. Improving lifestyle in these countries is
anticipated to stoke the demand for healthy food and drink alternatives in the
forthcoming years, spawning lucrative sales opportunities for players in this
market. In 2020, the Asia Pacific market size stood at USD 100 billion and the region is forecasted to register a CAGR of 10.04% from 2021 to 2028.
In Europe,
on the other hand, stringent regulations governing the food and beverage
industry is likely to boost investments in innovation and R&D by companies
in the region, which in turn will promote the development of functional food
& beverages. In North America, a growing preference for naturally produced
food items will prove favorable for the market.
COMPETITIVE LANDSCAPE
Introduction of Novel Products in Emerging
Economies to Electrify the Market
Key
developers of functional food & beverages are focusing on capitalizing on
the untapped opportunities in emerging markets. These markets are blossoming,
underpinned by better incomes and improving health consciousness, encouraging
large food and beverage companies to introduce new products and enlarge their
customer base.
AN INDUSTRY DEVELOPMENT:
- December 2020: Nestle launched a milk product in China for adults, comprising ingredients that are meant to boost joint functionality, muscle strength, and bone health. Developed under its YIYANG Active brand, the company’s unique powdered beverage is its maiden product to fetch functional food approval in China.
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