LONDON, June 10, 2020 /PRNewswire/ — The increasing number of diseases is shifting consumer’s focus on healthy eating, which in turn, is projected to boost the demand for functional foods. Functional food provides the human body with healthy nutrition, vitamins & minerals, and reduces the risk of diseases. According to the Centre for Disease Control and Prevention, heart disease is a leading cause of death in the USA, and about 6,47,000 Americans die from heart disease every year, which is one of every 4 deaths. Therefore, the increasing number of cardiovascular and other diseases across the globe is anticipated to generate higher demand for a healthy diet, which in turn, is likely to propel the revenues for the functional food market over the forecast period.
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Functional Food Market Growth And Overview
The global functional food market is expected decline from $174.6 billion in 2019 to $169.5 billion in 2020 at a compound annual growth rate (CAGR) of -2.9%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $209.9 billion in 2023 at CAGR of 7.4%. The functional food market consists of sales of functional food and related services. Functional food is highly nutritious and is associated with many health benefits. The benefits include prevention against nutrition deficiencies, protection against diseases, improved cholesterol levels, lower blood pressure, and promote proper growth & development.
The functional foods market is segmented by product type into bakery & cereals, dairy products, meat, fish & eggs, soy products, fats & oils, and others. It is also segmented by ingredients into carotenoids, dietary fibers, fatty acids, minerals, prebiotics & probiotics, vitamins, and others. By application, the market is segmented into sports nutrition, weight management, immunity, digestive health, clinical nutrition, cardio health, and others.
Key Player Growth Strategies In The Functional Food Market
Key players dealing in the functional food market are increasingly focusing on new product developments and company expansion in order to meet the rising demand from consumers. For instance, in September 2019, Tyson Foods Inc. announced the launch of its new brand, Pact Snack Bites, a line of functional refrigerated protein snacks. Pack Snacks Bites are produced with fruits, nuts, and functional ingredients such as probiotic cultures, turmeric, kombucha, matcha, collagen protein, and prebiotic fiber.
Major players in the global functional food market include Unilever, BNL Food Group, Dean Foods, The Coca-Cola Company, Arla Foods, Abbott Laboratories, PepsiCo Inc., Kraft Foods Inc., Nestle, General Mills, BASF SE, Muurray Goulburn, Meiji Grup, Kirin Holdings, Kellogg Company, Danone, GlaxoSmithKline Company, Glanbia Plc, Dr PepperSnapple Group, Ocean Spray Cranberries Inc., Raisio Group, GFR Pharma, Red Bull GmbH, Sanitarium Health and Wellbeing Company, and Royal FrieslandCampina.
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Merger And Acquisitions In The Market
Another strategy being adopted by companies in the market includes mergers and acquisitions. For example, in June 2019, Mars, an American manufacturer of pet food, confectionery, and other foods, signed an agreement to acquire a majority stake in Foodspring, a German functional food & beverage company. Foodspring was founded in 2013 and is the fastest-growing targeted nutritional business in Europe. The product portfolio of Foodspring includes protein supplements, snacks, bars, shakes, porridge, and muesli.
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