Rising awareness among consumers towards health benefits of foods and their nutritional benefits for potential disease prevention and health enhancement is driving the global market for functional foods.
Functional foods are the medicinal foods that provide health benefits beyond energy and essential nutrients. They have health promoting and disease preventing properties which are the major reasons for growing preference for functional foods. Growing interest of consumers and widespread understanding of how proper diet can improve immune power are some important factors driving the functional foods market. Increase in health care costs and ageing population are currently driving the global functional foods market and natural health products industry.
Functional foods and nutraceutical products are helping in improving health, reducing the health care costs, and supporting the economic development in rural areas. Growing demand for functional foods is also helping the producers to diversify their agriculture and marine based crops.
Worldwide market for functional foods and nutraceutical products is growing at a tremendous pace and outpacing the traditional processed food market. There is growing demand for functional foods, especially in developed economies due to increasing awareness towards health benefits of functional foods and increase in disposable incomes. The US is the largest market for functional foods and is expected to witness 21% growth in the coming years owing to the growing demand for functional foods and expected to reach the value of USD 8.62 billion by 2015. This growth is mainly driven by the continuously growing demand for energy drinks and fortified dairy products.
The global functional foods market is categorized as follows:
- Bakery and cereals
- Fortified dairy products
- Frozen and chilled food
- Functional drinks
Some of the major players in the global functional foods market include Abbott Laboratories, Arla Foods, BNL Food Group, The Coca-Cola Company, Dean Foods, Dr Pepper Snapple Group, General Mills Inc., Glanbia Plc, GlaxoSmithKline Company, Groupe Danone, Kellogg Company, Kirin Holdings, Kraft Foods Inc., Mars Inc., Meiji Group, Murray Goulburn, Nestlé, Ocean Spray Cranberries Inc., PepsiCo Inc., Raisio Group, Red Bull GmbH, Royal FrieslandCampina, Sanitarium Health & Wellbeing Company, Unilever, and others.
This market research report analyzes important market segments, and major geographies. This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
The major regions analyzed under this research study are North America, Asia-Pacific, Europe, and the Rest of the World.
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