The global functional food market is trending towards growth, especially since 2020. Consumer knowledge has grown in breadth since the pandemic. This was on the predictive analytics. Nutritious foods with added health benefits are in high demand globally due to busy lifestyles. As a business owner, you know the importance of identifying new and growing markets to expand your market share. Read on for an analysis of the global functional food market trending towards growth.
Functional Food Market Size Growth
To begin, the projected growth of the functional food market is impressive. The market size is projected to outpace inflation at over 12.5% from 2022 through 2023. Total market size in 2022 was just over 203 billion USD. Several global factors such as the Russia-Ukraine war are currently impacting the market negatively, but supply chain issues are gradually being resolved. In spite of functional foods’ high price point restricting growth, the projections for future percentage growth are still in double digits. Surely, the projected growth of the functional food market is cause for excitement.
Urbanization Driving Increased Demand
To continue, urbanization is driving increased demand across the globe. In the upcoming years, urbanization is projected to increase in the Asia-Pacific market. The increase in urbanization and faced paced lifestyles will likely have a positive correlation with demand for functional foods. The Asia-Pacific market has already seen a change in lifestyle and dietary preferences since before the start of the COVID-19 pandemic. This growth trend is likely to continue. Across the globe, urbanization is increasing demand for functional foods.
Immunity Boosting Diets
Furthermore, the increase in popularity of immunity boosting diets is influencing the growth of the global functioning food market. The pandemic has generated an interest in health and nutrition across the globe. More than half of adults in the USA are more health conscious than they were before the start of the COVID-19 pandemic. More than half of US adults are looking for food and drinks with vitamins and minerals due to their increased health consciousness. About two-thirds of global shoppers rely on probiotics, and digestive health to their bodies’ immune systems. The public’s knowledge and desire for stronger immune systems present a great opportunity for growth in the functional food market.
Manufacturers Increasing Product Availability
Next, manufacturers’ are increasing product availability, following cost containment which further pushes the functional food market’s trend in a growth pattern. Although COVID-19 propelled demand higher for functional foods, supply was unable to keep up with various lockdown restrictions. Since Late 2020, we’ve seen manufacturers’ ability to provide more product steadily increase. Those responsible for processing raw material into nutritious functional foods are succeeding in increasing their plants’ output. The industry has focused on fortifying many foods with nutritional additives to further expand the amount of output in the functional food market. Of course, the trend towards growth is supported by manufacturer’s increase in product availability.
Increasing Functional Food Applications
Finally, there is an increase in recognition of functional food applications further driving the projected trend positively. Immune support is mentioned above as a driving factor in the public’s interest in functional foods. In further support of public interest, new applications are being discovered. Cardiovascular health as well as sports nutrition are emerging as motivators for public interest. Clinical applications as well as weight regulation uses are also driving sales in the industry. As more applications are discovered, public interest will only continue to grow. In short, new applications for functional foods are expanding the potential market.
The global functioning food market is trending towards growth because of many factors. First, the total size of the market has been increasing since before the COVID-19 pandemic. Secondly, global urbanization is increasing the pace of life, driving a demand for a quick nutritional solution. Next, an interest in immunity boosting diets exacerbated by the pandemic has driven demand higher. Then, a push to increase availability of the products by manufacturers is one of the best franchises to open. Finally, new applications being discovered for functional foods are increasing public interest. An analysis of the global functional food market is trending towards growth.