The research report titled, ‘Functional Food and Beverages Market by Type (Bakery Products, Confectionery Products, Snacks, Energy Drinks, Sports Drinks), Application (Health & Wellness, Immunity, Clinical Nutrition, Cardio Health), Distribution Channel - Global Forecast to 2030,’ provides an in-depth analysis of the functional food and beverages market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.
The Functional Food and Beverages Market is expected to reach $532.98 billion by 2030, at a CAGR of 8.9% from 2023 to 2030.
The growth of this market is attributed to the increasing demand for healthy & nutrition-rich diets, rising demand for sports & performance drinks, growing innovation and new product developments, and changes in lifestyles & rising incidences of chronic diseases. Furthermore, increasing investment and expansions in the functional food and beverages industry and rapid growth in the retail sector are expected to provide significant opportunities for the growth of this market.
The study offers a comprehensive analysis of the functional food and beverages market based on type, application, distribution channel, and geography.
The functional food and beverages market is segmented by type (functional food {bakery products, confectionery products, snacks, dairy products, infant food products, and other functional foods} and functional beverages {energy drinks, sports drinks, fortified juices, dairy-based beverages, and other functional beverages}), application (health & wellness, sports nutrition, weight management, immunity, digestive health, clinical nutrition, cardio health, and other applications), distribution channel (supermarkets & hypermarkets, convenience stores, specialty stores, E-commerce, and other distribution channels), and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on type, in 2023, the functional food segment is expected to account for the larger share of the functional food and beverages market. The large market share of this segment is attributed to the growing demand for nutritional & fortifying food products and rising awareness about the health benefits of consuming these products. Consumers are increasingly drawn to foods with functional ingredients to lower the risk of specific health concerns, such as obesity, weight loss, diabetes, and cardiovascular diseases, which contribute to the growth of this segment.
Based on application, in 2023, the health & wellness segment is expected to account for the largest share of the functional food and beverages market. The large market share of this segment is attributed to the factors such as the increasing health consciousness among consumers and the growing demand for clean-label and non-GMO food products.
Based on distribution channel, in 2023, the supermarkets & hypermarkets segment is expected to account for the largest share of the functional food and beverages market. However, the E-commerce segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly driven by the growing preference for personalization, the convenience offered by E-commerce, the availability of greater discounts compared to offline stores, and a greater product selection experience.
Based on geography, the market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The major market share of North America is attributed to the well-established food & beverage industry, high awareness of the health benefits of functional food and beverages, the growing popularity of protein bars, shakes, and cookies among millennials, and the high demand for nutritional products across the region.
The key players operating in the functional food and beverages market include The Coca-Cola Company (U.S.), Danone S.A. (France), Glanbia plc (Ireland), Hearthside Food Solutions LLC (U.S.), Mars, Incorporated (U.S.), Meiji Holdings Co., Ltd. (Japan), Nestlé S.A. (Switzerland), Raisio plc (Finland), Royal FrieslandCampina N.V. (Netherlands), The Kraft Heinz Company (U.S.), Arla Foods amba (Denmark), Amway Corporation (U.S.), PepsiCo, Inc. (U.S.), Kellogg Company (U.S.), and General Mills, Inc. (U.S.).
The Functional Food and Beverages Market is expected to reach $532.98 billion by 2030, at a CAGR of 8.9% from 2023 to 2030.
The growth of this market is attributed to the increasing demand for healthy & nutrition-rich diets, rising demand for sports & performance drinks, growing innovation and new product developments, and changes in lifestyles & rising incidences of chronic diseases. Furthermore, increasing investment and expansions in the functional food and beverages industry and rapid growth in the retail sector are expected to provide significant opportunities for the growth of this market.
The study offers a comprehensive analysis of the functional food and beverages market based on type, application, distribution channel, and geography.
The functional food and beverages market is segmented by type (functional food {bakery products, confectionery products, snacks, dairy products, infant food products, and other functional foods} and functional beverages {energy drinks, sports drinks, fortified juices, dairy-based beverages, and other functional beverages}), application (health & wellness, sports nutrition, weight management, immunity, digestive health, clinical nutrition, cardio health, and other applications), distribution channel (supermarkets & hypermarkets, convenience stores, specialty stores, E-commerce, and other distribution channels), and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on type, in 2023, the functional food segment is expected to account for the larger share of the functional food and beverages market. The large market share of this segment is attributed to the growing demand for nutritional & fortifying food products and rising awareness about the health benefits of consuming these products. Consumers are increasingly drawn to foods with functional ingredients to lower the risk of specific health concerns, such as obesity, weight loss, diabetes, and cardiovascular diseases, which contribute to the growth of this segment.
Based on application, in 2023, the health & wellness segment is expected to account for the largest share of the functional food and beverages market. The large market share of this segment is attributed to the factors such as the increasing health consciousness among consumers and the growing demand for clean-label and non-GMO food products.
Based on distribution channel, in 2023, the supermarkets & hypermarkets segment is expected to account for the largest share of the functional food and beverages market. However, the E-commerce segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly driven by the growing preference for personalization, the convenience offered by E-commerce, the availability of greater discounts compared to offline stores, and a greater product selection experience.
Based on geography, the market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The major market share of North America is attributed to the well-established food & beverage industry, high awareness of the health benefits of functional food and beverages, the growing popularity of protein bars, shakes, and cookies among millennials, and the high demand for nutritional products across the region.
The key players operating in the functional food and beverages market include The Coca-Cola Company (U.S.), Danone S.A. (France), Glanbia plc (Ireland), Hearthside Food Solutions LLC (U.S.), Mars, Incorporated (U.S.), Meiji Holdings Co., Ltd. (Japan), Nestlé S.A. (Switzerland), Raisio plc (Finland), Royal FrieslandCampina N.V. (Netherlands), The Kraft Heinz Company (U.S.), Arla Foods amba (Denmark), Amway Corporation (U.S.), PepsiCo, Inc. (U.S.), Kellogg Company (U.S.), and General Mills, Inc. (U.S.).
Scope of the Report:
Functional Food and Beverages Market, by Type
- Functional Foods
- Bakery Products
- Confectionery Products
- Snacks
- Dairy Products
- Infant Food Products
- Other Functional Foods
- Functional Beverages
- Energy Drinks
- Sports Drinks
- Fortified Juices
- Dairy-based Beverages
- Other Functional Beverages
Functional Food and Beverages Market, by Application
- Health & Wellness
- Sports Nutrition
- Weight Management
- Immunity
- Digestive Health
- Clinical Nutrition
- Cardiac Health
- Other Applications
Functional Food and Beverages Market, by Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores
- Specialty Stores
- E-commerce
- Other Distribution Channels
Functional Food and Beverages Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific (RoAPAC)
- Latin America (LATAM)
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa (MEA)
Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of type, application, distribution channel, and geography?
- What is the historical market size for the functional food and beverages market?
- What are the market forecasts and estimates for the period 2023-2030?
- What are the major drivers, restraints, opportunities, and trends in the functional food and beverages market?
- Who are the major players in the market, and what are their market shares?
- Who are the major players in various countries, and what are their market shares?
- How is the competitive landscape for the functional food and beverages market?
- What are the recent developments in the functional food and beverages market?
- What are the different strategies adopted by the major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the functional food and beverages market, and how do they compete with other players?
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Insights
5. Functional Food and Beverages Market, by Type
6. Functional Food and Beverages Market, by Application
7. Functional Food and Beverages Market, by Distribution Channel
8. Functional Food and Beverages Market, by Geography
9. Competitive Landscape
10. Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
11. Appendix
List of Tables
List of Figures
Companies Mentioned
- The Coca-Cola Company (U.S.)
- Danone S.A. (France)
- Glanbia plc (Ireland)
- Hearthside Food Solutions LLC (U.S.)
- Mars Incorporated (U.S.)
- Meiji Holdings Co. Ltd. (Japan)
- Nestlé S.A. (Switzerland)
- Raisio plc (Finland)
- Royal FrieslandCampina N.V. (Netherlands)
- The Kraft Heinz Company (U.S.)
- Arla Foods amba (Denmark)
- Amway Corporation (U.S.)
- PepsiCo Inc. (U.S.)
- Kellogg Company (U.S.)
- General Mills Inc. (U.S.).
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