Natural Functional Food Market Size, Value Share, Industry Trend and Develop Rapidly at CAGR of about 8.5% by 2023
Natural Functional Food Market is projected to grow at CAGR of 5.6% as it is backed up by the growing demand for functional food and increasing varieties of natural functional food products. Natural functional food contains some extra micronutrients such as vitamins, minerals, fatty acids, and other essential elements. Aggregated awareness regarding available health benefits such as prevention from diseases including cardiac diseases, cancer, obesity as well as consumers suffering from diabetes drives the growth of the market. Growing demand for dietary products, nutritious food and beverages is also helping this market to grow.
The global market for natural functional food is expected to continue its growth over the forecast period due to rising demand and increasing health awareness as well as health benefits in recent years. Since natural functional food market’s growth is directly proportional to the scope of innovation due to highly competitive market, key players are investing in R&D for the innovating product lines. Moreover, leading players are also investing in partnership with various food chains and beverage companies as the primary focus area to grow the consumer base. Due to the increasing working-class population and disposable income, there is a rise in the demand for healthy and dietary products as well. Increasing number of health-conscious consumers in developed as well as developing economies is one of the driving forces for this market. Key players are also investing in R&D for development of new product line with improved formulations. Many consumers consume natural functional food products in bakery products, confectionery items, beverages, and others. They provide health benefits from diseases such as cardiac diseases, cancer, obesity, diabetes, and others, thus increasing the market for natural functional food.
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The chief competitors in this market are persuaded to upsurge their footprints across the globe by acquiring local and regional players. Apart from this, the companies are introducing their products in the developing economies to penetrate the untapped market. Major players are also spending in R&D initiatives specially to develop superior & highest quality products by including organic and natural ingredients. This factor is likely to help them to penetrate the emerging global natural functional food market and fulfill the growing demand. Changing consumer preferences for natural and fresh products will support the sale of natural functional food.
Leading Key Players Trend
This report includes the study of strategies such as mergers and acquisitions, new product launches by the major natural functional food market players. It further includes product portfolios, developments of leading major players, which includes
Some of the key players profiled in the Global Natural Functional Food Market are
- Danone SA (France),
- Nestlé (Switzerland),
- General Mills, Inc. (U.S.),
- Kraft Heinz Foods Company (U.S.),
- Kellogg Co. (U.S.),
- Abbott Laboratories Inc. (U.S.)
- GlaxoSmithKline plc (U.K.)
The global natural functional food market is highly concentrated in Asia Pacific because of its increasing awareness about the healthy food habits as well as disposable income. Key manufacturers are focusing on expanding their product line by providing various product lines with the various flavors, combinations, and attractive packaging.
The global natural functional food market is segmented based on product type such as carotenoids, dietary fibers, minerals, fatty acids, vitamins, and prebiotics & probiotics; application such as bakery & cereals, frozen & chilled foods, dairy products, soy products, and others; distribution channel such as store based, and non-store based; and region.
Asia Pacific dominates the natural functional food market followed by North America
Asia Pacific accounts for approximately 35% of the market share in the natural functional food market and is expected to witness above average growth rate during the forecast period of 2017-2023.
Natural functional food have been segmented based on product types, which comprises of carotenoids, dietary fibers, minerals, fatty acids, vitamins, and prebiotics & probiotics.
Natural functional food market has been segmented based on applications, which comprises of bakery & cereals, dairy products, frozen & chilled foods, soy products, and others.
Natural functional food market has been segmented based on distribution channel such as store based, and non-store based. Store based distribution channel has been sub-segmented into supermarkets & hypermarkets, convenience stores, specialist retailers, and others.
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