Functional foods are foods that offer health benefits beyond basic nutrition. They help reduce the risk of disease and assist in improving health through balancing dietary components. Functional foods include whole foods and fortified, enriched or enhanced foods. They contain physiologically active food components that provide health benefits. These foods play a major role in preventive healthcare as their consumption can lower the risk of diseases like cardiovascular diseases, diabetes, obesity, and cancer. The growing awareness regarding the health benefits of functional foods has accelerated their demand worldwide.

The global functional food market is estimated to be valued at US$ 204.22 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Growing demand for preventive healthcare is one of the major drivers of the functional food market. With rising chronic disease burden and healthcare costs, people are increasingly focusing on maintaining good health through dietary modifications and consumption of foods that offer added health benefits. Functional foods have found wide acceptance among consumers as their regular intake can potentially reduce the risk of diseases and healthcare expenditure. Another factor fueling the market growth is increasing health consciousness among people and shift towards healthy diets and lifestyles. Various health claims by manufacturers regarding the physiological benefits of functional foods are raising consumer awareness. Growing elderly population also drives the demand as older people are more health-conscious and prone to various illnesses.

SWOT Analysis
Strength: Functional foods are foods that provide health benefits beyond basic nutrition. They help reduce the risk of disease. They contain biologically active components like probiotics, prebiotics, vitamins, minerals, fibers that provides specific health benefits. Many people prefer functional foods over dietary supplements as they are natural. Functional foods form a major part of the daily diet in many countries which drives its large market.

Weakness: Lack of awareness among consumers about various health benefits functional foods provide. Also, some people have doubts over the actual health claims made by manufacturers due to lack of scientific evidence. High prices of many functional foods restricts its mass adoption.

Opportunity: Rising health consciousness among people is fueling demand for healthy and nutritious foods. Growing elderly population prone to diseases also offers scope. Rapid urbanization and changing lifestyle leading to increased stress and health issues in developing nations offers commercial opportunity. Innovation in new product categories catering to disease-specific nutrition can boost prospects.

Threats: Stringent regulatory norms for health claims and standards compliance increases cost of production. Competition from substitutes like dietary supplements and medicines poses threat. Vulnerability to price fluctuations of raw materials needed for functional ingredients is a challenge.

Key Takeaways

Global Functional Food Market Size is expected to witness high growth. Rising prevalence of chronic diseases, growing health awareness, changing consumer food preferences towards healthy options are key growth drivers.

Regional analysis: The Asia Pacific functional food market is the largest currently with over 40% value share in 2023 driven by large population base and rapid economic growth in major countries. China dominates Asia Pacific functional food consumption owing to traditional use of herbs and roots in daily diets providing medicinal value. India is fast emerging as a high growth market supported by young demography, rising lifestyle diseases, and growing health & wellness trend.

Key players operating in the functional food market are F Hoffmann-La Roche AG, Merck KgaA, Apexigen Inc., Immunovia AB, Viatris Inc., Amgen Inc., AstraZeneca PLC, Bristol-Myers Squibb, Novartis AG, Pfizer Inc., Myriad Genetics Inc., Canon Medical Systems Corporation, FUJIFILM Holdings Corporation, Boston Scientific Corporation, and Rafael Holdings Inc. (Rafael Pharmaceuticals), among others. These players are focusing on new product launches, expansion in emerging markets and strategic acquisitions to gain market share.

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