Functional foods are foods that contain additional nutritional values and ingredients aimed at providing overall physical well-being beyond basic nutrition. Benefits of functional foods include enhancing heart health by lowering cholesterol, boosting the immune system, maintaining healthy vision, and improving brain function.

The global functional food market is estimated to be valued at US$ 235.27 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
An increasing number of health-conscious consumers are shifting their preferences towards foods that provide additional health benefits. The concept of preventive healthcare and longevity is gaining wider acceptance among millennial consumers who are willing to pay extra for fortified and enriched foods. Rising awareness about the importance of a balanced diet for overall wellness has accelerated the demand for functional ingredients and products. Food and beverage manufacturers are innovating and introducing new lines of functional foods containing omega-3 fatty acids, plant sterols, vitamins, minerals, prebiotics and probiotics to attract more consumers.

Segment Analysis
The global functional food market is dominated by the regular/conventional food segment. Conventional or regular foods dominate as they provide basic nutrition to consumers and have large scale acceptance compared to other segments like dietary supplements, sports nutrition, medical nutrition, and others. Regular/conventional foods are preferred for their taste, affordability, and vast range of options. However, the fortified/branded food segment is witnessing higher growth owing to increasing health awareness and focus on preventive healthcare. Fortified/branded food products are fortified with additional vitamins, minerals, fibers, and other essential components that provide extra nutrition.

Key Takeaways
The Global Functional Food Market Size is expected to witness high growth over the forecast period. The growing health-conscious population, increasing cases of lifestyle diseases, and rapid urbanization are fueling the demand for functional foods globally. The global functional food market is estimated to be valued at US$ 235.27 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2031.

Regional analysis
North America has emerged as the leading regional market for functional foods. The high health awareness, increasing consumer preference for fortified and nutritional products, and growing obesity cases are driving the demand in the region. Rising investments by key players to develop innovative products catering to disease-specific nutritional needs of North American consumers are further propelling the regional market. Going forward, Asia Pacific is expected to be the fastest-growing market, supported by improving lifestyles, rising middle-class population, and increasing health consciousness in highly populated countries like China and India.

Key players
Key players operating in the functional food market are F Hoffmann-La Roche, BASF, Herbalife Nutrition, Amway, Nature's Sunshine Products, Abbott, Arla Foods, Bayer, etc. F Hoffmann-La Roche focuses on developing science-backed nutritional supplements targeting digestive, bone & joint health. BASF develops customized food ingredients like fibers, proteins, and vitamins. Herbalife Nutrition offers a range of sports and weight management products globally. Amway sells nutrition, beauty, and home care products through its large independent business owner network in over 100 countries.

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