Global Functional Foods Market Grows as Consumers Become More Health-aware
Transparency Market Research has compiled a large pool of information based on the recent and current events in the global industry of food and beverages. TMR’s latest study in this industry is titled, “Functional Foods Market – Global Industry Size, Share, Trends, Analysis And Forecast, 2012 – 2018.” As suggested in the title, this report elaborates on how the global functional foods market is expected to progress in the near future, given its current state and proponents of growth as well as restraints.
The key to the global functional foods market in terms of growth, as well as most other markets in the food and beverages industry, is increasing public awareness. The advantage possessed by this market lies in the increasing number of people becoming aware of the health benefits of consuming functional foods. The products in this market are capable of providing a much higher proportion of nutrients as well as help build a better resistance to diseases, spurring considerable demand for functional foods among a large base of consumers.
Functional foods are rapidly becoming popular for the health benefits they provide. They can improve the health of a person a lot faster than conventional foods, reduce the overall cost of healthcare for a patient, and help provide nutrition and support to rural regions. The global functional foods market is allowing the agriculture industry to expand its horizons in terms of crop diversity.
The global functional foods market is developing at a much faster rate in developed economies due to a faster market penetration rate and a higher level of awareness of the products on the market.
The key segments in the global functional foods market are functional drinks, frozen and chilled foods, fortified dairy products, confectionary, and bakery and cereals. In terms of geography, the global functional foods market is segmented into North America, Europe, Asia Pacific, and the Rest of World.
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The global functional foods market is expected to be dominated by North America in terms of consumption, owing to greater health-consciousness and higher disposable incomes. The coming years will see a growth rate of 21% for functional foods in the U.S. in terms of demand. The U.S. functional foods market is expected to reach US$8.62 bn by the end of the report’s forecast period. The majority of the growth of the U.S. functional foods market is attributed to the increasing demand for fortified dairy products and energy drinks.
The key players in the global functional foods market are Unilever, Sanitarium Health & Wellbeing Company, Royal FrieslandCampina, Red Bull GmbH, Murray Goulburn, Groupe Danone, Ocean Spray Cranberries Inc., Nestlé, Meiji Group, Dr Pepper Snapple Group, and The Coca-Cola Company.