As per Future Market Insights (FMI), the global superfood market totaled US$ ~166 Bn in 2022 and is expected to exhibit a CAGR of ~6% to reach the value of ~US$ 299 Bn in 2032.
The importance of ‘Super’ ingredients has grown significantly over the recent years with product launches, as consumers are pulled towards natural and wholesome ingredients. For example, Quinoa has been gaining popularity as it exhibits high nutrient and antioxidant value that aids in reducing free radicals and in preventing several diseases.
According to the report, the rising demand for healthy food will stoke growth of the market. The report covers various growth drivers and restrains impacting the market’s growth trajectory. It discovers hidden opportunities for market players and helps them identify the most lucrative segments within the superfood market.
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It includes in-depth insights into the superfood market. Some of these are:
- The estimated value of the market was at US$ 156.3 Bn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Regionally, North America emerged as a key market for superfood.
- Europe and Latin America will remain steady as key markets for superfood.
- Fruits, among product types, is expected to remain the leading segment.
- Key players are likely to focus on technological advancements and improving their online presence to stay relevant in developed markets.
Rising Demand from Bakeries and Confectionaries Boosts Growth
Growth in the superfood market corresponds directly to the expansion of the food and beverages industry. For instance, the superfood market is witnessing steady rate of growth over the last few years, which is attributable to the rising application in bakeries and confectionaries. Superfood is slowly gaining ground in the beverages sector as well. The increasing health concerns among consumers are reflected in their beverage choices as well. Due to their rising influence, several leading companies in the beverages sector are introducing fresh fruit and vegetable juices and drinks, which is expected to give impetus to the market.
Who is Winning?
Some of the leading players operating in the superfood market are Sunfood, Barleans, Nature’s Superfoods LLP, OMG! Organic Meets Good, Suncore Foods Inc., Superlife Co. Pte Ltd., Raw Nutrition, ADUNA Ltd and others.
As a result of increasing competition, superfood market players are focusing on expanding their online presence and improving sourcing process. According to the report, the superfood market offers scope for the entry of new players aided by the continuous shift in preferences of consumers towards healthy food. This also creates growth opportunities for the leading market players. The established players in the global superfood market are focusing on expanding their regional footprint and improving their productivity through innovations in technology.
Market Segmentation
By Product Type
- Vegetables
- Fruits
- Grain and Seeds
- Herbs and Roots
- Other Types
By Distribution Channel
- Hypermarkets/Supermarkets
- Online Channels
- Traditional Grocery Stores
- Convenience Stores
- Speciality Stores
- Other Distribution Channel
By Application
- Beverages
- Convenience or ready-to-eat and ready-to-drink foods
- As it is superfoods
- Bakery and confectionary
- Supplements
- Other food types
Region
- North America
- Latin America
- Europe
- APEJ
- Japan
- Oceania
- Middle East & Africa
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Key Questions Answered in the Report
What drives the superfood market?
Superfood market gains considerably about the rising awareness among consumers about benefits of maintaining a healthier lifestyle. This, coupled with their increasing disposable income, will boost superfood sales in the coming years. Social media and easy access to information also help the market.
Which factors put superfood market players at risk?
Despite witnessing steady growth opportunities, market players are vulnerable to adverse weather conditions, quality issues, and volatility in food prices. These factors may hamper the sales of the superfoods market.
Which region will lead the global sales of superfood?
North America is expected to lead the global superfood market. Europe and Latin America will offer lucrative growth opportunities as well.
Which product segment offers most lucrative growth opportunities?
In terms of product, fruits constitute the leading segment. The fruit segment is expected to remain dominant through the forecast period.
Which segment based on distribution channel will record the highest growth in the superfood market?
In terms of distribution channels, offline sales via supermarkets/ hypermarkets, traditional grocery stores, and others will remain high. However, online sales of superfoods and groceries are expected to pick up in the coming years.
What has been the impact of Covid-19 on the global superfoods market?
In a way, the pandemic helped boost demand for superfoods. Supply chains were interrupted for some period. Distribution wise the preference has moved towards brick and mortar stores owing to cautiousness about cleaner and hygienic packaging of superfoods.
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