From 2023 to 2033, the market for functional foods and natural health products is projected to expand at a CAGR of 5.3%. The market is being pushed by increased health awareness, an increase in the prevalence of chronic diseases, and rising demand for convenient and healthful food and beverage items. The market is being pushed by increased health awareness, an increase in the prevalence of chronic diseases, and rising demand for convenient and healthful food and beverage items.
Increasing health benefits, coupled with an ability to massively contribute to the economy’s growth, especially in the case of developing countries and many other factors, are expected to surge the demand for functional food and natural health products during the forecast period.
Functional food and natural health products are sold in the market at a greater price and profit margin than traditional foods in terms of revenue contribution. It is all because of the branding and approvals from food authorities across the world. This presents a favorable opportunity for market players in the functional food and natural health products sectors and makes a higher economic contribution in terms of revenue for developing countries.
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Drivers and Trends:
- The emergence of personalized nutrition: Consumers are increasingly able to customize their diets to meet their unique needs and tastes thanks to this trend. The main drivers are the rising desire for items that are made to meet health objectives and the expanding availability of data on individual health.
- The market for functional beverages is expanding. The market for functional beverages is expanding quickly as people hunt for beverages that taste good and provide health benefits. The main driving force is the rising public knowledge of the health advantages of functional substances like probiotics, prebiotics, and adaptogens.
Key Takeaways
- With an astounding 16.7% growth rate, India takes the top spot and demonstrates its strong market potential in the studied area.
- The United States market exhibits robust growth of 10.7%, securing its place as a major participant in the sector.
- With a substantial growth rate of 7.9%, the Chinese market demonstrates China’s growing relevance and influence in the global economy.
- With stable growth rates of 2.9% and 2.5%, respectively, Australia and Japan demonstrate their sturdiness and market expansion potential.
- The low growth rates of Germany and the United Kingdom, 2.8% and 2.5%, point to stable market conditions and potential for sustained corporate growth.
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Competitive Landscape
Functional foods and natural health products are very competitive, with many big, well-known companies vying for market dominance. In the upcoming years, it is anticipated that the market for functional foods and natural health products will remain extremely competitive. The market is anticipated to expand steadily, but in order for businesses to hold onto their market share, they must be able to adjust to shifting consumer preferences.
Abbott Laboratories:
A leader in the healthcare industry, Abbott produces a variety of natural health products and functional foods, such as Ensure, Boost, and Glucerna.
Archer Daniels Midland (ADM):
Among the functional foods and natural health products produced by Archer Daniels Midland (ADM), a worldwide food processing and commodities trading firm, are Fibre One, SimplySmart, and Truvia.
BASF:
ProActiv, Benecol, and Move Free are just a few examples of the natural health products and functional foods the German chemical corporation BASF produced.
Danone:
Activia, DanActive, and Oikos are just a few of the natural health products produced by the French multinational food and beverage corporation Danone.
Arla Foods:
Skyr, Arla Protein, and Lactofree are just a few of the functional meals and natural health products produced by the dairy cooperative Arla.
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Functional Food and Natural Health Products Market by Category
By Nature:
- Organic
- Conventional
By Product Type:
- Functional Food Product
- Bakery & Confectionery
- Dairy
- Fish & Eggs
- Canola-based
- Pulses-based
- Hemp-based
- Flax-based
- Oats-based
- Barley-based
- Soy
- Oils & Fats
- Others
- Natural Health Product
- Probiotics
- Proteins & Amino Acids
- Phytochemical & Plant Extracts
- Prebiotics
- Fibers & Specialty Carbohydrates
- Omega-3 Fatty Acids
- Carotenoids
- Natural Vitamins
- Natural Minerals
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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