NEWARK, DE / ACCESSWIRE / July 3, 2023 / 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 functional food and natural health products 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.
Growing consumer demand for convenient and healthy food and drink options, greater health consciousness, and an increase in the prevalence of chronic diseases. The global market for functional foods and natural health products is constrained in its expansion by the high cost of research and development. The market for natural health goods, e-commerce, and functional beverages presents prospects in personalized nutrition.
Get an overview of Functional Foods & Natural Health Products market drivers and challenges affecting this industry.
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Latest 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 from this market are:
- 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.
Key Companies Profiled:
- General Mills
- ADM
- Bremner Foods Ltd.
- Cargill Inc.
- GFR Pharma
- Omega Nutrition Canada
- Eurofins Experchem Laboratories
- Aroma Borealis
- Amway
- Herballife
- DPA Industries Inc.
Global Market by Categorization:
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
By 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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Have a Look at Related Reports of the Food and Beverage Domain
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Functional Food and Natural Health Products Market:The global functional food and natural health products market size was valued at US$ 23542.4 million in 2023. It is expected to register a CAGR of 5.3% through 2033. The market is expected to reach a valuation of US$ 38555.2 million by 2033.
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