Global Natural Functional Food Industry is Projected to Grow at a CAGR of 8.5% Till 2023

Market Research Future published a half cooked research report on the global natural functional food market which is estimated to grow at a CAGR of 8.5% after 2023.

Global Natural Functional Food Market Information: By Product Type (Carotenoids, Dietary Fibers, Minerals, Fatty Acids, Vitamins, Prebiotics & Probiotics), By Application (Bakery & Cereals, Dairy Products, Frozen & Chilled Foods, Soy Products and others), By Distribution Channel (Store Based & Non Store Based) and By Region Natural Functional Food Market- Global Forecast Till 2023

Functional food offers extra micronutrients, which include vitamins, minerals, fatty acids, and other essential elements. They are the medicated foods, which helps to enhance immunity systems and minimizes the chances of chronic diseases such as diabetes, cardiac diseases, cancer, obesity, and others. Natural functional food is prepared and processed without synthetic fertilizers or pesticides and does not contain any artificial flavors, colors or preservatives. Natural functional food has to meet the strict standards set by the regulatory bodies to state that all the ingredients used are 100% organic certified.

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Market Forecast
The global natural functional food market has been witnessing an impressive growth over the last few years. Increasing consciousness among consumers regarding their food habit & proper diet is one of the significant drivers for the rising growth of natural functional food products. Also, the demand for the dairy products is increasing gradually. Dairy product manufacturers are focusing on fortifying their products to differentiate from their competitors, which, in turn, has escalated the sales of natural functional food. Furthermore, increasing consumer inclination towards the natural food ingredients instead of the synthetic food additives that is expected to create a positive impact on the sales of natural functional food during the forecast period. Natural functional food are expensive. However, increasing per capita disposable income of the consumer is expected to fuel the sales of natural functional food products over the forecast period.     

Downstream analysis
Vitamin segment is estimated to account for maximum market proportion in the year of 2017 and it is estimated to grow at an above average growth rate during the forecast period. Dietary fibers segment is expected to witness highest growth during the forecast period 2017-2023. Dietary fibers aid in combating diabetes, cardiovascular, obesity, and other diseases, which, in turn, will accelerate the sales of dietary fibers during the forecast period. Among the application, dairy products is estimated to account for 35% of the market share in the global natural functional food market and it is projected to retain its dominance over the forecast period. Dairy product containing probiotics helps to enhance the immune system and also reduces the chances of cardiovascular diseases. Store based distribution channel accounts for the maximum market share in the global natural functional food market in 2017. Among the store based distribution channel, supermarkets & hypermarkets is projected to hold more than 50% of market share in the global natural functional food market. Non-store based distribution channel is projected to grow steadily during the forecast period. 

Competitive analysis
The some of the key players in the global natural functional food market are

  • General Mills, Inc. (U.S.)
  • Nestlé SA (Switzerland)
  • Danone SA (France)
  • Abbott Laboratories Inc. (U.S.)
  • Kraft Heinz Foods Company (U.S.)
  • Kellogg Company Inc. (U.S.)
  • GlaxoSmithKline Plc. (U.K.)

The global natural functional food market is highly concentrated in Asia Pacific & North America. Latin America has massive potential for natural functional food, as there is an increasing awareness regarding healthy food habits along with new product developments by the key players in the natural functional food market.   

 

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Regional Analysis
The global natural functional food market is segmented into North America, Europe, Asia Pacific, and the rest of the world (RoW). Asia Pacific region is expected to retain its dominance throughout the forecast period. Growing demand for natural functional food in the Asia Pacific region is attributed to the increasing per capita disposable income in the developing economies such as China, India & the Association of South East Asian Nations countries, and rising consumer awareness regarding the natural functional food products during the forecast period. Also, the manufacturers of natural functional food are emphasizing on the various promotional activities in the developing nations of Asia Pacific, which, in turn, will boost the sales of natural functional food in this region during the forecast period 2017-2023. Also, organized retail industry is witnessing a massive growth in the developing nations of Asia Pacific region, which is one of the major drivers for the rising growth of natural functional food in this region. 

Market Segmentation
Global natural functional food market is segmented by product type, application, distribution channel and region

Key Findings

  • Asia Pacific dominates the natural functional food market followed by North America
  • Asia Pacific accounts for approximately 35% of the market share in the natural functional food market and is expected to witness above average growth rate during the forecast period of 2017-2023.

Segments
Natural functional food have been segmented on the basis of product types, which comprises of carotenoids, dietary fibers, minerals, fatty acids, vitamins, and prebiotics & probiotics.

Natural functional food market has been segmented on the basis of applications, which comprises of bakery & cereals, dairy products, frozen & chilled foods, soy products, and others.

Natural functional food market has been segmented on the basis of distribution channel such as store based and non-store based. Store based distribution channel has been sub-segmented into supermarkets & hypermarkets, convenience stores, specialist retailers, and others.

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The report for global natural functional food market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts and key opinion leaders to gain a deeper insight into the market and industry performance. The report gives a clear picture of the current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical, and governing factors in the market. The report provides detailed information and strategies of the top key players in the industry. The report also gives a broad study of the different markets segments and regions.

 

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