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Functional Foods Market Growth, Trends, Demand, Size, Share and Forecast by 2028

According to a research report published by Fortune Business Insights™,the global functional foods and beverages market size is projected to reach USD 529.66 billion by 2028, exhibiting a CAGR of 9.5% during the forecast period. The market’s value stood at USD 258.80 billion in 2020.

List of Companies Covered in the Functional Foods and Beverages Market Report:

The Coca-Cola Company (Georgia, United States)
Celsius Holding, Inc. (Florida, United States)
PepsiCo Inc. (New York, United States)
Glanbia Plc (Kilkenny, Ireland)
Nestle S.A. (Vevey, Switzerland)
Arla Foods amba (Viby, Denmark)
Hearthside Food Solutions LLC (Illinois, United States)
Tyson Foods Inc. (Arkansas, United States)
General Mills Inc. (Minnesota, United States)
Danone S.A. (Paris, France)
Driving Factor

The proliferation of Food & Beverage Startups to Elevate Market Potential

The Functional Foods and Beverages Market growth is set to accelerate due to the steadily growing presence of startups specializing in nutrient-enriched foods and drinks. For example, New Jersey-based Remedy Organics makes beverages based on plant products and infuses potent super-ingredients, botanicals, herbs, proteins, and probiotics. With the demand for non-dairy products rising, some startups are engaged in the development of plant-based dairy alternatives.

For instance, Toronto-based YoFiit leverages the high nutrition quotient of chickpeas to create functional non-dairy meal solutions. Further, a few startups are also targeting their products towards consumers living with chronic diseases. Texas-based Hapi Drinks, for example, offers sugar-free drinks for kids with a mission to fight Type 2 diabetes and childhood obesity. The increasing availability of such niche functional food & beverage in major economies will enable the market to achieve a long-lasting growth trajectory.

Regional Insights

Asia Pacific to Present Excellent Business Opportunities for Market Players

Asia Pacific is expected to dominate the Functional Foods and Beverages Market share during the forecast period due to the rising disposable incomes of consumers, especially in India and China.

Improving lifestyle in these countries is anticipated to stoke the demand for healthy food and drink alternatives in the forthcoming years, spawning lucrative sales opportunities for players in this market. In 2020, the Asia Pacific market size stood at USD 100 billion and the region is forecasted to register a CAGR of 10.04% from 2021 to 2028.

In Europe, on the other hand, stringent regulations governing the food and beverage industry is likely to boost investments in innovation and R&D by companies in the region, which in turn will promote the development of functional food & beverages. In North America, a growing preference for naturally produced food items will prove favorable for the market.

Key Market Segmentation

On the basis of type, the market has been classified into functional cereals & grains, functional dairy products, functional bakery products, functional fats & oils, and other functional/fortified foods.

Based on the distribution channel, this market has been grouped into supermarkets/hypermarkets, convenience stores, online retail, and others. In 2020, the supermarkets/hypermarkets segment led the global functional foods and drinks market with a share of 44.21% and the US market with a share of 43.06%.

By geography, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Competitive Landscape

Introduction of Novel Products in Emerging Economies to Electrify the Market

Key developers of functional food & beverages are focusing on capitalizing on the untapped opportunities in emerging markets. These markets are blossoming, underpinned by better incomes and improving health consciousness, encouraging large food and beverage companies to introduce new products and enlarge their customer base.

Browse Detailed Summary of Research Report:

https://www.fortunebusinessins....ights.com/functional

According to Fortune Business Insights the global cheese market size was valued at USD 183.79 billion in 2022. The market is projected to grow from USD 187.42 billion in 2023 to USD 256.99 billion by 2030, exhibiting a CAGR of 4.61% during the forecast period.

Cheese consumption is increasing due to its availability and versatility. Moreover, acceptance and adoption of ethnic cuisines such as Mexican and Italian subsequently used more cheese to drive market growth. The two most popular varieties of cheese are mozzarella and cheddar.

This information is provided by Fortune Business Insights™ in its research report titled “Cheese Market, 2023-2030.”

Information Source:

https://www.fortunebusinessins....ights.com/cheese-mar

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