Functional Food Market to Grow with a CAGR of 7.21% through 2028
Increasing technological advancements in the production and increasing
demand for innovative and inventive products is expected to drive the Asia
Pacific Functional Food Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Asia Pacific
Functional Food Market – Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Asia Pacific Functional Food
Market stood at USD 90.71 billion in 2022 and is anticipated to grow with a CAGR of 7.21% in the forecast
period, 2024-2028. Several factors are driving the growth of the Asia Pacific
Functional Food Market. The rising health awareness among consumers is playing
a significant role. People are focusing more on preventive healthcare and hence
integrating nutritious functional foods into their diet. The increasing
disposable income in this region is also contributing to the market growth. As
the economy improves, people have more money to spend on high-quality,
health-beneficial products. The innovation and marketing efforts of food
manufacturers, coupled with the influence of western lifestyle, are further
pushing the demand for functional foods in the Asia Pacific region.
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The Asia Pacific Functional Food market is anticipated
to witness substantial growth during the forecast period. This growth can be attributed
to several key factors that are driving the expansion of the market. Firstly,
there is an escalating awareness among individuals regarding the direct
correlation between dietary habits and health. This increased awareness has led
to a surge in demand for nutritious and balanced food products that can
contribute to overall well-being. Functional foods, which are enriched with
essential nutrients, serve this purpose and are experiencing increased
adoption.
Furthermore, the Asia Pacific region, known for its
diverse cultural and dietary preferences, presents a vast untapped market for
functional foods. Countries like China, Japan, and India, which have a rich
tradition of producing food products with health benefits, are now rapidly
transitioning towards industrial functional food production. Japan, in
particular, is leading the global market in terms of product innovation in the
functional food sector.Another critical driver propelling the market is the
robust growth of the aged population in this region, especially in countries
like Japan and China. Older individuals often have unique dietary needs and
require fortified food products, which contributes to the growth of the
functional food market. Moreover, the influence of Western dietary culture, coupled
with rising disposable incomes and a burgeoning middle-class population, is
another factor promoting market expansion. The increased instances of lifestyle
diseases and growing healthcare costs are prompting consumers to opt for
preventative health measures, further escalating the demand for functional
food.
Despite the immense growth potential, the market faces
several challenges. Regulatory restrictions and substantial research and
development costs are among the key challenges. The lack of standard
definitions and regulations concerning functional food often leads to confusion
and mistrust among consumers. However, efforts are being made to strengthen the
regulatory framework and establish universal standards.
The Asia Pacific Functional Food market is poised for
tremendous growth, fueled by increasing health consciousness, aging
populations, and expanding middle-class. Although the sector encounters
challenges, it also offers immense potential and opportunities for businesses
willing to invest in research and navigate the regulatory environment. By
capitalizing on the growing demand for functional food and addressing the
challenges, companies can tap into this thriving market and contribute to the
well-being of individuals in the Asia Pacific region.
The Asia Pacific Functional Food Market is segmented source,
ingredient, application, distribution channel, country distribution, and
company.Based on ingredients, prebiotics and probiotics are gaining a
significant share of the Asia Pacific Functional Food Market, driven by the
increasing health consciousness and growing preference for preventive
healthcare among consumers. In this region, people are becoming more aware of
the benefits of these ingredients, not only for digestive health and immunity but
also for overall well-being. The versatility of prebiotics and probiotics is
another factor contributing to their popularity, as they can be easily
incorporated into various food products such as yogurt, beverages, and baked
goods. This ease of incorporation has further fueled their demand in the
market.
Furthermore, the rising prevalence of
lifestyle-related disorders has created a greater need for functional foods
that are enriched with prebiotics and probiotics. As a result, these
ingredients have emerged as dominant players in the market, as consumers seek
out products that can help improve their gut health and overall wellness. With
the increasing awareness and demand for functional foods, the future of
prebiotics and probiotics in the Asia Pacific region looks promising, as they
continue to shape the landscape of the functional food industry.
Based on country, China is expected to grow during the
forecast period. China's dominance in the nutraceutical market stems from
several key factors. Firstly, the growing awareness about health and wellness
among the urban population, coupled with the increasing disposable income of
the Chinese people, is expected to drive favorable growth prospects in the
future. Moreover, Chinese supplements are renowned for their high composition
of natural plant extracts that have proven effectiveness and are considered
safe for consumption.Another contributing factor is the aging population in
China, which has led to a rise in old age diseases such as arthritis, cardiovascular
diseases, and other chronic conditions. As a result, consumers are increasingly
turning to nutraceuticals for their potential health benefits.Furthermore, the
increasing number of lactose intolerant individuals has contributed to the
rising consumption of plant-based products. Market players in China are
capitalizing on this trend by launching innovative products that cater to
consumer preferences. For instance, Marvelous Foods, a Chinese plant-based
snacking company, recently introduced Yeyo Coconut yogurt on the popular
e-commerce platform, Tmall. This coconut yogurt is plant-based, contains zero
added sugar, artificial flavors, and sweeteners. China's dominant position in
the nutraceutical market is a result of these factors, and market players
continue to explore new opportunities to capture consumer attention and meet
evolving demands.
Major companies operating in Asia
Pacific Functional Food Market are:
- Danone S.A.
- Glanbia PLC
- Mars, Inc.
- Meiji Holdings Co., Ltd.
- Nestle S.A.
- Royal Frieslandcampina N.V.
- The Kraft Heinz Company
- Hearthside Food Solutions LLC
- Raisio PLC
- Sanitarium Health and Wellbeing Company
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“The future of the Asia Pacific Functional Food market
appears promising with a significant growth trajectory projected over the next
few years. This is driven by an increased consumer awareness about health and
wellness, an aging population seeking dietary supplements and functional foods
to maintain health, and rapid urbanization leading to changes in dietary
patterns. Technological advancements in food processing and fortification
techniques are also anticipated to contribute to the market expansion.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Asia Pacific Functional Food Market Segmented By Source (
Plant & Animal), By Ingredient (Carotenoids, Dietary Fibres, Fatty Acids
(Omega-3 fatty acids), Prebiotics & Probiotics, Minerals, Vitamins and
Others), By Application (Sports Nutrition, Weight Management, Immunity,
Digestive Health, Clinical Nutrition, Cardio Health and others, By Distribution
Channel (Store-Based v/s Non Store-Based), By Region,
Competition, Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Asia
Pacific Functional Food Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Asia Pacific
Functional Food Market.
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