Functional food, also known as nutraceuticals, are foods that provide health benefits beyond the normal nutrition level. Whole, fortified, enriched or enhanced foods which can be included as a part of daily diet to provide complete nutrition to the body, from immune system to digestive system are functional foods. Some of the major components of functional food include carotenoids, dietary fiber, fatty acids, flavonoids, isothiocyanates, phenolic acids, and others.
Major factor driving growth of the global functional foods market include increasing prevalence of chronic diseases due hectic lifestyle and increasing awareness among consumers regarding health benefits of functional foods. Increasing demand for functional foods in dairy products segment such as yogurt and margarine, which help to improve immune system and lower cholesterol levels is a major factor driving growth of the global functional foods market over the forecast period. In addition, adoption of functional foods in various weight loss programs is expected to further accelerate growth of the market. However, high prices of functional foods and side effects associated with high consumption are major factors restraining growth of the global functional foods market over the forecast period.
The global functional foods market has been segmented on the basis of product, application, end user, and region. On the basis of product, the global functional foods market is segmented into carotenoids, dietary fibers, fatty acids, minerals, prebiotics & probiotic, and vitamins. Vitamins accounted for major share in terms of revenue, as compared to other product segments, owing to various health benefits of vitamin-based functional food.
On the basis of application, the global functional foods market is segmented into bakery & cereals, dairy products, meat, fish & eggs, soy products, and fats & oils. Dairy products accounted for major revenue share among all application segment, owing to high demand for products such as yogurt and margarine.
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On the basis of region, the global functional foods market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is expected to dominate the global functional foods market in terms of revenue, owing to presence of various domestic and international market players in countries in the region. The market in North America is followed by Asia Pacific, Europe, Latin America, and Middle East & Africa.
Key players profiled in the global functional foods market include General Mills, Inc., The Kellogg Company, Nestlé, Inc., PepsiCo, Inc., The Archer Daniels Midland Company, The Campbell Soup Company, Del Monte Pacific Ltd., Dr. Pepper Snapple Group, Inc., Fonterra Co-operative Group Limited, and GlaxoSmithKline plc.