There were more than 6000 products launched in various sectors of functional food and nutraceuticals last decade addressing specific health issues. The market will further expand with the inclusion of the rising ageing population and middle income economies. IndustryARC estimates the global functional food market revenue for the year 2013 to be around $175 billion. With an annual average growth rate of about 15% the global market for functional food is forecast to exceed $230 billion by 2015.
Bengaluru, India -- (SBWIRE) -- 12/30/2013 -- The Functional Food/Nutraceutical industry is a varied field with products for both health and physiological benefits. The areas this industry cover ranges from regular breakfast products, snacks and dairy and poultry products to beverages in order to provide the additional health benefits beyond the basic nutrition. The ease of availability and consumption of these products have made them popular among all age groups.
Due to a wide customer base, many competitors have emerged both at regional and global levels. The main players in this industry are Coca Cola Co., General Mills, Groupe Danone, Kellogg Co., Kraft Foods, Nestle S.A., Pepsi Co. and many others. But the regional players in different geographical locations have created a suitable customer base for them.
Red Bull GmbH is the market leader in energy drinks sector while Pepsi Co. &Kellogg Co. are world’s leading snack providers.
With Dietary Supplements being included as one of the sub category of functional food, many pharmaceutical companies are finding opportunities by combing medicines with food products.
The Global Functional Food/Nutraceutical market revenue was around $ 175 billion in 2013 and the expected annual average growth rate will be around 15% for the current decade.
The sales revenue itself proves the popularity of Functional Food/Nutraceuticals in the global market. It accounts for 45% share in the Global Food Market. Extensive research is also carried out to provide better and efficient functional food catering to the needs of people belonging to different age groups. Dietary Supplement market has more inclination towards infants and elders while functional beverages are intended for the teenagers and adults. Fortified food with enhanced or enriched nutrients has been found more beneficial among the ageing population. The key players are trying to dominate globally and regionally with recent acquisitions. Kellogg Co. (NYSE:K) acquired the Pringle’s brand from Procter & Gamble Co. (NYSE: PG) for $ 2.69 billion while Hormel Foods Corporation (NYSE: HRL) bought Skippy brand from Unilever (NYSE:UL) for $ 700 million.
The IndustryARC report on the Global Functional Food/ Nutraceutical Market identifies many such insights and M&A opportunities, besides providing a detailed analysis of the functional food/nutraceuticals market.
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Press Release Source: AB Newswire