Global functional foods and natural health products market is set for a healthy 5.3% CAGR during the forecast period (2019-2029), as projected by a new report of Future Market Insights (FMI). Leading market players are investing in adoption of vegan and plant based foods, particularly in emerging economies to capitalize on the global market.
"One-third of the functional foods and natural health products manufacturers are engaged in producing innovative products that meet the standards for food-grade material. They will also increase their focus on technology enhancements," states the FMI report.
Functional Foods and Natural Health Products Market: Key Findings
- Pulse based functional foods and natural health products will remain highly preferred, with strong growth prospects through the forecast period.
- Manufacturers are likely to focus on product innovations to keep up with relevant trends in the industry.
- North America and APEJ will remain major markets displaying a steady rate of growth in the forecast period.
- Europe will remain at the forefront of the functional foods and natural health products market.
Functional Foods and Natural Health Products Market: Key Driving Factors
- Rising consumer demand for healthy, natural foods is a key driver for the functional foods and natural health products market.
- Demand for protein-rich functional snacks is generating substantial profitable opportunities.
- Easier availability of raw materials and low production costs is driving growth in developing countries.
- Concerns over the rising incidences of lifestyle based ailments are a major driver for global demand for functional foods and natural health products.
Functional Foods and Natural Health Products Market - Key Restraint
- Lack of standardization in government regulations associated with functional foods and natural health products is a key restraint for global manufacturers.
Competition Landscape of Functional Foods and Natural Health Products Market
Some of the key players in the global functional foods and natural health products landscape that are covered in this study include, but are not limited to, Amway, General Mills, Cargill Inc., GFR Pharma, and Herbalife. Leading manufacturers are focused on using expansion of product portfolios, with focus on optimizing sourcing processes. Manufacturers are also seeking agreements with local players to meet differing consumer needs in varying applications, while expanding regional footprints.
Press Release Source: https://www.accesswire.com/580110/FMI-Projects-53-CAGR-for-Functional-Foods-and-Natural-Health-Products-Market-Through-2029-Foodservice-Businesses-Drive-Demand
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s largest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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