June 25, 2020
As per the report titled ‘Global Natural Functional Food Market Size study with COVID-19 Impact, by Product Type (Carotenoids, Dietary Fibers, Minerals, Fatty Acids, Vitamins and Prebiotics & Probiotics), Distribution Channel (Store Based and Non Store Based), by Application (Bakery & Cereals, Dairy Products, Frozen & Chilled Foods, Soy Products and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global natural functional food market is projected to register substantial growth through 2026.
The global natural functional food market has been impacted due to the outbreak of coronavirus pandemic with demand experiencing a slip across the world. Presently, manufacturing and supply chain is disrupted, and most businesses are temporarily shut down.
Natural functional food is fully organic, prepared and processed without any pesticide or synthetic fertilizers as well as contains no artificial colors, flavors or preservatives. Increasing concerns about the nutritional food along with surging aging population and rising disposable income are projected to amplify the demand for natural functional food over the upcoming years. Along with that, there are increasing advancements and other strategic moves by the market competitors which lead to robust demand for the market.
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In May 2019, Nestle publicized its plans to make investment in organic products in India and expand its portfolio by coming up with new organic based products in the next few years. However, the major factors hindering the growth of global natural functional food market is its high initial cost.
Speaking of the regional hierarchy, the market is segmented into North America, Europe, Latin America, Asia pacific and rest of the world. Owing to the rise in awareness about healthy foods and increasing disposable income of consumers, Asia Pacific expected to showcase highest CAGR over the forecast period.
Based on the products the market is segmented into Minerals, Carotenoids, Dietary Fibers, Vitamins, Prebiotics & Probiotics, and Fatty Acids. With regards to the distribution channel, the market is categorized into store based and non-store based. Based on the application spectrum, the market is bifurcated into Frozen & Chilled Foods, Soy Products, Dairy Products, Bakery & Cereals, and others.
Prominent market players are Kellogg Co., GlaxoSmithKline Plc., General Mills, Inc., Abbott Laboratories Inc, Nestlé S.A., Kraft Heinz Foods Company, and Danone S.A.