The functional foods market was valued at US$ 233,620.18 million in 2021 and is projected to reach US$ 418,439.42 million by 2028. It is expected to grow at a CAGR of 8.7% from 2021 to 2028.

The scope of our recent study, titled "Functional Foods Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Bakery and Confectionery, Dairy and Frozen Desserts, Sweet and Savory Snacks, Breakfast Cereals, and Others), Category (Organic and Conventional), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)," includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with market share analysis

The functional foods market witnessed mixed impacts of the COVID-19 pandemic. As people became health-conscious due to the pandemic, they preferred functional foods that help boost immunity and maintain overall health. This factor positively impacted the functional foods market growth. However, due to severe disruption of supply chains, there was a shortage of raw materials, which negatively impacted the profitability of small-scale and large-scale functional foods manufacturers.

ABBOTT LABORATORIES, CLIF BAR AND COMPANY, DANONE S.A., GENERAL MILLS, INC, GOOD SOURCE FOODS, LLC, HILDUR FUNCTIONAL FOODS PVT. LTD, KELLOGG COMPANY, LAIRD SUPERFOOD, NESTLé S.A., UNILEVER PLC are some of the leading players in functional foods market.

A shortfall in product supply created a demand and supply gap, which affected the growth of the functional foods market. However, the functional foods market is moving toward stability as the restrictions imposed by the governments of different nations are relaxed. Manufacturers are recovering from the losses as they are operating at full capacity. All these factors are projected to boost the functional foods market growth over the forecast period significantly. Thus, the COVID-19 pandemic significantly impacted the functional foods market in the short term; however, later, it opened lucrative growth opportunities for the market.

The supermarkets and hypermarkets segment accounted for the largest market share in the functional foods market in 2020, while the online retail segment is expected to be the fastest-growing segment during the forecast period. The e-commerce boom has effectively supplied significant opportunities to online retail sales of functional food products. Following the commencement of the pandemic, leading manufacturers are more actively accessing popular e-commerce platforms with a mix of tempting prices, robust sales and support, and an upgraded shopping experience for consumers. This aspect is expected to help online platforms become one of the fastest-growing distribution channels globally. These factors are driving the online retail channel segment of the functional foods market.

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