The Latin America, Middle East and Africa Functional Food Market would witness market growth of 9.6% CAGR during the forecast period (2021-2027).
There has been a massive demand for functional foods across the LAMEA region. This is due to the increasing awareness regarding the product in the region and the fact that consumers are slowly realizing the consumption of functional foods as essential factor in their overall development. On account of the higher interest in functional foods in the region and the uncertainties, the governments of various countries in this region are formulating supportive regulations to support the consumption and sale of functional foods.
In the Latin America, the demand for functional food is very high due to the poor health among citizens and low purchasing power. Hence, all these factors will boost the market demand. Some of the catalysts for the growth of the functional food market are increasing urbanized population, rising expenses on the health-related products and increasing chronic, cardiovascular, and obesity diseases. Functional food has omega 3 and fatty acids that assist in keeping up the ideal weight and regulate blood circulation in the body. Therefore, functional food is highly recommended by the health clubs and fitness centers.
In the last few years, there has been a constant surge in life expectancy and higher attention is given to quality. Consumers are highly getting conscious about their health status and have started considering their lifestyles and healthy diets, that has boosted the demand for functional foods across the globe. The agro-food companies have realized this new & emerging healthy eating trend and have created a broad range of products with instructions and pictures to cater to the increasing demand from the consumer.
The Dairy Products market dominated the South Africa Functional Food Market by Product 2020, thereby, achieving a market value of $945.6 million by 2027. The Meat, Fish & Eggs market is witnessing a CAGR of 10.7% during (2021 - 2027). The Bakery & Cereals market is estimated to grow at a CAGR of 10.1% during (2021 - 2027). Additionally, The Soy Products market is expected to witness highest CAGR of 11.4% during (2021 - 2027).
Based on Application, the market is segmented into Cardio Health, Sports Nutrition, Clinical Nutrition, Weight Management, and Others. Based on Product, the market is segmented into Dairy Products; Meat, Fish & Eggs; Bakery & Cereals; Soy Products; Fats & Oils and Others. Based on Ingredient, the market is segmented into Vitamins; Proteins & Amino Acids; Prebiotics & Dietary Fibers; Minerals; Probiotics and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Functional Food Market is Predict to reach $259.7 Billion by 2027, at a CAGR of 8.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Danone S.A., Glanbia PLC, Mars, Inc., Meiji Holdings Co., Ltd., Nestle S.A., Royal Frieslandcampina N.V., The Kraft Heinz Company, Hearthside Food Solutions LLC, Raisio PLC, and Sanitarium Health and Wellbeing Company.
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