Journal of Plant Biochemistry & Physiology
Open Access

Market Analysis of Functional Food & Advanced Nutraceuticals September 25-26, 2020 Vancouver, Canada

Elias Hakalehto^{* *}Correspondence: CEO. Elias Hakalehto, Finnoflag Oy University, Finland, Email:

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Conference Series LLC Ltd organizing the Functional Food 2020 conference to improve international market growth attracts global food companies and universities.

We would like to welcome you to the "Functional Food 2020 Conference" which is going to be held in September 25-26, 2020 Vancouver, Canada.

Functional Food 2020 event will include expert presentations, keynote talks, plenary lectures, Entrepreneurs Investment meet, B2B Meetings, Scientific networking etc. where you can have an opportunity to display/talk about your research achievements and contradictions in front of World-class experts, budding scientists & delegates who are gathering from reputed universities and organizations across the globe.

Global Market

The analysis shows that the global food and agriculture product has been increased from 494.9 billion USD in 2018 to 729.5 billion USD in 2019. The top 10 current global food science research countries are China, United States, Brazil, Italy, Spain, South Korea, Germany, India, United Kingdom and Australia. After many years of analysis, the absolute number of undernourished people has increased from 784 million to 821 million.

The major factors that are fuelling the market are rapid growth in food science and technology, individual’s interest in wellness through diet planning, increase in healthcare costs and increase in ageing population.

Developing countries have a higher prevalence of non-communicable diseases (NCDs), like cancer, diabetes, cardiovascular ailments, and lung disorders. Therefore, the demand for nutraceuticals is expected to rise in these nations. The gradually increasing healthcare expenditure will also augment the demand for nutraceuticals across emerging nations.

Top food science companies:

• Nestle
• Pepsico
• Anheuser-Busch InBev
• JBS
• Tyson
• The Coca-Cola Company
• Mars
• Archer Daniels Midland company
• Cargill
• Danone
• Kraft Heinz
• Mondelez International

Importance and scope

By expanding the global population is raising food needs turn focus onto global food safety. Nowadays food & Nutrition allow us to maximize the best usage of food resources and minimize wastage.

The scope of food science lies in the way that it has ability to give nourishment to our population through scientific preservations, killing avoidable misfortunes and making accessible progressively balanced and nutritious sustenance. High esteem food products from low grade material can be produced by inventive fitting preparing and bundling technologies and likewise from results and build up waste utilizing incorporated methodology. The role of food technologist does not stop at farm level but rather it proceeds till the reaped harvested crops and animal products are prepared, safeguarded and further changed into valuable and nutritious items, until it utilized by the customer.

Functional ingredients such as omega-3 and probiotics are highly used in fish oils and yogurt to reduce the risk of cardiovascular diseases and to improve the quality of intestinal micro flora. Such a trend is expected to fuel the market over the forecast years. Furthermore, The European Commission and the Environmental Protection Agency (EPA) have framed supportive regulations to augment the production as well as consumption of naturally derived ingredients in light of rising concerns toward reducing Greenhouse Gas (GHG) emissions.

Positive outlook on food and beverage industry, particularly in Brazil, Russia, India, China and South Africa (BRICS), is expected to continue driving the market over the forecast period. Growing domestic consumption of food and beverages in light of expansion of retail network, new product launches, and population growth is expected to promote growth in BRICS. In addition, regulatory support for facilitating Foreign Direct Investments (FDI) at domestic level in BRICS on account of political change, particularly in India and China, aimed at increasing the manufacturing output is expected to amplify growth.

In recent years, there has been a continuous rise in life expectancy and greater attention to quality. Consumers are increasingly becoming more aware about their health and have started paying more attention to their lifestyles and healthy diets, which has surged the demand of functional foods across the globe. The agro food companies have responded to the new healthy eating trend and have developed a variety of new products with instructions and pictures to meet the consumer demand.

The global functional foods market serves various application segments including sports nutrition, weight management, immunity, digestive health, clinical nutrition, and cardio health among others. Cardio health was the dominant segment and accounted for 24.2% of market share in 2018. It is expected to register a CAGR of 8.1% from 2019 to 2025 owing to increasing demand for functional food in cardiovascular diseases, congestive heart failure, hardening of arteries, and congenital heart defects. Digestive health is expected to witness growth owing to strong interest among women throughout their reproductive life and men especially after 40 years of age, to maintain digestive health.

Growing demand for functional foods and beverages owing to number of health objectives including, improving joint health, weight loss, and bone and muscle strength. These food products can also reduce the risk of cardiovascular diseases and type 2 diabetes by enhancing digestion. They also decrease wrinkles. Functional foods promote optimal health by reducing risk of non-communicable diseases, boosting metabolism, improving nutrition absorption, aid better digestion and help lose weight. Consumer preference for reduced sugar intake is expected to positively influence the growth.

Canada:

Canada nutraceuticals market is expected to witness a growth rate of 5.62% during the forecast period, 2019-2024.The rising demand for nutraceuticals with medical benefits is one of the major factors driving the nutraceuticals market growth. They contain antioxidants, probiotics, and polyunsaturated fatty acids, which help in managing health issues, like obesity, CVD, cancer, cholesterol, arthritis, and diabetes. The growing preference for personalized nutrition is one of the key nutraceuticals market trends, which may further stimulate market growth. The trend of personalized nutrition is growing particularly among individuals with gut-related medical conditions, where generic treatment is not effective. The biggest issue faced by nutraceutical companies operating in Canada is complying with the stringent health Canada regulations. Unlike the many countries throughout the world, Canada has very stringent regulations governing the sale of dietary supplements.

In Canada, 13-20% of adults suffer from Irritable Bowel Syndrome (IBS). The lifetime risk for a Canadian to develop IBS is 30%, other indications include Bacterial vaginosis (BV), Infectious Diarrhea (ID), and others. Awareness about the benefits offered by probiotics and the increasing spending power of consumers are the key drivers of the probiotics industry. Probiotics are gaining momentum in the oral care and nutricosmetic domain, although the biggest contribution of sales revenue of probiotics comes from dairy-based food products.

Future

According to recent World Bank study, the food borne diseases in low and middle income countries charge at least 100 billion USD a year, with this exceeding exceeding 500 million USD for 28 countries. The global food technology market is expected to grow 250.43 billion USD in 2022.