“Superfoods market to grow at a lucrative rate over the forecast period”, says Visiongain
31 October 2019
Visiongain has launched a new Consumer Goods report Super Foods Market Report 2019-2029 Forecasts by Type (Fruits, Vegetables, Grains & seeds, Herbs & roots, Meat, Others), by Product (Superseeds & grains, Edible seaweed, Super fruits, Others), by Application (Snacks, Beverages, Confectionery/ bakery, Fruits & Vegetables, Ready to eat food, Meat, fish, and other poultry, Others), By Distribution Channel (Offline (Supermarkets and hypermarkets, traditional grocery stores, speciality stores, Others), Online) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global superfoods market is expected to grow at a robust rate during the forecast period. Superfoods are rich sources of essential vitamins, anti-oxidants, minerals, and polyphenols.
Key factors driving the growth of the market include the increasing health concerns, growing consumer awareness about the health benefits of these products, influence of digital platform, and rising uptake of these food products in the beauty industry. Online food delivery platforms provide consumers with a wide variety of products to choose from, competitive pricing options, and the ability to order products at their convenience. However, factors such as product recalls due to non-compliance to regulatory standards may pose as a market restraint. The superfoods market can be segmented based on type, product, application, distribution channel, and region.
Superfoods provide high amount of nutrients with minimal calorie intake. Furthermore, they are also linked with minimizing the risk of chronic diseases and thereby prolonging the lifespan. The growing awareness regarding the adverse effects of harmful chemicals present in synthetic consumers is propelling the uptake of superfood ingredients in the beauty industry. Therefore, the aforementioned factors are expected to positively impact the market growth during the forecast period. By type, fruits and vegetables segment is anticipated to contribute the largest share of revenue due to high usage of these products among consumers on a daily basis. The increasing penetration of e-commerce and online food delivery platforms are also anticipated to propel the product sales. By application, bakery segment dominated the market and is expected to maintain its position driven by launch of new products such as gluten free food products such as cereals, pancakes, and cookies.Some of the players such as Archer Daniels Midland, Del Monte Pacific Group, Barlean’s Organic Oils LLC, Naturva Bathm, Sunfood, Rhythm Superfoods, and Nutiva are currently dominating the market. Manufacturers are increasingly focusing on research and development activities and social media campaigns for promotion of their products so as to gain competitive advantage. Some of the other companies operating in the market include Apax Inc., Nature’s Superfoods LLP, Hain Celestial Group, and Superlife Co. Pte. Ltd. The superfoods market is highly fragmented with presence of multiple small manufacturers. These companies are taking various strategic initiatives such as mergers, acquisitions, and partnerships so as to increase their presence in the global market.
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