The MRFR report predicts that the global superfoods market will grow substantially over the review timeframe ending in 2027.
Natural food items, high in nutrients and contain vitamins, minerals, enzymes, amino acids, and antioxidants in abundance are called superfoods. These superfoods are low in calories but are high in nutritional value. Superfoods are mostly comprised of over 12 nutritional properties. The global superfoods market has registered an enormous spike in the growth rate in recent years. The market's growth is primarily accredited to the growing awareness regarding one's well-being and fitness across the globe. Superfoods are gaining huge traction across the globe in recent times. These foods help maintain gut health and boost metabolism and thus prevent diseases.
Furthermore, the growing reliance on clean labels and natural ingredients causes a boost in demand for superfoods. Moreover, the factors such as various new product launches and an increasing chunk of health-conscious consumers are also projected to catalyze the growth of the superfoods market over the coming years. On the other hand, the intensifying competition across the global market and high prices associated with these food items are likely to restrict the market's growth over the coming years. Nevertheless, the increase in personal disposable income and the growing aged population are projected to offer lucrative opportunities to the market player over the assessment era.
The global pandemic of COVID 19 has affected a major chunk of the population. Many people have lost their livelihood because of this global pandemic. It has affected the dynamics and growth of several industries. Everyone is worried about their immunity and follows social distancing. During the lockdown situation, operational activities of various end-user industries were halted which resulted in a demand shrink for the superfoods market which further leads to decreased sales revenue. The supply chain networks were also disrupted which lead to a decline in profit margin.
However, the superfoods market is expected to recover from this global pandemic by the end of the third quarter of the coming year by properly strategizing according to the needs of the market.
Numerous factors drive the market demand in the superfoods market. An increase in various new product launches that contains superfood content, drives the market demand in the global market. Moreover, an increasing chunk of health-conscious consumers all across the globe creates more market demand during the forecasted period. Many food and beverages are using superfoods as their key ingredients for manufacturing healthy drinks that are low in calories and high in nutritional content which also results in more market demand in the global market. Changing lifestyle is another major driving factor.
The rise in the demand for superfoods market in the global market. With the increase in personal disposable income, people are spending a good amount of money on their body and hence it provides various growth opportunities during the forecasted period. The number of aged people in countries’ overall population is increasing very rapidly and hence it creates more market demand in the global market during the forecasted period as they require more nutrients for the proper functioning of their body. Ongoing extensive research was done by various major key players also provides various growth opportunities in the global market.
Though the superfoods market is increasing tremendously in the global market, some factors restrict the market growth. Increasing competition from other superfoods like prebiotics, probiotics, and food supplements hinders the market growth in the global market during the forecasted period. Moreover, these food items are not easily available in various underdeveloped countries which is another restraining factor. These superfoods are higher in price which is not afforded by all and hence it restricts the market growth.
Value Chain Analysis
The superfoods market is growing at an incredible rate globally due to various benefits associated with it. These are used as key ingredients in many food supplements as it enhances the nutritional level of food items. These food items have high antioxidants and anti-inflammatory levels and hence provide multiple health benefits. Consuming these foods on regular basis reduces the risk of cancer. It also helps in improving memory. It also controls the blood sugar level and reduces the sign of aging.
The superfoods market has been divided all across the globe based on the application, product type, distribution channels, and region.
Based on the Application
The market has been divided all across the globe based on the application into bakery and confectionery application, supplements application, snacks application, beverages application, and various other applications.
Based on the Product Type
The market has been divided all across the globe based on the product type into edible seaweed product type, supersedes and super grains product type, superfruits product type, and various other superfoods product type.
Based on the Distribution Channels
The superfoods market has been divided all across the globe based on the distribution channels into non-store-based distribution channels and store-based distribution channels. The store-based distribution channels are further sub-divided into convenience stores, traditional grocery stores, online channels, supermarkets, hypermarkets, and various others.
Based on the Region
The market has been divided all across the globe based on the region into the North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region.
The superfoods market has been divided all across the globe based on the region into North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region. The largest market share in the global market is held by the North American region owing to the presence of various major key players coupled with the high concentration of geriatric population that drives the market demand to this region. Presence countries like the US, Canada, and Mexico are another contributing factor.
The second-largest market share in the superfoods market is held by the European region owing to the presence of well-established technologically advanced infrastructure that drives the market demand to this region. Moreover, increasing health awareness among people is another factor that drives the market demand in this region.
Being the fastest-growing region, the third-largest market share is held by the Asia-Pacific region owing to the presence of highly populous countries like India and China that drives more market demand in this region. Also, increasing per capita disposable income is another factor that drives the market demand in this region. Increasing fitness and wellness awareness is also a contributing factor.
The Latin American region and the Middle East and African region hold the least market share due to the presence of low infrastructure in both these regions. Low per capita disposable income is another contributing factor that restricts the market growth in these regions.
The most prominent major key players in the superfoods market all across the globe are mentioned:
These major key players use various strategies to sustain their market position in the superfoods market in the global market by going for mergers, and acquisitions, by collaborating, setting up a joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a new production process, and many others to expand their customer base in the untapped market of the superfoods all across the globe.
This superfoods market research report consists of the following elements mentioned below:
This market research report contains factors that drive the growth of the superfoods market in the global market along with the factors that restrict its growth in the global market. The opportunities available for growth in the superfoods market during the forecasted period are mentioned. The impact of COVID 19 on the superfoods industry all across the globe is mentioned. The future growth rate in the superfoods market during the forecasted period is estimated and mentioned.
Traders, importers, and exporters, retailers and wholesalers, food safety agencies, food and beverages processors, raw material suppliers, superfoods manufacturers, and many others.
Frequently Asked Questions (FAQ) :
The segment non-store-based distribution channel holds majority shares in the global superfoods market.
Awareness about the health benefits, economic growth, and the availability of a wide range of varieties are major tailwinds pushing the growth of the global superfoods market.
North America holds the largest share in the global superfoods market, followed by Europe and the Asia Pacific, respectively.
Archer Daniels Midland, Healthy Truth, Nutiva, NUA Naturals, Creative Nature, Sunfood Superfoods, and Del Monte Pacific Group, are some of the top players operating in the global superfoods market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global superfoods market adopt to gain a larger competitive advantage.