Superfoods: The Food and Medicine of the Future
Meticulous Research®—a leading global market research company, published a research report titled, ‘Superfoods Market by Type (Fruits, Vegetables, Grain & Cereals, Herbs & Roots, and Others); Distribution Channel (Supermarkets/Hypermarkets, Online Retail, Convenience Stores, Specialty Stores, and Others); and Geography - Global Forecast to 2030.’
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According to this latest publication from Meticulous Research®, the global superfoods market is projected to reach $281.9 billion by 2030, at a CAGR of 7.2% from 2023 to 2030. The growth of the superfoods market is mainly attributed to growing health & wellness trends, rising interest in plant-based nutrition, a growing number of health-conscious consumers demanding natural food ingredients, and changing lifestyles and rising incidences of chronic diseases. Furthermore, increasing awareness about superfoods and innovation and new product developments are expected to create market growth opportunities. However, high prices of superfood products are expected to hinder the growth of this market to some extent.
Key Findings in the Superfoods Market Study:
In 2023, the Fruits Segment to Dominate the Superfoods Market
Based on type, the global superfoods market is segmented into fruits, vegetables, grains & cereals, herbs & roots, and others. In 2023, the fruits segment is expected to account for the largest share of the global superfoods market. The large market share of this segment is attributed to its functional properties, including rich antioxidants, minerals, and multivitamins; lower risk of nutrient degradation; and easy availability at lower prices.
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The Online Retail Segment is Slated to Register the Highest CAGR During the Forecast Period
Based on distribution channels, the global superfoods market is segmented into supermarkets or hypermarkets, online retail, convenience stores, specialty stores, and other distribution channels. The online retail segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the wide variety of options available at discounted rates compared to traditional retail stores and the convenience provided by online channels, such as doorstep delivery.
North America: The Dominating Regional Market
The superfoods market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the superfoods market. The large market share of this region is attributed to the growing demand for nutritional supplements, high awareness of the health benefits of superfoods, and rising prevalence of chronic diseases, including cancer, diabetes, hypertension, stroke, heart disease, respiratory diseases, arthritis, obesity, and oral diseases; and growing health & wellness and clean label trends.
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However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The fast growth of this regional market is mainly attributed to factors such as changing lifestyles and rapid urbanization, the increasing number of supermarkets and hypermarkets, growing awareness about the health benefits of nutritional products, the emerging trend of healthy food & food ingredients, and the rising diabetic & obese population.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments by leading market participants in the superfood market. Some of the key players operating in the global superfood market are Sunfood (U.S.), Glanbia plc (Ireland), Nature’s Superfoods (Part of Actspand Pte Ltd) (Singapore), Nestlé S.A. (Switzerland), The Kraft Heinz Company, Nutrisure Ltd (U.K.), Impact Foods International Ltd. (U.K.), OMG Food Company LLC (U.S.), Ocean Spray (U.S.), TERRASOUL SUPERFOODS (U.S.), Orgain, LLC. (U.S.), and Suncore Foods Inc. (U.S.).
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