Definition of Market/Industry: Functional foods with various micronutrients have a very positive impact on the health of the heart. Studies claim that consumption of functional foods have shown to reduce the risk of various cardiovascular diseases. Certain functional food is also believed to regulate the cholesterol level in blood and stabilize the heart rhythm and also protect the arterial lining. Moreover, functional foods are believed to influence factors such as triglycerides and inflammation that can trigger various heart diseases. Therefore, greater intake of functional foods can significantly enhance heart health. Statistics: APAC heart health functional food market was valued at US$ 395.5 million in 2019 and is forecast to reach a value of US$ 668.8 million by 2027 at a CAGR of 6.8% between 2019 and 2027 Drivers: The increasing cost of healthcare products has raised over the recent few years due to inflation. The growing cost of healthcare is shifting consumer’s preference to adopt functional food, as these offer health benefits such as boosting the immune system, prevention from cold and flu, prevention of headaches, relieving the pain of arthritis, rheumatic diseases, allergies, and also reduces the cholesterol and triglyceride levels and protect against cardiovascular and cognitive diseases. This factor is expected to propel the market growth of heart functional foods in the APAC region. Market Opportunities: Low cost of raw materials and low labor cost in the APAC offer manufacturer of heart health functional food to reduce the overall cost of product. This is expected to create enormous growth opportunities for the market growth heart functional food. Moreover, this factor is also projected to open new doors of opportunity to the new entrant in the APAC region. Over the last few years, the revenue of APAC heart health functional food market has been increased drastically due to which producers in developing countries are focusing on export of food products to meet the growing demand from other developed countries. Therefore, this factor is also projected to propel the market growth of the heart nutritional food. Market Restraints False and misleading advertising of the health food brands is breaking the consumer trust and this is expected to impact the market growth negatively. For instance, according to the report published by the Asia Pacific Food Industry (APFI) in May 2017, false health claims are still prevalent in Indonesia though rules are stricter in the country. Moreover, Indonesia’s National Agency of Drug and Food (BPOM) declared in 2016 that functional food with health claims have to be approved, and food producers have to ensure all health claims have evidence that has been scientifically proven. Key Takeaways: Among product type, dairy products segment was valued at US$ 118.9 Mn in 2019 and is forecast to reach a value of US$ 215.0 Mn by 2027 at a CAGR of 7.7% between 2019 and 2027. This owes to the health benefits associated with dairy products. These products decreases the absorption of cholesterol, thereby controlling blood pressure which is a key factor for the segment growth. Supermarket distribution segment held significant market share in APAC heart health functional market in 2019, accounting for 36.7% share in terms of value, followed by departmental store. Supermarket customers are primarily local residents and small businesses that periodically need to replenish their stock of household products. Supermarkets have established trust among the consumers due to their convenient services and attractive offers. Some customers prefer a particular supermarket to buy functional food in their nearby region. Such key drivers are expected to drive growth of the supermarket segment in the APAC heart health functional food market. Market Trends
Competitive Section: Players active in the market are Marico Ltd., Kellogg Company, Raisio Plc, Nestle S.A., Kalbe Farma Tbk, Associated British Foods, Ruchi Soya Industries Ltd., Bagrry’s India Ltd., PepsiCo, Inc., and ConAgra Foods, Inc. Recent Developments: Raisio Plc.
Segmentation By Product Type
By Distribution Channel