AI In Retail - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

Superfoods - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Superfoods Market size is estimated at USD 144.03 billion in 2024, and is expected to reach USD 216.20 billion by 2029, growing at a CAGR of 8.46% during the forecast period (2024-2029).

Rising consumer preferences toward functional and healthy products with natural and wholesome ingredients due to growing health consciousness drive the global market for superfoods. Superfoods have superior nutritional value and are rich sources of polyphenols, antioxidants, vitamins, and minerals. Moreover, the increasing prevalence of chronic diseases is encouraging individuals to incorporate low-calorie and nutritious food into their diets. Companies are also strategically expanding their business operations to align with consumer demand. For instance, in November 2022, Supreem Pharma launched Supreem Super Foods in Pune and Mumbai to extend its reach to 2,000 stores in these cities. Besides this, with growing consumer emphasis on ethical practices in production methods, companies increasingly incorporate sustainable sourcing methods and transparent supply chains to meet the demands of environmentally and socially conscious consumers. For instance, in March 2022, Pangaia introduced a new plant-based superfood bar. This nutritious snack, aimed at health-conscious consumers, is made with sustainably sourced ingredients. The bar is poised to cater to the growing demand for plant-based, environmentally responsible products.

Superfood Market Trends

Increasing Health and Wellness Trend

With growing access to health information and resources, consumers are becoming more aware that a balanced diet rich in nutrient-dense food can maintain optimal health and prevent chronic diseases. As a result, consumers are incorporating superfoods into their diets as a proactive measure to safeguard their health in the long term. Superfoods, packed with vitamins, minerals, antioxidants, and other bioactive compounds, can bolster the body's defenses, support immune function, and mitigate the risk of various health conditions. In addition, Manufacturers are launching new products to cater to consumer demand. For instance, in March 2022, Navitas Organics launched regenerative organic certified cacao powder. The product is B-corp certified, gluten-free, non-GMO, and others.

Asia Pacific Is The Potential Market For Superfoods

Asia Pacific is likely to witness a high demand for superfoods, primarily driven by a shift in consumer preferences toward preventive healthcare. Individuals are proactively seeking ways to maintain good health and prevent the onset of illnesses. Rapid urbanization and the influence of Western dietary habits are other key factors contributing to the adoption of ingredients like quinoa, blueberries, and avocados among urban consumers seeking healthier and more diverse food options. Furthermore, government initiatives promote healthy eating habits and the importance of nutrition and dietary choices. For instance, in 2022, The CNS, together with the Institute of Nutrition and Health of the China Center for Disease Control and Prevention, the Institute of Food and Nutrition Development of the Ministry of Agriculture and Rural Affairs, and the Shanghai Institute of Nutrition and Health, launched the “National Nutrition Week”. The 2022 National Nutrition Week theme is “Learn nutrition labeling, shop wisely, and cook smart” to improve the nutritional awareness and overall health and well-being of Chinese citizens.

Superfood Industry Overview

The superfoods market is highly competitive, with various regional and small players competing for market share. Some prominent players include Naturya Bath, Associated British Foods plc, Nutiva Inc., Aduna Ltd, and Terrasoul Superfoods. The market players compete using various strategies, from expanding their production facilities to maintain food safety guidelines to adopting mergers and acquisitions to enhance their brand value. Companies also collaborate and form partnerships, mainly in co-operatives with farmers worldwide, making sourcing and procuring ingredients easier.

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• The market estimate (ME) sheet in Excel format
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