Australia Functional Foods Market Size & Outlook
Australia functional foods market, 2017-2030 (US$M)
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Australia functional foods market highlights
- The Australia functional foods market generated a revenue of USD 17,054.8 million in 2023 and is expected to reach USD 34,710.6 million by 2030.
- The Australia market is expected to grow at a CAGR of 10.7% from 2024 to 2030.
- In terms of segment, prebiotics & probiotics was the largest revenue generating ingredient in 2023.
- Vitamins is the most lucrative ingredient segment registering the fastest growth during the forecast period.
Functional foods market data book summary
| Market revenue in 2023 | USD 17,054.8 million |
| Market revenue in 2030 | USD 34,710.6 million |
| Growth rate | 10.7% (CAGR from 2023 to 2030) |
| Largest segment | Prebiotics & probiotics |
| Fastest growing segment | Vitamins |
| Historical data | 2017 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Carotenoids, Dietary Fibers, Fatty Acids, Minerals, Prebiotics & Probiotics, Vitamins |
| Key market players worldwide | Coca-Cola Co, Arla Foods, Amway Malaysia Holdings, Herbalife Ltd, Cargill, General Mills Inc, Basf SE |
Other key industry trends
- In terms of revenue, Australia accounted for 5.2% of the global functional foods market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan functional foods market is projected to lead the regional market in terms of revenue in 2030.
- Australia is the fastest growing regional market in Asia Pacific and is projected to reach USD 34,710.6 million by 2030.
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Functional Foods Market Scope
Functional Foods Market Companies
| Name | Profile | # Employees | HQ | Website |
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Australia functional foods market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to functional foods market will help companies and investors design strategic landscapes.
Prebiotics & probiotics was the largest segment with a revenue share of 33.74% in 2023. Horizon Databook has segmented the Australia functional foods market based on carotenoids, dietary fibers, fatty acids, minerals, prebiotics & probiotics, vitamins covering the revenue growth of each sub-segment from 2017 to 2030.
The food industry contributes significantly in Australian economic growth. The Australian functional foods industry has witnessed rapid growth rate in recent years owing to changing health and lifestyle needs among consumers.
The government has also been actively involved in promotion of healthy food choices in order to ensure that consumers are well-informed and public health and safety is sheltered.
Additionally, extensive marketing campaigns, sponsored by various food authorities, on mainstream media such as radio, print and internet encouraging consumption of healthy diet and highlighting importance of general nutraceuticals along with other fortified foods is another key factor driving functional foods market growth in the region.
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Target buyers of Australia functional foods market databook
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Our clientele includes a mix of functional foods market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the Australia functional foods market , including forecasts for subscribers. This country databook contains high-level insights into Australia functional foods market from 2017 to 2030, including revenue numbers, major trends, and company profiles.
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Australia functional foods market size, by ingredient, 2017-2030 (US$M)
Australia Functional Foods Market Outlook Share, 2023 & 2030 (US$M)
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