Medical Foods Market Demand Status and Forecasts till 2023
Posted by Pradeep Zende on March 26th, 2020
Owing to growing consumer needs and their awareness about dietary supplements and other medical foods required for nutrition and prevention of chronic disorders has grown in recent years. Market Research Future, a firm which specializes in market reports related to the Foods, Beverages & Nutrition sector among others, recently forecasted in its report “Global Medical Foods Market Demand Research Report- Forecast to 2023” that the market will demonstrate an exceptional CAGR % while achieving million dollar growth readily in the forecast period.
The escalating medical service cost has resulted in consumer shift towards adoption of healthy alternatives into their daily routine. Owning to this, the consumption and demand for medical foods have experienced a drastic increase. Consumers are identified to include consumption of functional foods and supplements as a part of their daily diet. Medical foods provide essential nutrients the body thereby enhancing the body’s metabolism.
Apart from this, increasing growth of organized retail sector is expected to fuel the sales of medical foods during the forecast period. Increasing chronic diseases among the growing population is driving the growth of the market. Moreover, nutritional deficiency is a common concern observed globally which will propel the growth of the global medical foods market. Increasing geriatric population is anticipated to be a major factor driving the growth of medical foods market.
Latest Industry Updates
Nov-2017 BASF SE has collaborated with DIEM Labs to strengthen the presence in U.S. especially for the medical foods
Nov-2017 Ajinomoto has acquired Cambrooke Therapeutics, Inc. in order to enhance the product portfolio of medical foods
Jan 2017 DURHAM, N.C. a personal care brand Burt’s Bees has announced its new functional food category with the introduction of plant-based protein shakes.
Sep 2017 Kellogg has invested in mushroom protein company. Kellogg is a leading player in the breakfast meal products. This will help in increasing the company revenue and will allow also to come up with high quality medicinal supplements.
Nov 2016 SOHM, Inc. has launched a unique protein supplement “I-Prolec” in to the American supplement market. This product was a category defining product in India, and has very has good response from its consumers in the U.S.
ACCESS REPORT DETAILS @ https://www.marketresearchfuture.com/reports/medical-foods-market-4915
Global Medical Foods Market - Competitive Analysis
Industrial players are involved in the acquisition of small players which will further support the company to expand and reach out to consumers across the regions, the end-user industries are inclined towards product promotions through social media, magazines and other mediums in order to reach out to customers. The promotional strategy aids in retaining the existing the customers and also to regenerate new customer base.
With strategic expansions, market players can focus on penetrating into the developing economies to expand their business portfolio. Consumers in developing countries are keen on exploring new product range offered to them and form a large consumer base. Establishing market in these emerging economies is profitable based on relatively low set-up costs, ease of doing business, and further lower variable cost to be incurred.
The key players profiled in medical foods are: Danone SA (France), Nestlé SA (Switzerland), Abbott Laboratories(U.S.), Mead Johnson & Company, LLC (U.S.), Primus Pharmaceuticals Inc. (U.S.), Targeted Medical Pharma Inc. (U.S.), Fresenius Kabi AG (Germany)
About the AuthorPradeep Zende
Joined: February 12th, 2019
Articles Posted: 396
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