The superfoods market is predicted to register a revenue of USD 22.97 by 2024, registering a CAGR of 5.1% during the forecast period, 2019-2024. The popularity for 'superfoods', such as superfruits and supergrains has increased significantly over the recent years with product launches, as consumers are inclined more toward natural and wholesome ingredients. Quinoa is one of those most used super grains which exhibit high nutrient and antioxidant value that aids in reducing free radicals and prevent several diseases.
Scope of the Report
The superfoods market is segmented by type, as fruits, vegetables, grains and cereals, herbs and roots, and other types. The other types category includes organic and raw cacao, spirulina, chlorella, etc. By distribution channel, the market studied is segmented into hypermarkets/supermarkets, online channel, convenience stores, traditional grocery stores, and other distribution channels. The other distribution channels include health stores, kiosks, etc.
Key Market Trends
Growing Demand for Clean-label and Naturally Derived Products
With the growing interest of consumers in identifying the ingredients present in the food and beverages they consume, the market growth for clean-label ingredients has been triggered. This is due to concerns about the long-term effects of the ingredients used in food and beverages, in terms of nutrition content and its impact on well-being and environmental sustainability. According to a survey conducted by Ingredion, nearly 80% of consumers in Asia-Pacific are concerned about the long-term impacts of artificial ingredients on their health, and 70% of consumers are aware about every ingredient in their food. This leads to continuous new product launches with a strong positioning for superfoods.
Super-fruits Held a Prominent Share among Superfoods
The consumer demand for superfoods, like blueberries, has exploded over the past few years, as they not only add flavor but are also nutritious and versatile when consumed fresh or used in savory sauces, smoothies, and bakery items, like cakes, bread, muffins, and pies. China’s native goji berries have become one of the most popular superfoods in the overseas market as they are rich in vitamins, antioxidants, minerals, amino acids, and protein. The increasing demand for goji berries has boosted the sales of its products online, such as goji snacks. Super-fruits held a market share of 20.6% in 2018. Flaxseeds are considered as a perfect superfood, as they are a powerhouse of nutrition. They are a great source of omega-3 fatty acids, fiber, magnesium calcium, and phosphorus, among others.
The superfoods market is highly fragmented, with various regional and small players. These companies have collaboration and partnerships mostly in the form of co-operatives with farmers across the world, which has made the process of sourcing and procuring ingredients easier, thus, boosting the growth of the superfoods market. Some of the prominent companies in the superfoods market include Sunfood, Supernutrients, Nature's Superfoods LLP, OMG Superfoods, Aduna Ltd, Navitas Natural, APAX Inc., Suncore Foods, Superlife Co., Barlean’s Organic Oils LLC, Raw Nutrition, Bright Earth Foods, and Power Super Foods, among others.
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