Visiongain has published a new report onGlobal Food for Special Medical Purposes (FSMP) Market Report 2020-2030: Value Forecasts by Type (Nutritionally Complete Food, Nutritionally Complete Foods with a Disease and Nutritionally Incomplete Food), by Form (Dry and Liquid), by Consumption Type (Oral nutritional supplements (ONS) and Tube Feed), Consumer Group (Infants & Young Children, Adult and The Old), Geography (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) Global Opportunity Analysis and Industry Forecast.
Visiongain lead analyst says: ‘ The global food for special medical purpose market size, in terms of value, was worth the US $11.21 Bn in 2019. It is projected to reach the US $19.41 Bn by 2030’.
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COVID-19 Impact on Food for Special Medical Purposes
The COVID-19 pandemic has impacted almost every industry across the globe and functional and medical food is one of those. Though, the food industry got adversely effected due to serious disruption in the supply chain and other connected markets, however, the consumer across the world realized the importance of nutrition and health in dealing with such outbreak during this tenure. Hence, FSMP market is expected to witness good recovery owing to rising awareness and surge in demand for nutritional and medical foods. There has been change in the consumer trend during this pandemic where people are moving towards ‘total wellbeing’ and ‘holistic health’ which in turn resulted in huge demand for medical foods.
Food for Special Medical purpose falls under the category of foods withnutritional uses specifically processed or formulated for the dietary management of patients, infants, and to be used under medical supervision. The food for special medical purpose (FSMP) market growth can be attributed to the growing prevalence of metabolic diseases, growing consumer unhealthy lifestyle, and surge in demand from emerging economiessuch as Asia Pacific, Middle East & Africa, Latin America, and others. Moreover, the increasing geriatric population adopting medical foods and rising awareness of clinical nutrition amongst healthcare professionals and patients are also contributing to the overall market growth. Based on consumption type, oral nutritional supplements led the market in 2020 owing to high commercial viability and high preference among the consumers. Oral nutritional supplements includepowders, pills, puddings, and pre-thickened products.
Recent Trends in the Market:
Factors Driving the Market Growth
Rising awareness among consumers and healthcare professionals about clinical nutrition
Increasing prevalence of chronic conditions and unhealthy lifestyle
Factors Restraining the Market Growth
Barrier to adoption
The surge in demand from both developing and developed economiesConstant research & development efforts and product innovations by manufacturers offering growth opportunities to the market.
By type, the nutritionally complete food with a disease type segment accounted for the largest share in 2019, whereas the nutritionally incomplete food category is projected to witness the fastest CAGR in coming years.
Asia-Pacific registered the fastest growth owing to various developments by the FSMP manufacturers coupled with government initiative, especially in the Asia-Pacific region. For instance, China reduced the import tariffs on FSMP to expand imports for meeting domestic demands. However, this has also intensified the competition in the local China market.
Merger and acquisition have been identified as the preferred strategy among the key players to penetrate the market and strengthen the market share. Murray Goulburn Dairy business in China was acquired by DANONE in 2020 for setting up its first production facility for infant milk formula in China.
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Market Segmentation 2020-2030:
Nutritionally Complete Food Market, 2019-2030
Nutritionally Complete Foods with a Disease Market, 2019-2030
Nutritionally Incomplete Food Market, 2019-2030
Dry FoodMarket, 2019-2030
Liquid FoodMarket, 2019-2030
Oral nutritional supplements (ONS) Market, 2019-2030
Tube Feed Market, 2019-2030
Infants & Young Children Market, 2019-2030
Adult Market, 2019-2030
The Old Market, 2019-2030
Focused regional forecasts and analysis explore future opportunities:
North America Market, 2019-2030
U.S. Market, 2019-2030
Canada Market, 2019-2030
Europe Market, 2019-2030
Germany Market, 2019-2030
UK Market, 2019-2030
France Market, 2019-2030
Spain Market, 2019-2030
Italy Market, 2019-2030
Rest of Europe Market, 2019-2030
Asia-Pacific Market, 2019-2030
China Market, 2019-2030
Japan Market, 2019-2030
India Market, 2019-2030
Australia Market, 2019-2030
Indonesia Market, 2019-2030
Rest of Asia Pacific Market, 2019-2030
Latin America Market, 2019-2030
Brazil Market, 2019-2030
Mexico Market, 2019-2030
Rest of Latin America Market, 2019-2030
The Middle East & Africa Market, 2019-2030
GCC Market, 2019-2030
South Africa Market, 2019-2030
Rest of MEA market, 2019-2030
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The FSMPmarket is a competitive market due to the presence of a mix of experienced and new players.
Rising demandfor FSMP across the globe expected to attract more new players in the future, fueled by rising acceptance and awareness regarding medical foods.
Mergers and Acquisition and Investment are among key strategies being adopted by the players operating in the market.
FSMP market is very consolidated where the top 10 payers accounted for more than 65% of market share is retained these players and remaining is distributed among the mix of mid and small players.
Many companies are operating in the market; however, several players are entering the market by developing more standardized and cost-effective products.
Companies are strategically expanding their global presence and offering improved products based on rapidly changing consumer trends amid the pandemic.
Major Market Players:
Key companies operating in the market are Nestle S.A.; Danone S.A.; Abbott Laboratories; Bayer AG; Mead Johnson & Company, LLC.; Ajinomoto Co., Inc.; Fresenius Kabi; Primus Pharmaceuticals; LENUS Pharma GesmbH; GFI - Gruppo Farmaimpresa.; Galen Limited and NualtraLtdamong others
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