Visiongain has published a new report on Food for Special Medical Purposes (FSMP) Market Report 2020-2030: Forecast value by type (nutritionally complete foods, nutritionally complete foods with disease and nutritionally incomplete foods), by form (dry and liquid), by type of consumption (nutritional supplements oral (ONS) and tube feeding), consumer group (Infants and young children, adults and the elderly), geography (North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa) Global opportunity analysis and industry forecasts.
Visiongain Senior Analyst Says: global food for special medical use market The size, in terms of value, was US $ 11.21 billion in 2019. It is predicted to reach US $ 19.41 billion by 2030 ”.
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Impact of COVID-19 on food for special medical purposes
The COVID-19 pandemic has impacted nearly every industry around the world and functional and medical foods are one of them. Although the food industry has been negatively affected due to severe disruptions in the supply chain and other connected markets, consumers around the world have nonetheless realized the importance of nutrition and health in dealing with such an epidemic during this period. Hence, the FSMP market is expected to experience a good recovery owing to the growing awareness and surging demand for nutritional and medical foods. There has been a shift in the consumer trend during this pandemic where people are moving towards ‘total wellness’ and ‘holistic health’ which has resulted in a huge demand for medical food.
Foods for special medical use belong to the category of foods for nutritional use specifically processed or formulated for the dietary management of patients, infants and for use under medical supervision. The growth of the Foods for Special Medical Purpose (FSMP) market can be attributed to the increasing prevalence of metabolic diseases, the growth of unhealthy lifestyles of consumers and the surge in demand from emerging economies such as Asia- Pacific, the Middle East and Africa, Latin America and others. Moreover, the growing geriatric population adopting medical foods and the growing awareness of clinical nutrition among healthcare professionals and patients are also contributing to the overall growth of the market. Based on the type of consumption, oral nutritional supplements dominated the market in 2020 due to high commercial viability and high consumer preference. Oral nutritional supplements include powders, pills, puddings, and pre-thickened products.
Recent market trends:
- Factors Driving Market Growth
- Increased awareness of consumers and healthcare professionals about clinical nutrition
- Increased prevalence of chronic diseases and unhealthy lifestyles
- Factors holding back market growth
Soaring demand from developing and developed economies Continuous research and development efforts and product innovations from manufacturers providing growth opportunities in the market.
- By type, the nutritionally complete food with a disease type segment accounted for the highest share in 2019, while the nutritionally incomplete food category is expected to experience the fastest CAGR in the years to come.
- Asia-Pacific has experienced the fastest growth due to various developments from FSMP manufacturers coupled with government initiative, especially in the Asia-Pacific region. For example, China reduced import tariffs on the FSMP to increase imports to meet domestic demand. However, this has also intensified competition in the local Chinese market.
- Mergers and acquisitions have been identified as the preferred strategy of major players to enter the market and strengthen market share. Murray Goulburn’s dairy business in China was acquired by DANONE in 2020 to set up its first infant formula production plant in China.
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Market segmentation 2020-2030:
- Nutritionally Complete Food Market, 2019-2030
- Nutritionally Complete Foods With Disease Market, 2019-2030
- Nutritionally Incomplete Food Market, 2019-2030
- Dry Food Market, 2019-2030
- Liquid FoodMarket, 2019-2030
- Oral Nutritional Supplements (ONS) Market, 2019-2030
- Power Tube Market, 2019-2030
- Infant and Young Child Market, 2019-2030
- Adult market, 2019-2030
- The old market, 2019-2030
Targeted regional forecasts and analyzes explore future opportunities:
North American Market, 2019-2030
- US market, 2019-2030
- Canadian market, 2019-2030
European market, 2019-2030
- German market, 2019-2030
- UK market, 2019-2030
- France market, 2019-2030
- Spanish market, 2019-2030
- Italian market, 2019-2030
- Rest of Europe market, 2019-2030
Asia-Pacific Market, 2019-2030
- Chinese market, 2019-2030
- Japanese market, 2019-2030
- Indian market, 2019-2030
- Australian market, 2019-2030
- Indonesian market, 2019-2030
- Rest of Asia-Pacific Market, 2019-2030
Latin America Market, 2019-2030
- Brazilian market, 2019-2030
- Mexican market, 2019-2030
- Rest of Latin America Market, 2019-2030
The Middle East and Africa market, 2019-2030
- GCC Market, 2019-2030
- South Africa Market, 2019-2030
- Rest of the MEA market, 2019-2030
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the FSMP market is a competitive market due to the presence of a mix of experienced and new players.
The growing demand for FSMP across the world is expected to attract more new players in the future, fueled by growing acceptance and awareness regarding medical foods.
Mergers and acquisitions and investments are among the key strategies adopted by players operating in the market.
The FSMP market is very consolidated where the top 10 payers represented more than 65% of the market share are retained by these players and the rest is distributed between the mix of medium and small players.
There are many companies operating in the market; however, several players are entering the market by developing more standardized and profitable products.
Companies are strategically expanding their global presence and offering improved products based on rapidly changing consumer trends amid the pandemic.
Main market players:
The main companies operating in the market are Nestlé SA; Danone SA; Abbott Laboratories; Bayer AG; Mead Johnson & Company, LLC .; Ajinomoto Co., Inc .; Fresenius Kabi; Primus Pharmaceuticals; LENUS Pharma GesmbH; GFI – Gruppo Farmaimpresa.; Galen Limited and NualtraLtdam among others
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