Superfood Powders Market Anticipated to Cross $7.11 Billion By 2027 | Grand View Research, Inc

(MENAFN- GetNews) According to report published by Grand View Research, the global superfood powders market size was valued at USD 4.32 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 6.4% from 2020 to 2027.

The global superfoods powders market is set to register a CAGR of 6.4% during the forecast period. Superfood powders are rich in nutrients and the products offer numerous health benefits that range from detoxifying the body naturally and imploring the immune system, to boosting energy levels and sexual health. They are suitable for improving nutrient quantity in baked goods, smoothies, yogurt, and lattes, which are consumed on a daily basis. 

Consumers are comprehensively aware of their well-being and health by embracing a balanced set of dietary intake. In addition, people are increasingly seeking effective food products that provide functional boost, whether it is a beverage, snack, or on-the-go meal.

North America held the largest market share of more than 40.0% in 2019. High consumption in countries, such as the U.S. and Canada, is anticipated to boost market growth during the forecast period. Furthermore, several major producers are based in the region. Over the past few years, consumers have been adding the product in numerous food and drink items in order to obtain the health benefits of the product.

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Covid-19 Effect:

According to an August 2020 FMI report, the COVID-19 pandemic has prompted the superfoods powder boom. The FMI study insight revealed that showed approximately 65% of customers are actively seeking to buy food & beverages enriched with supplements such as hemp, maca, matcha, and moringa with 25% specifically buying 'superfoods. Furthermore, firms in the US immunity-oriented products have witnessed a more than 40% surge year on year in multivitamin sales. Against the backdrop of the COVID-19 pandemic, public interest in consuming healthy foods is pushing the demand for 'superfood powders, despite the ongoing scientific debate about the claimed health benefits.  Products that contain superfoods powders as an active ingredient are now likely to have broken out of their conventional domain at healthy food stores to capture the opportunity opened up by prevalent fear of the virus and health-conscious behaviors among people. The burgeoning shopper trend is anticipated to provide more growth opportunities for South and East Asian countries.

Key Takeaways from the report:

• The organic product segment is expected to witness the fastest growth during forecast years with a CAGR of 6.7% from 2020 to 2027. Growing demand for organic products among the health-conscious consumers is expected to fuel the segment growth over the next few years

• The online distribution channel is expected to witness the fastest growth during forecast years with a CAGR of 7.5% from 2020 to 2027. An increasing number of companies launching  websites is boosting the online sales of the product

• Asia Pacific is expected to witness the fastest growth during forecast years with a CAGR of 7.4% from 2020 to 2027. The rising importance of health wellness among millennials in developing countries, including China and India, is expected to remain a favorable factor for the industry growth

• North America dominated the market and accounted for over 40.0% share of the global revenue in 2019. Wide penetration of the product in the U.S. and Canada is expected to be a key reason behind the growth.

• Offline distribution channel accounted for a major revenue share in 2019. Superfoods are being progressively sold in hypermarkets, convenience stores, supermarkets, and pharmacies. A significant number of consumers are buying products from supermarket stores to gain a shopping experience.
• Conventional products held for more than 50.0% of the global revenue share in 2019.  The segment is witnessing huge demand with the launch of wonder foods labeled as 'super grain or 'superfruit.

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Major Players:

• Sunfood
• Unilever
• Superlife Co. Pte Ltd.
• Your Super
• NAVITAS ORGANICS
• ALOHA
• ORGAN IC d.o.o.
• Suncore Foods Inc.
• Supernutrients
• NATURE SUPERFOODS

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Grand View Research has segmented the global superfood powders market on the basis of product, distribution channel, and region:

Superfood Powders Product Outlook (Revenue, USD Million, 2016 - 2027)

• Conventional
• Organic

Superfood Powders Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)

• Offline
• Online

Superfood Powders Regional Outlook (Revenue, USD Million, 2016 - 2027)

• North America
  • The U.S.
• Europe
  • Germany
  • The U.K.
• Asia Pacific
  • China
  • India
• Central & South America
  • Brazil
• Middle East & Africa
  • South Africa

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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