Dairy and Frozen Desserts Segment to Dominate South and Central America Functional Foods Market during 2019–2028

According to a new market research study on “South and Central America Functional Foods Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product Type, Category, and Distribution Channel,” is expected to reach US$ 28,453.88 million by 2028 from US$ 16,049.71 million in 2021. The market is estimated to grow at a CAGR of 8.5% from 2021 to 2028. Rising new product development  is the major factor driving the growth of the South and Central America functional foods market. However, higher prices of functional foods may hinder the growth of South and Central America functional foods market. The report provides trends prevailing in the South and Central America functional foods market along with the drivers and restraints pertaining to the market growth.

The South and Central America functional foods market is segmented by product type, category, distribution channel, and country. Based on product type, the South and Central America functional foods market is segmented into bakery and confectionery, dairy and frozen desserts, sweet and savory snacks, breakfast cereals, and others. In 2020, the dairy and frozen desserts segment held the largest share South and Central America functional foods market. Based on category, the South and Central America functional foods market is segmented into organic and conventional. In 2020, the conventional segment held the largest share South and Central America functional foods market. Based on the distribution channel, the South and Central America functional foods market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. In 2020, the supermarkets and hypermarkets segment held the largest share South and Central America functional foods market. Similarly, based on country, the South and Central America functional foods market is segmented into Brazil, Argentina, and the rest of South and Central America. Brazil contributed a substantial share in 2020. 

Abbott; Danone S.A.; GENERAL MILLS, INC; Kellogg Company; Laird Superfood; Nestlé SA; and Unilever PLC are among the leading companies in the South and Central America functional foods market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

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