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The Dips and Spreads Market size was USD 96.3 billion in 2023 and is expected to Reach USD 155.9 billion by 2032 and grow at a CAGR of 5.5 % over the forecast period of 2024-2032.
The rise of health-conscious customers and the trend toward healthy eating habits have increased demand for dips and spreads. Various cuisines go well with many different Dips and Spreads. North America, in particular, is where most of these dips and spreads are consumed.
By type, the market is fragmented into Hummus, Mayonnaise, Guacamole, Salsa, Cheese Spreads, Vegetable Dips, and Others. In 2022, the Hummus segment generated approximately USD 24.2 billion in revenue. It has shown a remarkable growth over the forecasted period. Hummus is a tasty Dip and Spread made with chickpeas, spices, tahini, and lemon juice. It is popular in the Mediterranean and the Middle East. Because of its excellent plant-based protein content, nutritional value, and minimal saturated fat, it is seen as a healthier alternative to typical spreads.
Also, the cheese dip segment is the fastest-growing segment due to a wide array of cheese dips has made their place in the market such as hot cheese dip, cream cheese dip, garlic cheese dip, and others. The demand for cheese is high as it has become an essential component in many cuisines.
During the projection period, the online retail segment is expected to grow at a CAGR of more than 5.1%. Online retail provides the ease of home delivery, which appeals to customers who want to shop from the comfort of their own homes.
KEY DRIVERS
Consumers' growing health consciousness.
Rising popularity of ethnic cuisine
Ethnic dips and spreads provide a distinct and delectable way to enjoy a variety of cuisines. Hummus, a Middle Eastern dip is gaining popularity in Western countries. Similarly, guacamole, a Mexican dip comprised of avocados, tomatoes, onions, and cilantro, is becoming more popular. Tuna mayonnaise, a popular spread eaten on sandwiches or crackers, is used in Japanese ethnic cuisine. It's also great as a dip for vegetables or fries. Also, Tonkatsu sauce is frequently served alongside tonkatsu, a breaded and fried pork cutlet. It's also great as a dipping sauce for other dishes like french fries or vegetables. Many dips and spreads are rising in demand as a side dish in ethnic cuisine.
RESTRAIN
Artificial Preservatives
The high price of organic dips and spreads
Organic ingredients are usually more expensive than those that are conventional dips and spreads. Organic dips and spreads may become less inexpensive for some consumers as a result, and they may also be perceived as luxury items. Also, the health hazards connected to artificial preservatives is a concern among consumers. A range of health issues, including cancer, allergies, and reproductive issues, have been associated with these preservatives.
OPPORTUNITY
Rising demand in restaurants and cafes
Dips and spreads are popular side dishes to many cuisines and are frequently served in restaurants and cafes. The demand for dips and spreads grows in tandem with the number of eateries in restaurants and cafés. Processed foods are becoming increasingly popular because they are convenient to eat. There is a growing variety of cuisines accessible in restaurants and cafés, which is increasing demand for various types of dips and spreads. Hummus, for example, is a popular Middle Eastern dip, whereas salsa is a popular Mexican dip.
CHALLENGES
Maintain Quality and safety of food
Less adoption of dips and spreads in rural areas
Rural consumers often have lower disposable incomes than metropolitan consumers. This means they are less likely to be able to afford premium products such as dips and spreads. Many rural communities lack access to supermarkets, the primary retailers of dips and spreads. This makes it harder for these consumers to purchase these products.
Russia and Ukraine are two of the largest exporters of chickpeas, and war is projected to reduce the world supply of the hummus segment this year. Russia alone accounts for around one-quarter of the worldwide chickpea trade. In 2022, worldwide supply has fallen by 20%. Russia is one of the world's largest suppliers of chickpeas, producing over 250,000 tons per year. However, economic sanctions are limiting the ways in which its growers can export chickpeas. Also, Ukraine typically produces between 30,000 and 50,000 tons of chickpeas each year, but will only produce 5,000 tons this year.
As the Russia and Ukraine war took place there was a decline in the supply of hummus, therefore it has led to an increase in the prices of hummus. Chickpea prices rose by 15 to 20% globally in 2022, at the same rate as supply falls. According to the Global Pulse Confederation warning global hummus prices could rise by up to 20% in coming years. According to the publication, the situation led to a significant increase in hummus prices. In British supermarkets, the price has increased by 100% since January 2022. Supply constraints have contributed to higher retail prices in the United States. According to the most recent NielsenIQ data, chickpeas on US grocery shelves increased 12% from last year and were roughly 17% higher prior to the outbreak.
By Product
Hummus
Mayonnaise
Guacamole
Salsa
Cheese Spreads
Vegetable Dips
Others
By Distributional Channel
Foodservice
Retail Stores
Online Retail
By Application
Foodservice Industry
Household
North America is predicted to dominate the global dips and spreads market during the forecast period this is attributed to well-established Restaurants and food & beverage industries in developed countries like the US, Canada, and Mexico. In 2022, the market for dips and spreads in the United States will be worth more than USD 21 billion. The non-GMO spread, which is available in the "fan favorite" Garlic & Herbs taste, satisfies the need for lactose-free and plant-based solutions, according to The Authority of Frozen and Refrigerated Foods.
The Asia Pacific market share of dips and spreads is expected to expand due to products rising demand in developing countries such as Japan, Australia, India, and China is driving the expansion. Market expansion is aided by population growth in rapidly growing countries such as China and India, as well as changing consumer habits.
The European market is expected to increase significantly over the forecast period. The increase is being driven by increased product usage in Europe. European consumers are willing to eat small servings of various foods with side dishes such as dips and spreads, which is raising product demand. Because of our hectic lifestyle, we consume more convenience foods.
The Middle East & African cuisine consists primarily of regional cuisines from Latin America, the United Arab Emirates, and the remainder of the Middle East & Africa. Hummus and chickpea-based dip is one of the most well-known dips.
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REGIONAL COVERAGE
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The Kraft Heinz Company, Wingreens Farms Pvt Ltd, Greendot Health Foods Pvt Ltd, PepsiCo, AVT Gavia Foods Pvt Ltd, Campbell Soup Company, McCormick and Company, Inc., Sandridge Food Corporation, Conagra Brands, Inc, Veeba Foods, Britannia Industries Limited and other key players are mentioned in the final report.
In 2023, This spring, La Terra Fina introduces four new dip and spread flavors. Dill Pickle, Chocolate with Chocolate Chips Dessert Dip, Jalapeo Hot Pepper Jelly, and Caramelized Onion with Roasted Garlic Dip & Spread are the four new robust dip flavors.
In 2022, Gotham Greens, a pioneer of indoor farming, announced the launch of an all-new line of plant-based dips in four plant-packed flavors: Green Harissa, Spinach Artichoke, Green Goddess, and Tzatziki to its fast-growing fresh foods portfolio.
In 2022, Litehouse Inc., the No. 1 Refrigerated Salad Dressing brand in the United States, has introduced a new range of thick and creamy Litehouse Dips & Spreads to complement the company's extensive product portfolio.
| Report Attributes | Details |
| Market Size in 2023 | USD 96.3 Billion |
| Market Size by 2032 | USD 155.9 Billion |
| CAGR | CAGR of 5.5 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Hummus, Mayonnaise, Guacamole, Salsa, Cheese Spreads, Vegetable Dips, Others) • By Distributional Channel (Foodservice, Retail Stores, Online Retail) • By Application (Household, Foodservice Industry) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | The Kraft Heinz Company, Wingreens Farms Pvt Ltd, Greendot Health Foods Pvt Ltd, PepsiCo, AVT Gavia Foods Pvt Ltd, Campbell Soup Company, McCormick and Company, Inc., Sandridge Food Corporation, Conagra Brands, Inc, Veeba Foods, Britannia Industries Limited |
| Key Drivers | • Consumers' growing health consciousness. • Rising popularity of ethnic cuisine |
| Market Challenges | • Maintain Quality and safety of food • Less adoption of dips and spreads in rural areas |
Ans: Dips and Spreads Market is anticipated to expand by 5.5 % from 2024 to 2032.
Ans: Dips and Spreads Market size was valued at USD 96.3 billion in 2023
Ans: USD 155.9 billion is expected to grow by 2032.
Ans: Drivers are consumers' growing health consciousness and the rising popularity of ethnic cuisine
Ans: Challenges are maintaining Quality, food safety and less adoption of dips and spreads in rural areas
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia- Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on Major Economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Dips and Spreads Market Segmentation, By Product
8.1 Hummus
8.2 Mayonnaise
8.3 Guacamole
8.4 Salsa
8.5 Cheese Spreads
8.6 Vegetable Dips
8.7 Others
9. Dips and Spreads Market Segmentation, By Distribution Channel
9.1 Foodservice
9.2 Retail Stores
9.3 Online Retail
10. Dips and Spreads Market Segmentation, By Application
10.1 Foodservice Industry
10.2 Household
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Dips and Spreads Market by Country
11.2.2 North America Dips and Spreads Market by Product
11.2.3 North America Dips and Spreads Market by Distribution Channel
11.2.4 North America Dips and Spreads Market by Application
11.2.5 USA
11.2.5.1 USA Dips and Spreads Market by Product
11.2.5.2 USA Dips and Spreads Market by Distribution Channel
11.2.5.3 USA Dips and Spreads Market by Application
11.2.6 Canada
11.2.6.1 Canada Dips and Spreads Market by Product
11.2.6.2 Canada Dips and Spreads Market by Distribution Channel
11.2.6.3 Canada Dips and Spreads Market by Application
11.2.7 Mexico
11.2.7.1 Mexico Dips and Spreads Market by Product
11.2.7.2 Mexico Dips and Spreads Market by Distribution Channel
11.2.7.3 Mexico Dips and Spreads Market by Application
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Dips and Spreads Market by Country
11.3.1.2 Eastern Europe Dips and Spreads Market by Product
11.3.1.3 Eastern Europe Dips and Spreads Market by Distribution Channel
11.3.1.4 Eastern Europe Dips and Spreads Market by Application
11.3.1.5 Poland
11.3.1.5.1 Poland Dips and Spreads Market by Product
11.3.1.5.2 Poland Dips and Spreads Market by Distribution Channel
11.3.1.5.3 Poland Dips and Spreads Market by Application
11.3.1.6 Romania
11.3.1.6.1 Romania Dips and Spreads Market by Product
11.3.1.6.2 Romania Dips and Spreads Market by Distribution Channel
11.3.1.6.4 Romania Dips and Spreads Market by Application
11.3.1.7 Turkey
11.3.1.7.1 Turkey Dips and Spreads Market by Product
11.3.1.7.2 Turkey Dips and Spreads Market by Distribution Channel
11.3.1.7.3 Turkey Dips and Spreads Market by Application
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Dips and Spreads Market by Product
11.3.1.8.2 Rest of Eastern Europe Dips and Spreads Market by Distribution Channel
11.3.1.8.3 Rest of Eastern Europe Dips and Spreads Market by Application
11.3.2 Western Europe
11.3.2.1 Western Europe Dips and Spreads Market by Product
11.3.2.2 Western Europe Dips and Spreads Market by Distribution Channel
11.3.2.3 Western Europe Dips and Spreads Market by Application
11.3.2.4 Germany
11.3.2.4.1 Germany Dips and Spreads Market by Product
11.3.2.4.2 Germany Dips and Spreads Market by Distribution Channel
11.3.2.4.3 Germany Dips and Spreads Market by Application
11.3.2.5 France
11.3.2.5.1 France Dips and Spreads Market by Product
11.3.2.5.2 France Dips and Spreads Market by Distribution Channel
11.3.2.5.3 France Dips and Spreads Market by Application
11.3.2.6 UK
11.3.2.6.1 UK Dips and Spreads Market by Product
11.3.2.6.2 UK Dips and Spreads Market by Distribution Channel
11.3.2.6.3 UK Dips and Spreads Market by Application
11.3.2.7 Italy
11.3.2.7.1 Italy Dips and Spreads Market by Product
11.3.2.7.2 Italy Dips and Spreads Market by Distribution Channel
11.3.2.7.3 Italy Dips and Spreads Market by Application
11.3.2.8 Spain
11.3.2.8.1 Spain Dips and Spreads Market by Product
11.3.2.8.2 Spain Dips and Spreads Market by Distribution Channel
11.3.2.8.3 Spain Dips and Spreads Market by Application
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Dips and Spreads Market by Product
11.3.2.9.2 Netherlands Dips and Spreads Market by Distribution Channel
11.3.2.9.3 Netherlands Dips and Spreads Market by Application
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Dips and Spreads Market by Product
11.3.2.10.2 Switzerland Dips and Spreads Market by Distribution Channel
11.3.2.10.3 Switzerland Dips and Spreads Market by Application
11.3.2.11.1 Austria
11.3.2.11.2 Austria Dips and Spreads Market by Product
11.3.2.11.3 Austria Dips and Spreads Market by Distribution Channel
11.3.2.11.4 Austria Dips and Spreads Market by Application
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Dips and Spreads Market by Product
11.3.2.12.2 Rest of Western Europe Dips and Spreads Market by Distribution Channel
11.3.2.12.3 Rest of Western Europe Dips and Spreads Market by Application
11.4 Asia-Pacific
11.4.1 Asia-Pacific Dips and Spreads Market by Country
11.4.2 Asia-Pacific Dips and Spreads Market by Product
11.4.3 Asia-Pacific Dips and Spreads Market by Distribution Channel
11.4.4 Asia-Pacific Dips and Spreads Market by Application
11.4.5 China
11.4.5.1 China Dips and Spreads Market by Product
11.4.5.2 China Dips and Spreads Market by Application
11.4.5.3 China Dips and Spreads Market by Distribution Channel
11.4.6 India
11.4.6.1 India Dips and Spreads Market by Product
11.4.6.2 India Dips and Spreads Market by Distribution Channel
11.4.6.3 India Dips and Spreads Market by Application
11.4.7 Japan
11.4.7.1 Japan Dips and Spreads Market by Product
11.4.7.2 Japan Dips and Spreads Market by Distribution Channel
11.4.7.3 Japan Dips and Spreads Market by Application
11.4.8 South Korea
11.4.8.1 South Korea Dips and Spreads Market by Product
11.4.8.2 South Korea Dips and Spreads Market by Distribution Channel
11.4.8.3 South Korea Dips and Spreads Market by Application
11.4.9 Vietnam
11.4.9.1 Vietnam Dips and Spreads Market by Product
11.4.9.2 Vietnam Dips and Spreads Market by Distribution Channel
11.4.9.3 Vietnam Dips and Spreads Market by Application
11.4.10 Singapore
11.4.10.1 Singapore Dips and Spreads Market by Product
11.4.10.2 Singapore Dips and Spreads Market by Distribution Channel
11.4.10.3 Singapore Dips and Spreads Market by Application
11.4.11 Australia
11.4.11.1 Australia Dips and Spreads Market by Product
11.4.11.2 Australia Dips and Spreads Market by Distribution Channel
11.4.11.3 Australia Dips and Spreads Market by Application
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Dips and Spreads Market by Product
11.4.12.2 Rest of Asia-Pacific Dips and Spreads Market by Distribution Channel
11.4.12.3 Rest of Asia-Pacific Dips and Spreads Market by Application
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Dips and Spreads Market by Country
11.5.1.2 Middle East Dips and Spreads Market by Product
11.5.1.3 Middle East Dips and Spreads Market by Distribution Channel
11.5.1.4 Middle East Dips and Spreads Market by Application
11.5.1.5 UAE
11.5.1.5.1 UAE Dips and Spreads Market by Product
11.5.1.5.2 UAE Dips and Spreads Market by Distribution Channel
11.5.1.5.3 UAE Dips and Spreads Market by Application
11.5.1.6 Egypt
11.5.1.6.1 Egypt Dips and Spreads Market by Product
11.5.1.6.2 Egypt Dips and Spreads Market by Distribution Channel
11.5.1.6.3 Egypt Dips and Spreads Market by Application
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Dips and Spreads Market by Product
11.5.1.7.2 Saudi Arabia Dips and Spreads Market by Distribution Channel
11.5.1.7.3 Saudi Arabia Dips and Spreads Market by Application
11.5.1.8 Qatar
11.5.1.8.1 Qatar Dips and Spreads Market by Product
11.5.1.8.2 Qatar Dips and Spreads Market by Distribution Channel
11.5.1.8.3 Qatar Dips and Spreads Market by Application
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Dips and Spreads Market by Product
11.5.1.9.2 Rest of Middle East Dips and Spreads Market by Distribution Channel
11.5.1.9.3 Rest of Middle East Dips and Spreads Market by Application
11.5.2 Africa
11.5.2.1 Africa Transfusion Diagnostics Market by Country
11.5.2.2 Africa Dips and Spreads Market by Product
11.5.2.3 Africa Dips and Spreads Market by Distribution Channel
11.5.2.4 Africa Dips and Spreads Market by Application
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Dips and Spreads Market by Product
11.5.2.5.2 Nigeria Dips and Spreads Market by Distribution Channel
11.5.2.5.3 Nigeria Dips and Spreads Market by Application
11.5.2.6 South Africa
11.5.2.6.1 South Africa Dips and Spreads Market by Product
11.5.2.6.2 South Africa Dips and Spreads Market by Distribution Channel
11.5.2.6.3 South Africa Dips and Spreads Market by Application
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Dips and Spreads Market by Product
11.5.2.7.2 Rest of Africa Dips and Spreads Market by Distribution Channel
11.5.2.7.3 Rest of Africa Dips and Spreads Market by Application
11.6 Latin America
11.6.1 Latin America Dips and Spreads Market by Country
11.6.2 Latin America Dips and Spreads Market by Product
11.6.3 Latin America Dips and Spreads Market by Distribution Channel
11.6.4 Latin America Dips and Spreads Market by Application
11.6.5 Brazil
11.6.5.1 Brazil Dips and Spreads Market by Product
11.6.5.2 Brazil Dips and Spreads Market by Distribution Channel
11.6.5.3 Brazil Dips and Spreads Market by Application
11.6.6 Argentina
11.6.6.1 Argentina Dips and Spreads Market by Product
11.6.6.2 Argentina Dips and Spreads Market by Distribution Channel
11.6.6.3 Argentina Dips and Spreads Market by Application
11.6.7 Colombia
11.6.7.1 Colombia Dips and Spreads Market by Product
11.6.7.2 Colombia Dips and Spreads Market by Distribution Channel
11.6.7.3 Colombia Dips and Spreads Market by Application
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Dips and Spreads Market by Product
11.6.8.2 Rest of Latin America Dips and Spreads Market by Distribution Channel
11.6.8.3 Rest of Latin America Dips and Spreads Market by Application
12. Company profile
12.1 The Kraft Heinz Company
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Wingreens Farms Pvt Ltd
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 PepsiCo
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 AVT Gavia Foods Pvt Ltd
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Greendot Health Foods Pvt Ltd
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Campbell Soup Company
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 McCormick and Company Inc
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Sandridge Food Corporation
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Conagra Brands, Inc
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Britannia Industries Limited
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
12.11 Veeba Foods
12.11.1 Company Overview
12.11.2 Financials
12.11.3 Product/Services Offered
12.11.4 SWOT Analysis
12.11.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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Pea Protein Market Size was esteemed at USD 234.51 million out of 2022 and is supposed to arrive at USD 641.34 million by 2030, and develop at a CAGR of 13.4% over the forecast period 2023-2030.
The Tocotrienol Market Size was esteemed at USD 6.59 billion out of 2022 and is supposed to arrive at USD 10.90 billion by 2030, and develop at a CAGR of 6.5% over the forecast period 2023-2030.
The Functional Foods Market Size was esteemed at USD 196.54 billion out of 2022 and is supposed to arrive at USD 347.92 billion by 2030 and develop at a CAGR of 7.4% over the forecast period 2023-2030.
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