Overview and Scope
Functional food ingredients are bioactive compounds or ingredients used in manufacturing functional food products. The ingredients in functional foods provide health benefits, and some of them include supplements or other additives.
Sizing and Forecast
The functional food ingredients market size has grown strongly in recent years. It will grow from $110.61 billion in 2023 to $120.27 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to increasing health consciousness, rising incidence of lifestyle-related diseases, consumer demand for natural and clean label products, research and development in nutraceuticals, collaboration between food and pharmaceutical industries.
The functional food ingredients market size is expected to see strong growth in the next few years. It will grow to $175.25 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to personalized nutrition and customization, integration of functional ingredients in conventional foods, focus on mental and cognitive health, expansion of the senior population, e-commerce and direct-to-consumer trends. Major trends in the forecast period include advancements in food biotechnology, advancements in food science and technology, rising demand for plant-based ingredients, focus on gut health ingredients, emergence of adaptogens.
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Segmentation & Regional Insights
The functional food ingredients market covered in this report is segmented –
1) By Type: Probiotics And Prebiotics, Carotenoids, Dietary Fibers, Fatty Acids, Vitamins, Minerals, Others
2) By Source: Natural Synthetic
3) By Application: Beverages, Dairy Products, Infant Food, Bakery And Confectionery, Others
North America was the largest region in the functional food ingredients market in 2023. Europe was the second-largest market in the functional food ingredients market. The regions covered in the functional food ingredients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in demand for fortified food & beverage products is expected to contribute to the growth of the functional food ingredients market. Fortified foods are functional foods that lack natural nutrients; nutrients are added to them. These foods boost nutrition and provide health advantages. Fortified foods are functional foods without natural nutrients in them, nutrients are added to them, and these foods improve nutrition, add health benefits. Fortified foods & beverage products consumption is increasing due to growing health consciousness in consumers, increasing disease occurrences, increasing consumer’s disposable income. The medicinal properties of these foods in providing healing benefits apart from energy and essential nutrients are motivating consumers to spend more on healthy food products. For instance, in April 2022, according to a report shared by Common Thread Collective, a US-based e-commerce growth agency, in 2021, global food and beverage sales were $435.3 billion, and in 2022 it was $506 billion. It is expected to reach $857 billion by 2025. Therefore, the rise in demand for fortified food & beverage products will drive the functional food ingredients market growth.
Key Industry Players
Major companies operating in the functional food ingredients market report are Cargill Incorporated, Nestle, Archer Daniels Midland Company, BASF SE, Arla Foods amba, Koninklijke DSM NV, Ajinomoto, Kerry Group, Ingredion Incorporated, Glanbia plc, DuPont Nutrition & Biosciences, FMC Corporation, Roquette Frères, Royal Cosun, Ashland, Tate & Lyle PLC, Corbion N.V., Brevel, Chr. Hansen Holding A/S, Kemin Industries Inc., Ginkgo BioWorks, Naturex, Beneo, Fuerest Day Lawson, The Every Company, Nuritas, Foodchem International Corporation, Global Specialty Ingredients (GSI), A&B Ingredients, Shiru Inc., Native Pet, Sophie’s Bionutrients Pte. Ltd., Clean Food Group, Paragon Pure, Canomiks
The functional food ingredients market report table of contents includes:
1. Executive Summary
2. Functional Food Ingredients Market Characteristics
3. Functional Food Ingredients Market Trends And Strategies
4. Functional Food Ingredients Market – Macro Economic Scenario
5. Global Functional Food Ingredients Market Size and Growth
………….
32. Global Functional Food Ingredients Market Competitive Benchmarking
33. Global Functional Food Ingredients Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Functional Food Ingredients Market
35. Functional Food Ingredients Market Future Outlook and Potential Analysis
36. Appendix
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