Functional Ingredients Market size is estimated to reach $99.82 Bn by 2025 and is poised to grow at a CAGR of 6.45% during the forecast period 2020-2025. Functional ingredients include health-promoting ingredients or natural ingredients found in traditional, fortified, or enhanced foods. Consumption of functional ingredients has several potential health benefits, such as energy-boosting, health-promoting and disease-preventing properties. Increasing consumption of nutritious convenience and fortified foods, as well as increasing consumer health awareness, leading to increased consumption of healthier diets, are the factors driving the market over the forecast period (2020-2025). In 2019, the North American market represented the largest share. This market is set to increase by the growing consumer demand for healthy foods owing to their busy lifestyles.
By Product- Segment Analysis
The global Functional Ingredients market based on the product has Maltodextrin, Probiotics, Modified starch, Pectin, Rice protein, Protein Hydrolysate and Others. The probiotics segment has highest revenue in 2019, and is set to continue its growth over the forecast period (2020-2025) with the highest CAGR. Probiotics help in mineral absorption as well as increased bone strength and immunity. They are rapidly increasing in popularity in the functional food market as they are widely used in dairy products, health drinks, nutrition bars, breakfast cereals and others. Rice protein segment is set to grow over the forecast period (2020-2025) owing to its increased food applications, which is projected to have a positive influence on the growth of the segment.
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By Source – Segment Analysis
The global Functional Ingredients market based on the Source has Natural and Synthetic. Natural segment registered high revenue in the year 2019 and is poised to grow for the forecast period (2020-2025). Most of the functional food ingredients are obtained naturally. Increasing consumer awareness of ingredients from natural sources is contributing to the growth of the natural segment.
By Geography – Segment Analysis
North America has dominated the market with highest revenue in 2019. This is set to continue over the forecast period (2020-2025), owing to rising health concerns and increasing prevalence of diseases such as diabetes, obesity, and digestive disorders in countries in the region. The Asia-Pacific market is set to achieve the second highest share in terms of revenue owing to changing lifestyles, rising disposable incomes, and high demand for functional components in emerging economies such as China and India. The rapidly growing consumption of processed foods and the increasing focus on health and fitness in developing economies is a major factor contributing to the growth of the region’s functional food market.
Drivers – Functional Ingredients Market
Rise in Demand
Increased acceptance of functional ingredients in foods and beverages, especially dairy products and baked goods, as these ingredients have huge health benefits, is a major factor in the growth of the global market for functional ingredients. Rising disposable income in developing and developed countries, lifestyle changes, increasing urbanization, and the low-calorie and high-nutritional content of functional foods are other factors that are projected to support the growth of the global market for functional ingredients.
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Challenges – Functional Ingredients Market
High consumption of functional ingredients leads to various side effects such as gastrointestinal diseases, vomiting, fever, etc., which are the main factors limiting the growth of the functional ingredients market. The relatively high prices of some functional components and the easy availability of substitutes by local manufacturers are other factors that are estimated to hinder the growth of this market over the forecast period 2020-2025.
Functional Ingredients Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Functional Ingredients Market. Key companies of this market include DowDuPont, Archer Daniels Midland Company, Arla Foods, BASF SE, Cargill, Chr. Hansen, Ingredion Incorporated, Golden Grain Group Limited, FMC Corporation, Omega Protein Corporation, Tate & Lyle plc, Roquette Frères S.A.
In March 2020, Arla Foods introduces new brand and plant-based products.
In June 2020, BASF SE entered partnership to support rice farmers in China.
Geographically, the North American region is the largest market for Functional Ingredients owing Increasing health concerns and growing health issues and is set to grow over the forecast period (2020-2025).
Increasing consumer health awareness, leading to increased consumption of healthier diets, is set to drive the market over the forecast period (2020-2025).
High consumption of functional ingredients leads to various side effects such as gastrointestinal diseases, vomiting, fever, etc., which are the main factors limiting the growth of the functional ingredients market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Functional Ingredients Market report.
Related Reports :
A. Heart Health Ingredients Market
B. Nutraceutical Ingredients Market
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