The functional food ingredients market is projected to be worth $112.60 billion in US dollars in 2023 and to expand to $215.36 billion by 2033, at a compound annual growth rate (CAGR) of 6.7%. The market is expanding due to an increase in the demand for clean-label products, evolving regulations governing the food and beverage sector, and growing consumer awareness.
Rising affluence and urbanization are also linked to a way of life that offers more calorie-dense food selections but requiring less daily exercise. Obesity, diabetes, and gastrointestinal irregularities, among other medical disorders and health issues, are projected to fuel market growth in the coming years.
Modern lifestyles have also been linked to several psychological difficulties such as depression, inattention, and cognitive impairment. People are focused on the consumption of nutritious and nutritionally dense foods to avoid such ailments, which is expected to provide huge potential for the global functional food ingredients industry.
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The younger generation is growing more aware of the need of adding nutritious foods to their diets. As a result, increased demand for nutritional foodstuffs among some of the health-conscious population is driving revenue growth in the functional food ingredients market.
As customer demand for gluten-free and GMO-free (Genetically Modified Organisms) food items grows, manufacturers are producing functional food components that are also devoid of artificial flavors and preservatives.
North America is the market leader and will account for the majority of the functional food ingredients market. Because of their expanded availability in restaurants and eating spaces, functional foods and drinks are in high demand in the region.
KEY TAKEAWAYS
- North America is predicted to grow at a CAGR of 7.8% over the forecast period.
- The United States functional food ingredients market is expected to grow at a CAGR of 8.6% over the forecast period.
- Asia Pacific functional food ingredients market is projected to grow at a CAGR of 7% during the forecast period.
- The Chinese functional food ingredients market is expected to rise at a quick CAGR of 10.5%.
- The Japanese functional food ingredients market is estimated to expand at a CAGR of 6.2% over the forecast period.
- The European functional food ingredients market is likely to expand at a CAGR of 5.5% through 2033.
- Germany is anticipated to witness a CAGR of 5.7% over the forecast period.
- The United Kingdom functional food ingredients market is estimated to grow at a CAGR of 3.14% through 2033.
- The natural segment is anticipated to grow at a CAGR of 8.1% over the forecast period.
- The food and beverage segment is estimated to hold 42.8% of the market share during the forecast period.
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COMPETITIVE LANDSCAPE
Key players operating in the wearable band market are Cargill, ADM, Kerry Group, British Foods PLC, Cargill Incorporated, Archer Daniels Midland Company, BASF SE, DMH Ingredients, Ajinomoto Co. Inc., Ingredion Incorporated, E.l. Du Pont De Nemours and Company, Arla Foods, Koninklijke Dsm N.V. and others.
These businesses have employed a range of strategies to increase their market share for functional food components. They have employed both organic and inorganic growth techniques, such as new product releases, acquisitions, corporate expansions, and partnerships, to expand their customer base and raise revenue.
RECENT DEVELOPMENTS
- In November 2021, ADM captured Deerland Probiotics & Enzymes to meet consumer demand for functional food ingredients for the development of new products.
- In August 2019, Urlick & Short developed a variety of organic starch and proteins for the bread industry that incorporate functional food components to increase the nutritional content of the food items in which they are used.
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Key Segmentation of the Functional Food Ingredients Market
By Type:
- Probiotics
- Prebiotics
- Proteins and Amino Acids
- Phytochemicals and Plant Extracts
- Omega-3 Fatty Acids
- Carotenoids
- Fibers and Specialty Carbohydrates
By Source:
- Natural
- Synthetic
By Application:
- Food and Beverage
- Dairy Products
- Bakery and Confectionery
- Animal Feed
By Purpose:
- Weight Management
- Digestive Health
- Cardio Health
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Oceania
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