Asia Pacific Functional Food Ingredients Market: Projected to Achieve US$ 8.5 Billion by 2033

In 2022, the Asia Pacific functional food ingredients market is expected to be worth US$4.2 billion. By 2023, the valuation is expected to rise to US$ 4.34 billion, with a market value of US$ 8.5 billion expected by 2033, rising at a CAGR of 6.9% from 2023 to 2033.

Among the fortified food and beverage products that use functional food additives more frequently are fresh fruit, packaged foods, dairy products, and functional beverages. Rising sales of healthy or functional drinks are driving the Asia Pacific market for functional food ingredients.

The market for functional food ingredients is expanding at an astounding rate in Asia Pacific as a result of the region’s expanding population of health-conscious consumers. As individuals become more conscious of the importance of preventative healthcare, the demand for functional food products has increased. The growing emphasis on nutrition and wellbeing, as well as the accessibility of novel ingredient possibilities, both speed up the market expansion in the region.

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Key Takeaways – Functional Food Ingredients Market Study

  • Growing popularity of omega-3 as a supplement in the Asia Pacific region is expected to boost the growth of the functional food ingredients market, particularly in the spreadable fats and oils food products segment.
    • ASEAN is ranked as the seventh-largest economy in APAC, and consumers in this region are more inclined towards intake of nutritional food products that offer various health benefits.
  • Multinational companies manufacturing functional food ingredients are taking initiatives to tackle nutritional deficiencies. Companies such as Nestlé and Unilever have started food fortification to add both macro and micronutrients in their food products.
    • Nestlé S.A. started fortification of its products such as cereals to target deficiencies in specific global markets. By 2016, the company fortified 200 billion servings of food and beverages, worldwide, while partnering with the HarvestPlus program (bio fortification) and agricultural research partners in India.
    • Unilever PLC partnered with the World Food Program to launch ‘Together for Child Vitality’, an initiative to improve the nutrition and health of school-aged children. Unilever PLC fortifies products such as spreads, seasonings, porridges, and bouillons, which are affordable and easily accessible.
  • Japan is perceived as a highly profitable market for manufacturers of functional food ingredients worldwide.
    • In 2017-18, 8-10% of Japanese population was diabetic, which created significant opportunities for manufacturers of functional food ingredients to target this demographic by offering products to mitigate the impact of diabetes.

Manufacturers of functional food ingredients are focused on catering to regional or domestic requirements. In India, omega-3, which is normally a non-vegetarian-derived product, has been developed from vegetarian variants such as flaxseed oil and algae. Food and beverage companies are also prioritizing R&D investments to enhance their product offerings with multifunctional nutritional profiles.

Consumer inclination towards preventive healthcare remains the key booster to growth of functional food ingredients market in APAC. A new research study of Future Market Insights (FMI) states that growing demand for natural functional food ingredients has been a remarkable trend that would further shape the sales of prebiotic ingredients. This is likely to be among the key factors influencing market growth in APAC.

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Market Segments Covered in APAC Functional Food Ingredients Industry Analysis

By Ingredient Type:

  • Vitamins
  • Minerals
  • Prebiotic & Dietary Fibers
  • Probiotics
  • Carotenoids
  • Proteins
  • Omega-3 Fatty Acids

By Application:

  • Beverages
  • Dairy and Dairy-based Products
  • Bakery and Confectionary

By Country:

  • China
  • India
  • Japan
  • ASEAN
  • Australia and New Zealand
  • South Korea
  • Rest of APAC

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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