The functional extracts market is expected to register a CAGR of 6.5% during the forecast period, up from US$ 98.9 Billion in 2021 to reach a valuation of US$ 190.95 Billion by 2032.
The functional extracts are concentrated phytonutrients that are available naturally in most vegetables, plants, and fruits. Functional extracts are the extracts derived from sources like plants, vegetables, and fruits. Functional extracts play an important role in increasing the nutritional levels of food products, supplements, and drinks.
Some of the plants, vegetables, and fruits used in the extracting of the ingredients are apple, grass, almonds, alfalfa grass and many such products. The addition of functional extracts in the products does not change its taste or feel.
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These are absolutely natural and organic in nature. Functional extracts are essential and are used to enhance the overall nutritional value of the food and beverage. The key regions that are involved in the global functional extracts market include North American, Asian, and European countries. Some of the leading players in the global functional extracts market are Applied Food Sciences Inc., Future Ceuticals Inc., Morre-Tec Industries Inc., Kerry Inc., Pure World Inc., Naturex Inc., and VF Bioscience SAS.
Awareness Regarding Health Benefits of Organic Products Is Driving the Functional Extracts Market
The overall functional extracts market is booming rapidly across the globe. The major driver that is driving the demand for the functional extracts market is the increase in the use and consumption of organic products in the food and beverages, cosmetics, pharmaceuticals, and other industries. Consumers are demanding the use of natural and organic ingredients in these products which are driving the functional extracts market at a rapid pace.
The growing trend of consumers’ inclination towards organic and natural food products is driving the global functional extracts market. There is also an increased awareness amongst people regarding the benefits one gets from by using and consuming naturally extracted products which is supporting the growth of the functional extracts market. The growth is observed due to increased production and consumption of the nutritional food in the market. The main restraint in the functional extracts market is the availability of substitutes and a very low supply of raw materials.
Functional Extracts Market: Regional Analysis
The countries that are largely involved in the global functional extracts market are Germany, the US, China, the UK, Thailand, India, and Brazil.
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Functional Extracts Market: Key Participants
Some of the market participants in the functional extracts market are:
- Archer Daniels Midland Company
- Green Source Organics
- The Green Labs LLC
- Bell Flavors and Fragrances
- Applied Food Sciences Inc.
- FutureCeuticals Inc.
- Morre-Tec Industries Inc.
- Kerry Inc.
- Pure World Inc.
- Naturex Inc.
- VF Bioscience SAS
- NOF America Corporation
- Teawolf LLC
- Kalsec Inc.
- Tianjiang Pharmaceutical Co., Ltd.
Functional Extracts Market Segmentation
The functional extracts market is segmented on the basis of nature, application, and source.
On the basis of nature, the functional extracts market can be segmented as:
- Organic
- Conventional
On the basis of application, the functional extracts market can be segmented as:
- Food and beverages
- Drinks
- Dairy
- Dietary supplements
- Food
- Human nutrition
- Animal nutrition
- Personal care
- Cosmetics
- Hair care
- Skin care
- Pharmaceuticals
- Perfume
On the basis of source, the functional extracts market can be segmented as:
- Plants
- Vegetables
- Fruits
- Seeds
- Flowers
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