Functional Food Ingredients Market Outlook
According to a new report by Expert Market Research titled “Global Functional Food Ingredients Market Size, Share, Report, Demand, Forecast 2023-2028″, the global functional food ingredients market is projected to grow at a CAGR of 6.60% between 2023 and 2028. Aided by the escalating demand for healthy food products and the expanding applications of functional food ingredients in various sectors, the market is expected to grow significantly by 2028.
Functional food ingredients are bioactive compounds that provide health benefits beyond basic nutrition. These ingredients are incorporated in numerous food items like cereals, bread, yoghurt, beverages, and other fortified food products. Hence, the thriving food and beverage sector across emerging economies is boosting the functional food ingredients market expansion. They play a significant part in enhancing overall health, preventing chronic diseases, and promoting optimal growth and development. Besides their health benefits, functional food ingredients exhibit remarkable preservative, texturising, and flavour enhancing properties, making them valuable constituents in diverse industrial uses, encompassing pharmaceuticals, cosmetics, and animal feed.
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The escalating consumer predilection for health-promoting food products is propelling the global functional food ingredients market growth. With the mounting awareness of the health advantages linked with the consumption of these ingredients, there has been a notable shift towards diets enriched with functional food ingredients, leading to a surge in demand for products fortified with these constituents. Additionally, the burgeoning trend of wellness and fitness has further amplified the popularity of functional food ingredients, as they are widely used in dietary supplements consumed by athletes and health-conscious individuals.
The broadening applications of functional food ingredients across various industries also play a critical role in driving the functional food ingredients market demand. In the pharmaceutical sector, these ingredients are used as fillers and coating agents in the manufacture of tablets and capsules. The cosmetics industry harnesses the potential of functional food ingredients for their antioxidant and skin-protective properties, which are vital in the development of various skincare products. Furthermore, the rich nutritional profile of functional food ingredients makes them an integral element in the production of animal feed.
Moreover, the escalating demand for natural and organic alternatives in the food and beverage sector has resulted in an increased emphasis on functional food ingredients as suitable constituents for plant-based products, thereby, aiding the functional food ingredients market. With the advent of flexitarianism and the growing acceptance of plant-based diets, functional food ingredients have surfaced as a vital component in the development of plant-powered food and beverages, thereby propelling the market expansion.
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Furthermore, the swift rise in the number of health-conscious consumers along with the increase in disposable income in developing economies is augmenting the global functional food ingredients market. The preference for naturally derived ingredients in food products, coupled with growing consumer awareness about the significance of preventive healthcare, is expected to fuel the demand for functional food ingredients over the forecast period.
Functional Food Ingredients Market Segmentation
The market can be divided based on source, type, application, and region.
Market Breakup by Source
Market Breakup by Type
- Proteins and Amino Acids
- Prebiotics and Probiotics
- Omega-3 and Fatty Acids
- Phytochemicals and Plant Extracts
Market Breakup by Application
- Infant food
- Dairy products
- Bakery and Snacks
- Meat and Seafood
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global functional food ingredients companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Arla Foods Ingredients Group P/S
- Ajinomoto Co., Inc.
- Ingredion Incorporated
- Tate & Lyle PLC
- Kemin Industries, Inc.
- A&B Ingredients, Inc.
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