Rising demand for and consumption of nutritious convenience foods, increasing application of functional ingredients in pharmaceuticals and cosmetics, and rising number of health conscious people across the globe are some key factors expected to drive market growth
According to Emergen Research, the global functional ingredients market size was USD 67.94 billion in 2020 and is expected to reach USD 109.22 billion in 2028 and register a revenue CAGR of 6.3% during the forecast period, 2021-2028.
Increasing incidence of chronic health issues and subsequent increase in healthcare expenditure, rising disposable income among individuals, and growing demand for products that are clean and can boost digestive health, cognitive health, immunity, and weight management among others are factors contributing to increasing interest in functional foods and ingredients and are expected to drive market revenue growth over the forecast period. Functional ingredients improve texture and hydration, enhance taste, and confer health benefits. Rapid development of foods, beverages, and supplements comprising functional ingredients to reduce cholesterol levels, regulate blood glucose levels, or enhance brain function is expected to further fuel revenue growth of the market going ahead.
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Functional ingredients are bioactive compounds that can be extracted from various sources such as plants, microorganisms, and other sources. Functional ingredients are intended to have a positive effect on consumer health and cover elements of drugs, food additives, and nutrients. Functional ingredients are widely used in the preparation of nutraceuticals and can be divided into eye health, heart health, digestive health, and women’s health ingredients. Increasing use of different nutritional and functional ingredients in food & beverage have led to rising awareness about these functional ingredients among individuals and is expected to further contribute to revenue growth of the market going ahead. Rising focus on preventive healthcare and increasing consumption of functional food and beverage products to reduce the risks of diseases and chronic conditions are also expected to fuel market revenue growth.
Fortification of products by nutritional and functional ingredients and rapid advancements in food technology to screen and identify high-quality functional ingredients are some other key factors expected to drive market growth going ahead. However, increasing side effects associated with long-term use of functional ingredients, high costs of R&D activities and stringent regulatory approvals, and lack of awareness among individuals about benefits of functional ingredients in reducing the risk of occurrence of certain diseases are some factors that can hamper market growth to a significant extent going ahead. Increasing number of clinical and research studies to understand efficacy and benefits of various types of food ingredients are expected to open up lucrative opportunities for key players in the market over the forecast period.
COVID-19 Impact Analysis
- The virus outbreak and social distancing norms and restrictions severely disrupted the overall business landscape and operations worldwide.
- COVID-19 pandemic and lockdowns have resulted in several countries shutting down airports, ports, and commercial and domestic transportation. This had impacted manufacturing activities and operations globally and took a toll on the economy of various countries.
- Sudden and drastic downturn in economic activity caused a slowdown in manufacturing, production, import/export, and other sectors and also resulted in employment loss to a major extent.
- Supply impacts were further compounded due to challenges on the demand-side owing to reduced disposable income, depleting savings, and increased concerns and uncertainties.
- Emergence of variants of the virus and rise in infection rates during the initial waves and subsequent lockdowns has severely impacted operations and disrupted supply chains.
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Probiotics Segment to Account for Largest Revenue Share:
Probiotics segment is expected to account for largest revenue share over the forecast period owing to rapidly rising demand for probiotics-based functional ingredients and increasing R&D activities to expand the use of probiotics in food and dairy industry as probiotics can effectively enhance gut health.
Natural Segment Revenue to Expand at a Robust Revenue CAGR:
Natural segment is expected to register a robust revenue CAGR over the forecast period attributable to rising demand for plant-based functional foods, increasing vegan population across the globe, and growing preference for organic food products.
Food & Beverages Segment to Register Significant Revenue Growth:
Food & beverage segment is expected to register significant revenue growth over the forecast period attributable to growing awareness regarding health and wellness among individuals, rising demand for functional foods due to increasing prevalence of chronic diseases among elderly population, and increasing focus on healthy lifestyles.
North America to Lead in Terms of Revenue Share:
North America is expected to account for largest revenue share over the forecast period owing to increasing incidence of health conditions such as diabetes and obesity, rising R&D activities in food technology, growing demand for functional foods and beverages due to increasing health conscious population, and presence of key companies in the region.
Major Companies in the Market Include:
- Ingredion Incorporated
- FMC Corporation
- Archer Daniels Midland Company
- Golden Grain Group Limited
- Cargill Inc.
- Roquette Freres SA
- Omega Protein Corporation
- BASF SE
- BENEO GmbH
- Zimitech, Inc. (Sugarlogix)
For the purpose of this report, Emergen Research has segmented the global functional ingredients on the basis of product, source, application, and region:
Product Outlook (Volume, Tons; Revenue, USD Billion; 2018–2028)
- Modified Starch
- Conjugated Linoleic Acid
- Protein Hydrolysate
- Rice Protein
- Mung Bean Protein
- Omega-3 (EPA, DHA, ALA)
Source Outlook (Volume, Tons; Revenue, USD Billion; 2018–2028)
Application Outlook (Volume, Tons; Revenue, USD Billion; 2018–2028)
- Food & Beverages
- Animal Feed
- Personal Care
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Regional Outlook (Volume, Tons; Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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