Emergen Research has published its latest report titled “Functional Ingredients Market By Product (Probiotics, Maltodextrin, Polydextrose, Pectin, Modified Starch, and Others), By Source (Natural, Synthetic), By Application (Pharmaceuticals, Food & Beverages, Animal Feed, Personal Care, Others), and By Region Forecast to 2028”
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.
Functional ingredients include protein, probiotics and prebiotics, botanical extracts, minerals, and fatty acids that offers health and wellness benefits to individuals. People, especially the sports and gym enthusiast are looking for the products that help in weight management, muscle gain, cognitive health, digestive health, immune health, and cardiovascular health. These include nutritional bars, yogurt, ready-to-drink fruits beverages and protein powders. Protein is the common functional ingredient that help to prevent chronic diseases, address obesity issues, as well as address muscle loss. Increasing awareness regarding the benefits of functional ingredients in a healthy diet is a major factor expected to boost market revenue growth over the forecast period.
In addition, ongoing trends of health and fitness among individuals, rapid advancements in food technology, increasing focus on preventive healthcare are other factors drive revenue growth of the market over the forecast period. Further, increasing number of clinical studies on food ingredients to evaluate the effects of food on health drive market growth. However, lack of awareness about prebiotics and related functional ingredients, high costs of research and development activities, and stringent government regulatory approvals are factors that can restrain market revenue growth during the forecast period.
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COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Natural Segment Revenue to Expand at a Rapid CAGR:
Natural segment is expected to register a rapid revenue CAGR over the forecast period attributed to growing vegan population globally, and development of plant-based dairy alternatives. Plant-based protein has a number of advantages, including increased fibre consumption, a lower risk of cardiovascular disease and certain types of cancer, and weight management benefits, which is expected to further contribute to revenue growth of the segment.
Food & Beverages Segment to Register Significant Revenue Growth:
Food & beverages segment is expected to register significant revenue growth over the forecast period owing to nutritional health benefits, growing popularity of nutrient-enriched foods and drinks in restaurants and cafes, increasing prevalence of lifestyle diseases among geriatric population and rising government initiatives on programs promoting healthy lifestyles among people.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to increasing research and development activities in food technology, rising prevalence of chronic diseases such as diabetes and growing awareness regarding health and wellness among consumers. Further, presence of key players and growing consumption of processed foods are some other factors expected to contribute to market growth in the region.
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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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