Significant Growth in Functional Food Ingredients Market by 2023

by Mit K. SEO

The functional food ingredients market is estimated to be valued at USD 68.60 billion in 2018 and is projected to reach USD 94.21 billion by 2024, at a CAGR of 6.6%. Functional food ingredients are those ingredients which have been demonstrated to have specific physiological benefits, apart from the main nutritional benefits that are derived from food & beverages. The usage of functional food ingredients in the manufacturing of functional food & beverage products is expected to provide nutritive health benefits, prevent/resist chronic diseases, or act as energy boosters. The market is driven by the increasing consumption of nutritive convenience food and fortified food and growing health awareness among consumers leading to increased consumption of healthier diets.

Key players in the functional food ingredients market include DowDuPont (US), ADM (US), Arla Foods (Denmark), BASF (Germany), Cargill (US). Chr. Hansen (Denmark), DSM (Netherlands), ABF (UK), Tate & Lyle (UK), Ajinomoto (Japan), Kerry Group (Ireland), Kemin Industries (Germany), Roquette (France), Beneo (Germany), and Royal Cosun (Netherlands) that hold a significant share in the functional food ingredients market.

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Target Audience:

• Raw material suppliers

• Manufacturers

• Food ingredient manufacturers

• Food ingredient processors

• Chemical industry

• Regulatory bodies

• Food and Drug Administration (FDA)

• United States Department of Agriculture (USDA)

• European Food Safety Agency (EFSA)

• EUROPA

• Codex Alimentarius

• Food Safety Australia and New Zealand (FSANZ)

The food segment is projected to be larger & faster-growing during the forecast period

The food segment is projected to be faster-growing, by application, during the forecast period. The market for functional food is increasing as consumers prefer balanced diets and food that not only takes care of their appetite but also helps enhance their immunity. This, along with product innovations in terms of flavors and variant offerings, presents significant opportunities for the growth of applications in the functional food ingredients market. Factors that are further fueling consumer interest in functional foods are the rapid advances in science & technology, increase in health care costs, aging, and growth in interest in attaining wellness through diet.

The natural segment set to dominate the market by 2023

The functional food ingredients market, by source, is projected to be dominated by the natural segment during the forecast period. Functional food ingredients, in their natural form, are widely used due to growing consumer demand for natural ingredients; the growing awareness about the health benefits associated with ingredients sourced from natural sources is driving the growth of the natural segment over the synthetic one.

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South America is projected to be the fastest-growing market during the forecast period

The South American market is projected to grow at the highest CAGR from 2018 to 2023. The region displays a variety of different demographic and developmental trends; the common regional trends that are expected to help drive market growth include rapid urbanization and increased life expectancy, the high occurrence of obesity and malnutrition, rise in incidences of chronic diseases, and mortality rates. All these factors have further propelled consumers to move toward increased adoption of healthier products.