Global Functional Food Ingredients Market Size To Exceed USD 229.52 Billion By 2033 | CAGR of 6.79%

Category: Food & Beverages

RELEASE DATE Apr 2024
REPORT ID SI4266

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Global Functional Food Ingredients Market Size To Exceed USD 229.52 Billion By 2033

According to a research report published by Spherical Insights & Consulting, the Global Functional Food Ingredients Market Size is to grow from USD 118.94 Billion in 2023 to USD 229.52 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.79% during the projected period.

 

Global Functional Food Ingredients Market

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Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Functional Food Ingredients Market Size, Share, and COVID-19 Impact Analysis, By Type (Vitamins, Minerals, Prebiotics, Probiotics, Hydrocolloids, Essential Oils, Omega Fatty Acids, Carotenoids), By Purpose (Weight Management, Digestive Health, Cardio Health), By Application (Beverages, Bakery, Dairy, Snacks), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."  Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/functional-food-ingredients-market

 

Functional foods have health benefits that go beyond their nutritional value. Some variants contain vitamins or other health-promoting components. The nutritional status of a nation's people has a substantial impact on its overall production. It also indicates the level of social and economic progress. The modern society is plagued by a host of lifestyle disorders, increasing the number of chronic diseases reported. The growing number of people in emerging nations who are concerned about their health throughout the forecast period presents a market potential. Furthermore, as the world's population ages, there is a greater demand for functional food components that address age-related health issues like cognitive decline and bone health. Despite increasing demand, industry competitors face challenges because of strict legislation and clearance requirements. Compliance with regulatory regulations and obtaining necessary approvals for new compounds can be time-consuming and costly, limiting market expansion. However, customers may pay greater prices for functional food products, preventing their widespread adoption. Insufficient R&D spending may stymie the development of new, more affordable functional ingredients, limiting market expansion.

 

The carotenoids segment is expected to hold the largest share of the global functional food ingredients market during the anticipation timeframe.   

Based on the type, the global functional food ingredients market is categorized into vitamins, minerals, prebiotics, probiotics, hydrocolloids, essential oils, omega fatty acids, and carotenoids. Among these, the carotenoids segment is expected to hold the largest share of the global functional food ingredients market during the anticipation timeframe. Carotenoids' utility in the treatment of eye issues, cancer, and diabetes is the primary driving factor behind the industry. Increased R&D for the production of high-value natural carotenoids is predicted to create new market possibilities throughout the forecast period.

 

The cardio health segment is expected to grow at the fastest CAGR during the anticipation timeframe.   

Based on the purpose, the global functional food ingredients market is categorized into weight management, digestive health, and cardio health. Among these, the cardio health segment is expected to grow at the fastest CAGR during the anticipation timeframe. These products also aid athletes in recovering energy, increasing muscle endurance, and reducing physical wear and tear. A rising number of health goals, including bone and muscle strength, weight loss, and joint health, are driving up demand for functional foods. These meals promote healthy digestion and minimize wrinkles, lowering the risk of cardiovascular disease and type 2 diabetes. These properties are predicted to increase demand for functional meals in cardiac health.

 

The dairy segment is expected to hold a significant share of the global functional food ingredients market during the anticipation timeframe.

Based on the application, the global functional food ingredients market is categorized into beverages, bakery, dairy, snacks. Among these, the dairy segment is expected to hold a significant share of the global functional food ingredients market during the anticipation timeframe. Yogurt, milk drinks, and spreads are all excellent delivery methods for functional meals. They contain various beneficial compounds and can be used as functional food additions in cooking. Population growth raises consumer goods demand, which is expected to improve the availability of dairy-based functional meals.

 

Asia Pacific is projected to hold the largest share of the global functional food ingredients market over the anticipation timeframe.

 

Global Functional Food Ingredients Market

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Asia Pacific is projected to hold the largest share of the global functional food ingredients market over the anticipation timeframe. In the Asia Pacific region, changing eating habits and growing health consciousness are driving demand for functional foods fortified with specialized ingredients that target certain health benefits. This trend is particularly visible in China, India, and Japan, where the need of preventative healthcare is becoming more widely recognized. Furthermore, the rich and diverse culinary culture of Asia Pacific countries, together with the predominance of traditional medicine systems such as Ayurveda and Traditional Chinese Medicine, brings up the possibility of introducing beneficial chemicals obtained from natural sources.

 

North America is expected to grow at the fastest CAGR growth of the global functional food ingredients market during the anticipation timeframe. Immunity, weight control, digestive health, and cardiac health are the four key application segments in the North American market. This is due to the growing interest in fitness among consumers in the United States, Mexico, and Canada, which is likely to fuel demand for functional foods and beverages. Furthermore, the growing popularity of protein bars, shakes, and cookies among millennials as healthy snacking options is likely to boost demand for functional foods in North America in the coming years.

 

Major vendors in the global functional food ingredients market are Koninklijke DSM NV, Cargill, BASF SE, Archer Daniels Midland Company, DuPont de Nemours, Inc., Arla Foods amba, Kerry Group, Ingredion Incorporated, Tate & Lyle PLC, Foodchem International Corporation, and Others.

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Developments

  • On January 2024, as a first-time exhibitor at the Food Ingredients China (FIC) expo, Louis Dreyfus Company (LDC), a well-known global merchant and processor of agricultural goods, will demonstrate its plant-based ingredients and packaged cooking oils.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global Functional Food Ingredients market based on the below-mentioned segments: 

 

Global Functional Food Ingredients Market, By Type

  • Vitamins
  • Minerals
  • Prebiotics
  • Probiotics
  • Hydrocolloid
  • Essential Oils
  • Omega Fatty Acids
  • Carotenoids

 

Global Functional Food Ingredients Market, By Purpose

  • Weight Management
  • Digestive Health
  • Cardio Health

 

Global Functional Food Ingredients Market, By Application

  • Beverages
  • Bakery
  • Dairy
  • Snacks

 

Global Functional Food Ingredients Market, By Regional

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Uk
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

 

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

 

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