According to the latest report by IMARC Group, titled “Functional Ingredients Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global functional ingredients market reached a value of US$ 86.3 Billion in 2021. Functional ingredients refer to bioactive compounds that prevent nutritional deficiencies and enhance the overall growth and development of an individual. It includes proteins, vitamins, probiotics, prebiotics, omega 3, and hydrocolloids as common elements. Functional ingredients are widely used in nutritional bars, shakes, juices, yogurt, pasta, snacks, bakery products, confectionary items, and beverages. They assist in managing chronic diseases, gaining muscle, reducing weight, improving cognitive health, strengthening the immune system, regulating high blood cholesterol levels, improving brain functioning, and maintaining postprandial blood glucose levels. Functional ingredients also extend the product’s shelf life, increase output and sustainability, and enhance taste and texture.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Functional Ingredients Market Trends:
The increasing product utilization in the food and beverage (F&B) industry across the globe is creating a positive outlook for the market. Functional ingredients are widely used as food additives and supplements to improve the flavor, functionality, and overall nutritional benefits of various edible products. In addition, the rising health consciousness among consumers due to the increasing prevalence of lifestyle diseases, such as diabetes, obesity, and cardiovascular diseases (CVDs), is acting as another growth-inducing factor. Furthermore, aggressive promotional activities by manufacturers through social media platforms and collaborations with celebrities and sports personalities are providing a considerable boost to the market growth. Additionally, the introduction of environmentally friendly manufacturing techniques, such as subcritical water and supercritical fluid extraction from plants, food by-products, algae, and microalgae, are propelling the market growth. Moreover, the widespread product utilization in animal feed to provide a rich and balanced diet, improve metabolic activity, and prevent various ailments in pets and farm animals is providing an impetus to the market growth. Other factors, including increasing initiatives by several governments across the globe to promote food fortification, rising geriatric population, increasing expenditure capacities of consumers, and widespread product utilization in the cosmetic industry for blemish control, pore minimization, and cleansing, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 132.8 Billion by 2027, exhibiting a CAGR of 7.4% during 2022-2027.
- On the basis of the type, the market has been divided into probiotics, proteins and amino acids, omega-3 and omega-6 fatty acids, vitamin and minerals, prebiotics, botanical extracts, and others.
- Based on the source, the market has been bifurcated into natural and synthetic.
- On the basis of application, the market has been classified into food and beverages, personal care, pharmaceuticals, animal feed, and others.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.?
- The competitive landscape of the industry has also been examined, with some of the key players being Archer Daniels Midland Company, Arla Foods amba, BASF SE, Cargill Incorporated, Chr. Hansen Holding A/S, Golden Grain Group Limited, Ingredion Incorporated, Koninklijke DSM N.V., NutriBiotic, Omega Protein Corporation (Cooke Inc), Roquette Frères and Tate & Lyle plc.
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