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

New York, United States, May 15, 2024 (GLOBE NEWSWIRE) — Global Functional Food Ingredients MarketThe size will 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 forecast period.

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Functional foods have health benefits that go beyond their nutritional value. Some variants contain vitamins or other health-promoting ingredients. The nutritional status of a nation’s people has a substantial impact on its overall output. It also shows the level of social and economic progress. Modern society is plagued by a host of lifestyle disorders, increasing the number of chronic diseases reported. The growing number of people in developing countries who are concerned about their health throughout the forecast period presents a market potential. Additionally, as the world’s population ages, there is a greater demand for functional food components that address age-related health issues such as cognitive decline and bone health. Despite growing demand, industry competitors face challenges due to stringent legislation and customs 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 higher prices for functional food products, preventing their widespread adoption. Insufficient R&D spending can hinder the development of new, more affordable functional ingredients, limiting market expansion.

Browsekey industry insights spread over 200 pages with 120 market data tables and figures and charts from the report on “Global Functional Food Ingredients MarketSize, Share and Impact Analysis of COVID-19, by Type (Vitamins, Minerals, Prebiotics, Probiotics, Hydrocolloids, Essential Oils, Omega Fatty Acids, Carotenoids), by Purpose (Weight Management, Digestive Health, Cardio Health), by 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.”

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The carotenoids segment is expected to hold the largest share of the global functional food ingredients market over the forecast period.
Based on 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 over the forecast period. The use of carotenoids in the treatment of eye problems, cancer and diabetes is the main driving factor behind the industry. Increasing R&D for the production of high-value natural carotenoids is anticipated to create new market opportunities throughout the forecast period.

The cardio health segment is expected to grow at the fastest CAGR during the forecast timeframe.
Based on 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 forecast timeframe. These products also help athletes recover energy, increase muscle endurance and reduce physical wear and tear. A growing number of health goals, including bone and muscle strength, weight loss, and joint health, are driving the demand for functional foods. These meals promote healthy digestion and minimize wrinkles, reducing the risk of cardiovascular disease and type 2 diabetes. These properties are predicted to increase the demand for functional meals in heart health.

The dairy segment is expected to hold a significant share of the global functional food ingredients market over the forecast period.
On the basis of application, the global functional food ingredients market is categorized into beverages, bakery, dairy, food. Among these, the dairy segment is expected to hold a significant share of the global functional food ingredients market over the forecast timeframe. Yogurt, smoothies and sprinkles are all great delivery methods for functional meals. They contain various beneficial compounds and can be used as functional food additives in cooking. Population growth increases the demand for consumer goods, which is expected to improve the availability of dairy-based functional foods.

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Asia Pacific is projected to hold the largest share of the global functional food ingredients market over the forecast timeframe.
Asia Pacific is projected to hold the largest share of the global functional food ingredients market over the forecast timeframe. In the Asia Pacific region, changing eating habits and increasing health awareness are driving the demand for functional foods fortified with specialized ingredients targeting specific health benefits. This trend is particularly evident in China, India and Japan, where the need for preventive health care is becoming more widely recognized. In addition, the rich and diverse culinary culture of Asia-Pacific countries, together with the prevalence of traditional medicine systems such as Ayurveda and Traditional Chinese Medicine, brings the possibility of introducing beneficial chemicals obtained from natural sources.

North America is expected to grow at the fastest growing CAGR of the global functional food ingredients market during the forecast timeframe. Immunity, weight management, digestive health, and cardiac health are the four major 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 drive the demand for functional foods and beverages. Furthermore, the growing popularity of protein bars, shakes and cookies among millennials as healthy food options is likely to increase the demand for functional foods in North America in the coming years.

Competition analysis:

The report provides proper analysis of the key organizations/companies involved in the global market along with a comparative assessment mainly based on their product offering, business overviews, geographical presence, enterprise strategies, market segment share and SWOT analysis. The report also provides an elaborative analysis focusing on current company news and developments, which includes product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances and others. This enables the assessment of overall competition within the market. Key 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 both, Kerry Group, Ingredion Incorporated, Tate & Lyle PLC, Foodchem International Corporation, and others.

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Recent developments

  • In January 2024,As a first-time exhibitor at Food Ingredients China (FIC), Louis Dreyfus Company (LDC), a well-known global trader and processor of agricultural commodities, will demonstrate its plant-based ingredients and packaged cooking oils .

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

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

  • Drinks
  • Bakery
  • milkweed
  • Snacks

Global Functional Food Ingredients Market, By Region

  • North America
  • Europe
    • Germany
    • uk
    • France
    • Ital
    • Spain
    • Russia
    • The rest of Europe
  • Asia Pacific
    • China
    • Japan
    • INDIA
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentinian
    • The rest of South America
  • Middle East and Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • The rest of the Middle East and Africa

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