PUBLISHER: Meticulous Research | PRODUCT CODE: 1518338
PUBLISHER: Meticulous Research | PRODUCT CODE: 1518338
Functional Ingredients Market Size, Share, Forecast, & Trends Analysis by Type (Vitamin, Protein & Amino Acid, Probiotics), Source (Natural), Application (Food & Beverage {Bakery & Confectionery}, Pharmaceutical, Animal Nutrition)-Global Forecast to 2030.
According to the research report titled, 'Functional Ingredients Market Size, Share, Forecast, & Trends Analysis by Type (Vitamin, Protein & Amino Acid, Probiotics), Source (Natural), Application (Food & Beverage {Bakery & Confectionery}, Pharmaceutical, Animal Nutrition)-Global Forecast to 2030,' the functional ingredients market is projected to reach $186.75 billion by 2030, at a CAGR of 7.6% during the forecast period 2023-2030. The report provides an in-depth analysis of the functional ingredients market across five major regions, emphasizing the current market trends, market sizes, recent developments, and forecasts till 2030.
Following extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts the impact analysis of the key industry drivers, restraints, opportunities, and trends. The growth of the market is driven by the rising demand for functional ingredients in the food & beverage sector, growing health & wellness trends, increasing demand for healthy & nutrition-rich diets, rising incidences of chronic diseases, and increasing demand for compound feed. However, stringent government regulations & guidelines and high prices of functional ingredients are expected to hamper the growth of this market to some extent.
Moreover, the rising vendor investment in the functional food & beverage industry is further expected to provide growth opportunities for the stakeholders operating in this market. Additionally, the growing demand for natural, organic, and clean-label ingredients is a major trend in the global functional ingredients market.
The key players operating in the global functional ingredients market are Archer-Daniels-Midland Company (U.S.), Arla Foods amba (Denmark), BASF SE (Germany), Chr. Hansen Holding A/S (Denmark), Cargill, Incorporated (U.S.), International Flavors & Fragrances Inc. (U.S.), Ingredion Incorporated (U.S.), Kerry Group plc (Ireland), DSM-Firmenich AG (Netherlands), Glanbia plc. (Ireland), Roquette Freres S.A. (France), and Tate & Lyle PLC (U.K.).
Based on type, the functional ingredients market is segmented into vitamins, proteins & amino acids, minerals, probiotics, prebiotics, botanical extracts, omega-3 & 6 fatty acids, fibers & specialty carbohydrates, and other functional ingredients. In 2023, the vitamins segment is expected to account for the largest share of the functional ingredients market. The large share of this segment is attributed to the increasing demand for vitamins for fortification of food & beverages, animal feed, and healthcare & personal care products; the increasing aging population; and the increasing prevalence of vitamin deficiencies. Moreover, the rising consumer awareness regarding the importance of maintaining a healthy lifestyle, and the benefits of incorporating vitamins into their daily routines have also contributed to the growth of this segment. Furthermore, the expansion of the e-commerce sector and the ease of availability of vitamin-based supplements & products are supporting the growth of this segment.
Based on source, the functional ingredients market is segmented into naturally-sourced functional ingredients and synthetically-sourced functional ingredients. The naturally-sourced functional ingredients segment is projected to register the higher CAGR during the forecast period of 2023-2030, owing to the rising imposition of stringent regulations & guidelines from regulatory bodies regarding the use of synthetically-sourced functional ingredients, increased consumer preferences for health-conscious & sustainable products, and side effects associated with artificial food & synthetic chemicals.
Based on application, the functional ingredients market is segmented into food & beverages, pharmaceuticals, animal nutrition, and other applications. In 2023, the food & beverages segment is expected to account for the largest share of the functional ingredients market. The large market share of this segment is attributed to the growing demand for nutritional & fortifying food products and increasing consumer preferences for foods & beverages with functional ingredients to lower the risk of specific health concerns, such as obesity, weight loss, diabetes, and cardiovascular diseases.
An in-depth geographic analysis of the industry provides detailed qualitative and quantitative insights into the five major regions (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa), and the coverage of major countries in each region. Asia-Pacific is slated to register the highest CAGR during the forecast period, owing to the rapidly growing population, increasing awareness about the health benefits of functional ingredients, rapidly growing urbanization, and changing dietary preferences towards healthier & functional food products, rising disposable incomes, growing health concerns like diabetes & obesity, and the rising health & wellness trends in the region. Further, the growing demand for compound feed for animal nutrition is expected to support the growth of this market in the region during the forecast period.
Key Questions Answered in the Report-
Functional Ingredients Market Assessment-by Type
Functional Ingredients Market Assessment-by Source
Functional Ingredients Market Assessment-by Application
Functional Ingredients Market Assessment-by Geography
(Note: SWOT Analysis of the Top 5 Companies Will Be Provided)