IMARC Group has recently released a new research study titled “Functional Ingredients Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the functional ingredients market?
The global functional ingredients market size reached US$ 92.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 138.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.7% during 2023-2028.
Functional ingredients refer to bioactive compounds used for delivering several health benefits. They include nutritionally fortified elements that are added to food and beverages to improve digestion, concentration, energy levels, memory, and vision. Commonly used functional ingredients include vitamins, probiotics, proteins, prebiotics, omega 3, and hydrocolloids. They are added to bread, pasta, cereal, milk, granola, cheeses, yogurt, tea, and coffee. Functional ingredients also aid in promoting optimum growth in children and adults, preventing nutritional deficiencies, and minimizing the risks of developing diseases. As a result, these compounds find widespread applications in personal care, pharmaceuticals, food and beverages, animal feed, etc.
Functional Ingredients Market Trends:
The escalating health consciousness among the masses and the elevating product demand across the food and beverage (F&B) industry are primarily driving the functional ingredients market. Besides this, the aggressive promotional activities of these compounds by leading manufacturers through social media platforms to reach a broader consumer base and various collaborations with celebrities and sports personalities to create more awareness, especially among the millennials, are further augmenting the market growth.
The growing popularity of food products fortified with functional ingredients to obtain a nutrient-rich diet, owing to the sedentary lifestyles and hectic schedules of individuals, is also catalyzing the global market. Apart from this, the rising healthcare expenditure capacities of the consumers and the extensive research and development (R&D) activities are expected to bolster the functional ingredients market in the coming years.
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Competitive Landscape With Key Players:
The competitive landscape of the functional ingredients market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- 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.
- Omega Protein Corporation (Cooke Inc)
- Roquette Frères
- Tate & Lyle plc
Key Market Segmentation:
The report has segmented the global functional ingredients market based on type, source, application and region.
Breakup by Type:
- Proteins and Amino Acids
- Omega-3 and Omega-6 Fatty Acids
- Vitamin and Minerals
- Botanical Extracts
Breakup by Source:
Breakup by Application:
- Food and Beverages
- Personal Care
- Animal Feed
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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