Functional Food Ingredient Market 2024 Growth Drivers, Regional Outlook Till 2034
According to Future Market Insights’ latest industry analysis, the global market size for functional food ingredients is estimated to be around US$ 113121 million in 2024. It is projected to exhibit a CAGR growth of 6.80% over the forecast period, with an estimated market size of US$ 217430 million in 2034.
Developed and developing countries, like the United
States, China, and Japan, are facing the serious concern of an aging
population. The growth of this demographic in these countries has generated a
huge demand for food ingredients that not only meet basic nutritional needs but
also cater to the specific health concerns associated with aging. Functional
food ingredients make a perfect choice as they offer targeted health benefits,
promote overall well-being, and address age-related health issues.
The demand for functional food ingredients in the general
population is also rising as individuals increasingly prioritize proactive
approaches to health and well-being. The rising prevalence of chronic diseases,
such as hypertension, obesity, and diabetes, is further fueling this demand.
Government support in the form of subsidies and policies is also one of the
main drivers for the growth of this market.
To respond to this ever-increasing demand for functional
food ingredients, key players in the market are constantly developing
innovative formulations and expanding their product portfolios. The
availability of these ingredients on e-commerce platforms and stores makes
their adoption feasible. This factor also augments the market growth for
functional food ingredients.
Information Source: https://www.futuremarketinsights.com/reports/functional-food-ingredients-market
Key Takeaways from the Market Study
- Fibers
and specialty carbohydrate types dominate the global functional food
ingredient market with a market share of 29.80%.
- On
the basis of source, the natural segment leads the functional food
ingredient market with a market share of 57.90%.
- The
functional food ingredient market in the United Kingdom is
predicted to grow at a remarkable CAGR of 9.20% through 2034.
- The
functional food ingredient market in Germany is predicted to
rise at a whopping 7.30% CAGR through 2034.
- The
functional food ingredient market in India has the potential to
increase at 4.30% CAGR through 2034.
- The
United States functional food ingredient market is predicted to rise
by 4.20% CAGR through 2034.
- The
functional food ingredient market in China is predicted to grow
at a CAGR of 2.30% through 2034.
“The world is constantly pushing toward
sustainability. Companies involved in the functional food ingredient market
must adopt eco-friendly and ethical sourcing practices for ingredients to
appeal to environmentally conscious consumers,” says Nandini
Roy Choudhury (Client Partner for Food & Beverages at Future
Market Insights, Inc.).
Competitive Landscape
- The
global functional food ingredients market is characterized by high
fragmentation, with key players including British Foods PLC, Cargill
Incorporated, Archer Daniels Midland Company, BASF SE, and DMH
Ingredients.
- Established
companies in the market are actively pursuing partnerships with healthcare
professionals, nutritionists, and dietitians. These collaborations aim to
secure endorsements and recommendations for their functional food
products, enhancing consumer trust and credibility.
- Companies,
both key players and new entrants, are leveraging technological
advancements to introduce novel functional food components. This emphasis
on innovation is a key strategy to gain a competitive edge in the
fast-growing sector.
Recent Developments:
- In October
2023, Korean researchers introduced NaturaPredicta, an AI model designed
to expedite the identification of beneficial functional food ingredients.
Utilizing natural language processing and BioBERT, the model streamlined
the comparison of functionalities among botanical ingredients.
- Lactocore
Group and Ingredia SA joined forces in December 2023 to pioneer
innovative functional food ingredients addressing mood disorders in both
humans and animals. The collaboration aimed to create a ground-breaking
product utilizing dairy proteins, specifically focusing on Lactocore’s
proprietary milk peptide hydrolysate.
- At
Food Ingredients Europe in September 2023, GoodMills Innovation
introduced an array of plant-based products. This innovative range
comprised VITATEX textures, SMART legume flours, and the Slow Milling
range tailored for clean-label baked goods. They also unveiled
SpermidineEvo, a natural wheat germ concentrate for nutraceutical applications.
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