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Functional Food Ingredients Global Market Report 2023: Rise in Demand for Fortified Food and Beverages Bolsters Sector

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Global Functional Food Ingredients Market

Global Functional Food Ingredients Market
Global Functional Food Ingredients Market

Dublin, March 07, 2023 (GLOBE NEWSWIRE) -- The "Functional Food Ingredients Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global functional food ingredients market grew from $102.13 billion in 2022 to $111.12 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The functional food ingredients market is expected to grow to $156.98 billion in 2027 at a CAGR of 9.0%.

North America was the largest region in the functional food ingredients market in 2020. Europe was the second-largest market in the functional food ingredients market. The regions covered in the functional food ingredients report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The rise in demand for fortified food & beverage products is expected to contribute to the growth of the functional food ingredients market. Fortified foods are functional foods that lack natural nutrients; nutrients are added to them. These foods boost nutrition and provide health advantages. Fortified foods are functional foods without natural nutrients in them, nutrients are added to them, and these foods improve nutrition, add health benefits.

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Fortified foods & beverage products consumption is increasing due to growing health consciousness in consumers, increasing disease occurrences, increasing consumer's disposable income. The medicinal properties of these foods in providing healing benefits apart from energy and essential nutrients are motivating consumers to spend more on healthy food products.

According to the Kerry Group study, in 2019, 65% of consumers seek functional benefits in their food & beverages, and apple cider vinegar sales as a grown-up by 86% for its digestive and blood sugar managing properties. Therefore, the rise in demand for fortified food & beverage products will drive the functional food ingredients market growth.

Collaborations and partnerships are are key trends gaining popularity in shaping the functional food ingredients market. Major companies operating in the functional food ingredients sector are focused on partnering or collaborating with other companies to develop innovative solutions for functional food ingredients. For instance, in December 2019, Cargill, a US-based food company, and Renmatix, a US-based plant ingredient innovations company, signed a joint development agreement (JDA) to explore a novel approach for making functional food ingredients from unutilized plants material. This agreement was to manufacture highly functional food ingredients. The companies will use Renmatix's Plantrose Process, which is a proprietary water-based technology, and Cargill's preferred feedstocks.

In July 2021, Kerry Group, an Irish-based food company announced that it is acquiring Biosearch Life for a $150 million deal amount. Through this acquisition, Kerry Group can expand its healthy ingredient portfolios such as probiotics and omega-3. The expansion of a healthy ingredient portfolio can boost its capabilities within functional foods and proactive health ingredients. Biosearch Life, based in Spain, is a biotechnology company that manufactures healthy natural ingredients such as Omega-3, Probiotics, Botanical Extracts.

The countries covered in the functional food ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The main types of functional food ingredients are probiotics and prebiotics, carotenoids, dietary fibers fatty acids, vitamins, minerals, and others. Carotenoids are fat-soluble pigments found generally in fruits, flowers, plants, algae, and photosynthetic bacteria. They are also found in some non-photosynthetic bacteria, molds, and yeasts. Carotenoids act as a type of antioxidant for humans and are important for human health. It protects the human body against serious disorders such as heart disease, cancer, and degenerative eye disease. The different sources include natural, synthetic and are used in beverages, dairy products, infant food, bakery and confectionery, others.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.

  • Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.

  • Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.

  • Measure the impact of high global inflation on market growth.

  • Create regional and country strategies on the basis of local data and analysis.

  • Identify growth segments for investment.

  • Outperform competitors using forecast data and the drivers and trends shaping the market.

  • Understand customers based on the latest market shares.

  • Benchmark performance against key competitors.

  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis

Scope
Markets Covered:

1) By Type: Probiotics And Prebiotics; Carotenoids; Dietary Fibers; Fatty Acids; Vitamins; Minerals; Others
2) By Source: Natural; Synthetic
3) By Application: Beverages; Dairy Products; Infant Food; Bakery And Confectionery; Others


Key Attributes:

Report Attribute

Details

No. of Pages

200

Forecast Period

2023 - 2027

Estimated Market Value (USD) in 2023

$111.12 billion

Forecasted Market Value (USD) by 2027

$156.98 billion

Compound Annual Growth Rate

9.0%

Regions Covered

Global

A selection of companies mentioned in this report includes

  • Cargill

  • BASF

  • Archer Daniels Midland

  • DuPont Nutrition & Biosciences

  • Arla Foods

  • Kerry Group

  • Ajinomoto

  • DSM

  • Ingredion Incorporated

  • Tate & Lyle

  • Roquette Freres

  • Nestle

  • A&B Ingredients

  • Fuerest Day Lawson

  • Ashland

  • Royal Cosun

For more information about this report visit https://www.researchandmarkets.com/r/cjdjsj

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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