VANCOUVER, BC, Sept. 7, 2021 /PRNewswire/ -- The global functional ingredients market size reached USD 67.94 Billion in 2020 and is expected to register a steadily inclining revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Encapsulating technology improves flavor and smell of food products and increasing demand for such ingredients is driving market revenue growth.
Drivers:
Increasing disposable income in developed and developing countries, changing lifestyle, rapid urbanization, and increasing consumption of foods low-calorie and higher nutrient benefits of functional food are all expected to drive the global functional ingredients market revenue growth. Another key factor expected to continue to drive revenue growth of the market is increase in demand for functional ingredients for animal feed.
Restraints:
However, excessive intake of functional ingredients causes digestive disorders, vomiting, fever, and other adverse effects, which is a primary factor hampering growth of the functional ingredients market. Another factor expected to limit market growth during the forecast period is the relatively high pricing of some functional ingredients as well as wide availability of alternatives offered by local or domestic companies, especially in developing countries.
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Growth Projections:
The global functional ingredients market revenue is expected to expand at a CAGR of 6.3% from USD 67.94 Billion in 2020 to USD 109.22 Billion by 2028. Rising usage of functional ingredients in food and drinks, particularly in dairy products and bakery items, is one of the major factors boosting growth of the global functional ingredients market.
COVID-19 Impact Analysis:
Raw material costs are expected to rise as a result of trade restrictions, delays in raw material supply, disruptions in supply-demand chain, and ineffective distribution channels caused by COVID-19. Non-availability and higher priced and better quality raw materials, as well as high manufacturing costs, are expected to pose limitations to the global functional ingredients market growth. Safety of the food supply chain has also taken a more serious note and become more imperative in the current COVID-19 scenario.
Vitamin supply was limited since key vitamins are imported by companies in various countries, and COVID-19 had a negative impact on the transportation and logistics networks worldwide. Because of ongoing trade restrictions, manufacturers are looking for substitute ingredients. Local businesses and domestic raw material suppliers are expected to benefit as a result.
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Current Trends and Innovations:
Millennials are becoming more aware of the need of nutritious food consumption and diets. People all around the world are taking advantage of the benefits of functional ingredients in the treatment of obesity. Functional ingredients are widely used as a coating material in pharmaceutical applications due to better solubility in water, high actual substance, and low viscosity.
Geographical Outlook:
Because of changing lifestyle, rising spending power, and increasing demand for functional ingredients among end-users in developing countries such as8 China, India, Japan, and South Korea, the market in Asia Pacific is expected to register a rapid revenue growth rate over the forecast period.
Strategic Initiatives:
Some major companies operating in the market include Ingredion Incorporated, FMC Corporation, Archer Daniels Midland Company, Golden Grain Group Limited, Cargill Inc., Roquette Freres SA, Omega Protein Corporation, BASF SE, BENEO GmbH, and Zimitech, Inc. (Sugarlogix)
- In February 2021, Ingredion Incorporated and Grupo Arcor formed a joint venture to expand food and beverage ingredient offers to consumers in Chile, Argentina, and Uruguay, using the businesses' manufacturing expertise, complementing geographical footprints, and commercial abilities.
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Emergen Research has segmented the global functional ingredients on the basis of product, source, application, and region:
- Product Outlook (Volume, Tons, Revenue, USD Billion; 2018-2028)
- Probiotics
- Maltodextrin
- Polydextrose
- Pectin
- Modified Starch
- Conjugated Linoleic Acid
- Protein Hydrolysate
- Rice Protein
- Mung Bean Protein
- Omega-3 (EPA, DHA, ALA)
- Omega-6
- Source Outlook (Volume, Tons, Revenue, USD Billion; 2018-2028)
- Natural
- Plant
- Animal
- Microbial
- Synthetic
- Application Outlook (Volume, Tons, Revenue, USD Billion; 2018-2028)
- Pharmaceuticals
- Food & Beverages
- Animal Feed
- Personal Care
- Others
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- Regional Outlook (Volume, Tons, Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
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