The functional food ingredient market is thriving globally due to several key drivers. A growing elderly population with specific health needs is demanding ingredients that promote overall well-being and address age-related issues. Furthermore, a rise in chronic diseases and a proactive approach to health are driving consumer demand for functional ingredients. This trend is expected to continue, shaping the future market landscape.
NEWARK, Del., April 22, 2024 /PRNewswire/ -- 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.
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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.
"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.).
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.
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.
Purchase now and gain full access to the Functional Food Ingredient Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
About the Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results. Another feather to her cap manifests in the form of process automation. She is vocal about bringing automation to the fore to bring a 360-degrees-round revolution in manufacturing sector
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor's Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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