Functional Food Ingredients Market is expected to generate a revenue of USD 137.1 billion by 2026, at a CAGR of 6.8%. The global industry size was valued at USD 98.9 billion in 2021. The functional food ingredients market refers to the market for ingredients that have health benefits beyond basic nutrition. These ingredients can include probiotics, prebiotics, vitamins, minerals, and other nutrients. The market for functional food ingredients has been growing in recent years as consumers become more interested in maintaining and improving their health through their diets. Factors driving the market include an aging population, increasing awareness of the link between diet and health, and growing demand for convenient, functional food products. The market is also driven by the increasing trend of functional food being used as a preventive measure for chronic diseases. The market for functional food ingredients is expected to continue growing in the coming years, driven by factors such as increasing demand for functional food products, a growing global population, and increasing awareness of the health benefits of functional food ingredients.
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The inclination toward nutritional and convenience food and the rise in demand for fortified food & beverage products are expected to drive the growth of the market during the forecast period. However, factors such as adherence to the international quality standards & regulations and lack of awareness about functional ingredients such as prebiotics and probiotics in developing countries act as restraints to the growth of the market.
Prebiotics and probiotics are the emerging functional food ingredient segments in which researchers are focusing on developing different applications and benefits. Nutrigenomics or personalized nutrition is a specialized diet in which food scientists seek to treat chronic health conditions such as cardiovascular disease, obesity, Alzheimer’s disease, and diabetes using specific functional food ingredients. It is an emerging concept in the functional food ingredients market, and leading food manufacturers such as Cargill (US), Archer Daniels Midland Company (US), and Koninklijke DSM N.V. (Netherlands) are investing substantially in R&D. The most common emerging technologies in the functional food ingredients industry are high-hydrostatic pressure, ultrasound-assisted and microwave-assisted extraction, pulsed electric field, radio-frequency drying, high voltage electrical discharge, and supercritical fluids. Other emerging technologies still under development include cold plasma treatment, electro-osmotic dewatering, and nanoencapsulation.
Veganism has shown remarkable growth over the last couple of years. It is further projected to increase, and consumer demand is projected to shift to plant-based functional food ingredients for meat and dairy products. The current outbreak of COVID-19 and negative associations with animal-based foods will further shift the consumers to plant-based ingredients. Since a large number of protein ingredients have entered the market for food products, it is further projected to increase. Due to COVID-19, sustainability, low-carbon footprint, and positive health effects offered by plant-based ingredients such as pea protein, pea starch, antioxidants from Brussel sprouts, polyphenols from fig and omega-3, and other functional ingredients from hemp will enable plant-based ingredients to take further precedence over animal-based food. This will further drive revenues and investments in plant-sourced functional food ingredients.
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The North American market accounted for the largest share in 2020. This market is projected to be driven by the increase in consumer demand for healthy convenience food due to their busy lifestyles. Further, increasing occurrences of obesity and cardiac diseases have led consumers to demand functional food products, thereby driving the market for functional food ingredients. The South American market is projected to grow at the highest CAGR from 2021 to 2026. The growing food processing industry in the region, along with the growing health consciousness, has a direct impact on the functional food ingredients industry in the region owing to the use of functional food ingredients in energy drinks & bars, dairy products, and infant-fortified food. This is the key reason for the high growth rates of all types of functional food ingredients in this region.
Key players in this market include Cargill, Incorporated (US), BASF SE (Germany), Archer Daniels Midland Company (US), DuPont (US), Arla Foods (Denmark), Kerry Group (Ireland), Ajinomoto Co., Inc. (Japan), Koninklijke DSM N.V. (Netherlands), Ingredion Incorporated (US), and Tate & Lyle PLC (UK). Some of the other players include Chr. Hansen Holding A/S (Denmark), Kemin Industries, Inc. (US), BENEO (Germany), Royal Cosun (Netherland), Roquette Frères (France), Soylent (US), A&B Ingredients (US), Golden Grain Group Limited (China), Sugarlogix (US), and Stratum Nutrition (US).
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