Functional Ingredients Market Size, Share & Trends Analysis Report By Product (Probiotics, Rice Protein), By Application (Food & Beverages, Pharmaceuticals), By Region, And Segment Forecasts, 2023 - 2030

Functional Ingredients Market Size, Share & Trends Analysis Report By Product (Probiotics, Rice Protein), By Application (Food & Beverages, Pharmaceuticals), By Region, And Segment Forecasts, 2023 - 2030

Functional Ingredients Market Growth & Trends

The global functional ingredients market size is expected to reach USD 122.3 billion by 2030, expanding at 6.6% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Factors such as increasing consumer awareness about the health benefits of functional ingredients, growing demand for functional food and beverage products, and increasing investment in research and development are driving the market growth.

Another aspect that is propelling the market expansion is the growing incidence of chronic diseases. Consumers are becoming increasingly aware of the link between chronic diseases such as obesity and diabetes & their diet. Consumers are searching for functional food and beverage products that can help to prevent or manage these conditions. As an illustration, there is a rising demand for functional food and beverage products that contain high levels of fiber, such as fruits and whole grains, which can help prevent or manage diabetes and heart disease.

Leading manufacturers in the market include DuPont de Nemours; Cargill; Kerry Group; and Arla Foods. These companies are known for their strong brand recognition, extensive product portfolio, and investments in research and development to develop new functional ingredients.For example, DuPont de Nemours, Inc. recently launched a range of new probiotic ingredients that can be used in a variety of food and beverage applications.

Overall, the market is a rapidly growing industry, driven by the increasing consumer demand for functional food and beverage products. Leading manufacturers in the market are focusing on product development, expansion, research and development, and sustainability to meet the changing needs of consumers and to stay competitive in the industry. For example, DSM expanded its production facilities in North America to meet the growing demand for functional ingredients in the region.

Functional ingredients Market Report Highlights

• Rice protein is expected to witness the highest growth rate of more than 9% over the forecast period owing to its utilization in nutritional beverages, confectioneries, baked food products, bars, and desserts
• Food & beverage application is expected to grow at 7.1% CAGR from 2023 to 2030 due to various health benefits
• Asia Pacific is expected to register the fastest CAGR of 8.0% during the forecast period, due to the rise in popularity of ingredients such as folate, prenatal multivitamin, vitamin D3, and magnesium in countries such as China, Japan, and India
• The market is expected to be driven by a shift in consumer preferences towards premium personal care products made with natural and herbal ingredients, particularly in the personal care sector
• As the market grows, it is likely to become difficult for new players to enter because most of the major players are already well-established throughout the value chain

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