Functional Ingredients Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Functional Ingredients Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global functional ingredients market size reached US$ 92.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 138.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.9% during 2022-2028.

Functional ingredients are bioactive compounds used for delivering various health benefits. They include nutritionally fortified components that are added to food and beverages to improve energy levels, digestion, concentration, memory and vision. Some of the commonly used functional ingredients include proteins, vitamins, probiotics, prebiotics, omega-3 and hydrocolloids. They are added to milk, bread, pasta, cereal, granola, cheeses, yoghurt, tea and coffee. These ingredients also aid in preventing nutritional deficiencies, promote optimum growth in children and adults and minimize the risks of developing diseases.

The growing food and beverage industry across the globe represents one of the key factors creating a positive outlook for the market. Furthermore, increasing health consciousness among the masses, along with the widespread adoption of functional food products, is also driving the market growth. Due to the sedentary lifestyles and hectic schedules, there is an increasing prevalence of various medical ailments. This has led to a growing preference for food products fortified with functional ingredients to obtain a nutrient-rich diet. Additionally, aggressive promotional activities of these products by various food and beverage manufacturers through social media platforms to reach a wider consumer base are acting as another growth-inducing factor. They are also collaborating with celebrities and sports personalities to create more awareness among the consumers, especially millennials. Other factors, including rising healthcare expenditure capacities of the consumers, along with extensive research and development (R&D) activities, are anticipated to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global functional ingredients market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, source and application.

Breakup by Type:

Probiotics

Proteins and Amino Acids

Omega-3 and Omega-6 Fatty Acids

Vitamin and Minerals

Prebiotics

Botanical Extracts

Others



Breakup by Source:

Natural

Synthetic



Breakup by Application:

Food and Beverages

Personal Care

Pharmaceuticals

Animal Feed

Others



Breakup by Region:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa



Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Archer Daniels Midland Company, Arla Foods amba, BASF SE, Cargill Incorporated, Chr. Hansen Holding A/S, Golden Grain Group Limited, Ingredion Incorporated, Koninklijke DSM N.V., NutriBiotic, Omega Protein Corporation (Cooke Inc), Roquette Frères and Tate & Lyle plc.

Key Questions Answered in This Report:

How has the global functional ingredients market performed so far and how will it perform in the coming years?

What has been the impact of COVID-19 on the global functional ingredients market?

What are the key regional markets?

What is the breakup of the market based on the type?

What is the breakup of the market based on the source?

What is the breakup of the market based on the application?

What are the various stages in the value chain of the industry?

What are the key driving factors and challenges in the industry?

What is the structure of the global functional ingredients market and who are the key players?

What is the degree of competition in the industry?