According to a report, “Functional Ingredients Market Size, Share & Trends Analysis Report By Product (Probiotics, Rice Protein), By Application (Food & Beverages, Pharmaceuticals), By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc., The global functional ingredients market is expected to value at 105.64 billion by 2027, at a CAGR of 6.4%, according to a new report by Grand View Research, Inc. The market growth is expected to rise significantly due to the growing preference for functional foods in the food and beverage sector. Rise in health concerns such as obesity, diabetes and other disorders are driving the market demand for organic foods enriched with vitamins and minerals.
Demographic specific food products for geriatrics is gaining popularity in the U.S. market and as a result manufacturers are adopting various strategies to build a vast product portfolio and expand their business. Therefore, foods with functional ingredients tend to enhance energy and promote good health across all demographics. Moreover, growing health awareness is expected to contribute to the market development in the following years.
Covid-19 Effect:
As the battle with the Covid-19 continues throughout the world, the need for healthy diet has grown by leap and bounds. The worldwide population is going through various awareness to maintain a positive lifestyle. For instance, population in Asia Pacific is now shifting to vegan diet rich with nutrients and nourishment. Similarly, in the U.S. the population is highly adoptive towards a balanced diet having consistency between carbohydrates and essential vitamins. In addition, the demand for functional ingredients such as probiotics, eubiotics and other supplements has grown significantly.
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Further Findings From the Report Suggest:
l Rice protein product segment is likely to expand fast in the near future attributing to the rise in demand for beverages, confectioneries, and bakery products
l Probiotics is the leading segment attributing to increase in adoption and high market share of probiotics
l North America is likely to have a significant share owing to growth in adoption of functional foods and rise in health issues such as obesity, gastrointestinal disorders and diabetes
l Asia Pacific is anticipated to register a high CAGR attributing to the various expansion in the food and beverage sector
Application Insights
Food and beverages led the market and accounted for 41.9% share of the global volume in 2019. The global demand for functional ingredients in food and beverages has witnessed a paradigm shift owing to rising health awareness among consumers and nutritional health benefits.
Buyer’s attitude is very positive regarding functional foods with added health and wellness benefits. Rising geriatric population, increasing healthcare costs, changing lifestyle, food innovation, medical discoveries, and expectations regarding their higher prices have aided the overall market growth as well as the product demand. It has been reported that nine out of ten adults consume 55% minerals and over 50% vitamins in their daily diets.
Asia Pacific is projected to drive the demand for bioactive ingredients in the food and beverage application owing to factors such as increasing globalization, changing lifestyles, and growing spending power in the region. Moreover, growing awareness of the benefits of bioactive ingredients in several countries, including China, India, Indonesia, Japan, and Malaysia, is projected to boost the development of these ingredients in the food and beverage industry over the forecast period.
Food and beverage producers are deploying fortification of nutritional additives, such as fibers, omega-3, vitamins, and minerals, in their product portfolio. The significant motive of incorporating the said additives in the food and beverage industry is to augment the nutrition-rich content in food and beverage items.
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Functional Ingredients Market Segmentation
Grand View Research has segmented the global functional ingredients market on the basis of product, application, and region:
Functional Ingredients Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
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Maltodextrin
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Probiotics
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Polydextrose
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Modified starch
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Pectin
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Omega-3 (EPA, DHA, ALA)
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Omega-6
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Conjugated linoleic acid
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Rice protein
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Protein hydrolysate
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Mung bean protein
Functional Ingredients Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
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Food & Beverages
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Personal Care
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Pharmaceuticals
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Animal Feed
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Others
Functional Ingredients Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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U.K.
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France
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Italy
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Spain
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Asia Pacific
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China
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India
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Thailand
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Japan
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Central & South America
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Brazil
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Argentina
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Middle East & Africa
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GCC
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South Africa
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List of Key Players of Functional Ingredients Market
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Archer Daniels Midland Company
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Ingredion Incorporated
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Golden Grain Group Limited
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FMC Corporation
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Omega Protein Corporation
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NutriBiotic
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Cargill Incorporated
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Tate & Lyle plc
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Roquette Frères
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