Functional foods are foods and ingredients that propose a health benefit beyond basic nutrition for the enhancement of outer or inner health. The Academy of Nutrition and Dietetics categorizes the three major functional foods such as natural products (vegetables, fruits, grains, dairy, fish, and meat), enhanced or fortified foods, and synthesized food ingredients such as prebiotics.
According to the report analysis, ‘Functional Food Ingredients Market: Current Analysis and Forecast (2021-2027)’ states that the significant augment in consumer interest, and high awareness of immunity-improving properties of proper diet and food habits, are some of the foremost factors propelling the growth of the global functional food ingredients market. In addition, the growth in functional food ingredient product sales is burgeoning the growth of the functional food ingredients market.
However, some of the limitations in the market are adherence to the international quality standards & regulations and shortage of awareness about functional ingredients such as prebiotics and probiotics in underdeveloped countries. Some of the major players operating in the market include Amway, Archer Daniels Midland Company, Arla Foods, BASF SE, Cargill Inc, DSM NV, General Mills Inc, Herbalife, Ingredion Incorporated, and Kerry Group PLC. Several M&As along with partnerships have been undertaken by these players to boost their existence in different regions.
Based on Health Benefits, the market is classified into Gut health, Cardiovascular health, Bone health, Immunity, Nutritive health, Weight management, and other health advantages. The Nutritive Health sector garners a proficient share of the functional food ingredient market during 2020. The growing awareness among the population regarding the health benefits of probiotics and prebiotics is increasing the segment growth. Moreover, the growing demand for dietary supplements and augmenting disposable income are further producing lucrative functional food ingredients market growth opportunities.
Based on the Source, the market is classified into Natural and Synthetic. The Natural segment is further categorized into Animal, Microbial, and Plant. The Natural segment controls the largest share in 2020 and is projected to register the greatest CAGR in the forthcoming period due to a high preference towards food ingredients in natural form, augmenting consumer requirement for natural ingredients. Moreover, the augmenting health benefits coupled with ingredients gained from natural sources are also propelling the functional food ingredients market.
For a better understanding of the market implementation of Functional Food Ingredients, the market is analyzed based on its worldwide existence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will register the Functional Food Ingredients market on account of the augment in requirement for high-priced fortified nutritional food & beverage products in the region. The application of food ingredients is projected to augment at a faster pace in the region owing to its requirement among consumers. In addition, the transforming customers’ lifestyles are also influencing the growth of the functional food industry in the North American region.
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Ankur Gupta, Head Marketing & Communications