Growth Strategies Adopted by Major Players in Functional Food Ingredients Market
Jul 21, 2021
According to the new market research report “Functional Food Ingredients Market by Type (Probiotics, Prebiotics, Proteins & Amino Acids, Phytochemicals & Plant Extracts, Omega-3 Fatty Acids, Carotenoids, and Fibers & Specialty Carbohydrates), Source, Application, and Region – Global Forecast to 2026“, published by MarketsandMarkets, the global Functional Food Ingredients Market is projected to reach USD 137.1 billion by 2026, from USD 98.9 billion in 2021, at a CAGR of 6.8% during the forecast period. Functional food ingredients are used to enhance certain physiological functions such as improve gastrointestinal health, reduce cholesterol levels, prevent dental caries, and improve bone & and gut health to prevent or cure various diseases.
Regular consumption of functional food ingredients reduces the risk of several chronic diseases such as cardiovascular diseases, cancer, diabetes, high blood pressure, rickets, and osteoporosis. There are various types of functional food ingredients that are fortified into food & beverage products to increase the health & nutritional benefits of the product. This is due to the growing health consciousness among consumers and rising demand for products with functional benefits, and the rising incidences of chronic diseases.
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Functional food products can help manage weight, sharpen mental faculties, improve infant health, and help prevent conditions such as high blood pressure.
Heart disease is one of the leading causes of death in the US. In November 2017, the Centers for Disease Control and Prevention (CDC) estimated that around 735,000 Americans suffer heart attacks annually. According to the World Health Organization (WHO), between 2009 and 2030, about 23.6 million people will die from cardiovascular diseases globally, predominantly from heart disease and stroke. Hence, offering products that help prevent heart problems and are helpful for heart health has become a key priority among food & beverage manufacturers. Functional ingredients such as minerals, omega-3 fatty acids, vitamins, and carotenoids boost heart health and other related diseases such as high blood pressure, high cholesterol, diabetes, and obesity.
The food application dominated the market, with a share of 58.4% in 2020.
The market for functional food is increasing, as consumers prefer balanced diets and food that not only takes care of their appetite but also enhances immunological tolerance. Functional foods are consumed as a part of the diet plan providing both nutrition and health benefits. They stimulate growth, development and improve physical well-being, and among other health benefits. They also provide vitamins, minerals, and other essential nutrients to the human body, while simultaneously protecting cells against oxidative damage, which could lead to cancer. It can be in the form of conventional foods such as soy protein, oat fiber, or in the form of fortified food such as vitamin- & mineral-fortified cereal, folate-fortified flour & grain products, phytosterol-fortified spreads, and yogurt with live bacteria culture, providing positive health outcomes and reducing the risk of diseases.
Browse in-depth TOC on “Functional Food Ingredients Market“
252 – Tables
72 – Figures
326 – Pages
China dominated the Asia Pacific market for functional food ingredients with a share of about 32.9% in 2020.
China is one of the most robustly growing markets in Asia Pacific. The demand for functional food ingredients in China is increasing due to the changing lifestyles of consumers and preference for fortified food & beverage products. The increasing purchasing power of consumers due to the economic development in China has also led to an increase in the demand for high-quality processed foods. Additionally, consumer awareness about the health benefits of functional foods, due to the increased consumption of convenience products is also expected to drive the demand for functional food & beverage products in the country.
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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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