Pune, May 02, 2023 (GLOBE NEWSWIRE) -- The Functional Ingredients Market was valued at USD 62.88 billion in 2022 and is expected to reach USD 110.57 billion by 2030, with a projected compound annual growth rate of 7.31% from 2023 to 2030, according to SNS Insider.
Market Report Scope
Functional ingredients refer to the components added to food and other products to provide specific health benefits or improve their overall nutritional value. These ingredients are designed to enhance the functional properties of the end product, such as texture, flavor, appearance, and shelf life, while also providing health-promoting benefits. Functional ingredients can be found in a wide range of products, including dietary supplements, sports nutrition products, infant formulas, and functional foods and beverages.
Market Analysis
The functional ingredients market is being driven by the growing demand for animal feed products that offer improved nutrition and health benefits. Functional ingredients like probiotics and amino acids are widely used in animal feed products to improve digestive health, boost immune function, and enhance growth and development. Overall, the market is poised for continued growth, driven by a range of factors including increasing consumer awareness, investment in research and development, rising health consciousness, and growing demand for functional food and beverage products and animal feed products. As the market continues to evolve and new innovations emerge, it is likely to become an increasingly important and influential part of the global food and nutrition landscape.
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Impact of Recession
The impact of a recession on the functional ingredients market can be significant, as consumers may reduce their spending on non-essential items, such as functional foods and supplements. While a recession may pose challenges for the market, the industry has shown resilience in the past, and continued innovation and diversification can help companies’ weather economic uncertainty and continue to grow over the long term.
Key Regional Development
The North American functional ingredients market is witnessing a surge in demand for functional food and beverages due to the rising awareness among consumers about the health benefits of consuming fortified products. Functional foods and beverages are specifically designed to offer additional nutritional value and health benefits beyond basic nutrition. In addition, the dietary supplements segment is also expected to experience considerable growth in the coming years. The demand for dietary supplements has been driven by the growing awareness of health and wellness, which has led consumers to seek supplements that can provide additional nutritional support.
Key Takeaway from Functional Ingredients Market Study
- The probiotics segment is expected to take the lead in the market, as demand for these products continues to grow. Probiotics are live microorganisms that provide a range of health benefits, including improved digestion, enhanced immune function, and reduced inflammation.
- The food and beverage segment is expected to take the lead in the market, as these products are the primary source of functional ingredients for consumers. Functional ingredients, such as probiotics, fibers, and vitamins, are widely used in a range of food and beverage products, including sports drinks, energy bars, and functional beverages.
Recent Developments Related to Functional Ingredients Market
- ADM, a global leader in nutrition and ingredient solutions, has partnered with Brightseed, a biosciences company that specializes in identifying plant compounds with potential health benefits, to develop new functional and gut health ingredients. The partnership aims to leverage Brightseed's AI-powered platform, Forager, to identify previously unknown compounds in plants that have the potential to offer significant health benefits.
- Australian-based ProviCo, a supplier of specialty ingredients to the food, beverage, and pharmaceutical industries, is expanding its portfolio of functional ingredients. The move is in response to the growing demand for products that offer health benefits beyond basic nutrition.
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Functional Ingredients Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 62.88 Billion |
| Market Size by 2030 | US$ 110.57 Billion |
| CAGR | CAGR 7.31% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Segments | • by Type (Probiotics, Prebiotics, Proteins & Amino Acids, Phytochemicals & Plant Extracts, Omega-3 Fatty Acids, Carotenoids, and Fibers & Specialty Carbohydrates) • by Source (Natural and Synthetic) • by Application (Food and Beverages) |
| Company Profiles | Archer Daniels Midland Company, Ingredion Incorporated, Golden Grain Group Limited, FMC Corporation, Omega Protein Corporation, NutriBiotic, Cargill Incorporated, Tate & Lyle plc, Roquette Frères. |
| Market Drivers | •Expansion in the utilization of nutritive comfort and braced food. •The greater expense for useful food items because of the incorporation of better or normally obtained fixings. |
| Market Opportunities | •Reception of new advancements in the useful food industry. •Intricacies are connected with the reconciliation and contamination of practical food items. |
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