New York, March 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Functional Food Ingredients Global Market Report 2023" - https://www.reportlinker.com/p06284589/?utm_source=GNW
The global functional food ingredients market grew from $102.13 billion in 2022 to $111.12 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The functional food ingredients market is expected to grow to $156.98 billion in 2027 at a CAGR of 9.0%.
The functional food ingredients market consists of sales of vitamins, minerals, antioxidants, hydrocolloids, prebiotics, amino acids, plant extracts, carotenoids, and other functional food ingredients.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Functional food ingredients are bioactive compounds or ingredients used in manufacturing functional food products. The ingredients in functional foods provide health benefits, and some of them include supplements or other additives.
North America was the largest region in the functional food ingredients market in 2020.Europe was the second-largest market in the functional food ingredients market.
The regions covered in the functional food ingredients report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of functional food ingredients are probiotics and prebiotics, carotenoids, dietary fibers fatty acids, vitamins, minerals, and others.Carotenoids are fat-soluble pigments found generally in fruits, flowers, plants, algae, and photosynthetic bacteria.
They are also found in some non-photosynthetic bacteria, molds, and yeasts.Carotenoids act as a type of antioxidant for humans and are important for human health.
It protects the human body against serious disorders such as heart disease, cancer, and degenerative eye disease. The different sources include natural, synthetic and are used in beverages, dairy products, infant food, bakery and confectionery, others.
The rise in demand for fortified food & beverage products is expected to contribute to the growth of the functional food ingredients market.Fortified foods are functional foods that lack natural nutrients; nutrients are added to them.
These foods boost nutrition and provide health advantages.Fortified foods are functional foods without natural nutrients in them, nutrients are added to them, and these foods improve nutrition, add health benefits.
Fortified foods & beverage products consumption is increasing due to growing health consciousness in consumers, increasing disease occurrences, increasing consumer’s disposable income.The medicinal properties of these foods in providing healing benefits apart from energy and essential nutrients are motivating consumers to spend more on healthy food products.
According to the Kerry Group study, in 2019, 65% of consumers seek functional benefits in their food & beverages, and apple cider vinegar sales as a grown-up by 86% for its digestive and blood sugar managing properties. Therefore, the rise in demand for fortified food & beverage products will drive the functional food ingredients market growth.
Collaborations and partnerships are are key trends gaining popularity in shaping the functional food ingredients market.Major companies operating in the functional food ingredients sector are focused on partnering or collaborating with other companies to develop innovative solutions for functional food ingredients.
For instance, in December 2019, Cargill, a US-based food company, and Renmatix, a US-based plant ingredient innovations company, signed a joint development agreement (JDA) to explore a novel approach for making functional food ingredients from unutilized plants material.This agreement was to manufacture highly functional food ingredients.
The companies will use Renmatix’s Plantrose Process, which is a proprietary water-based technology, and Cargill’s preferred feedstocks.
In July 2021, Kerry Group, an Irish-based food company announced that it is acquiring Biosearch Life for a $150 million deal amount.Through this acquisition, Kerry Group can expand its healthy ingredient portfolios such as probiotics and omega-3.
The expansion of a healthy ingredient portfolio can boost its capabilities within functional foods and proactive health ingredients. Biosearch Life, based in Spain, is a biotechnology company that manufactures healthy natural ingredients such as Omega-3, Probiotics, Botanical Extracts.
The countries covered in the functional food ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The main types of functional food ingredients are probiotics and prebiotics, carotenoids, dietary fibers fatty acids, vitamins, minerals, and others. Carotenoids are fat-soluble pigments found generally in fruits, flowers, plants, algae, and photosynthetic bacteria. They are also found in some non-photosynthetic bacteria, molds, and yeasts. Carotenoids act as a type of antioxidant for humans and are important for human health. It protects the human body against serious disorders such as heart disease, cancer, and degenerative eye disease. The different sources include natural, synthetic and are used in beverages, dairy products, infant food, bakery and confectionery, others.
The functional food ingredients market research report is one of a series of new reports that provides functional food ingredients market statistics, including functional food ingredients industry global market size, regional shares, competitors with a functional food ingredients market share, detailed functional food ingredients market segments, market trends and opportunities, and any further data you may need to thrive in the functional food ingredients industry. This functional food ingredients market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The global functional food ingredient market is expected to grow from $84.74 billion in 2020 to $93.09 billion in 2021 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The functional food ingredients market is expected to reach $125.65 billion in 2025 at a CAGR of 7.8%.
The rise in demand for fortified food & beverage products is expected to contribute to the growth of the functional food ingredients market.Fortified foods are functional foods that lack natural nutrients; nutrients are added to them.
These foods boost nutrition and provide health advantages.Fortified foods are functional foods without natural nutrients in them, nutrients are added to them, and these foods improve nutrition, and add health benefits.
Fortified foods & beverage products consumption is increasing due to growing health consciousness in consumers, increasing disease occurrences, and increasing consumer’s disposable income.The medicinal properties of these foods in providing healing benefits apart from energy and essential nutrients are motivating consumers to spend more on healthy food products.
According to the Kerry Group survey in 2021, an Ireland-based public food company, a survey carried out on 13,000 people across 16 countries, since the beginning of the pandemic, more than four in ten customers have boosted their purchases of functional foods, beverages, and supplements, while 42% have increased their consumption of fortified or functional meals and drinks. Therefore, the rise in demand for fortified food & beverage products will drive the functional food ingredients market growth.
Collaborations and partnerships are are key trends gaining popularity in shaping the functional food ingredients market.Major companies operating in the functional food ingredients sector are focused on partnering or collaborating with other companies to develop innovative solutions for functional food ingredients.
For instance, in November 2021, BDF Natural Ingredient manufacturer of premium bioactive natural ingredient formulations partnered with A & B ingredients, a US-based manufacturer of functional ingredients for the food and beverage industry, to expand its reach in North America’s functional food ingredient market.
In July 2021, Kerry Group, an Irish-based food company announced that it is acquiring Biosearch Life for a $150 million deal amount.Through this acquisition, Kerry Group can expand its healthy ingredient portfolios such as probiotics and omega-3.
The expansion of a healthy ingredient portfolio can boost its capabilities within functional foods and proactive health ingredients. Biosearch Life, based in Spain, is a biotechnology company that manufactures healthy natural ingredients such as Omega-3, Probiotics, Botanical Extracts.
North America was the largest region in the functional food ingredients market in 2022.Europe was the second-largest market in the functional food ingredients market.
The regions covered in the functional food ingredients report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the functional food ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The functional food ingredients market research report is one of a series of new reports that provides functional food ingredients market statistics, including functional food ingredients industry global market size, regional shares, competitors with a functional food ingredients market share, detailed functional food ingredients market segments, market trends and opportunities, and any further data you may need to thrive in the functional food ingredients industry. This functional food ingredients market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06284589/?utm_source=GNW
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