SAN FRANCISCO, July 14, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled «Functional Food Ingredients – Global Market Trajectory & Analytics». The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: May 2021
Executive Pool: 702
Companies: 73 – Players covered include Ajinomoto Co., Inc.; Amway Corporation; Archer-Daniels-Midland Company; Arla Foods; Ashland Inc.; Associated British Foods plc; BASF SE; Cargill, Inc.; CP Kelco U.S., Inc.; DMH Ingredients, Inc.; Fuerst Day Lawson Ltd.; Ingredion Inc.; International Flavors & Fragrances Inc.; Kerry Group plc; Koninklijke DSM N.V.; Royal Avebe U.A.; Tate & Lyle plc and Others.
Coverage: All major geographies and key segments
Segments: Source (Natural, Synthetic); Application (Beverages, Dairy Products, Infant Food, Bakery & Confectionery, Other Applications); Type (Probiotics, Proteins & Amino Acids, Phytochemical & Plant Extracts, Prebiotics, Fibers & Specialty Carbohydrates, Omega-3 Fatty Acids, Other Types)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Functional Food Ingredients Market to Reach $118.4 Billion by 2026
Functional food ingredients are substances with health-promoting, disease-preventing, and energy-boosting advantages. Functional food ingredients improve infant health, help in weight management, and enable preventing medical conditions such as diabetes and high blood pressure. Growth in the global market is being driven by growing consumer consciousness about their health and wellness, and the awareness that safe fortified foods could contribute to an enjoyable and healthy life. In addition, rising incidences of many chronic diseases including high blood pressure and diabetes are driving demand for functional food ingredients, which could help prevent these diseases. Other factors spurring growth include growing numbers of gym goers and fitness centers; changes in the regulations for the food & beverage sector; increasing consumer demand for wholesome and clean-label food & beverage products with high nutritional content; and product innovations, developments, new investments, and new product launches by many companies.
Amid the COVID-19 crisis, the global market for Functional Food Ingredients estimated at US$75.6 Billion in the year 2020, is projected to reach a revised size of US$118.4 Billion by 2026, growing at a CAGR of 7.6% over the analysis period. Natural, one of the segments analyzed in the report, is projected to grow at a 8.1% CAGR to reach US$77.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Synthetic segment is readjusted to a revised 6.8% CAGR for the next 7-year period. This segment currently accounts for a 40.6% share of the global Functional Food Ingredients market. There is growing demand for natural carotenoids such as lycopene and beta-carotene in their pure form, and these could replace synthetic carotenoids, particularly in the production of dietary supplements, because of their high quality and effectiveness.
The U.S. Market is Estimated at $25.6 Billion in 2021, While China is Forecast to Reach $14.1 Billion by 2026
The Functional Food Ingredients market in the U.S. is estimated at US$25.6 Billion in the year 2021. The country currently accounts for a 30.93% share in the global market. China, the world second’s largest economy, is forecast to reach an estimated market size of US$14.1 Billion in the year 2026 trailing a CAGR of 10.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.2% and 6.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.7% CAGR while Rest of European market (as defined in the study) will reach US$15.4 Billion by the end of the analysis period. North America and Europe dominate global market share, driven by increasing health concerns and complications such as diabetes, obesity, and digestive disorders in these regions. Growth in the Asia-Pacific region is due to the growing population and increasing disposable income of consumers. Moreover, strong government policies supporting the agricultural trade related to functional foods is attracting investments from market players, creating a wide scope for development of the industry in the region. More
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SOURCE Global Industry Analysts, Inc.