Functional Food Ingredients Market: Key Growth Areas & Revenue Impact Strategies
Posted: Nov 28, 2019
Functional food ingredients provide optimal growth, improve gut health, aid bone development, heart health, and improve immunity and nutritive health. Growth in the need for food enrichment due to high processing levels of food products and rise in the number of incidences of chronic diseases are few factors driving the market growth. This market is projected to reach USD 94.21 billion by 2023 from USD 68.60 billion in 2018, at a CAGR of 6.6%.
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On the basis of type, the prebiotics segment is projected to grow at the highest rate from 2018 to 2023. Compared to other types of functional food ingredients, prebiotics are a group of functional foods that are gaining more interest from end consumers and significant commercial interest. Prebiotics are generally defined as non-digestible food ingredients that benefit the host by selectively stimulating the growth and/or activity of one or a limited number of bacterial species already established in the colon, and thus improve the host’s health. Prebiotic ingredients improve the activity of good bacteria that are already present in the human or animal intestine. There are various prebiotic food products that claim to help manage weight, sharpen mental faculties, and improve infant health, due to which this segment is projected to grow at the highest CAGR during the forecast period.
On the basis of application, the food segment is projected to form a faster-growing market and also hold a larger market share during the forecast period. On a global level, functional foods ingredients are foods consumed as a part of the diet plan providing both additional nutrition and health benefits, stimulating growth, and developing & improving physical well-being. 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. These factors boost the consumption of food products with functional ingredients.
In order to ensure a sustainable supply of good quality functional food ingredients for the food & beverage industry, market players need to invest in R&D and arrive at innovative production processes and alternative sources of various functional food ingredients. In recent years, there has been a significant number of innovations in functional food ingredients. The focus of food science and technology has shifted from previous goals of improving food safety and enhancing food taste toward providing healthy and functional benefits from food & beverage products. To fulfill the desire for foods that go beyond basic nutrition—foods capable of promoting better health or even playing a disease-prevention role, market leaders are coming up with new product launches with R&D combined with the commercialization strategies of the functional food ingredients industry. For instance, in January 2018, ADM opened its new 8,900-square foot innovation center in Singapore. This innovation center would enable ADM to work closely with customers in Southeast Asia to create complete specialty ingredient solutions that meet consumer preferences.
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The South American market is projected to grow at the highest CAGR from 2018 to 2023. The growth in demand for health & wellness products and increase in income levels in emerging countries, such as Brazil and Argentina, are the key factors that drive the functional food ingredients market growth in the region. However, the regional potential for functional food & beverage products can majorly be tapped into by increasing the level of information and awareness, the credibility of the products sold among the populace, and research investments and regulatory practices conducted and implemented in the region. All these factors have further propelled consumers to move toward increased adoption of healthier products and led the market to grow at the highest rate.
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