Press release
Bioactive Ingredients Market 2024-2033: Global Outlook, Industry Share, Latest Trends And Major Players
Bioactive Ingredients Market Growth
According to The Business Research Company's, The bioactive ingredients market size has grown strongly in recent years. It will grow from $45.28 billion in 2023 to $48.8 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to health consciousness, rising incidence of chronic diseases, expanding aging population, increased demand for natural products, expansion of functional foods and beverages.
The bioactive ingredients market size is expected to see strong growth in the next few years. It will grow to $66.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to increasing focus on immune health, rising demand for plant-based products, expanding beauty and cosmetics industry, nutraceuticals and functional supplements market growth, global sustainable and ethical practices. Major trends in the forecast period include rising consumer awareness and demand for functional foods, expanding applications in nutraceuticals and dietary supplements, focus on natural and plant-based sources, innovations in extraction and processing technologies, health and wellness as a lifestyle.
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Market Drivers and Trends:
Increasing adoption of organic and natural ingredients is expected to propel the growth of the bioactive ingredients market going forward. Ingredients that are derived from nature and manufactured without synthetic chemicals or genetically modified organisms (GMOs) are referred to as organic and natural ingredients. Customers have become more aware of the possible health benefits of natural and organic chemicals, and many products include these ingredients. Since bioactive compounds are derived from natural sources and typically marketed as organic or natural, they appeal to health-conscious clients. For instance, in February 2023, according to The Soil Association Certification's Organic Market Report 2023, the UK's organic market surged to a record value of £3.1 billion, marked by a 1.6% sales growth in 2022. This increase indicates a daily expenditure of nearly £8.5 million on organic products by consumers in the UK. Therefore, the increasing adoption of organic and natural ingredients is driving the growth of the bioactive ingredients market.
Product innovations are a key trend gaining popularity in the bioactive ingredients market. Major companies operating in bioactive ingredients are developing innovative products to sustain their position in the market. For instance, in April 2022, Demetrix, Inc., a US-based biotechnology business that specializes in developing and manufacturing bioactive compounds, announced the commercial-scale launch of a novel bioactive component, Arete-G, which is the company's proprietary CBG and a rare present in the sativa plant. In vitro experiments using the Chorioallantoic Membrane Vascular Assay (CAMVA) and the Bovine Corneal Opacity and Permeability (BCOP) assay were used to assess CBG for eye discomfort. Neither of the CBG formulations examined (1% CBG cream or 10% CBG in caprylic/capric triglyceride) was found to be an irritant in the BCOP assay or CAMVA.
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Major Key Players of the Market:
Sabinsa Corporation; Archer Daniels Midland Company (ADM); BASF SE; Cargill Incorporated; Ajinomoto Co. Inc.; DuPont de Nemours Inc.; Roquette Frères; Owen Biosciences Inc.; Sensient Technologies; Nuritas Ltd.; Kerry Group plc; Royal FrieslandCampina N.V.; Chr. Hansen A/S; Neptune Wellness Solutions Inc.; Evonik Industries AG; Royal DSM N.V.; Ingredion Incorporated; Tate & Lyle plc; FMC Corporation; Givaudan SA; Symrise AG; International Flavors & Fragrances Inc.; Ashland Global Holdings Inc.; Corbion N.V.; Lonza Group AG; Novozymes A/S; Bioiberica S.A.; Nexira SAS; Kemin Industries Inc.; Naturex S.A.; Indena S.p.A.; Martin Bauer Group; Frutarom Industries Ltd.; RFI Ingredients LLC; FutureCeuticals Inc.; Beijing Gingko Group; Nutraceutical International Corporation; Bio-Botanica Inc.
Bioactive Ingredients Market 2024 Key Insights:
• The bioactive ingredients market will grow to $66.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Organic And Natural Ingredient Adoption Fuels Growth In Bioactive Ingredients Market
• Innovative Advancements Revolutionizing Bioactive Ingredients Market
• North America was the largest region in the bioactive ingredients market in 2023
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