Functional Food Ingredients Market - Evolving Industry Trends and key Insights by 2024

Global Functional Food Ingredients Market: Snapshot

The top driver of the global functional food ingredients market at the moment is the growing concern among an extensive consumer demographic regarding their calorific intake as well as nutritive intake. The growing number of people shifting from traditional convenience foods to nutritive convenience foods and several other functional foods is providing a strong foundation for players in this market. Consumers currently are showing a very high demand for nutritive convenience foods as well as fortified foods and beverages. The global functional food ingredients market is also being augmented by the high rate of product and chemical innovations laid out by the leaders in the market in order to increase the appeal of functional foods as well as the incorporation of a larger variety of functional foods in commercial markets. However, the market is being restricted by the stringent regulatory bodies that are increasing the time taken for a functional food to reach commercial sales and the overall seasonal nature of demand for different types of functional foods.

By revenue, the global functional food ingredients market had reached US$19.38 bn in 2015. This revenue is expanding at a CAGR of 6.0% within the forecast period from 2016 to 2024 and is expected to reach US$32.40 bn by the end of 2024.

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North America Continues Lead in Global Functional Food Ingredients Market

North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America are the key regions of operation for the global functional food ingredients market, among which the market was dominated by North America in 2015, with a share of US$6.99 bn in its overall revenue. This region is showing a very high rate of increase in demand for functional foods over functional beverages, owing to their growing availability in restaurants and hotels.

Europe and Asia Pacific respectively followed North America in terms of demand volume within the global functional food ingredients market. However, Asia Pacific as well as Latin America are showing a very promising future for players, owing to their increasing urban population densities, increasing awareness of the benefits of functional foods, a hectic working class lifestyle, and increasing disposable incomes.

Product Innovation a Major Concern for Functional Food Manufacturers

With a general segregation of the global functional food ingredients market into foods and beverages, the demand for foods is expected to witness a greater rate of increase in demand. While beverages have been highly popular due to ease with which they can be manufactured and diversified in content and tastes, functional foods are gaining greater levels of importance. Consumers are pushing manufacturers to investing more into product innovation due to a high and variegated demand as well as an intensely competitive landscape. Technological advancements in healthcare are also creating a high impact on the global functional food ingredients market, as the growing research on what nutrients can do in terms of increasing health and preventing diseases is allowing functional food manufacturers to incorporate specific ones into their foods.

In 2015, the key players in the global functional food ingredients market included Associated British Foods PLC (U.K.), Ingredion Incorporated (U.S.), Cargill, Incorporated (U.S.), Kerry Group PLC (Ireland), Archer Daniels Midland Company (U.S.), E. I. Du Pont De Nemours and Company (U.S.), BASF SE (Germany), Arla Foods (Denmark), DMH Ingredients (U.S.), Koninklijke Dsm N.V. (Netherlands), and Ajinomoto Co., Inc. (Japan).

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