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Functional Food Ingredients Global Market Report 2021: COVID-19 Growth And Change

Functional Food Ingredients Global Market Report 2021: COVID-19 Growth And Change

  • October 2021
  • 175 pages
  • ID: 6177532
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the functional food ingredients market are Cargill, BASF, Archer Daniels Midland, DuPont Nutrition & Biosciences, Arla Foods, Kerry Group, Ajinomoto, DSM, Ingredion Incorporated, Tate & Lyle, Roquette Frères, Nestle, Fuerst Day Lawson, Ashland, A&B Ingredients, and Royal Cosun.

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 growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $125.65 billion in 2025 at a CAGR of 7.8%.

The functional food ingredients market consists of sales of functional food ingredients by entities (organizations, sole traders, and partnerships) that are bioactive compounds or ingredients used in manufacturing functional food products.Vitamins, minerals, antioxidants, hydrocolloids, prebiotics, amino acids, plant extracts, and carotenoids are some examples of functional food ingredients.

The ingredients in functional foods provide health benefits, and some of them include supplements or other additives.

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.

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 this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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 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.

The countries covered in the functional food ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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