Meticulous Research®, a leading global market research company, has released a report titled, 'Functional Ingredients Market by Type (Vitamins, Protein, Amino Acid, Probiotics), Source (Natural), and Application (Food and Beverage [Dairy Products, Bakery & Confectionery, Energy Drinks], Pharmaceuticals, Animal Nutrition) - Global Forecast to 2030.'

The report projects that the global functional ingredients market will reach $186.75 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2030. Key factors driving this growth include rising demand for functional ingredients in the food and beverage sector, increased health and wellness awareness, growing preferences for healthy, nutrition-rich diets, and changing lifestyles. Additionally, the increasing incidence of chronic diseases and rising demand for compound feed are further propelling market growth.

However, the market faces challenges such as stringent government regulations and high prices of functional ingredients, which may slow down growth. Despite these challenges, increasing vendor investments in the functional food and beverage industry, alongside the rising demand for natural, organic, and clean-label ingredients, present significant growth opportunities for market stakeholders.

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Market Segmentation
The functional ingredients market is segmented by type, source, application, and geography.
By Type:
• Vitamins
• Proteins and Amino Acids
• Minerals
• Probiotics
• Prebiotics
• Botanical Extracts
• Omega-3 & 6 Fatty Acids
• Fibers & Specialty Carbohydrates
• Other Functional Ingredients
The vitamins segment is expected to dominate the market in 2024, driven by rising demand for vitamin fortification in food, beverages, animal feed, healthcare, and personal care products. This growth is further supported by an aging population, increasing awareness about the benefits of vitamins, and the expansion of e-commerce, which makes vitamin-based supplements and products more accessible globally.

By Source:
• Naturally-Sourced Functional Ingredients
• Synthetic-Sourced Functional Ingredients
Naturally-sourced functional ingredients are anticipated to account for the larger share of the market in 2024, reflecting consumer preferences for health-conscious, sustainable products and concerns about the potential health risks of synthetic chemicals. This segment is also expected to achieve the highest CAGR during the forecast period, driven by stricter regulations regarding the use of synthetic ingredients.

By Application:
• Food and Beverage
o Food (Dairy Products, Bakery & Confectionery, Snacks, Infant Food, and Other Food Applications)
o Beverage (Energy Drinks, Sports Drinks, Fortified Juices, Dairy-based Beverages, and Other Beverages)
• Pharmaceuticals
• Animal Nutrition
• Other Applications
The food and beverage segment is projected to hold the largest market share in 2024, driven by the increasing demand for nutritional and fortifying food products. Consumers are increasingly opting for foods and beverages with functional ingredients to address health concerns such as obesity, diabetes, and cardiovascular diseases.

By Geography:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
In 2024, North America is expected to dominate the functional ingredients market, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The large market share in North America is attributed to high awareness of the health benefits of functional ingredients, a well-established food and beverage industry, and the presence of major industry players. Additionally, the growing trend of personalized nutrition and the rising prevalence of chronic diseases are expected to further drive demand in this region during the forecast period.

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Key Market Players
Leading companies in the global functional ingredients market includes Archer-Daniels-Midland Company (U.S.), Arla Foods amba (Denmark), BASF SE (Germany), Chr. Hansen Holding A/S (Denmark), Cargill, Incorporated (U.S.), International Flavors & Fragrances Inc. (U.S.), Ingredion Incorporated (U.S.), Kerry Group plc (Ireland), Koninklijke DSM N.V. (Netherlands), Glanbia plc. (Ireland), Roquette Frères S.A. (France), and Tate & Lyle Plc (U.K.).

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