The functional food ingredients market is estimated to be valued at USD 68.60 billion in 2018 and is projected to reach USD 94.21 billion by 2024, at a CAGR of 6.6%. Functional food ingredients are those ingredients which have been demonstrated to have specific physiological benefits, apart from the main nutritional benefits that are derived from food & beverages. The usage of functional food ingredients in the manufacturing of functional food & beverage products is expected to provide nutritive health benefits, prevent/resist chronic diseases, or act as energy boosters. The market is driven by the increasing consumption of nutritive convenience food and fortified food and growing health awareness among consumers leading to increased consumption of healthier diets.

Key players in the functional food ingredients market include DowDuPont (US), ADM (US), Arla Foods (Denmark), BASF (Germany), Cargill (US). Chr. Hansen (Denmark), DSM (Netherlands), ABF (UK), Tate & Lyle (UK), Ajinomoto (Japan), Kerry Group (Ireland), Kemin Industries (Germany), Roquette (France), Beneo (Germany), and Royal Cosun (Netherlands) that hold a significant share in the functional food ingredients market.

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Target Audience:

• Raw material suppliers
• Manufacturers
• Food ingredient manufacturers
• Food ingredient processors
• Chemical industry
• Regulatory bodies
• Food and Drug Administration (FDA)
• United States Department of Agriculture (USDA)

The functional food ingredients market, by type, is estimated to be dominated by the probiotics segment. Probiotic foods are a group of functional foods that are gaining a large market share and significant commercial interest. Probiotics are live microorganisms, which when used or added in adequate amounts to a food product, confer a health benefit to the consumer. They provide numerous health benefits beyond providing the basic nutritional value, leading to the dominance of probiotics in the functional food ingredients market.

The food segment is projected to be faster-growing, by application, during the forecast period. The market for functional food is increasing as consumers prefer balanced diets and food that not only takes care of their appetite but also helps enhance their immunity. This, along with product innovations in terms of flavors and variant offerings, presents significant opportunities for the growth of applications in the functional food ingredients market. Factors that are further fueling consumer interest in functional foods are the rapid advances in science & technology, increase in health care costs, aging, and growth in interest in attaining wellness through diet.

The South American market is projected to grow at the highest CAGR from 2018 to 2023. The region displays a variety of different demographic and developmental trends; the common regional trends that are expected to help drive market growth include rapid urbanization and increased life expectancy, the high occurrence of obesity and malnutrition, rise in incidences of chronic diseases, and mortality rates. All these factors have further propelled consumers to move toward increased adoption of healthier products.

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