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 2023, at a CAGR of 6.6%. Functional food ingredients play an important role in demonstrating specific physiological benefits, apart from the main nutritional benefits that are derived from food & beverages. The use 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. Functional food ingredients are used to enhance certain physiological functions such as improve gastrointestinal health, reduce cholesterol levels, prevent dental caries, and improve bone & gut health to prevent or cure various diseases. Regular consumption of functional food ingredients reduces the risk of several chronic diseases such as cardiovascular diseases, cancer, diabetes, high blood pressure, rickets, and osteoporosis. The growth in the functional food ingredients market is attributed to the growing health awareness among consumers, leading to an increase in the adoption of healthier diets. Food safety concerns and adherence to stringent international quality standards & regulations restrain the growth of the functional food ingredients market.
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The prebiotics segment is projected to grow at the highest CAGR during the forecast period. Prebiotic ingredients improve the activity of good bacteria that are already present in the human or animal intestine. There are various prebiotic food products that claim to help manage weight, sharpen mental faculties, and improve infant health.
The functional food ingredients market, by application, is estimated to be dominated by the food segment in 2018. It is also projected to be faster-growing through 2023. On a global level, 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 North American market is estimated to be the largest in 2018. The market in the region is driven by increasing potential for the consumption of functional food ingredients and is expected to play an important role in the global market. This dominance is driven by the prevalence of chronic diseases due to hectic lifestyles and increasing awareness among consumers regarding the health benefits of functional foods. The functional food ingredient manufacturers focus on investing more in research programs with an aim to introduce new ingredients to address the diversified demands of potential customers in the region. The South American market is projected to grow at the highest CAGR from 2018 to 2023. The growth in demand for health & wellness products and increase in income levels in emerging countries, such as Brazil and Argentina, are the key factors that drive the functional food ingredients market growth in the region.
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The global market for functional food ingredients is dominated by large-scale players such as DowDuPont (US), Archer Daniels Midland Company (US), BASF SE (Germany), Cargill (US), Arla Foods (UK), Chr. Hansen (Denmark), and Koninklijke DSM N.V. (Netherlands).
Archer Daniels Midland Company offers functional food ingredients through its Wild Flavors and Specialty Ingredients segment. It offers a wide range of products in the functional food ingredients market. The company majorly focuses on growth strategies such as mergers and acquisitions to increase its market reach in the global functional food ingredients market. For instance, in November 2017, the company expanded its product portfolio by introducing Nutriance, a new range of innovative wheat protein concentrates, which finds applications in sports nutrition and senior nutrition products.
