Functional ingredients are food components that offer health benefits beyond basic nutrition when consumed as part of a regular diet. They find applications in various food items such as beverages, dairy products, bakery items, and confectionery products. These ingredients are widely used in sports and energy beverages to boost muscle growth and provide energy. An increasing number of people are adopting healthy lifestyle practices and preferring functional food and beverages. This rising demand for healthy and nutritious food products is driving the functional ingredients market.
The global Functional Ingredients Market is estimated to be valued at US$ 94.31 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The widespread popularity of plant-based diet and fitness trend has accelerated the demand for functional ingredients in the recent past. Consumers are increasingly incorporating functional beverages and food products in their daily diet for various health benefits. As a result, key players in the functional ingredients market are developing innovative plant-based formulations with nutrients like vitamins, minerals, fibers and proteins to appeal to health-conscious consumers. They are also launching new product lines fortified with functional ingredients targeting specific health conditions. This growing focus on functional wellness solutions is expected to remain a key trend in the market over the forecast period.
Segment Analysis
The global functional ingredients market is dominated by the ingredients for functional food and beverages segment. This segment accounts for more than half of the overall market share as demand for nutritious and healthier food and drink options continues to increase. Within this segment, prebiotic and probiotic ingredients sub-segment reigns supreme due to increasing consumer awareness about gut health and digestion.
Key Takeaways
The Global Functional Ingredients Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The global Functional Ingredients Market is estimated to be valued at US$ 94.31 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.
Regional analysis
North America holds the major share in the functional ingredients market. The increasing demand for functional food and beverages due to changing consumer lifestyle and busy schedule is boosting the market growth in this region. Moreover, rising awareness about health benefits associated with consumption of functional ingredients is also supporting the market.
Key players
Key players operating in the functional ingredients market are Alkremes Plc., Teva Pharmaceutical Industries Ltd., Glenmark Pharmaceuticals, Titan Pharmaceuticals, Inc., Pfizer, Inc., GlaxoSmithKline plc., Johnson & Johnson, Perrigo Company plc., Cipla Limited, Hikma Pharmaceuticals Plc., Dr. Reddy’s Laboratories Limited, Indivior Inc., and Mylan N.V.
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