The global functional ingredients market is expected
to be valued at USD 96.1 billion by 2026, growing at a CAGR of 5.9%. The
globally increasing consumption of healthy convenience foods has been a major
factor driving the market for the last few years. The growing health
consciousness along with the rapidly expanding pharmaceutical industry in Asia
Pacific have also led to the increased utilization of functional ingredients.
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Growing health concerns and increasing health issues
such as diabetes, obesity, and digestive disorders are the major factors
expected to propel the regional market over the forecast period. The
introduction of innovative products and investments made by major producers
have resulted in a considerable demand for functional ingredients in food &
beverages industry. Moreover, shifting consumer preferences for premium
personal care products based on natural and herbal ingredients are estimated to
drive the market over the forecast period, especially in personal care
applications.
Probiotics were the largest product category in 2016
and are expected to maintain a substantial growth rate over the forecast
period. Rice protein is projected to witness the fastest CAGR of 8.4% during
the forecast period.
Rice protein concentrates are being increasingly
utilized in nutritional beverages, bars, baked food products, confectioneries,
and desserts, which is likely to have a positive impact on their growth over
the forecast period. Companies including Prinova utilize rice protein
concentrates in their products, which is anticipated to increase consumer
awareness, thereby fueling the demand for the product over the forecast
period.Consumers have been increasingly focusing on healthy diets, which is
predicted to boost the demand for rice protein in various sports & energy
nutrition products in the next few years.
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Further
key findings from the report suggest:
• The global demand for functional ingredients
amounted to 12,671.7 kilo tons in 2016 and is estimated to report a CAGR of
4.4% from 2017 to 2026. North America dominated the global market in 2016,
followed by Europe. Emerging economies such as China, India, and Brazil are
predicted to lead their respective regional markets over the forecast period.
• Food & beverages emerged as the largest
segment of the market by application in 2016. Functional ingredients act as
stabilizers, binders, flavor enhancers, and antioxidants in the production of
food. Rising health concerns coupled with the growing incidence of digestive
disorders caused due to unhealthy lifestyles are projected to be the key
drivers of the market over the forecast period.
• The market in Asia Pacific is projected to witness
substantial growth over the next decade owing to various developments across
major economies, especially in the food & beverages sector
• Probiotics dominate the global market in terms of
revenue throughout the analysis period. The per capita consumption of
probiotics in dietary and food supplements has been the highest in Japan over
the past few years due to the country's effective regulatory framework and long
traditional probiotics background.
• Key market players include Archer Daniels Midland
Company, Ingredion Incorporated, Golden Grain Group Limited, FMC Corporation,
Omega Protein Corporation, NutriBiotic, Cargill Incorporated, Tate & Lyle plc,
and Roquette Freres. Companies such as Royal DSM are investing in the
development of newer technologies coupled with the acquisition of raw material
manufacturers. Agreements and collaborations are also among the major
strategies adopted by key players.
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Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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