BASF
SE, Cargill, Inc., and Associated British Foods PLC were the dominant
names in the global functional food ingredients market for 2015.
Their collective share of 52.8% speaks a lot about the consolidated
nature of the global functional food ingredients market, especially
due to the stronger presence of these players in developed economies.
There also exist a large number of local players across all regions
that have to compete with the key players.
Download
exclusive Sample of this report:
http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=10751
As
per a report published by Transparency Market Research, the global
functional food ingredients market is in a state of consolidation,
especially by larger and prominent players with local entities in
terms of mergers, acquisitions, and aggressive marketing strategies.
In terms of revenue, the global functional food ingredients market is
expected to reach 20.35 bn by the end of 2016, and is expected to
reach US$32.40 bn by 2024, after expanding at a CAGR of 6.0% from
2016 to 2024. In terms of volume, the global functional food
ingredients market is expected to advance at a CAGR of 5.1% from 2016
to 2024.
High
Nutritional Value of Functional Foods Attracts Large Volume of
Consumers Globally
“The
leading factor contributing to the growth of the global functional
food ingredients market is the advantages that it holds over
conventional foods and diets. Studies conducted in the recent past
had already shown the effectiveness of functional foods in the intake
of nutritive supplements. This was followed by a quickly-growing
demographic of consumers from each economic class favoring functional
foods amid a growing concern for personal health. Consumers are
showing signs of slowly progressing towards healthier foods over
convenience and junk foods. One change in perspective especially
visible in developed economies is the perception of a food cabinet as
a medicine cabinet, as more and more consumers are stocking up their
food supplies at home on the basis of completing a wholesome diet.
This is instrumental in bringing the growing variety of functional
foods into the kitchens of common consumers,” states a TMR analyst.
An
interesting factor augmenting the global
functional food ingredients market is the incorporation of
elements of functional nutrition into convenience foods. There is a
growing number of convenience foods available in the market today
that can help consumer save time taken to eat while adding a heavily
marketed nutritive aspect rather than the conventional path of taste
and appeal. Players from the food and beverages industry are also
progressing fast into research and development efforts to improve the
taste of functional foods and to incorporate them in a wider array of
food and beverage types.
Regulations
Continue to Hinder Functional Foods Production
Foods
especially are heavily controlled in terms of approval and regional
distribution by several regulatory bodies. These regulations are
based on the safety of consumption of foods by several social
demographics and age groups, along with the use of permissible
flavorings and food colors. Organizations such as the FDA and the
UN’s FAO are constantly monitoring the usage of chemicals in foods
and being a new market, the global functional food ingredients market
is under strict scrutiny. This will increase the pressure on
manufacturers to obtain approvals before manufacture and distribution
and adds to the time taken for a food product to reach shelves.
“The
emerging economies are currently of very high value to players from
the global functional food ingredients market. China, Brazil, India,
and other nations in the similar economic state of intense growth are
revealing the perfect audience for healthy foods and nutritional
supplements, within a growing working class that holds a growing
amount of disposable income. This will continue to be a field of
great opportunities for functional food ingredients manufacturers,
also due to the relatively relaxed regulations in the Asia Pacific
and Latin America,” adds the analyst.
The
information presented in this review is based on a Transparency
Market Research report, titled, “Functional Food Ingredients Market
- Global Industry Analysis, Size, Share, Growth, Trends and Forecast,
2016 - 2024.”
Key
Segments of the Global Functional Food Ingredients Market
Global
Functional Food Ingredients Market: By Ingredient Type
- Vitamins
- Proteins and Amino Acids
- Minerals
- Probiotics
- Prebiotics and Dietary Fiber
- Carotenoids
- Omega 3 and 6 fatty acids
- Essential Oils
- Soy Protein
- Hydrocolloids
- Others
Global
Functional Food Ingredients Market: By Health Benefits
- Nutrition
- Bone Health
- Heart Health
- Weight Management
- Gut Health
- Immunity
- Others
Global
Functional Food Ingredients Market: By Application
- Baby Food
- Sports/Nutrition Bars
- Dairy Alternatives
- Meat Alternatives
- Convenience Beverage
- Others
No comments:
Post a Comment