The
global functional food ingredients market is consolidated in nature
with a few players operating in it across the globe, stated a new
market research study by Transparency Market Research. The leading
players in the market, such as Cargill, Inc., Associated British
Foods PLC, and BASF SE are anticipated to collectively hold a large
share of the overall market throughout the forecast period. In order
to sustain in the fierce competition and enhance their market
penetration, the key players are focusing on advertising and
marketing activities. In addition to this, innovations and
developments in this field is estimated to encourage the growth of
the global functional food ingredients market in the next few years.
Furthermore, the rising number of mergers and acquisitions and
strategic partnerships are anticipated to generate promising growth
opportunities for the market players throughout the forecast period.
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According
to the market research study by Transparency Market Research, in
2016, the global market for functional food ingredients was worth
US$20.35 bn and is likely to reach a value of US$32.40 bn by the end
of 2024. As per the report, the market is predicted to register a
healthy 6.0% CAGR between 2016 and 2024.
Increasing
Demand for Functional Food Ingredients to Drive North America Market
In
the last few years, North America led the global functional food
ingredients market by holding a large share of the market. The rising
demand for functional food ingredients, owing to the rising number of
restaurants is projected to encourage the growth of the North America
market in the next few years. Furthermore, Latin America and Asia
Pacific are estimated to witness a healthy growth in the next few
years. The increasing contribution from Brazil, India, and China is
estimated to enhance the growth of these regions in the next few
years. In addition to this, the rising disposable income of consumers
and the increasing working class populations are some of the other
key factors, which are predicted to accelerate the growth of Asia
Pacific and Latin America throughout the forecast period.
On
the basis of ingredients, the global market for functional
food ingredients has been categorized into carotenoids,
essential oils, vitamins, minerals, probiotics, omega 3 and 6 fatty
acids, prebiotics and dietary fibre, hydrocolloids, soy protein, and
proteins and amino acids. The rising demand for functional foods and
beverages across the globe is anticipated to enhance the growth of
the overall market in the next few years. In addition, the rising
awareness among consumers regarding the benefits is likely to enhance
the growth of the market in the near future.
Rising
Awareness among Consumers to Encourage Market Growth
The
increasing cases of chronic cases and the rising health awareness
among consumers concerning the benefits of making use of functional
food ingredients are some of the key factors that are projected to
enhance the growth of the market in the next few years. In addition
to this, the growing demand for fortified beverages and food products
is another major factor, which is estimated to accelerate the growth
of the market in the near future. On the flip side, the vulnerability
to the seasonal changes and the rules and regulations for food safety
are projected to restrict the growth of the global functional food
ingredients market throughout the forecast period. Nonetheless, the
rising opportunities in developing economies are projected to
encourage the growth of the overall market throughout the forecast
period.
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