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Functional Ingredients Market Set to Reach $186.75 Billion by 2030
Meticulous Research® has released its latest report titled “Functional Ingredients Market by Type (Vitamins, Protein, Amino Acid, Probiotics), Source (Natural), and Application (Food and Beverage [Dairy Products, Bakery & Confectionery, Energy Drinks], Pharmaceuticals, Animal Nutrition) - Global Forecast to 2030.” The report forecasts that the functional ingredients market will grow to $186.75 billion by 2030, expanding at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2030.Key factors driving this growth include rising demand for functional ingredients in the food and beverage sector, increasing health and wellness trends, a shift towards healthier diets, and a growing need for compound feed. The market is also influenced by lifestyle changes, a rise in chronic diseases, and increased consumer demand for natural, organic, and clean-label ingredients. However, the market could face challenges such as stringent regulations and high ingredient costs. Increased investment in the functional foods and beverages industry is expected to create opportunities for market stakeholders.
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Market Segmentation
- By Type: The market is segmented into vitamins, proteins and amino acids, minerals, probiotics, prebiotics, botanical extracts, omega-3 & 6 fatty acids, fibers & specialty carbohydrates, and other functional ingredients. The vitamins segment is expected to lead the market in 2024 due to rising demand for vitamin-fortified products and increasing consumer awareness about their health benefits.
- By Source: This segment includes naturally-sourced and synthetic-sourced functional ingredients. Naturally-sourced ingredients are projected to dominate and grow at a faster rate, driven by consumer preference for sustainable and health-conscious products and stricter regulations on synthetic ingredients.
- By Application: The market covers food and beverage (subdivided into dairy products, bakery & confectionery, snacks, infant food, and beverages such as energy drinks and fortified juices), pharmaceuticals, animal nutrition, and other applications. The food and beverage segment is anticipated to hold the largest market share due to increasing demand for nutritional products and functional ingredients aimed at reducing health risks.
- By Geography: The market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to be the largest market in 2024, supported by high health awareness, a robust food and beverage industry, and advancements in food technology. Growth in Asia-Pacific, Europe, Latin America, and the Middle East & Africa is also expected.
Key Market Players
The leading players in the functional ingredients market include Archer-Daniels-Midland Company (U.S.), Arla Foods amba (Denmark), BASF SE (Germany), Chr. Hansen Holding A/S (Denmark), Cargill, Incorporated (U.S.), International Flavors & Fragrances Inc. (U.S.), Ingredion Incorporated (U.S.), Kerry Group plc (Ireland), Koninklijke DSM N.V. (Netherlands), Glanbia plc (Ireland), Roquette Frères S.A. (France), and Tate & Lyle Plc (U.K.).
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