CHICAGO, April 16,
2024 /PRNewswire/ -- The Functional Food
Ingredients Market was valued at USD 119.2
billion in 2024, showcases a remarkable growth projection,
anticipated to escalate to USD 165.8
billion by 2029, indicating a robust compound annual growth
rate (CAGR) of 6.8% from 2024 to 2029 according to a report
published by MarketsandMarkets™.
Escalating consumer awareness regarding health and wellness has
significantly bolstered the demand for the functional food
ingredients market. The prevalence of lifestyle diseases such as
obesity, diabetes, and cardiovascular issues has propelled
individuals to prioritize healthier dietary choices. As people
become increasingly conscious of the link between diet and health
outcomes, there is a growing inclination towards functional foods
that offer specific health benefits.
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Moreover, the widespread availability of information through
various media channels, including the Internet and social media
platforms, has empowered consumers to make informed decisions about
their dietary habits. Scientific research highlighting the role of
certain nutrients and bioactive compounds in preventing diseases
and promoting overall well-being has further fueled this trend.
Additionally, changing demographics, such as an aging population
and the rise of the middle class in emerging economies, have
contributed to the expansion of the functional food market. For
instance, an article by Pulse by Maeil Business News Korea
published in March 2024 mentions that
the South Korean food industry has witnessed high competition in
the health functional foods market due to the rise in an aging
population. Dongwon (South Korea)
F&B's introduction of 'BEAUTICK Bacillus SOD' underscores this
trend, with companies seeking to tap into the growing health
functional foods targeting middle-aged and elderly consumers. The
company also reported 10% sales in this category last year. As per
the Korea Health Functional Food Association, the Korean health
functional food market has more than doubled in 2022 to
USD 4.7 billion since 2019, projected
to expand further due to demographic shifts. Other major players,
including Daesang Wellife (South
Korea) and CJ Wellcare (South
Korea), are also capitalizing on this trend by introducing
new offerings to address health concerns associated with aging,
further propelling the demand for functional food ingredients.
The emergence of the "beauty from within" trend has
significantly fueled the demand for the functional food ingredients
market.
The paradigm shift towards holistic health practices has driven
the consumption of functional foods beyond mere sustenance.
Consumers increasingly seek products that offer comprehensive
health benefits, extending to both internal well-being and external
appearance. According to Kylen
Ribeiro, CEO of Lightbody, a US-based nutraceutical company,
the market for Nutri-beauty supplements has surged by 57% since
2019, reaching an estimated value of USD
53.4 billion in 2022, as mentioned by an article in
Wholefoods Magazine. In particular, the emerging trend of "beauty
from within" has catalyzed the growth of the functional food
market, with individuals recognizing the intimate connection
between diet and physical aesthetics.
Functional food ingredients are rich in bioactive compounds such
as protein, vitamins, and omega fatty acids, all of which play
pivotal roles in enhancing skin elasticity, radiance, and hair
strength. As consumers prioritize preventive healthcare and seek
alternatives to traditional beauty regimens, functional foods offer
a compelling solution by nourishing the body from within, resulting
in sustainable improvements in skin and hair health.
Moreover, the rising prevalence of lifestyle-related ailments,
coupled with increasing awareness about the importance of
nutrition, has fueled the demand for functional foods globally.
From superfoods such as chia seeds and turmeric to fortified
beverages and snacks infused with probiotics and omega-3 fatty
acids, the market is witnessing a proliferation of innovative
products tailored to address specific health concerns. Furthermore,
advancements in food science and technology have facilitated the
development of functional ingredients with enhanced bioavailability
and efficacy, widening the scope of functional foods beyond
conventional boundaries. With consumers becoming more discerning
and proactive in managing their health, the functional food
ingredients market is poised for continued expansion, driven by the
convergence of health, wellness, and beauty aspirations.
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The food segment within the applications is estimated to have
a larger share in the functional food ingredients market.
Food is an essential part of daily life, making it a primary
avenue for incorporating functional ingredients into consumers'
diets. The food segment encompasses a vast array of products,
ranging from bakery and confectionery items to dairy and savory
snacks. This widespread integration allows for a larger market
reach unlike other applications. In addition, functional food
ingredients are increasingly sought after by health-conscious
consumers who prioritize wellness without compromising on taste or
convenience. Incorporating functional ingredients into everyday
foods seamlessly aligns with consumer lifestyles, driving up demand
within the food segment.
Moreover, food products offer a versatile platform for
incorporating functional ingredients without significantly altering
taste or texture, enhancing their appeal to a broader consumer
base. This versatility allows for the seamless integration of
functional ingredients into various food categories, including
snacks, dairy, bakery, and cereals. Additionally, regulatory
approval processes for functional ingredients in food products are
generally less stringent compared to those for beverages and
nutraceuticals, streamlining the product development cycle and
facilitating quicker market entry.
North America is estimated
to dominate the functional food ingredients market during the
forecast period.
Consumer awareness and adoption of dietary supplements are
exceptionally high in the region. For instance, according to the
2023 Council for Responsible Nutrition (CRN) Consumer Survey on
Dietary Supplements, 74 percent of US adults regularly consume
dietary supplements, reflecting a mainstream acceptance of such
products. This widespread usage indicates a significant market
demand for functional food ingredients, driving the region's
dominance.
Moreover, North America boasts
a robust infrastructure for research and development in the food
and beverage industry. This facilitates innovation and the
introduction of novel functional ingredients tailored to meet
consumer needs and preferences. The region's strong regulatory
framework ensures the safety and efficacy of these products,
further bolstering consumer trust and market growth. Additionally,
lifestyle trends in North America,
such as an increasing focus on health and wellness, drive the
demand for functional food ingredients. Consumers are seeking
products that offer tangible health benefits beyond basic
nutrition, leading to a surge in demand for functional foods and
beverages fortified with ingredients such as carotenoids, protein,
and amino acids.
The key players in this market include Cargill, Incorporated
(US), BASF SE (Germany),
ADM (US), International Flavors
& Fragrances Inc. (US), Arla Foods amba (Denmark), Kerry Group plc (Ireland), Ajinomoto Co., Inc. (Japan), DSM (Netherlands), Ingredion (US), Tate & Lyle
(UK), and TEIJIN LIMITED (Japan).
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