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DUBLIN, May 30, 2022 /PRNewswire/ — The “Functional Food Ingredients – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Functional Food Ingredients Market to Reach $118.4 Billion by 2026
The global market for Functional Food Ingredients estimated at US$75.6 Billion in the year 2020, is projected to reach a revised size of US$118.4 Billion by 2026, growing at a CAGR of 7.6% over the analysis period.
Growth in the global market is being driven by growing consumer consciousness about their health and wellness, and the awareness that safe fortified foods could contribute to an enjoyable and healthy life. In addition, rising incidences of many chronic diseases including high blood pressure and diabetes are driving demand for functional food ingredients, which could help prevent these diseases.
Other factors spurring growth include growing numbers of gym goers and fitness centers; changes in the regulations for the food & beverage sector; increasing consumer demand for wholesome and clean-label food & beverage products with high nutritional content; and product innovations, developments, new investments, and new product launches by many companies.
Natural, one of the segments analyzed in the report, is projected to grow at a 8.1% CAGR to reach US$77.2 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Synthetic segment is readjusted to a revised 6.8% CAGR for the next 7-year period. This segment currently accounts for a 40.6% share of the global Functional Food Ingredients market.
There is growing demand for natural carotenoids such as lycopene and beta-carotene in their pure form, and these could replace synthetic carotenoids, particularly in the production of dietary supplements, because of their high quality and effectiveness.
The US Market is Estimated at $25.6 Billion in 2021, While China is Forecast to Reach $14.1 Billion by 2026
The Functional Food Ingredients market in the US is estimated at US$25.6 Billion in the year 2021. The country currently accounts for a 30.93% share in the global market.
Chinathe world second`s largest economy, is forecast to reach an estimated market size of US$14.1 Billion in the year 2026 trailing a CAGR of 10.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canadaeach forecast to grow at 6.2% and 6.6% respectively over the analysis period.
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