Functional Ingredients Market Valued At US$96.1 Billion By 2026
Wednesday, November 8th, 2017 | 898 Views
The global functional ingredients market is expected to grow at a compound annual growth rate (CAGR) of 5.9 percent from 2017 to Functional Ingredients Market Valued At US$96.1 Billion By 2026 according to a report by market intelligence company Grand View Research.
The market in Asia Pacific is projected to witness substantial growth over the next decade owing to various developments across major economies, especially in the food and beverages sector, which gives rise to opportunity for manufacturers.
The globally increasing consumption of healthy convenience foods has been a major factor driving the market for the last few years, and the functional ingredients market is projected to be valued at US$96.1 billion by 2026. The growing health consciousness along with the rapidly expanding pharmaceutical industry in Asia Pacific have also led to the increased utilisation of functional ingredients.
Growing health concerns and increasing health issues such as diabetes, obesity, and digestive disorders are the major factors expected to propel the regional market over the forecast period. The introduction of innovative products and investments made by major producers has resulted in a considerable demand for functional ingredients in food and beverages industry.
Additionally, shifting consumer preferences for premium personal care products based on natural and herbal ingredients are estimated to drive the market over the forecast period, especially in personal care applications.
Rice protein concentrates are being increasingly utilised in nutritional beverages, bars, baked food products, confectioneries, and desserts, which is likely to have a positive impact on their growth over the forecast period. Consumers have been increasingly focussing on healthy diets, which is predicted to boost the demand for rice protein in various sports and energy nutrition products in the next few years.
Food and beverages emerged as the largest segment of the market in terms of application in 2016. Functional ingredients act as stabilisers, binders, flavour enhancers, and antioxidants in the production of food. Rising health concerns coupled with the growing incidence of digestive disorders caused due to unhealthy lifestyles are projected to be the key drivers of the market over the forecast period.
Probiotics dominate the global market in terms of revenue throughout the analysis period. The per capita consumption of probiotics in dietary and food supplements has been the highest in Japan over the past few years due to the country’s effective regulatory framework and long traditional probiotics background.
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