APAC held 37% of the functional food ingredients market
According to estimates, the market for functional food components will increase by 48.06 billion USD. According to Technavio, the market’s growth pace would pick up throughout the projection period at a CAGR of 7.16%. APAC held 37% of the global functional food ingredients market in 2022.
During the projection period, the market in the area is anticipated to expand at the fastest rate. The presence of several producers of food additives and functional food components in this area will support the expansion of the APAC functional food ingredients market during the forecast period.
Also Read – Singapore Hawker Center’s Best Food
The functional food ingredients market has been divided into segments by geography, application (food and beverages, pharmaceuticals), and product (probiotics and prebiotics, proteins and amino acids, dietary fibers, vitamins and minerals, and others). The report offers a thorough analysis of post-pandemic market recovery, new product launches, growth opportunities at regional levels, and current trends.
During the projection period, the probiotics and prebiotics categories will experience the fastest growth. The expansion of this market during the forecast period would be driven by the health advantages of prebiotic and probiotic use. Prebiotics can aid, for instance, by lowering the risk of cancer and improving calcium and magnesium absorption.
The probiotics industry’s rising demand for functional food components is propelling the growth of the global functional food ingredients market. As customers seek a balanced diet, the probiotics market is expanding. Probiotics offer immunity, dietary advantages, and vitamin K. Yogurt, kefir, sauerkraut, tempeh, kimchi, some types of cheese, buttermilk, and fermented soybeans are among the products with the highest demand.
As a result, during the forecast period, the market for functional food ingredients will experience significant growth due to the rising demand for probiotic products.
A significant trend in the global market for functional food ingredients is the expansion of the packaged food and beverage sector. The demand for packaged food products has increased, particularly in North America and Europe, as a result of rising disposable income and changes in consumer eating patterns.
Natural functional food components improve the stability and structure of the foam and stop packaged food goods from going bad. Therefore, throughout the projected period, the rise of the packaged food and beverage sector would considerably boost the growth of the market.
Companies are categorised in the competitive landscape according to different performance parameters. The financial performance of businesses over the previous few years, growth strategies, product innovations, new product launches, investments, and growth in market share are just a few of the variables taken into account.