Functional Food Ingredients Market worth $165.8 billion by 2029 - Exclusive Report by MarketsandMarkets™

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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