USD 280.7 billion
Functional Nutrients Market Size, Share, Growth Analysis, By Type(Vitamins, Carotenoids, Minerals (Major Minerals, Trace Minerals)), By Distribution Channel(OTC, Prescription), By Region - Industry Forecast 2024-2031
Report ID:
SQSG30I2050 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|Tables:
74
|Figures:
75
Functional Nutrients Market Insights
Functional Nutrients Market size was valued at USD 280.7 billion in 2022 and is poised to grow from USD 304.56 billion in 2023 to USD 634.66 billion by 2031, growing at a CAGR of 8.5% in the forecast period (2024-2031).
Functional nutrients have unique health benefits that go beyond the typical daily intake of nutrients, such as increased bone health, cholesterol management, improved heart health, and various eye health and eyesight benefits. Market expansion is expected to be driven by rising demand for nutritious and fortifying food additives. Food makers are fortifying their products with nutritious additions such as omega-3 fatty acids, fiber, vitamins, and minerals. The goal of adding the aforementioned chemicals into the food business is to boost the nutritious value of food items.
The rising commercialization of sports nutrients and the availability of a diverse product range, including creatine and whey protein-based functional food, functional food has emerged as the largest market in sports nutrition. Demand for functional food has increased over the last decade as new product-type introductions have saturated the food industry.
US Functional Nutrients Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Vitamins
Fastest Growth
Vitamins
Growth Rate
8.5% CAGR
Global Functional Nutrients Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Functional Nutrients Market Segmental Analysis
The global Functional Nutrients market is segmented based on type, distribution channel and region. Based on type, the functional nutrients market is segmented into Vitamins, Carotenoids, Minerals (Major Minerals, Trace Minerals), Probiotics, Proteins (Plant Proteins, Animal/Dairy Proteins, Microbe Proteins, Insect Proteins), Amino Acids, Carbohydrates, Fats & Fatty Acid, Lipids, Enzymes, Others. Based on distribution channel, the market is segmented into OTC, Prescription. Based on region, the Functional Nutrients market is categorized into North America, Europe, Asia-Pacific, and MEA.
Functional Nutrients Market Analysis by type
The probiotics segment dominated the functional nutrients market, accounting for 24.6% of market share in 2021 and is likely to continue to lead over the forecast period. Probiotics aid in digestion and provide multiple health benefits such as immunity boost, gut health management, weight control, obesity prevention, and many more. The growing awareness of the health benefits available is expected to drive the market in the future years. Rising consumer health consciousness and the increasing trend of veganism are enticing consumers toward a plant-based diet, which is predicted to drive demand for plant-based products. As a result, various niches as well as large market players are launching plant-based probiotics in order to expand their user base. For instance, Chobani, an American food company, announced the launch of a new probiotic drink in August 2020. The new drink comes in four flavors: Lemon Ginger, Pineapple Turmeric, Peach Mint, and Cherry Hibiscus Tea.
Global Functional Nutrients Market By Type, 2021 (%)
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Functional Nutrients Market Regional Insights
In terms of revenue, Asia Pacific accounted for more than 40% of the total functional nutrients market share in 2021. The introduction of e-commerce websites such as Ali-Baba and Made-In-China in Southeast Asia is projected to boost regional growth. Because of its growing population and expanding disposable income, Asia Pacific has one of the greatest marketplaces for these products. Rapidly increasing processed food consumption, as well as increased health and fitness awareness in developing economies, are important driving factors for the regional market. Consumers' concerns about food safety are expanding throughout the region, influencing consumer behavior and, as a result, fueling growth. Food fortification is likely to be the government's primary priority in combating rising concerns about malnutrition and poverty. This, in turn, is predicted to considerably contribute to market growth.
Global Functional Nutrients Market By Geography, 2021-2028
- Largest
- Fastest
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Functional Nutrients Market Dynamics
Functional Nutrients Market Opportunity
New technology adoption in the functional nutrients industry
- Technological developments in the functional food ingredients sector are driven by the introduction of new technologies such as encapsulation, nanoencapsulation, and bio-encapsulation. Encapsulation technology aids in the enhancement of the flavor of various food products. Omega-3 fatty acids, for example, are linked to unpleasant odor. The application of encapsulating technology improves the flavor and scent of these compounds. Recent advances in liposome technology are being employed in the production of a variety of substances, including probiotics and other functional food additives, which provide several health benefits. As a result, technical advancements for niche applications such as gourmet cuisine and infant care have increased.
Functional Nutrients Market Restraint
High cost of Functional Nutrients
- The development and commercialization of functional food ingredients is complicated, costly, and uncertain. Technological conditions, market demand, and legislative and regulatory background are all factors that influence product development success. Significant expenditure is necessary for the R&D of a strain that will be used to produce new functional components such as probiotics. Probiotic strains and products are created and manufactured in compliance with international food standards. Furthermore, highly sanitized and technically advanced equipment and techniques are necessary for the production and extraction of numerous other useful components. The final product's price is high as a result of the high cost of production. Marketing and distribution raise the cost of the goods. Although customers are aware of the health benefits obtained from these expensive functional food ingredients, the product's high price prevents them from purchasing it.
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Functional Nutrients Market Competitive Landscape
The functional nutrients market is highly competitive, with numerous domestic and multinational players vying for market share. Companies' major marketing strategies are new product launches with healthy ingredients/organic claims, as well as acquisitions, mergers, collaborations, and expansions. Danone SA, Nestle SA, PepsiCo Inc., The Kellogg's Company, and Abbott Laboratories are among the market's key participants. To attract more customers, key businesses are now focused on social media platforms and online distribution channels for their products' online marketing and branding. Manufacturers are revitalizing their product ranges to attract health-conscious consumers in order to gain a larger share.
Functional Nutrients Market Top Players Company Profiles
- Archer Daniels Midland Company (US)
- BASF SE
- Cargill, Incorporated
- Koninklijke DSM N.V.
- DuPont de Nemours, Inc.
- Kerry Group
- Ingredion Incorporated
- Tate & Lyle PLC
- Arla Foods amba
- Ajinomoto Co., Inc.
- Royal FrieslandCampina N.V.
- Glanbia plc
- Chr. Hansen Holding A/S
- Lonza Group AG
- Rousselot B.V.
- Givaudan SA
- Omega Protein Corporation
- Kemin Industries, Inc.
- A&B Ingredients, Inc.
- Nutraceutical Corporation
Functional Nutrients Market Recent Development
- In August 2021, Danone has expanded its partnership with the artificial intelligence firm Brightseed to research the health benefits of plants. Over the next four years, the two companies will investigate the potential of common and lesser-known plants, as well as create a framework for a health-focused and regenerative global food system, all while speeding up Danone's plant-based product development. The collaboration may be able to develop a new category of functional foods that Danone will be able to commercialize globally.
- In May 2021, Kellogg Company launched a new cereal product and transformed a classic childhood treat into cereal with the new Kellogg's Little Debbie Cosmic Brownies Cereal.
Functional Nutrients Key Market Trends
- Sustainability is a trend with remarkable staying power, with consumers increasing by around 24% year on year. There is also rising interest in the cradle to gate lifespan of a product, from raw material manufacture through post-use disposal. According to our estimates, three out of every five consumers worldwide are now curious about where their food comes from and how it is produced. As a result, consumers are increasingly considering regenerative farming, habitat conservation, and carbon footprint reduction before purchasing a product. 'Clean Label' now includes more than just ingredients. Consumers increasingly expect transparency in the sourcing and production procedures of their health products, and they expect the same for their dogs. For example, demands for safe treatment choices that are highly digestible and pleasant must be functional and sustainable.
Functional Nutrients Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, growing demand for functional nutrients and beverages due to a variety of health goals such as joint health, weight loss, and bone and muscular strength is expected to drive functional nutrients market over the forecast period. Functional nutrients support optimal health by lowering the risk of noncommunicable diseases, increasing metabolism, improving nutrition absorption, assisting with digestion, and assisting with weight loss. Consumer demand for lower sugar intake is predicted to boost growth.
Sports nutrition, weight management, immunity, digestive health, clinical nutrition, and cardiac health are just a few of the application areas served by the worldwide functional nutrients market. In 2021, cardio health was the dominating segment, accounting for 24.2% of market share. It is predicted to grow at an 8.1% CAGR over the forecast period, owing to rising demand for functional nutrients in cardiovascular disorders, congestive heart failure, artery hardening, and congenital heart defects. Digestive health is predicted to develop due to a considerable interest in digestive health among women throughout their reproductive lives and males, particularly beyond the age of 40.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 280.7 billion |
| Market size value in 2031 | USD 634.66 billion |
| Growth Rate | 8.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Functional Nutrients Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Functional Nutrients Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Functional Nutrients Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Functional Nutrients Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Functional Nutrients Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Functional Nutrients Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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