What is the global market size of Functional Nutrients Market?

Functional Nutrients Market size was valued at USD 280.7 billion in 2021 and is poised to grow from USD 304.56 billion in 2022 to USD 634.66 billion by 2030, growing at a CAGR of 8.5% in the forecast period (2023-2030).

What is the key driver of Global Functional Nutrients Market?

New technology adoption in the functional nutrients industry

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.

Functional Nutrients Market Report Snapshots

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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. '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'

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.

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.

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.

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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

Functional Nutrients Market Insights

Functional Nutrients Market Report Snapshots

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