(Food-Beverage-News.Com, March 04, 2021 ) The functional food ingredients market is estimated to be valued at USD 68.60 billion in 2018 and is projected to reach USD 94.21 billion by 2024, at a CAGR of 6.6%. Functional food ingredients are those ingredients which have been demonstrated to have specific physiological benefits, apart from the main nutritional benefits that are derived from food & beverages. The usage of functional food ingredients in the manufacturing of functional food & beverage products is expected to provide nutritive health benefits, prevent/resist chronic diseases, or act as energy boosters. The market is driven by the increasing consumption of nutritive convenience food and fortified food and growing health awareness among consumers leading to increased consumption of healthier diets.
Key players in the functional food ingredients market include DowDuPont (US), ADM (US), Arla Foods (Denmark), BASF (Germany), Cargill (US). Chr. Hansen (Denmark), DSM (Netherlands), ABF (UK), Tate & Lyle (UK), Ajinomoto (Japan), Kerry Group (Ireland), Kemin Industries (Germany), Roquette (France), Beneo (Germany), and Royal Cosun (Netherlands) that hold a significant share in the functional food ingredients market.
Cargill is one of the market leaders for functional food ingredients. Although primarily focused on the North American market, the company has expanded its protein production capacities in Nashville, Tennessee, US. It supplies its products across the globe, catering to the business needs of clients in 70 countries. The company mainly focuses on achieving growth through expansions and new product launches in domestic as well as overseas markets. For instance, in November 2017, it invested USD 240 million in India, thereby enhancing the company’s market access in the Indian functional food ingredients market.
DowDuPont is one of the largest producers and marketers of functional food ingredients for the food and beverage industry. The company manufactures and exports a wide range of functional food ingredients, with its ingredients range offering functional food ingredients that are used in dairy products, bakery products, and fruit & vegetable preparations, for thickening, gelling, texturing, stabilizing, and flavoring purposes. The company’s network spans across more than 90 countries in Asia Pacific, Europe & the Middle East, North America, and South America. The company adopted acquisitions to expand its presence as well as increase its production capacity to serve its customers better. In November 2017, DuPont and The Dow Chemical Company (Dow) successfully merged to operate under the name “DowDuPont,” with three major divisions, including agriculture, material science, and specialty products. In September 2017, it acquired FMC Corporation’s Health & Nutrition business that strengthened DuPont’s position in the specialty ingredients business along with expanding its footprint in emerging markets, globally. This helped the company in increasing its production capacity of functional food ingredients and further strengthening its position as a leader.
Archer Daniels Midland Company offers functional food ingredients through its Wild Flavors and Specialty Ingredients segment. It offers a wide range of products in the functional food ingredients market. The company majorly focuses on growth strategies such as mergers and acquisitions to increase its market reach in the global functional food ingredients market. For instance, in November 2017, the company expanded its product portfolio by introducing Nutriance, a new range of innovative wheat protein concentrates, which finds applications in sports nutrition and senior nutrition products.
Related Reports:
Functional Food Ingredients Market by Type (Protein, Vitamin, Mineral, Prebiotic & Probiotic, Hydrocolloid, Essential Oil, Fatty Acid, Carotenoid), Application (Food & Beverage), Health Benefit (Gut, Bone, Health, Immunity, Nutrition), & by Region – Global Forecast to 2020
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