Global Functional Food Ingredients Market: Effective Marketing Strategies and Growing Health Awareness to Facilitate Market Growth, finds TMR
Albany, NY -- (SBWIRE) -- 04/30/2018 -- Global Functional Food Ingredients Market: Snapshot
The increasing demand for health benefitting foods that is needed beyond basic nutrition to promote optimal health is currently the cornerstone of the development of functional food ingredients market. The growing awareness among a large population demographic regarding the consumption of nutritive food rather than only satisfying taste and appeal considerations is providing a strong basis for the growth of players in the market. As a result, consumers are opting for nutritive convenience foods and nutritionally fortified foods in place of traditional convenience and junk foods. In particular, in developed economies, the changing perception of food cabinet as a medical cabinet is leading to an increasing number of consumers stocking up on wholesome foods. Hence, functional foods are increasingly becoming a commonality in the kitchens of health-savvy consumers.
Increasing product innovations complemented with the development of novel chemicals to enhance the taste and appeal of functional food is further giving an impetus to the functional food ingredients market. Furthermore, the easy availability of a large variety of functional foods is favoring the growth of this market.
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However, the market is challenged by stringent regulatory agencies that have a lengthy approval process before food is available for commercial sales. These mandates are based on the safety norms in place for foods to be suitable for consumption for varied social demographics and varied age groups. Accredited agencies such as the UN's FAO and FDA are constantly monitoring the use of colors and chemicals in foods, especially for new markets such as the global functional food ingredients market. As such, product manufacturers are under pressure to obtain approvals prior to manufacture and distribution, which adds up to the time taken for the final product to be available for commercial sales.
In terms of revenue, the global market for functional food ingredients is projected to be worth US$32.4 bn by 2024 increasing from US$19.38 bn in 2015 at a CAGR of 6.0% between 2016 and 2024.
Growing Health Awareness to Fuel Growth
The most important factor contributing towards the growth of the global functional food ingredients market is the advantages of functional foods over conventional diets and regular food products. According to the report, research carried out in the recent past has revealed the effectiveness of functional foods. Amidst increasing concern and awareness for personal health, consumers are gradually shifting their preferences towards healthy foods of high-value nutrition from junk and convenience food. More consumers are now seen stocking up healthy functional foods of high-nutritive value.
However, stringent regulations and strict scrutiny concerning the food industry continue to pose a challenge for the overall expansion of the global functional food ingredients market. Various regulatory bodies such as Food and Drug Administration, United Nations' Food and Agriculture Organization are continuously monitoring the use of chemicals in food. These factors pressurize manufacturers to get approvals for the distribution and production thereby delaying the whole process.
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Developing Economies to Emerge as the Most Promising Markets
North America accounts for dominant share in the market, with the market in Europe occupying the next spot. Countries such as India, Brazil, and China are of high-value to the players in the global functional food ingredients industry. Intense economic growth of the region along with the ever-expanding working class population, who now has more disposable income to spend, have made the region a lucrative market for the industry. Furthermore, relaxed rules and regulations in the Latin American and Asia Pacific countries would further bolster the growth of the global functional food ingredients market. The region of Asia Pacific and Latin America would, thus, continue to be immensely important for the manufacturers of functional food.
It is also forecasted that the demand for functional food is to surpass the demand for functional beverage. Despite ease of manufacturing and consumption, functional foods are gaining popularity owing to their health benefits. The segment of probiotics is anticipated to be the leading one as more and more manufacturing companies are incorporating probiotic bacteria in various products. Most of the dairy products such as yoghurt are being incorporated with probiotic bacteria.