Health Ingredients Market by Type (Vitamins, Minerals, Probiotics starter culture, Prebiotics, Nutritional Lipids, Functional Carbohydrates, Plant and Fruit Extracts, Enzymes, Proteins), Application, Source, Function and Region - Global Forecast to 2027
Northbrook, IL 60062 -- (SBWIRE) -- 09/27/2023 -- In accordance with a research report titled "Health Ingredients Market by Type (Vitamins, Minerals, Probiotics starter culture, Prebiotics, Nutritional Lipids, Functional Carbohydrates, Plant and Fruit Extracts, Enzymes, Proteins), Application, Source, Function and Region - Global Forecast to 2027," as published by MarketsandMarkets, the health ingredients market is currently valued at USD 100.5 billion in 2022, with a projected compound annual growth rate (CAGR) of 7.8%. This growth trajectory is anticipated to elevate the market to USD 146.3 billion by 2027.
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Rapidly evolving consumer lifestyles, demographic shifts, and heightened concerns regarding nutrition and health have significantly bolstered the demand for health ingredients. As consumers increasingly prioritize overall fitness, well-being, and holistic nutrition, there is a growing appetite for health ingredients such as omega-3, vitamins, omega-6, and probiotics.
Key Insights from the Health Ingredients Market Report:
Protein Supplements Dominate by Type:
Protein supplements are poised to maintain the highest market share in terms of value throughout the forecast period. The COVID-19 pandemic has amplified the intake of protein supplements, with consumers seeking to fortify their immune systems. Surveys indicate that a rising percentage of respondents in the US turned to protein bars to support their health during the pandemic. The demand for protein continues to surge, driven by population growth and the versatile and functional properties of proteins.
Plant-Based Ingredients Lead in Source:
The plant-based segment is expected to sustain the highest market share during the forecast period. Changing consumer preferences, characterized by a shift from meat-based to plant-based products, underpins the growth of plant-based health ingredients. These ingredients are rich sources of vitamins, proteins, and other health-promoting components, catering to vegans and individuals with allergies to animal-derived ingredients. Investment in the alternative protein market, including plant-based meat and dairy-free products, has reached record levels, reflecting the rising popularity of plant-based ingredients.
Pharmaceutical Products Drive Growth:
Among various applications, the pharmaceutical products segment is forecasted to achieve the highest CAGR throughout the projected period. Health ingredients are incorporated into pharmaceutical products to provide diverse benefits, including antioxidant action, blood sugar level control, osteoporosis prevention, heart health, stress reduction, beauty enhancement, and weight management.
Asia Pacific Takes the Lead:
The Asia Pacific (APAC) region is expected to capture the largest market share during the forecast period. The region boasts an unmatched population of millennials, accounting for 24% of its total population, as per the World Economic Forum. With a substantial number of active fitness enthusiasts, millennials actively seek innovative products to meet their nutritional goals. This demographic's inclination toward dietary supplements is a pivotal factor driving significant growth in the health ingredients market in the Asia Pacific region.
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Key Market Players:
Prominent players in the health ingredients market include Archer Daniels Midland Company (ADM), Associated British Foods PLC, International Flavors & Fragrances Inc., Kerry Group PLC, DSM, BASF SE, Cargill Incorporated, Ingredion, Arla Foods, Tate & Lyle, Lonza, Royal FrieslandCampina N.V., Glanbia PLC, CHR Hansen Holdings A/S, and Probi. These industry leaders have primarily adopted strategies such as strategic partnerships, expansions, and new product launches to enhance their presence across regions and industrial segments.
In summary, the global health ingredients market is poised for substantial growth, driven by evolving consumer preferences, heightened nutritional awareness, and a focus on holistic well-being. The market is projected to reach USD 146.3 billion by 2027, presenting lucrative opportunities for industry players and stakeholders alike.
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