Latest report just released by Research&Markets entitled ‘Functional Food Ingredients – Global Market Trajectory & Analytics’ showed that the global functional food ingredients market is projected to reach US$110.3 billion by 2017. The star performer will be China with an impressive CAGR growth rate of 8.4%.
Presently, with the existing pandemic challenges, the global market for functional food ingredients was estimated at US$76.2 billion with a steady CAGR growth of 5.4% from 2020-2027.
The report also segmented the functional food ingredients market by Natural and Synthetic. The Natural segment is projected to reach US$62.7 billion or 57% of the market, while the Synthetic segment will grow at a CAGR of 5% and contribute the remainder of the market.
During the forecast period, the US market will reach US$20.6 billion and will be surpassed by China with US$23.1 billion by 2027. Other major markets for functional food ingredients include Japan and Canada which will witness 2.9% and 4.9% CAGR growth respectively. With the European region, Germany is the star performer with 3.4% CAGR.
The report also covered up to 55 major players in this segment and they include Ajinomoto, ADM, Arla Foods, BASF, Cargill, Chr. Hansen, Ingredion and Kerry amongst others.