According to a research report titled ‘Global Functional Food Ingredients Market Size study by Ingredient (Probiotics, Minerals, Proteins & Amino Acids, Prebiotics, & Dietary Fibers, Vitamins and Others), Product (Bakery & Cereals, Dairy Products, Meat, Fish & Eggs, Soy Products, Fats & Oils and Others), Application (Sports Nutrition, Weight Management Clinical Nutrition, Cardio Health, and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global functional food ingredients market was valued at USD 177.7 billion in 2019 and is anticipated to record over 6.7% CAGR during 2020-2027.
 

As per the report findings, growing appetite for nutritious drinks, and increasing demand for nutrient-rich bars and drinks from health-conscious consumers are promoting worldwide functional food ingredients industry growth. Furthermore, rising consumer inclination towards protein-rich food, as opposed to foods with high carbohydrates and fat content is also projected to bolster overall industry revenue.
 

Besides, rising consumer inclination towards organic and natural food products is rendering a positive impact on the industry outlook. In fact, Statista cites that food and beverage sales in ‘organic’ section generated 105 billion U.S. dollars in 2020.
 

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For those unversed, functional food is defined as a type of food that can improve health. These food products do not claim to prevent illnesses but aim to reduce the risk of disease by providing vital proteins and nutrients. Furthermore, functional food ingredients are also advantageous in catering to human physiological needs.
 

Despite the lucrative prospects, high cost of functional food products is anticipated to hamper global functional food ingredients market expansion in the ensuing years.
 

Considering the geographical outlook, North America, Asia Pacific, Latin America, and Europe are the key regions covered in the research literature. Asia-Pacific region accounted for a significant market share in the recent past. Factors such as increasing healthcare expenditure, rapid urbanization, as well as growing awareness about medicinal benefits of functional food are expected to boost regional market growth in the upcoming years.
 

Meanwhile, North America industry is expected to record a robust compound annual growth during the forecast period. The drastic changes in food preferences and lifestyle will create lucrative growth opportunities for businesses in the regional industry.
 

Major contenders in global functional food ingredients market are Danone S.A., Glanbia Plc, Meiji Holdings Co., Ltd., Nestlé S.A., Mars, Inc., Kraft Heinz Co., Royal FrieslandCampina N.V., Hearthside Food Solutions LLC, Sanitarium Health and Wellbeing Co., and Raisio Oyj.