Fresh fruit, packaged foods, dairy products, and functional beverages are just a few examples of functional food additives used in fortified food and beverage products. The Asia Pacific market for functional food components is being affected by rising sales of healthy or functional drinks.
2022 the Asia Pacific functional food ingredients market will be worth US$ 4.2 billion. By 2023, the valuation is expected to rise to US$ 4.34 billion, with a market value of US$ 8.5 billion expected by 2033, rising at a CAGR of 6.9% from 2023 to 2033.
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The market for functional food ingredients in Asia Pacific is rising astonishingly as a result of the region’s growing population of health-conscious consumers. The value of preventative healthcare is becoming more widely recognised, which has increased demand for functional meals. The increased focus on nutrition and wellbeing as well as the accessibility of novel ingredient options are accelerating the market expansion in the region.
Key Takeaways – Functional Food Ingredients Market Study
- The growing popularity of omega-3 as a supplement in the Asia Pacific region is expected to boost the growth of the functional food ingredients market, particularly in the spreadable fats and oils food products segment.
- ASEAN is ranked as the seventh-largest economy in APAC, and consumers in this region are more inclined to intake nutritional food products that offer various health benefits.
- Multinational companies manufacturing functional food ingredients are taking initiatives to tackle nutritional deficiencies. Companies such as Nestlé and Unilever have started food fortification to add both macro and micronutrients in their food products.
- Nestlé S.A. started fortification of its products, such as cereals, to target deficiencies in specific global markets. By 2016, the company fortified 200 billion servings of food and beverages worldwide while partnering with the HarvestPlus program (bio fortification) and agricultural research partners in India.
- Unilever PLC partnered with the World Food Program to launch ‘Together for Child Vitality’, an initiative to improve the nutrition and health of school-aged children. Unilever PLC fortifies products such as spreads, seasonings, porridges, and bouillons, which are affordable and easily accessible.
- Japan is perceived as a highly profitable market for manufacturers of functional food ingredients worldwide.
- In 2017-18, 8-10% of the Japanese population was diabetic, which created significant opportunities for manufacturers of functional food ingredients to target this demographic by offering products to mitigate the impact of diabetes.
Manufacturers of functional food ingredients are mostly concerned with meeting regional or domestic needs. In India, omega-3, which is generally produced from meat, has been developed from vegetarian sources such as flaxseed oil and algae. Food and beverage firms are also prioritising research and development efforts in order to improve their product offers with multifunctional nutritional profiles.
Consumer preference for preventative healthcare continues to be a major driver of the APAC functional food ingredients market. According to a new research study by Future Market Insights (FMI), increased demand for natural functional food ingredients has been a noteworthy trend that will further alter prebiotic ingredient sales. This is going to be one of the most important factors impacting market growth in APAC.
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Market Segments Covered in APAC Functional Food Ingredients Industry Analysis
By Ingredient Type:
- Vitamins
- Minerals
- Prebiotic & Dietary Fibers
- Probiotics
- Carotenoids
- Proteins
- Omega-3 Fatty Acids
By Application:
- Beverages
- Dairy and Dairy-based Products
- Bakery and Confectionary
By Country:
- China
- India
- Japan
- ASEAN
- Australia and New Zealand
- South Korea
- Rest of APAC
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Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Have a Look at Related Reports of Food and Beverage Domain:
GCC Functional Food Market Size: GCC Functional Food Market: By 2032, the revenue generated by sales of functional foods in GCC countries is expected to be over US$ 30.9 billion.
Multifunctional Food Ingredients Market Share: The market for multifunctional food ingredients was valued at USD 134.7 billion in 2020 and is expected to grow to USD 178.3 billion by 2025, at a CAGR of 7.9% during the forecast period.
Functional Food Ingredients Market Trend: The functional food ingredients market is estimated at US$112.60 billion in 2023 and is expected to reach $215.36 billion by 2033, growing at a 6.7% CAGR during the forecast period.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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