Functional Food Ingredients Market: Demand Growing on Account of Rising Awareness: APAC Industry Analysis and Opportunity Assessment, 2016-2026
- REP-AP-1773
- 2016-08-30
- 209 Pages
- Format:
- Category: Food and Beverages
The Asia Pacific functional food ingredients market is anticipated to expand at a CAGR of 5.9% in terms of value during the forecast period 2016 to 2026 and is expected to account for US$ 5.04 Bn by the end of 2026, registering a 0.6X increase in terms of value during the forecast period.
The Asia Pacific functional food ingredients market has been segmented on the basis of ingredient type into vitamins, minerals, prebiotic and dietary fibre, probiotics, carotenoids, protein, and omega 3 fatty acids; and on the basis of application into beverages, dairy and dairy based products, infant food, and bakery and confectionery. Among all ingredients in the Asia Pacific functional food market, probiotics are projected to be the fastest growing segment over the forecast period owing to the increasing number of manufacturing companies that incorporate probiotic bacteria especially in dairy based products such as yogurt. Out of the total Asia Pacific functional food ingredients, probiotics accounts for approximately 23.5% market share.
Key market drivers and trends
Rising demand for functional/fortified foods and an increasing consumer awareness of health and fitness is expected to fuel the demand for functional foods across the Asia Pacific region, which in turn will likely drive market growth over the forecast period. Further, rising consumption of processed food in developing economies such as India and China and a steadily increasing GDP is also expected to drive demand for functional foods across the region. A growing baby boomer population, changing lifestyle patterns, and increasing urbanisation is further likely to boost market growth in the Asia Pacific region.
The most prominent trends witnessed among leading players in the Asia Pacific functional food ingredients market is expansion by increasing manufacturing capacity and setting up new branches within the Asia Pacific region in order to further strengthen market foothold. Leading ingredients providers operating in the Asia Pacific region continuously participate in various exhibitions in order to showcase their ingredient portfolio, build brand visibility, and enter new markets.
Region-wise market projections
The Asia Pacific functional food ingredients market was valued at US$ 2.71 Bn in 2015 and is estimated to reach US$ 2.85 Bn by the end of 2016, reflecting a Y-o-Y growth rate of 5.4%. The market is expected to be valued at US$ 5.04 Bn by the end of 2026, registering a CAGR of 6.1% over the forecast period. The Asia Pacific functional food ingredients market is estimated to represent an absolute dollar opportunity of US$ 147.0 Mn in 2016 over 2015 and is expected to represent an incremental dollar opportunity of US$ 2.19 Bn between 2016 and 2026. Japan is likely to dominate the Asia Pacific functional food ingredients market during the forecast period, accounting for a revenue share of 35.1% by 2026. The market in China is projected to register the second-highest CAGR of 6.3% in terms of value over the forecast period.
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Key market players
Key players in the Asia Pacific functional food ingredients market include functional food ingredients suppliers and customers. Asia Pacific functional food ingredients suppliers focused in the report include Sciphar Natural Products Co. Ltd., Marathwada Chemical Industries Pvt. Ltd., NEW ASIA INGREDIENTS PTE LTD, FENCHEM BIOTEK LTD., Arjuna Natural Extracts Ltd., Shandong Yuwang Industrial Co., Ltd., Supreem Pharmaceuticals Mysore Pvt. Ltd., Bio Actives Japan Corporation, Global Specialty Ingredients (M) Sdn. Bhd., and Excellent Health Products Co. Ltd. Functional food ingredients customers profiled in the report include Nestlé S.A., PepsiCo Inc., ConAgra Foods Inc., Kellogg Company, Yakult Honsha Co. Ltd., Danone SA, Meiji Holdings Co. Ltd., The Coca-Cola Co., Tata Global Beverages Ltd., and General Mills, Inc.
Future Market Insights offers a 10-year forecast for the Asia Pacific functional food ingredients market from 2016 to 2026 in a latest industry report. The primary objective of the report is to offer insights on the advancements in the functional food ingredients market. The study analyses market dynamics likely to influence the Asia Pacific functional food ingredients market over the forecast period. The report also provides insights on trends, drivers, restraints, value forecasts, and opportunities for manufacturers operating in this market across seven countries.
Food manufacturers in the Asia Pacific region are continuously developing food products that include functional ingredients such as probiotics and omega 3s to cater to the growing consumer demand for food products that possess various health benefits. One of the upcoming trends witnessed in the Asia Pacific functional food ingredients market is the expansion of manufacturing facilities by providers to further strengthen their market presence in the region. The report begins with a detailed market segmentation – on the basis of ingredient type into vitamins, minerals, prebiotics and dietary fibre, probiotics, carotenoids, protein, and omega 3 fatty acids; and on the basis of application into beverages, dairy and dairy based products, infant food, and bakery and confectionery.
The next section of the report discusses the steady rise of market competition and identifies various factors shaping internal as well as external competition. Internal competition in the functional food ingredients market is comparatively low due to less number of major providers of functional food ingredients in the market. However, the Asia Pacific functional food ingredients industry is facing stiff external competition from producers and distributors of food ingredients. The report analyses various entry barriers in the industry and rates these on the basis of their impact on the competition level in the market. The report further focuses on the market share of the Asia Pacific functional food ingredients market. The subsequent section highlights region-wise demand for functional food ingredients and provides a market outlook for 2016–2026 while setting the forecast within the context of functional food ingredients, including new technological developments and ingredient offerings. The report discusses various regional trends contributing to the growth of the functional food ingredients market in the Asia Pacific region and analyses the degree to which drivers are influencing the market in each country.
A competitive landscape has been included in the final section of the report to provide readers with a dashboard view of leading categories of providers covered in the report – namely functional food ingredients suppliers and customers. The report also profiles leading providers to evaluate their short-term and long-term strategies, key offerings, and recent developments in the functional food ingredients market.
Research methodology
It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities. An important feature of this report is the analysis of all key segments in terms of absolute dollar opportunity. Absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective.
| Market segmentation | Geographies covered | |||||
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Featured market players
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Asia Pacific competitive landscape – By Ingredient |
Asia Pacific competitive landscape – By Product |
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Sciphar Natural Products Co. Ltd. NEW ASIA INGREDIENTS PTE LTD. FENCHEM BIOTEK LTD. Arjuna Natural Extracts Ltd. Shandong Yuwang Industrial Co. Ltd. Supreem Pharmaceuticals Mysore Pvt. Ltd. Bio Actives Japan Corporation Global Specialty Ingredients (M) Sdn. Bhd. Excellent Health Products Co. Ltd. |
Nestlé S.A. PepsiCo Inc. ConAgra Foods, Inc. Kellogg Company Yakult Honsha Co. Ltd. Danone SA Meiji Holdings Co. Ltd. The Coca-Cola Co. Tata Global Beverages Ltd. General Mills Inc. |