The market for functional food ingredients in the Asia Pacific region was valued at 4.2 billion dollars in 2022, and by 2033, it is expected to have grown to 8.5 billion dollars, with a compound annual growth rate (CAGR) of 6.9%.
Food manufacturers in the Asia Pacific area are continually producing food items that incorporate functional ingredients like omega-3s as well as probiotics to fulfill the rising customer demand for food products with varied health advantages. One of the forthcoming trends seen in the area is the expansion of production facilities by manufacturers to further boost their market position in the Asia Pacific functional food ingredients market.
A number of factors, including rising rates of nutritional deficiencies as well as chronic illnesses, new government fortification initiatives, the rise of the middle class in emerging economies, the aging population, and rising interest in health and wellness, are expected to increase the desire for functional food ingredients within the Asia Pacific region in the upcoming years.
Strict laws limit the growth of the market for functional food additives, despite these exciting prospects. Businesses must do several clinical studies and gain government accreditation in order to compete for health claims, which boosts the cost. High investment consequently poses a problem for participants in the growing market who have limited financial resources.
Key Takeaways from the Market Study
- According to estimates, the market for functional food ingredients in Asia Pacific would be worth US$ 3.71 billion in 2018.
- Sales in the Asia Pacific market for functional food ingredients increased significantly between 2018 and 2022, with a CAGR of 2.6%.
- By type, carotenoids accounted for 32.8% of the Asia Pacific market share in 2022.
- The use of these functional food additives in the food and beverage industry in 2022 amassed a market share in Asia Pacific of 27.2%.
- The Asia Pacific market for functional food ingredients was 45.7% owned by China in 2022.
- The functional food ingredients market in Japan accounted for about 22% of the Asia Pacific market share in 2022.
“Food producers in the Asia Pacific area are continually creating food items with functional ingredients like probiotics and omega-3s to suit the rising customer demand for food products with varied health advantages,” – Nandini Roy Choudhury, Client Partner at Future Market Insights
Competitive Landscape
The market for functional food ingredients is fragmented, and the major producers only possess minor market shares. This is a result of the extensive selection of functional food additives produced by various producers. Key market participants in the functional food ingredients space have a substantial worldwide footprint. The following are some significant developments in the Asia Pacific functional food ingredients industry:
- In 2023, BASF started work on two further research and development (R&D) buildings in Shanghai in order to expand the campus. Since 2012, the company has invested a total of €280 million in its Innovation Campus Shanghai, enhancing its capacity for innovation and improving its ability to serve its clients in China and Asia.
- BASF invested in an addition to their vitamin A factory in Ludwigshafen, Germany, which they completed in 2021 to improve vitamin A supply. In mid-2023, BASF plans to begin construction on an expansion of their global-scale facility for formulating vitamin A for animal feed.
- The Ludwigshafen feed enzymes factory of BASF boosted its production capacity in January 2022, assisting customers in the animal nutrition industry in realizing their expansion objectives.
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Future Market Insights offers an unbiased analysis of the Asia Pacific functional food ingredients market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the Asia Pacific functional food ingredients market, the market is segmented based on ingredient type, application and region.
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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