Albany, NY -- (SBWIRE) -- 11/07/2018 -- According to the market research study by Transparency Market Research, in 2016, the global market for functional food ingredients was worth US$20.35 bn and is likely to reach a value of US$32.40 bn by the end of 2024. As per the report, the market is predicted to register a healthy 6.0% CAGR between 2016 and 2024.

The market has been forecast based on constant currency rates. Prices of functional food ingredients vary in each region and are a result of the demand-supply scenario in the region. Hence, a similar volume-to-revenue ratio does not follow for each individual region. Individual pricing of functional food ingredients for each application has been taken into account while estimating and forecasting market revenue on a global basis. Regional average price has been considered while breaking down the market into segments in each region.

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Global Functional Food Ingredients Market: Research Methodology

The report provides the size of the functional food ingredients market in 2015 and the forecast for the next nine years up to 2024. The size of the global functional food ingredients market is provided in terms of both volume and revenue. Market volume is defined in Kilo Tons, while market revenue for regions is in US$ Bn. The market size and forecast for each product segment is provided in the context of global and regional markets. Numbers provided in this report are derived based on demand generated from different applications and types of raw materials.

Increasing Demand for Functional Food Ingredients to Drive North America Market

In the last few years, North America led the global functional food ingredients market by holding a large share of the market. The rising demand for functional food ingredients, owing to the rising number of restaurants is projected to encourage the growth of the North America market in the next few years. Furthermore, Latin America and Asia Pacific are estimated to witness a healthy growth in the next few years. The increasing contribution from Brazil, India, and China is estimated to enhance the growth of these regions in the next few years. In addition to this, the rising disposable income of consumers and the increasing working class populations are some of the other key factors, which are predicted to accelerate the growth of Asia Pacific and Latin America throughout the forecast period.

On the basis of ingredients, the global market for functional food ingredients has been categorized into carotenoids, essential oils, vitamins, minerals, probiotics, omega 3 and 6 fatty acids, prebiotics and dietary fibre, hydrocolloids, soy protein, and proteins and amino acids. The rising demand for functional foods and beverages across the globe is anticipated to enhance the growth of the overall market in the next few years. In addition, the rising awareness among consumers regarding the benefits is likely to enhance the growth of the market in the near future.

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Rising Awareness among Consumers to Encourage Market Growth

The increasing cases of chronic cases and the rising health awareness among consumers concerning the benefits of making use of functional food ingredients are some of the key factors that are projected to enhance the growth of the market in the next few years. In addition to this, the growing demand for fortified beverages and food products is another major factor, which is estimated to accelerate the growth of the market in the near future. On the flip side, the vulnerability to the seasonal changes and the rules and regulations for food safety are projected to restrict the growth of the global functional food ingredients market throughout the forecast period. Nonetheless, the rising opportunities in developing economies are projected to encourage the growth of the overall market throughout the forecast period.