Increasing Incidences of Chronic Disease to Drive the Growth of Health Ingredients Market
Shift in consumer preference from nutrition-based to health-specific food, increasing incidences of chronic disease, and rise in demand for fortified food & beverage products are the factors driving the health ingredients market. Increasing awareness and rising demand for function specific food among the global population, fuels the demand for health ingredients. The health ingredients market is projected to grow at a CAGR of 6.96%, in terms of value, from 2016 to reach a projected value of USD 101.32 Billion by 2022.
The health ingredients market has been segmented by type into vitamins, proteins, minerals, prebiotics, probiotic starter cultures, nutritional lipids, functional carbohydrates, enzymes, and plant & fruit extracts. Proteins has emerged as the most widely used health ingredients owing to their multi-functional properties and their vast applications in sport nutrition, dietary supplements, and weight management.
Based on source, the plant segment is estimated to have the largest market share in 2017. The global demand for health ingredients from plant source is higher than other sources. Factors such as changing consumer preferences from meat-based products to plant-based products is one of the main reasons that drive the market for plant-based health ingredients.
The health ingredients market has been segmented on the basis of application into food, beverage, pharmaceutical, animal feed, and personal care. Health ingredients have been gaining importance from pharmaceutical applications segment due to growing demand for functional supplements. Increasing government initiative in the field of fortification and growing demand for fortified food & beverages provide a platform for the increasing demand for health ingredients in food and beverage application.
The European region is estimated to account for the largest share of the global health ingredients market, in terms of both value and volume, in 2017. The shift in consumer preference from nutrition-based to health-specific food coupled with increasing awareness about newly invented health ingredients such as prebiotics and probiotics fueling market demand from developing regions such as Asia Pacific are factors accelerating health ingredients market growth.
The leading players that dominated the health ingredients market include, Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Kerry Group plc (Ireland), Associated British Foods plc (U.K.), and Arla Foods (Denmark).