LONDON--(BUSINESS WIRE)--The functional food ingredients market is expected to grow by USD 27.52 billion during 2020-2024, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the functional food ingredients market in optimistic, probable, and pessimistic forecast scenarios.
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The functional food ingredients market will witness a neutral impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase as compared to 2019.
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.
This post-pandemic business planning research will aid clients to:
- Adjust their strategic planning to move ahead once business stability kicks in.
- Build Resilience by making effective resource and investment choices for individual business units, products and service lines.
- Conceptualize scenario-based planning to mitigate future crisis situations.
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Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Major Three Functional Food Ingredients Market Participants:
Archer Daniels Midland Co.
Archer Daniels Midland Co. operates its business under four segments, which include- Ag services and oilseeds, carbohydrate solutions, nutrition, and others. The company offers functional food ingredients, such as naturally sourced vitamin E, plant sterols, soy isoflavones, flaxseed oil and functional extracts.
BASF SE
BASF SE operates its business under chemicals, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions, and other segments. The company offers and manufactures functional food ingredients, such as antioxidants, carotenoids, colorants, emulsifiers, omega-3 and -6 fatty acids, conjugated linoleic acid, vitamins, and phytosterols, for the food and beverage industry.
Cargill Inc.
Cargill Inc. operates its business under nine segments such as agriculture, animal nutrition, beauty, bioindustrial, food & beverage, pharmaceutical, industrial, meat & poultry, and others. The company manufactures antioxidants, carotenoids, essential oils, and fatty acids, among other products for use in savory snacks, cheese, dairy products, bakery products, and confectionaries.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Get report snapshot here to get detailed market share analysis of market participants during COVID-19 lockdown: https://www.technavio.com/report/functional-food-ingredients-market-industry-analysis
Functional Food Ingredients Market 2020-2024: Segmentation
Functional food ingredients market is segmented as below:
-
Product
- Probiotics and Prebiotics
- Proteins and Amino Acid
- Dietary Fibers
- Vitamins and Minerals
- Others
-
Geography
- North America
- APAC
- Europe
- MEA
- South America
The functional food ingredients market is driven by increased demand for functional food ingredients from the probiotics segment. In addition, other factors such as a wide range of applications are expected to trigger the functional food ingredients market toward witnessing a CAGR of almost 7% during the forecast period.
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