Multifunctional Food Ingredients Market size was valued as $15.73 billion in 2019 and is poised to grow at a CAGR of 7.21% during the forecast period 2020-2025. Multifunctional food ingredients are utilized to exchange gums, gluten, fats, and other such expensive or unhealthy ingredients. Additionally, these ingredients help in improving the product’s shelf life and aid in fulfilling the prevailing food safety norms. The demand for multifunctional ingredients is propelling with the rise in demand for natural ingredients and clean label products. The marketplace for multifunctional food ingredients has three segments, ingredient type, application and geography.
- Geographically, Multifunctional Food Ingredients market share is dominated by North America followed by Europe in 2019. With the adoption of advanced technologies in food manufacturing and increase in awareness among consumers about food safety has driven the multifunctional food ingredients market in these regions.
- Growth of the multi-functional food ingredients market is poised to drive by a slew of factors, which range from the rising demand for clean label products and changing regulations in industry, additionally to the growing awareness among consumers.
- Increase in Consumers demand for clean label products and natural ingredients is set to increase the growth for the multifunctional food ingredient market.
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By Geography – Segment Analysis
North America dominates the market with 41.67% of total Market owing to the adoption of advanced technologies in food manufacturing and increase in awareness among consumers about food safety. With increasing demands for processed food and ready-to-eat products, multifunctional food ingredients market is set to register healthy CAGR during forecast period 2020-2025. Asia-Pacific lacks in developed infrastructure and other facilities acts as a major hindrance in the market growth for multifunctional food ingredients owing to lack of availability of facilities.
Drivers – Multifunctional Food Ingredients Market
- Shift Towards Healthy Food
Multifunctional Food Ingredients industry outlook:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Multifunctional Food Ingredients Market. Key companies of this market are Cargill Inc., E.I. Du Pont De Nemours and Company, Kerry Group PLC, Archer Daniels Midland Co., Royal DSM N.V., Ingredion Incorporated, Givaudan, Sensient Technologies Corporation, Tate & Lyle and CHR Hansen Holding A/S among others.
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