The functional extracts are concentrated phytonutrients which are available naturally in most of the vegetables, plants, and fruits. Functional extracts are the extracts derived from sources like plants, vegetables, and fruits. Functional extracts play an important role in increasing the nutritional levels of food products, supplements, and drinks. Some of the plants, vegetables, and fruits used in the extracting of the ingredients are apple, grass, almond, alfalfa grass and many such products. Addition of functional extracts in the products does not change its taste or feel. These are absolutely natural and organic in nature. Functional extracts are essential and are used to enhance the overall nutritional value of the food and beverage. The key regions that are involved in the global functional extracts market include North American, Asian, and European countries. Some of the leading players in the global functional extracts market are Applied Food Sciences Inc., FutureCeuticals Inc., Morre-Tec Industries Inc., Kerry Inc., Pure World Inc., Naturex Inc., and VF Bioscience SAS.
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Awareness Regarding Health Benefits of Organic Products Is Driving the Functional Extracts Market
The overall functional extracts market is booming rapidly across the globe. The major driver that is driving the demand for the functional extracts market is the increase in the use and consumption of organic products in the food and beverages, cosmetics, pharmaceuticals, and other industries. Consumers are demanding the use of natural and organic ingredients in these products which are driving the functional extracts market at a rapid pace. The growing trend of consumers’ inclination towards organic and natural food products is driving the global functional extracts market. There is also an increased awareness amongst people regarding the benefits one gets from by using and consuming naturally extracted products which is supporting the growth of the functional extracts market. The growth is observed due to increased production and consumption of the nutritional food in the market. The main restraint in the functional extracts market is the availability of substitutes and a very low supply of raw materials.
The manufacturers in the functional extracts have huge opportunities in the market. A large number of players are offering a variety of functional extracts in the market. There is increased competition with increased research and developments in the functional extracts market. Manufacturers of functional extracts have huge opportunities as a consequence of increased investments in food and beverages, pharmaceuticals, and cosmetics and personal care industries. The market participants also have the immense opportunity in the research and development of the use of functional extracts, in developing new technology and solutions. The manufacturers also have opportunities in expanding their businesses into varied operations. Recently, Archer Daniels Midland Company had announced that it will be expanding its functional plant-based extracts business into green tea, acerola, and other ingredients.
Functional Extracts Market Segmentation
The functional extracts market is segmented on the basis of nature, application, and the source.
On the basis of nature, the functional extracts market can be segmented as:
- Organic
- Conventional
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On the basis of application, the functional extracts market can be segmented as:
- Food and beverages
- Drinks
- Dairy
- Dietary supplements
- Food
- Human nutrition
- Animal nutrition
- Personal care
- Cosmetics
- Hair care
- Skin care
- Pharmaceuticals
- Perfume
On the basis of source, the functional extracts market can be segmented as:
- Plants
- Vegetables
- Fruits
- Seeds
- Flowers
Functional Extracts Market: Regional Analysis
The countries that are largely involved in the global functional extracts market are Germany, the US, China, the UK, Thailand, India, and Brazil.
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Functional Extracts Market: Key Participants
Some of the market participants in the functional extracts market are:
- Archer Daniels Midland Company
- Green Source Organics
- The Green Labs LLC
- Bell Flavors and Fragrances
- Applied Food Sciences Inc.
- FutureCeuticals Inc.
- Morre-Tec Industries Inc.