The health ingredients market has been segmented on the basis of type, application, source, function, and region. On the basis of type, the market has been segmented into vitamins, minerals, prebiotics, nutritional lipids, probiotic stater cultures, functional carbohydrates, plant & fruit extracts, enzymes, and proteins. Amongst type, probiotic starter cultures is the fastest growing segment. Manufacturers can grab opportunities in the segment by strategic collaboration with the research institutes working on probiotic culture research and introduce new probiotic strains in the market.
On the basis of source, the market has been segmented into animal, plant, microbial, and synthetic. The plant segment dominated the health ingredients market, as plant sources provide a majority of the ingredients that are required for health management. However, the microbial source segment is projected to grow at the highest CAGR owing to the rapidly growing demand for microbial culture-based prebiotic and probiotic health ingredients.
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Changing lifestyles, shifting preference toward a healthy diet, and increasing demand from health-specific food containing specialty ingredients led to the growth of the health ingredients market. The pharmaceuticals segment is projected to grow at the highest CAGR of from 2017 to 2022, followed by the animal feed segment during the forecast period.
Europe accounted for the largest share for the global health ingredients market, in terms of value, in 2016. This is due to the wide consumption of proteins, probiotics, functional lipids, and other health ingredients in different applications. However, the health ingredients market in the Asia-Pacific region is projected to grow at the highest CAGR. The demand for health ingredients is increasing due to the rising preference of consumers to consume a healthy diet and the increasing demand for function-specific food.
The consumer movement towards prevention and the convergence of nutrition with specialty health and pharmaceutical ingredients is beginning to attract the attention of major pharmaceutical players with substantial investments likely to follow. Thus, manufacturers can grab the opportunity by tapping markets with strategic expansion of R&D and joint ventures with local raw material manufacturers in developing regions such as Asia Pacific and Rest of the World.
Archer Daniels Midland Company (U.S.), Associated British Foods (U.K.), E. I. du Pont de Nemours and Company (U.S.), Koninklijke DSM N.V. (Netherlands), BASF SE (Ge