Functional Extracts Market: Overview
Functional extracts are naturally occurring phytonutrients derived from fruits, vegetables, tea and other plants that can intensify nutritional profile of daily food, drinks, and other nutritional supplements. Functional extracts are composed of different phytonutritional value-added components such as antioxidants, sugars, carotenoids which don't disturb the taste and texture of the food.
Functional Extract Market: Drivers & Restraints
The major factors driving the growth of functional extract market are growing demand for nutritional supplements, increasing awareness in consumers about health and well-being which led to the increase in the use of functional extracts in their daily nutritional supplements intake. While there is a large number of artificial nutritional supplements in the market, but consumers prefer functional extracts from plants which are natural sources of desired nutrients due to its health and dietary benefits. Functional extracts from different plant resources provide different nutrients such as Beta-carotenes of vitamins, thereby make daily diet food more value-riched. In developed countries, the functional extracts market is leading concerning revenue due to increasing awareness and demand among consumers. APEJ market for functional extracts is expected to grow in terms of CAGR over the forecast period.
Functional Extract Market: Market Segmentation
The functional extract market is segmented into source, application type, form, and geography. Among application type, food and beverages segment is the leading segment of functional extract market attributed to growing concerns for health and wellness among consumers.
Functional extracts can be used in the form of powder and liquid, with the usage in nutritional powder products and beverage manufacturing process respectively. Demand for the healthy food and nutritional supplements enhance the market growth of functional extracts.
Based on the source type, the functional extract market is segmented into:
- Tea leaves
- Other plants
Based on the application type, the functional extract market is segmented into:
- Iced teas
- Dairy drinks
- Flavored drinks.
- Nutritional supplements
- Supplement powders
- Malts and drinks.
Based on the form type, the functional extract market is segmented into:
Functional extract market: Regional outlook
Based on geography, the functional extract market is categorized into seven key regions including North America, Japan, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Latin America and The Middle East and Africa. Functional extract market is expected to register healthy growth in upcoming years due to high demand for food and nutritional supplements for health and wellness among consumers across the globe. The Asia Pacific represents the considerably high market share and grows with the relatively high growth rate in the forecast period. North America and Europe are the leading in terms of revenue in the functional extract market.
Rising awareness among young population is driving the market for functional extract among the regions such as Asia Pacific and North America. Functional extract market is projected to register healthy growth due to rising consumption of the nutritional food and beverages across the globe. Asia Pacific region is expected to witness rapid growth during the forecast primarily attributed to the growth of the nutritional food and supplements, especially in China and India.
Functional Extract Market: Key Players
Following are some of the key players identified in the Functional Extract Market:
- Döhler GmbH
- Synergy Flavors
- Kalsec Inc.
- Blue Sky Botanics Ltd.
- MB-Holding GmbH & Co. KG
- Frutarom Industries Ltd.
- The Archer Daniels Midland Company
- Bayir Extracts Pvt Ltd
- Martin Bauer Group
- Kanegrade Ltd.
- The Green Labs LLC
- Van Eeghen Functional Ingredients
- Other Key players
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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