The Global skin health foods (dermatology functional foods) market is projected to reach USD 2,651.5 million by 2026 from USD 1,929.5 million in 2021, at a CAGR of 6.6% during the forecast period. Growth in this market is largely driven by the increasing consumption of nutrient-enriched foods to improve overall health, high incidence of allergic diseases, growth in health awareness among consumers, and increasing R&D and production capacity for functional food and beverage products. Moreover, untapped emerging markets in developing countries are creating lucrative opportunities for the market players. The skin health foods market is segmented into indication like skin conditions, anti-aging and anti-allergy.
The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The growth of this market is mainly driven by the high incidence of allergic diseases, the growth in health awareness among consumers, increasing R&D and production capacity for functional food and beverage products, and the increasing consumption of nutrient-enriched foods to improve overall health. Moreover, the development of different techniques to create high-value natural carotenoids, alternative sources to obtain omega-3, and growth in the retail sector of emerging countries are creating lucrative opportunities for the market players.
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48 – Tables
30 – Figures
125 – Pages
Key Player
The global skin health foods market is consolidated with the presence of many regional and global players like BASF SE (Germany), Archer Daniels Midland Company (US), DuPont (US), Cargill, Incorporated (US), and Danone SA (France) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, joint ventures, collaborations, partnerships, and product launches in order to remain competitive and further increase their share in the market. Some of the other prominent players in the market are Arla Foods (Denmark), Nestle SA (Switzerland), Koninklijke DSM N.V. (Netherlands), Glanbia PLC (Ireland), Herbalife Nutrition Ltd. (US), and Amway (US).
BASF SE dominated the skin health foods market in 2020. The company's leading position can be attributed to its comprehensive suite of products such as carotenoids, plant-sterols, vitamins and omega-3 fatty acids used for skin health and human nutrition in bakery products, snacks, confectionery products, meat analogs, and beverages. Its high focus on R&D enables the company to rapidly innovate and develop products that suit the current market demands. The company has a wide geographical presence encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific.
Archer Daniels Midland Company is the second-largest player in the skin health foods market. It offers a wide range of natural health, and nutrition products, including probiotics, prebiotics, enzymes, and botanical extracts, and other specialty food and feed ingredients. The company offers a variety of products from nature, including plant-based proteins. The company has a strong network encompassing numerous subsidiaries in more than 70 countries such as UK, Germany, US, Brazil, the Netherlands, Spain, and Australia.
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Drivers: Increasing R&D and manufacturing capacity for functional food and beverages
The rapidly growing demand for functional food ingredients such as prebiotics, probiotics, vitamins, minerals, phytochemicals, plant extracts, and omega-3 fatty acids is drawing the attention of global functional food ingredient manufacturers, who are making significant investments in the sector. Manufacturers are developing functional confectioneries such as gummies and toffees for children, nutrition bars, and functional drinks that attract fitness enthusiasts and consumers looking for quick nutrition.
Consumers are increasingly becoming aware of their digestive health, driving innovation in probiotic product offerings. Prebiotics and probiotics are the emerging functional food ingredient segments in which researchers are focusing on developing different applications and benefits. Researchers from the National University of Singapore have created probiotic-infused beer; this beer is considered good for gut health. Many such applications are expected to emerge as R&D investments increase, driving the market for functional food ingredients.
Restraints: Higher cost of functional food products due to the inclusion of healthier or naturally sourced ingredients
The development and commerce aspects of functional food ingredients are complex, expensive, and uncertain. Factors behind the success of product development are technological conditions, consumer demand, and legislative and regulatory background. Significant investment is required for the R&D of a strain that will be used to produce new functional ingredients such as probiotics. Probiotic strains and products are developed and produced in accordance with international food regulations. Also, highly sterile and technical equipment and processes are required for the manufacturing and extraction of various other functional ingredients. As a result of the high cost of production, the price of the final product is also high. Marketing and distribution further add to the product price. Although consumers are aware of the health benefits derived from these expensive functional food ingredients, their high prices restrict them from buying the product. The intensity of the factor further increases in developing countries that have a price-sensitive consumer base, especially in some Asian and African countries.
Recent Developments:
- In 2021, Grupo Arcor and Ingredion Incorporated (US) began a joint venture to broaden food & beverage ingredient offerings to customers in Argentina, Chile, and Uruguay.
- In 2021, Archer Daniels Midland Company (US) acquired Sojaprotein, a leading European provider of non-GMO soy ingredients, representing a significant expansion of ADM’s global alternative protein capabilities to meet the growing demand for plant-based foods and beverages.
- In 2021, IFF completely merged with DuPont’s Nutrition & Biosciences(US) business. The combined company will operate under the name IFF.
- In 2021, Archer Daniels Midland Company (US) announced a new soy crushing facility in North Dakota to meet the increasing demand for renewable products. it would be the first-ever dedicated soybean crushing plant and refinery to meet fast-growing demand from food, feed, industrial and biofuel customers, including renewable diesel producers.
Report Link: skin health foods (dermatology functional foods) market
TABLE OF CONTENTS:
1 INTRODUCTION (Page No. - 16)
- OBJECTIVES OF THE STUDY
- MARKET DEFINITION
- CURRENCY
- STAKEHOLDERS
- RESEARCH METHODOLOGY (Page No. - 19)
- RESEARCH APPROACH
- RESEARCH METHODOLOGY DESIGN
- MARKET SIZE ESTIMATION: DERMATOLOGY FUNCTIONAL FOODS MARKET
- DATA TRIANGULATION APPROACH
- MARKET OVERVIEW (Page No. - 28)
- SKIN HEALTH/DERMATOLOGY FUNCTIONAL FOODS MARKET, BY AREA OF USE (Page No. - 49)
- INTRODUCTION
- RELATED MARKETS
- KIN HEALTH/DERMATOLOGY FUNCTIONAL FOODS MARKET, BY REGION (Page No. - 55)
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