Ursolic Acid Market: Introduction
The global ursolic acid market is forecast to be valued at US$ 8.2 Mn in 2020. The ursolic acid market is projected to expand at a CAGR of 7.5%, with an incremental value of 1.4 Mn by 2030.
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Due to ongoing innovations and customer trends, research and development in food and beverage ingredients is experiencing significant expansion. As a result, product developers have turned to new devices in digital technology, Big Data, artificial intelligence, and bioinformatics to stay in sync with food and beverage companies that need creative, unique ideas that can help to market their products quickly. Food and beverage companies are also focusing on research and development activities to enhance the nutritional and multifunctional profile of food items to offer high health benefits. Hence, the ever-rising demand for natural ingredients is expected to result in significantly high sales of fish protein-based products during the forecast period. In the meantime, the U.S. purchasers are demanding natural and healthy ingredients in food and beverages.
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Growing Inclination toward Non-modified Functional Ingredients
The increase in health-conscious population has significantly fueled the demand for non-GMO food ingredients. In the global food & beverages industry, the trend indicates need for manufacturers offering non-GMO certified products to their customers. Parents are becoming more concerned about the ingredients used in baby products, creating a demand for non-GMO food ingredients, thus resulting in preference for non-modified functional ingredients. This is impacting market growth.
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