08.10.11
The nutraceuticals market is growing rapidly, with a 2016 forecast value of $207 billion, according to a new report available on companiesandmarkets.com. There are distinct opportunities for growth in the functional food, beverages and supplements market.
Demand for healthy food and drink has increased in recent years, particularly for multi-tasking products, which provide additional heath and well-being benefits. The term ‘nutraceuticals’ is used to describe products of this nature, including foods, beverages and supplements.
The functional foods segment is expected to attain a value of $49 billion by the end of 2011. Analysts indicate that the market will be worth over $67 billion by 2016, representing a growth rate of more than 6%.
Food companies are using functional foods and beverages for differentiation in the highly competitive food market. Currently they are focused on vegetarian and food-allergy products, but a key future trend is the creation of functional food and drinks for children—capitalizing on parental concern.
Growth in the functional food and drink market has been encouraged by consumer interest in healthy living, particularly from the younger demographic, although the aging population has also prompted sector expansion. Factors restraining growth in the nutraceutical segment include the time taken between concept and product launch, as well as the impact of false product claims, which have affected consumer confidence.
Demand for healthy food and drink has increased in recent years, particularly for multi-tasking products, which provide additional heath and well-being benefits. The term ‘nutraceuticals’ is used to describe products of this nature, including foods, beverages and supplements.
The functional foods segment is expected to attain a value of $49 billion by the end of 2011. Analysts indicate that the market will be worth over $67 billion by 2016, representing a growth rate of more than 6%.
Food companies are using functional foods and beverages for differentiation in the highly competitive food market. Currently they are focused on vegetarian and food-allergy products, but a key future trend is the creation of functional food and drinks for children—capitalizing on parental concern.
Growth in the functional food and drink market has been encouraged by consumer interest in healthy living, particularly from the younger demographic, although the aging population has also prompted sector expansion. Factors restraining growth in the nutraceutical segment include the time taken between concept and product launch, as well as the impact of false product claims, which have affected consumer confidence.