Sean Moloughney, Associate Editor08.30.11
The East Coast earthquake was nothing compared to how shaky my 401k seems these days. And while Hurricane Irene made an enormous impact on so many people, life just happens way too fast to spend it panicking. Amid all the doom and gloom out there lately, I’m soaking up the sunny side of things…
And you should too, because the nutraceuticals market continues to expand at a respectable clip. A recent forecast predicts the global market will grow to $207 billion by 2016. The functional foods segment specifically could attain a value of $49 billion by the end of 2011. Analysts indicate that market will be worth more than $67 billion by 2016, representing a growth rate of more than 6%.
Awareness is a driving factor for growth across the board. In fact, 90% of Americans can name at least one food and its associated benefit and 76% say functional foods can have a meaningful impact on their health, according to the “2011 International Food Information Council (IFIC) Functional Foods/Foods for Health survey.”
The IFIC survey indicates that Americans cite cardiovascular disease (46%), weight (32%) and cancer (22%) as their top health concerns. Along with these issues that can affect people as they age, almost one in five Americans (19%) cite healthy aging as a top health concern.
Omega 3 fatty acids continue to impress, as new studies shine light on their health benefits, including a recent analysis that suggests low levels—DHA in particular—may be associated with increased risk of suicide among U.S. military personnel.
According to a Packaged Facts report, the number of consumers seeking high-omega products has increased dramatically over the past few years. In the U.S. market, 9% of grocery shoppers buy high omega 3 food or beverage products in a typical grocery shopping trip, and the percentage of adults who take fish oil supplements jumped from 8% in 2006 to 17% in 2011.
Consumers have also welcomed natural sweeteners into their homes. Awareness of stevia has grown rapidly alongside a positive perception in the marketplace, according to a recent consumer study from PureCircle Insights Group. As of May 2011, stevia awareness reached 62%, from 46% just a year earlier in the general U.S. population. According to the study, stevia has now surpassed sucralose, which had 42% recognition, since its launch in 1998.
Overall, scientifically validated specialty supplements have an edge in competitive markets, according to a new report from Global Industry Analysts, Inc., which predicts the global bone and joint health supplements market will exceed $9 billion by 2017.
U.S. demand for cosmeceutical products is also expected to increase 6% per year to $8.5 billion in 2015, driven by an aging population seeking to maintain the appearance of youth, according to a report from Freedonia Group.
Sure, there are plenty of things you could worry about, including important issues like FDA’s New Dietary Ingredient (NDI) Notification guidance, which requires your attention and diligence. But don’t forget that consumers actually want to buy your products, assuming they provide tangible health benefits and won’t send them to the hospital.
And you should too, because the nutraceuticals market continues to expand at a respectable clip. A recent forecast predicts the global market will grow to $207 billion by 2016. The functional foods segment specifically could attain a value of $49 billion by the end of 2011. Analysts indicate that market will be worth more than $67 billion by 2016, representing a growth rate of more than 6%.
Awareness is a driving factor for growth across the board. In fact, 90% of Americans can name at least one food and its associated benefit and 76% say functional foods can have a meaningful impact on their health, according to the “2011 International Food Information Council (IFIC) Functional Foods/Foods for Health survey.”
The IFIC survey indicates that Americans cite cardiovascular disease (46%), weight (32%) and cancer (22%) as their top health concerns. Along with these issues that can affect people as they age, almost one in five Americans (19%) cite healthy aging as a top health concern.
Omega 3 fatty acids continue to impress, as new studies shine light on their health benefits, including a recent analysis that suggests low levels—DHA in particular—may be associated with increased risk of suicide among U.S. military personnel.
According to a Packaged Facts report, the number of consumers seeking high-omega products has increased dramatically over the past few years. In the U.S. market, 9% of grocery shoppers buy high omega 3 food or beverage products in a typical grocery shopping trip, and the percentage of adults who take fish oil supplements jumped from 8% in 2006 to 17% in 2011.
Consumers have also welcomed natural sweeteners into their homes. Awareness of stevia has grown rapidly alongside a positive perception in the marketplace, according to a recent consumer study from PureCircle Insights Group. As of May 2011, stevia awareness reached 62%, from 46% just a year earlier in the general U.S. population. According to the study, stevia has now surpassed sucralose, which had 42% recognition, since its launch in 1998.
Overall, scientifically validated specialty supplements have an edge in competitive markets, according to a new report from Global Industry Analysts, Inc., which predicts the global bone and joint health supplements market will exceed $9 billion by 2017.
U.S. demand for cosmeceutical products is also expected to increase 6% per year to $8.5 billion in 2015, driven by an aging population seeking to maintain the appearance of youth, according to a report from Freedonia Group.
Sure, there are plenty of things you could worry about, including important issues like FDA’s New Dietary Ingredient (NDI) Notification guidance, which requires your attention and diligence. But don’t forget that consumers actually want to buy your products, assuming they provide tangible health benefits and won’t send them to the hospital.
