2012-12-12 19:08:15 - Functional food market to benefit from the continued emphasis on healthy eating
The functional food market has been forecast to hit a market value of $176.7 billion by the end of 2013, having grown at a compound annual growth rate (CAGR) of 7.4%.Key factors set to drive growth within the market include rising income levels, changing lifestyles, increasing health awareness, and the rapidly aging world population. Furthermore, growth will also be spurred by the introduction of innovative products aimed at satisfying consumer´s nutritional and health requirements.A functional food is a natural or processed food that contains known biologically-active compounds which when in defined quantitative and qualitative amounts provides a clinically proven and documented health benefit, and thus, an important source in the prevention, management and treatment of chronic diseases of the modern
age.An example of this type of fortification would be the historic addition of iodine to table salt, or Vitamin D to milk, done to resolve public health problems such as rickets.Functional foods principally comprise: fibre-, mineral- and/or vitamin-fortified breakfast cereals and cereal bars; probiotic and prebiotic yoghurts and yoghurt drinks; cholesterol-lowering margarines and spreads; and soya milk. Smaller sectors of the market include functional breads, milk, cheese and eggs.Dairy accounts for the largest share of functional foods, followed by bakery/cereals, beverages, and fats and oils. In terms of CAGR, however, bakery/cereals are leading the way (18%), followed neck and neck by fats and oils (14%) and dairy (14%). Functional beverages are growing at 6% CAGR.In terms of condition-specific product-launch health claims, heart- and digestive-health claims have declined, although digestive-health claims remain the most common functional food claims on the market. Immune-health claims have steadily grown and now outnumber cardiovascular claims. Other claims seeing growth are bone-health and vitamin/mineral-fortified claims.The continued emphasis on healthier eating, and the fact that many functional foods are targeted at age-related health conditions, will support future growth in the functional foods market.For more information on the functional food market, see the latest research: Functional Food MarketFollow us on Twitter @CandMResearch
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