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Fantastic future for functional foods: the functional food and beverage market is entering a critical era, as new product innovation capitalizes on key market drivers.
- Article from:
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Prepared Foods
- Article date:
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April 1, 2008
- Author:
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Copyright informationCOPYRIGHT 2008 BNP Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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[ILLUSTRATION OMITTED]
Consumers are increasingly seeking to optimize their performance and reduce the risk of ill health with functional food and beverage products. This is reflected by strong market growth and a myriad of functional products entering the global marketplace. The average U.S. consumer now spends $90 per year on functional food and beverages, resulting in a market exceeding $27 billion in 2007. Meanwhile, in the first 11 months of 2007, worldwide launches of products containing omega-3, one of the hottest functional ingredients, increased by 40% compared to 2006, Datamonitor's Productscan database found. This is indicative of how NPD activity is aligned ...