Since 2003, Leatherhead has monitored the development of the market and estimates that it has grown substantially, increasing by almost 1.5 times. Moreover, the functional foods market has grown significantly faster than the headline rate of growth of the global food and drink market of about 4% per year.
A number of factors have facilitated the growth of functional foods. Changes in consumers’ diet, lifestyles, awareness and interest in their own health and well-being are important factors creating a ‘demand-pull’ for products with the potential to deliver beneficial health outcomes.
‘Supply-push’ factors are evident too. Expanding scientific knowledge and technological capability, particularly ingredient exploration and development, has led to increased product innovation. Consequently, the number of new product introductions making functional claims has grown by approximately 28% per year.
The ability for the functional foods market to continue to grow is dependant on several factors:
A SenseReach survey of more than 1,500 UK consumers revealed that functional food consumption is fairly widespread, with over a quarter claiming to consume functional products daily and a fifth claiming to consume them fortnightly. However, just under a third of consumers surveyed claim they don’t (and never will) consume functional food products because they don’t believe they work. In fact, when all survey respondents were asked what would encourage them to eat more functional food products, the majority stated they would like to see definitive proof, substantiated by independent science, that the product ‘does what it says on the tin’.
The SenseReach survey supports the widely held view that efficacy of health benefits claims is key to driving market growth, and that consumption growth is more likely to come from increasing the frequency and volume of consumption of existing users rather than ‘converting’ those who don’t buy into functional food products.
Source: Leatherhead Foods
© FoodBev Media Ltd 2024