Functional foods market worth $27bn +
The
or five times that of the food industry as a whole, according
to a new report from Pricewaterhouse Coopers that puts the
market at $27bn in 2007.
Forecasts range from between 8.5 percent and 20 percent,
the finance firm said, compared to one and four percent for
the entire food industry.
Functional foods have grown to the point where they account
for five percent of the food industry, with consumers more
interested than ever in fortified foods – even those whose overall
nutrient profile is variable.
The Pricewaterhouse Coopers report noted consumers were
willing to pay premiums for foods that targeted health problems
or provided an alternative to the likes of soda drinks and
empty calorie snacks. This was so even in hard economic times.
The report comes after research conducted by the International
Food Information Council that found of those Americans trying
to improve their diets, 79 percent are changing the types of
foods they eat, 69 percent are changing the amount of foods
consumed, and 19 percent are changing their use of dietary supplements.
The 2009 Food & Health Survey found that healthfulness,
among other product attributes, is an important factor that
influences consumers’ purchasing decisions. When consumers are
choosing foods for themselves and their children, they are
interested in healthful components.
