World market for functional foods to reach $149 billion by 2018

The worldwide market for functional foods and drinks is expected to reach US$149 billion by 2018, driven by rising income levels, changing lifestyles, increasing health awareness, and a rapidly aging world population, says the latest report released by Global Industry Analysts, Inc.

This market has emerged as one of most dynamic segments of the overall food industry, particularly in developed economies. It is expected to witness steady growth in the long run, driven mainly by rising health consciousness among modern day consumers. Rising confidence in food products offering health benefits beyond basic nutrition amongst both consumers and health professionals offers a strong business case for functional foods.

Conducive consumption patterns amongst the younger and older demographic group of consumers are additionally driving market demand. Frequency of purchase is on the rise amongst younger consumers given the product’s promise of quick energy replenishment, whilst amongst the elderly product benefits such as minimised risk of diseases such as hypertension and osteoporosis, are helping spur consumption. These foods are finding increased importance, helping consumers, by reducing day-to-day disorders and stimulating energy and performance (physical/mental) levels. Growth in the functional foods market is also driven by the ability of functional ingredients to offer therapeutic benefits. The increased consumption also results from the growing availability of functional foods in the form of bakery and dairy products, which drove leading players to integrate functional ingredients such as probiotics into products such as cereals and chocolates. Get the report.

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