Functional foods market reaches $24.2 billion
June 10, 2011
by Jeff Gelski
SURREY, UNITED KINGDOM — The global functional foods market increased by almost 1.5 times from 2003 to 2010 and reached $24.2 billion in 2010, according to the report “Future Directions for the Global Functional Foods Market” released by Leatherhead Food Research. The number of new product introductions making functional claims has grown by about 28% per year, according to the report, which defines the functional foods market as food and drink products making a specific health claim.
Several factors will influence future growth of the functional foods market, according to Leatherhead. Consumers will need proof substantiated by independent scientific research that functional products deliver the benefits they promise. The functional foods market has continued to grow through the recession, but food and beverage companies should not take continuing growth for granted. European Food Safety Authority decisions on the efficacy of functional claims will have an impact on the functional foods market. The world’s biggest food and drink companies are looking to the functional foods market for growth opportunities.