Functional foods and drinks market to reach US$109 billion by 2010
Growing income levels, changing lifestyles, increasing health awareness, the trend towards convenience foods and an aging population are key factors driving growth in the functional foods and drinks market. Driven by positive trends, the worldwide market is projected to reach US$109 billion by 2010, according to a new report by Global Industry Analysts, Inc.
Increasing health and wellness concerns have moved functional foods and drinks from a niche segment to a mainstream product. This high-growth segment is one of the fastest growing sectors in the overall beverage industry. The market is spurred mainly by the introduction of innovative products satisfying the customer's nutritional and health requirements. A new genre of products has emerged that help maintain bone, gut, heart health, and general well being. Rise in disposable income and growing willingness to pay more for healthy, indulgent and convenient foods is one of the key factors driving growth in developing regions. Flavour and functional benefits continue to be the crucial factors determining consumption decisions. Organic functional foods have also emerged as a niche sector garnering immense consumer attention.
Functional Foods and Drinks: A Global Strategic Business Report
United States represents the largest functional foods and drinks market worldwide, worth an estimated US$29 billion in 2007, states the recent report; Europe and Japan follow closely at the second and third positions respectively. Collectively, they account for about 90% of global consumption. Germany is the largest European market projected to be worth over US$8 billion in 2010. The UK, France and Germany together represent over 65% of the European market. Asia and Latin America are among the fastest growing markets for functional foods. The global and regional markets are expected to grow at CAGRs ranging between 6% and 10% through 2010. In terms of product segments, functional dairy products market is the largest segment with sales estimated at over US$28 billion in 2007. Functional beverages market is among the fastest growing with sales expected to reach close to US$34 billion by 2010.
The market is characterized by the presence of international food and beverage companies, as well as niche players that focus on specific segments. Participants range from Coca-Cola, PepsiCo and Cadbury Schweppes in beverages, to Kellogg's, Unilever, Nestle and Danone in foods. Specialist players include Red Bull in energy drinks market and Yakult Honsha in probiotic dairy drinks market. Market players profiled in the study include Coca-Cola Co, General Mills Inc, Groupe Danone, Kellogg's Company, Nestlé, PepsiCo, Unilever Group and Yakult Honsha Co.
'Functional Foods and Drinks: A Global Strategic Business Report' aims to provide a comprehensive review of market trends, drivers, product profile, players, competition, technological developments, recent developments, mergers, acquisitions and other strategic industry activities. Analysis is presented for major geographic markets such as United States, Japan, France, Germany, the UK, Italy, Spain, Asia, Latin America and rest of world. Value analytics are provided in terms of product segments including Cereals and Grains, Dairy Products, Beverages, Snacks and Other Functional Foods.
For more details about this research report, visit: http://www.strategyr.com/MCP-1080.asp
Source: eMediaWire.com
