Functional Food Growing Faster than Standard Food, Drinks Market
New product launches making functional claims have grown 28% each year.
The market for functional foods, defined as food and drink products making a specific health claim, grew to $24.2 billion in 2010, according to a new report by Leatherhead Food Research. The market researcher says that the functional foods market has grown “substantially” since 2003, increasing by almost 1.5 times. Moreover, the market has grown “significantly” faster than the global food and drink market, even through the recession.
New product launches making functional claims have grown 28% each year. Leatherhead says that continued growth will depend on the level of scientific research that companies can provide to prove their products deliver the benefits they promise, as well as on regulatory developments, such as those of the European Food Safety Authority, that could affect the claims companies can make for their products.
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