Functional foods should reduce the seven-year gap
Fortified and functional food sales rose by 25% between 2008 and 2013 to reach £160bn, said Diana Cowland, senior Euromonitor health and wellness analyst at Vitafoods Europe in Geneva last month.
Growth in the market came from increasing consumer awareness of the health benefits gained from food and drink, higher disposable incomes and a desire to live longer.
Despite strong growth up until 2013, the market had “stagnated” since, explained Cowland. “We’re not seeing such big growth in the functional food sector as we have in recent years,” she warned. “The ageing population should be the clear stimulus for reinvigorating functional food and drink,” as well as the need to bridge that seven-year gap, Cowland said.
600M consumers aged over 65
Globally, there are nearly 600M consumers aged over 65, which is a demographic that remains under-catered for, despite more consumers becoming increasingly concerned about the deterioration of their health because of ageing, she added.
By 2018 there will be another 122M over 65 year-olds, which should encourage food manufacturers to target the sector. “Being prepared and having the products to provide for age-related diseases is going to be a plus.”
Using functional ingredients to target cardiovascular health, cognitive health and eye health were all important areas for food businesses to focus on, said Cowland. “Cardiovascular health, for example, has nearly 30 ingredients which provide health benefits and brain health has 18.”
Meanwhile, Campden BRI nutritional specialist Sarah Kuczora previously pointed to the ageing population as the key to driving food innovation in the future.
