Market researcher Canadean has released a new report. "Global Functional Food Survey-Trends and Insights 2014–2016" evaluates the optimism levels about the future of the global functional food and drinks market.
The report assesses the prevailing business environment for functional food and drinks by identifying key drivers and major barriers influencing the functional food and drinks market, and highlights key growth boosting issues, identifies major focus areas for functional food and drinks product development, and projects change in the sales of functional food and drinks and change in the demand for functional food ingredients in the future.
It also provides information about the key brick and mortar and remote retailers that will boost the sales of functional food and drinks over the next three years.
Key conclusions from the report include:
• Canadean believes that younger adults aged 25-34 will be the key demographic group that will drive functional food and drink sales over the next three years.
• The US and China will be the two "hot-spot" areas where demand for functional food and drink will intensify most over the next three years.
• 'Energy/sport drinks', 'cereal and energy bars' and 'juice and soft drinks' are the product categories that will witness the biggest increase in demand over the next three years.
• Demand for functional food and drinks in grocers, hypermarkets, and supermarkets will outpace demand in specialist health stores over the next three years.
• Across most regions, demand for omega-6, probiotics and dietary fibres will grow in 2014–2016.
• Online sales of functional food and drinks are also expected to increase over the next three years.
• Consumer education programs will be the most effective strategy for the expansion of functional food and drinks into new markets.
• 'Clear product description', 'quality cues to customers', and 'maximum brand massaging' are the crucial packaging/labelling trends for the growth of functional food and drinks.
• The majority of executives across all regions anticipate social media as the key channel for the marketing communication of functional food and drinks over the next three years.
According to Canadean, the report identifies strategies that will be crucial for expansion of functional food and drinks into new markets over the next three years. The report projects change in the demand for functional food and drinks in key markets, and highlights age groups and product categories that will drive growth for functional food and drinks over the next three years.
