Published On : 24 Oct 2018
Over the past years, functional foods manufacturers have experienced innovation along with rapid economic expansion due to stupendous rise in consumer awareness regarding their nutritional and health benefits. Rapid urbanization along with busy lifestyle have led to incessant rise in fast food consumption. Taking the advantage of the scenario, manufactures of tin foods, canned food, and processed food have made heavy profits. Consumption of such types of food have failed to provide required nutrition for a human system, instead have caused various types of disorders in past. For instance canned food and fast foods are an excellent source of obesity, diabetes, and other chronic diseases. Functional foods are basically medical foods that helps in preventing diseases, improves health, and thus reduces healthcare costs.
Developed countries are witnessing an upsurge in demand of functional foods market. Consumers in these countries are shifting their preference from normal food towards functional foods and drinks looking at the benefits associated with product. In order to increase the nutritional level in body, functional foods have gained immense popularity.
Increasing Geriatric Population to Bolster Demand of Market
Rising prevalence of chronic diseases all across the world owing to nutritional deficiencies is making the consumers prefer healthier food consumption. Rising consumer interest along with increasing knowledge of a proper diet, which can improve immunity of a body is one of the major factor driving the market. Incessant rise in geriatric population who are more vulnerable to diseases owing to poor immunity are suggested to consume functional food in order to increase immunity level. Rising geriatric population is likely to create lucrative growth opportunity for the global functional foods market. Apart from these, rise in disposable income particularly in the developed countries have helped the market to grow incessantly. Surge in uptake of fortified food and beverage products is prophesized to foster market growth. Rise in awareness regarding health benefits linked to functional foods in developing region is also likely to aid market growth in years to come. .
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Economic Issues and Expensive Cost Deters the Growth of Market
It is conspicuous that product sales of processed foods will rise steadily, experts and analyst have mentioned the market is also likely to face challenge from economic issues. Exorbitant price of numerous products are curtailing adoption rate. Apart from this, worldwide economic turndown is anticipated to drive the consumer away make them buy cheaper grocery items. Another factor that is likely to dampen the market growth is the consumer’s view on the benefits obtained from consuming functional food. The perception is limited, thus making them open to various other food items. Regulations and safety concerns related to functional foods is also expected to create roadblock in the path of market growth. However, steady population rise is expected to help the market grow, overlooking the restraints.
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