Between 1998 and 2002, the nutraceuticals market as a whole increased in value by 37.7%. Growth in nutraceuticals between 2003 and 2007 is forecast to be driven by the functional foods market, with almost flat growth predicted in the VMS sector.

Monday,March 18, 2013 @ 15:44

(PRWEB) September 5, 2003

Research and Markets have announced the addition of the “Nutraceuticals Market Assessment 2003” report to their offering.

The nutraceuticals market has been variously defined, but in this report we review the functional foods and vitamins, minerals and supplements (VMS) sectors as the generally identified key areas of the market. This report excludes smaller markets not considered to relate to food and drink for general health, such as diet and slimming foods, tonics and medical nutritional products, herbal and homeopathic remedies and sports energy drinks.

In 2002, retail sales of functional foods grew by an estimated 9.2%, while the retail sale of VMS products fell by 3.6%. The nutraceuticals market as a whole increased in value by 37.7% between 1998 and 2002.

A number of factors and issues continue to impact on the nutraceuticals market. Positive drivers are increasing consumer interest in a healthy diet and lifestyle, and in taking charge of one’s own health against a backdrop of increasingly strained NHS resources. This is supported by an ageing population, leading to an increasing need for health awareness, but coupled with concern about taking any extra prescription medicines.

More negatively, however, report findings have questioned the need for taking VMS products, except by special need groups, and the possible adverse reactions to taking overly large doses of some vitamins. Moreover, increasing legislation from an ever widening number of regulatory bodies is expected to slow market launches and growth in functional foods.

Nutraceutical products particularly address major health areas such as heart disease (through products such as cholesterol-lowering margarines, fish oils and garlic), bone health (through calcium-enriched breakfast cereals, bread and milk, and calcium-containing multivitamins and supplements), and digestive system health (with probiotic yoghurts and yoghurt drinks, and cereals and bread fortified with fibre). They also are directed at reducing the risk of cancer, joint health and hormonal imbalances.

Although breakfast cereals continue to represent the largest sector within the functional foods market, most of the product development and growth has come from cholesterol-lowering margarines and spreads and probiotic yoghurts and yoghurt drinks, which now have noticeable shares within their respective food markets.

Other growing functional food market sectors are bread, milk and frozen ready meals, with the fruit juices and bottled mineral water sectors apparently peaking in 2001.

Multivitamins continue to represent one of the only growth sectors in the VMS market, due to the children’s and ‘complete’ sectors. Other major sectors such as fish and plant oils, single vitamins and garlic appear to be in decline, although there is growth in the widening range of other supplements on offer.

Unsurprisingly, a dominant share of the distribution of functional foods lies with grocery multiples, while there has been a substantial increase in sales of VMS products through such outlets in recent years. This has been aided by the abolition of resale price maintenance on over-the-counter (OTC) medicines. However, chemists and drugstores are still the major sales outlets for VMS, with mail order and the Internet as yet providing little competition.

Growth in nutraceuticals between 2003 and 2007 is forecast to be driven by the functional foods market, with almost flat growth predicted in the VMS sector.

For a complete index of this report click on http://www.researchandmarkets.com/reports/35170

REPORT DATA SUMMARY:

Nutraceuticals Market Assessment 2003

Category: Food & Beverage

URL: http://www.researchandmarkets.com/reports/35170

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