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US Functional Food, Beverages and Supplements - Inside-out Health and Beauty
Datamonitor, Oct 2004, Pages: 160
As consumers increasingly demand measurable, instant benefits, interest in functional products with short-term, visible effects continues to drive the multi-billion dollar nutraceuticals industry. This report provides a comprehensive analysis of the industry, identifying opportunities for growth and offering recommendations to enable manufacturers to take advantage of the 'beauty foods' trend.
Report Scope:
US nutraceuticals 1998-2003 industry, with 2003-2008 forecasts of the beverages, bakery, dairy, confectionery, snacks, and supplements markets
Proprietary online survey of 1,002 US consumers and 154 US manufacturers in August 2004
One-to-one interviews with over 30 ingredients companies and industry experts
Comprehensive search of major NPD over the past two years, using We have Productscan online service
Report Highlights:
The US nutraceuticals market increased at a CAGR of 8.2% between 1998 and 2003, driven by strong growth in energy-boosting products. While growth in almost all health-related segments is expected to slow over the next five years, however, functional beauty products are expected to increase at a CAGR 13.7%, reaching nearly $1 billion by 2008.
This burgeoning 'beauty foods' trend creates significant opportunities for manufacturers. With consumers never-ending search for quick fixes to a multitude of wellness-related issues, the line between health and beauty needs continues to blur. New concepts in ingestible products can help consumers reach their short-term health and beauty goals.
Beauty concerns are driving growth not only among the Baby Boomer population, but among younger consumers as well. Consumers of all ages tend to fall into one of three distinct groups: Instant Gratifiers, Planners and Regulars, each with their own particular preferences and habits.
Reasons to Purchase:
1. Benchmark the importance of product development 'hunches' against the needs of buyers and end-users
2. Understand functional and fortified market opportunities based on the quantification of US consumer and manufacturer opinions
3. Make informed NPD and partnership decisions based on unique quantified market sizes for emerging product categories
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