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Health Foods Market Report Plus 2003
Key Note Publications Ltd, July 2003
The value of the health food market covered in this report amounted to £2.08bn in 2002. This represented an increase of just over 10% on the 2001 figure, compared with considerably higher growth rates during the previous 2 years. The four key sectors consist of organic foods functional foods vitamins, minerals and supplements (VMS) and alternative remedies.
The slowdown was most marked in the organic and functional foods sectors, both of which have previously experienced unusually high growth, and are displaying some signs of maturation. The VMS sector has been growing slowly, while sales of natural remedies have continued to increase at a steady rate.
The prospect of European legislation has affected, or will affect, most sectors of the health food market in various ways, and has already taken up considerable resources, as manufacturers and retailers fight to make sure their views are properly represented. Arguably, the most urgent issue concerns the Food Supplements Directive, which covers ingredients and dosage levels in vitamin and mineral preparations, and is due to come into force in July 2003. A report from the Food Standards Agency, published in 2003, indicating that high doses of some vitamins and minerals could be harmful will deal a further setback to the specialist health foods industry.
On the corporate front, much of the activity during 2002 has indicated that it is the larger specialist companies that are in the best position to capitalise on the health foods market as it is at present. A number of large mainstream companies have scaled back their operations in health food sectors, while at the other end of the range there have been several acquisitions of small specialist companies by larger ones.
The current uncertainty in the market for vitamins, supplements and natural remedies is likely to have a negative effect on future sales, at least in the short term. Sales of organic food have begun to slow down as the market matures, while the market for functional foods will continue to grow at a steady, but unexceptional, rate.
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