Industry
The functional food industry, consisting of food, beverage and supplement sectors, is one of the several areas of the food industry that is experiencing fast growth in recent years. It is estimated by BCC Research that the global market of functional food industry will reach 176.7 billion in 2013 with a compound annual growth rate (CAGR) of 7.4%. Specifically, the functional food sector will experience 6.9% CAGR, the supplement sector will rise by 3.8% and the functional beverage sector will be the fastest growing segment with 10.8% CAGR. This kind of growth is fueled not only by industrial innovation and development of new products that satisfy the demand of health conscious consumers but also by health claims covering a wide range of health issues. Yet, consumer skepticism persists mainly due to the fact that benefits associated with consuming the products may be difficult to be detected. The industry suggests the establishment of a health claim regulating agency, which may increase consumer confidence. Strict examination of some of the functional food claims may discourage some companies from launching their products.
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Famous quotes containing the word industry:
“Whatever I may be, I want to be elsewhere than on paper. My art and my industry have been employed in making myself good for something; my studies, in teaching me to do, not to write. I have put all my efforts into forming my life. That is my trade and my work.”
—Michel de Montaigne (1533–1592)
“What more is necessary to make us a happy and prosperous people? Still one thing more … a wise and frugal government, which shall restrain men from injuring one another, which shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from labor the bread it has earned.”
—Thomas Jefferson (1743–1826)
“Do not put off your work until tomorrow and the day after. For the sluggish worker does not fill his barn, nor the one who puts off his work; industry aids work, but the man who puts off work always wrestles with disaster.”
—Hesiod (c. 8th century B.C.)