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:
“No delusion is greater than the notion that method and industry can make up for lack of mother-wit, either in science or in practical life.”
—Thomas Henry Huxley (1825–95)
“That some should be rich, shows that others may become rich, and hence is just encouragement to industry and enterprise.”
—Abraham Lincoln (1809–1865)
“... we’re not out to benefit society, to remold existence, to make industry safe for anyone except ourselves, to give any small peoples except ourselves their rights. We’re not out for submerged tenths, we’re not going to suffer over how the other half lives. We’re out for Mary’s job and Luella’s art, and Barbara’s independence and the rest of our individual careers and desires.”
—Anne O’Hagan (1869–?)