COVID-19 IMPACT SURVEY MAY 2020
It is a massive opportunity in a healthcare crisis for Functional Foods and Drinks, as all focus shifts towards boosting the immunity in fighting the disease in the absence of known cure and treatment. The global market is projected to reach a revised size of US$229. 1 billion by 2027. While rising focus on healthy diets with disease-preventing, longevity-increasing, and health-promoting functional nutrients has always been a key growth driver, the current pandemic has catalyzed the trend further. The COVID-19 pandemic has thrown the focus on boosting the immune system to fight infectious diseases. With more pandemics expected to follow coupled with climate change and nutrient depletion in food staples, functional food is emerging as the best strategy to tackle nutrition related immune system compromises. A robust immune system plays a key role in tackling unknown pathogens like COVID-19. With no vaccine on cards for another year, the immune systems will need to adapt unaided to fight COVID-19. The many benefits of functional foods that now make them now more than ever vitally important in diets include therapeutic benefits such as cholesterol reduction, weight management, etc. ; disease preventive benefits such as reducing the risk of heart disease, cancer, osteoporosis, diabetes, renal diseases etc. ; and effective safeguard against dietary deficiency diseases.
The market remains in an especially strong position given the robust R&D investments already sunk into food and nutrition sciences. More tighter food regulations in light of the fact that the novel corona virus emerged from the animal food market; improvements in safety profiles; rapidly aging, health-conscious population; development of new bioactive substances and modified food ingredients designed to provide health benefit beyond basic nutrition; rising wave of consumer self-care and adoption of preventive health maintenance strategies, bode well for the market's growth in the coming years. Innovations in manufacturing technologies like nano encapsulation are helping develop affordable slow absorbing functional food options rich in micronutrients. Decreasing production costs & greater regulation of nutraceuticals will play key roles in opening up the market further. The organic food revolution wave sweeping through the food industry will drive demand for natural and organically produced bioactive ingredients in functional foods and beverages. Plant and animal sources for nutrient extraction will therefore receive increased interest in the coming years. Functional waters including plant based waters such as coconut water, maple water, birch water, cactus water, artichoke water, etc. , is an emerging market category with strong commercialization potential. The United States represents the largest market worldwide. Asia-Pacific including China ranks as a major market driven by growing population and nutrition needs; industrialization of agriculture and food processing sector; spiraling food consumerism; growing awareness over the link between healthy food consumption and health outcomes and diet-disease relationship; and increased per capita spending on organic healthy for you foods.