Insufficient exercise and less consumption of convenience food; busy lifestyles leading to health deterioration; increased incidence of self-medication; growing awareness among people regarding the connection between their diet and health, thanks to the inflow of information on these topics from the health authorities and the media; a competitive market with many players, has all led to the diffusion of functional foods. Moreover, the economic potential of functional food products has been realized by many stakeholders who are beginning to consider these products as highly important for public health prevention. According to some authors, the widespread consumption of the functional foods can reduce the expenditure on healthcare by around 20% annually.
Many parts of the world, including the Asia-Pacific have seen an increased demand for healthy food and beverages over the last decade. Deteriorating health due to hectic lifestyles of consumers which do not give them the time to focus on their nutritional well-being and exercise and the rising costs of health care have been fueling the demand for functional food and beverages.
The growing desire of consumers to eat healthy, have proper intake of required nutrition and be able to self-medicate themselves has resulted in the consumers striving towards a healthier and more nutritious well-being. This has been supported by public and political offices by various policy decisions, for example, the decision by the government of United Kingdom to implement a tax on sugared drinks by the year 2018.
The market for functional drinks can be segmented into three product categories: sports drinks, energy drinks and nutraceutical drinks. The use of functional drinks for specific purposes and to perform a particular function or to provide a particular nutrient has resulted in the category becoming highly targeted and specific. This has resulted in a slew of new startups all over the world, which are looking to serve some specific niche market with the help of specific functional drinks as their product.
The report titled “Fortified/Functional Beverages in Singapore” provides a detailed and in-depth analysis of the Fortified/Functional beverages market in Singapore by giving the shape and size of the market. The report also provides the forecast of the future for the market thus providing the trajectory that the market is expected to take in the near future. There has been decline in volumes of a large number of wellness and health products in 2016 owing to a shortage of the imported raw materials needed to manufacture these products. This has made reversing the downward trend shown by the market in 2012-2015 impossible. The fall in the global oil prices has majorly resulted in a decline in revenues from the activities related to oil and the government became unable to maintain imports of the raw materials after 2010 until when the government of Singapore was able to supply the industry with imports of raw materials.
It is estimated that the fortified/functional beverages will show a slow and steady growth over the forecast period. The estimates are based on the projected sales and revenue of fortified/functional fruit or vegetable juice category which is the largest among all product categories for the fortified/functional beverages market.
The new health conscious generation of Singapore is growing more aware day-by-day of the importance of these beverages to balance their diets and appreciate the convenience of doing so in their hectic lifestyles. Thus, it is expected that the fortified/functional beverages market in Singapore is set to grow in the near future.
To know more about the research report:
Singapore Fermented Beverages Industry Future Outlook
Singapore Micronutrient Drinks Import Value
Singapore Dietary Fiber Beverages Market Demand
Singapore Nutritional Functional Drinks Trends
Singapore Vitamin Fortified Drinks Market Size
Singapore Fortified Wine Market Growth Opportunities
Singapore Functional Beverages Market Analysis
Singapore Fortified Beverages Market Research Report
Singapore Fortified Water Industry Trends
Singapore Mineral Enriched Beverages Market Revenue
Global Functional Beverages Market Research Report
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Ankur Gupta, Head Marketing & Communications