A new report by a research company has valued the functional foods market at $24.2bn in 2010.

Since 2003, Leatherhead Food Research has monitored the development of the market and estimates that it has grown substantially, increasing by almost 1.5 times.

Moreover, the functional foods market has been growing significantly faster than the headline rate of growth of the global food and drink market of around 4 per cent per year.

A number of factors have facilitated the growth of functional foods. Changes in consumers diet, lifestyles, awareness and interest in their own health and well-being are important factors creating a demand-pull for products with the potential to deliver beneficial health outcomes. Supply-push factors are evident too.

Expanding scientific knowledge and technological capability, particularly ingredient exploration and development, has led to increased product innovation.

Consequently, the number of new product introductions making functional claims has been growing by approximately 28 per year and the diversity of claims and suggested health benefits have been diversifying.