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Three mainstream food companies launched functional foods this fall. After many months of fence-sitting, 1998 was the year when multinational food, ingredient, agrichemical and pharmaceutical companies went public with their strategies for nutraceutical products and functional foods. Alliances, joint ventures and new business units featured prominently in their business plans as they sought the focus and multidisciplinary skills needed to enhance their chances of success in the emerging $1x.x-billion U.S. functional food market.
NBJ's third annual analysis of functional foods and the broader $xx.x billion nutraceuticals market (which also includes natural & organic foods, lesser evil foods, market standard foods consumed primarily for health purposes and the $12.7 billion in U.S. supplement sales in 1997), indicates continued growth in each category and the persistent marketshare ascent of healthier foods.
It's little wonder that several players have opted for alliances to tackle nutraceuticals. Companies hoping to benefit from the consumer trend toward healthier eating and nutrition for disease prevention have much to consider. New technology, hard core clinical research and expert distribution and consumer marketing are all necessary to launch a successful functional food or nutraceutical, many executives agree. Regulatory knowhow is also critical in this crosscutting category: While nutraceuticals and functional foods have several potential statutory routes to market they have no official regulatory status.
A survey of food, pharmaceutical and dietary supplement executives published in "Roadmaps to Market: Commercializing Functional Foods and Nutraceuticals" (Decision Resources Inc., Waltham, Mass.) found that the majority of respondents (58%) believed that alliances will become a foundation for realizing success in functional foods and nutra-ceuticals. Forty-three percent of respondents claimed that their companies had already formed at least one partnership... (excerpted from the December '98 issue of Nutrition Business Journal. Also included in this issue:
Breakdown of the U.S. Retail Food Sales by Category - natural/organic foods, functional foods, lesser evil foods, market standard.
Monsanto, Age Wave Invest in Nutraceuticals.
OmegaTech's DHA Research Yields Golden Eggs and More.
Roche Approaches Nutraceuticals With Caution.
Dupont undergoes Major Transitions.
Success stories in Functional Foods - what to watch out for.
New divisions, joint ventures and marketing and licensing agreements are being forged by multinationals.
Lessons in Failure - Campbell Soup's withdrawal of Intelligent Quisine.
Ingredient Companies Find Recipe for Success.
FDA Accepts PTI's Petition for Soy Protein Health Claim.
Functional Foods Prove Sweet Success for Nestle.
Beware False Economy in Clinical Trials.
Chr. Hansen Names Global Business Unit for Nutraceuticals.
ADM Forms Nutraceutical Division
FDA Balks at McNeil's Plan to Market Benecol Under DSHEA.
Tomatoes Yield Potent Extract for Israeli-Based Lycored.
Intellectual Property - Nutrition Trademarks.
Nutraceutical Research Priorities: Do Stakeholders Differ?
Regulatory Outlook, Tech Watch, Industry Outlook, Stock Reporter.
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