New product development for functional foods: Focusing on mega-trends to increase consumer acceptance

The functional food and beverage market offers substantial new product opportunities for food, beverage and pharmaceutical companies. Although the prevalence of functional foods and beverages has increased over the past number of years, product failure rates remain high. Today the process of developing new ingredients and products starts with the consumer. Generating consumer insights aids in the development of in-depth knowledge of the underlying needs and values of the consumer which is key to maximising consumer acceptance. Companies that wish to increase their likelihood of NPD success need to examine current mega-trends and sub-trends - translated into consumer insights - to guide the complex and risky process of developing new products.