Fortified food, convenience food sales climb
Food and beverages that are distinctly marketed as fortified with nutrients have tripled in sales from 1997 to 2001, according to research firm Packaged Facts. Mergers and acquisitions as well as rapid product development have combined to make fortified foods a confusing but profitable marketplace. Retail sales in the segment are projected to reach $28.6 billion by 2006.
Convenience products such as lunchmeat, lunch kits, frankfurters, dinner sausage, breakfast meats and convenience meats enjoyed sales of $14 billion last year and the sector is expected to grow even larger due to new developments in flavoring and convenience packaging. Consumer demand for convenience meat is the fastest growing category in the refrigerated processed meat market, according to Packaged Facts. Total sales in refrigerated processed meats market should reach $17 billion by 2006.
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