If there is no innovation in the food sector, here's what we will face in the coming period.
• 65% of newly launched food products in Turkey are copies of existing products in the market, with only 2 out of 10 brands launching with original R&D products. However, in terms of consumer expectations:
72%: Prefer healthier and functional foods.
58%: Do not care if the same product is offered in different packaging.
The global functional food market is projected to grow at a CAGR of 4.4% until 2030. The percentage of companies investing in functional foods in Turkey is only 12%, which is such a small number! It has become clear that if no innovations are made in this area, life will stagnate at some point.
• 45% of brands that produce imitation products will disappear from the market within 3 years.
• Innovative product brands, on the other hand, will achieve an average of 30% higher profit margins.
