Nutraceuticals: Some remarks by a choice experiment on food, health and new technologies

Abstract

Nowadays people are increasingly interested in health foods, which are foods considered beneficial to well-being in ways that go beyond a normal healthy diet required for human nutrition. This study aims at providing a better understanding of the main factors leading to the purchase of a relatively new category of technological foods, namely nutraceuticals. Based on data collected on a sample of Italian families through a cross-sectional survey, which included choice experiment questions and socio-demographic characteristics, two specifications of discrete choice models allowed us to formalise the behavioural response linked to that purchase and to preference heterogeneity across consumers, and the willingness to pay for these products. Findings show that not all nutraceutical features are equally important in shaping consumers' preferences for health-oriented foods. The role played by formal education in describing the behavioural response towards nutraceuticals and the significant preference heterogeneity across consumers in relation to specific nutraceutical features provide interesting insights to assist researchers and marketers in developing more market-oriented functional foods that gain consumer acceptance.

Keywords: Consumer behaviour; Experimental economics; Multinomial logit; Pharmaceutical; Random parameter logit; Willingness to pay.