Nutraceuticals are products derived from various food sources in order to offer extra health benefits. The rising demand for functional food products and dietary supplements is the major factor expected to boost demand for nutraceuticals in Asia Pacific in the near future. Moreover, consumers in this region are becoming aware of the benefits of nutraceuticals and their role in preventing and combating various diseases. In 2011, the nutraceuticals product market in Asia Pacific stood at US$142.1 billion and is projected to reach US$204.8 billion by the end of 2017, growing significantly at a 6.3% CAGR between 2012 and 2017.
Dietary Supplements Product Segment to Lead the Asia Pacific Nutraceuticals Product Market
The Asia Pacific nutraceuticals product market
has been segmented into dietary supplements, functional food, and functional beverages. Among these, the dietary supplements product segment is anticipated to lead the Asia Pacific nutraceuticals product market on the basis of revenue in the coming years. Dietary supplements are known to aid the immune system, which aids in preventing infections. The sub-segmentation of dietary supplements comprises herbals, non-herbals, vitamins and minerals, proteins and peptides, and others. Among these, high demand for vitamins, herbals, and mineral products is estimated to boost the nutraceuticals products market in Asia Pacific.
Furthermore, the functional food segment is further divided into branded wheat flour market, omega fatty acid fortified food, branded ionized salt, probiotics fortified food, and other functional food. This segment is expected to follow dietary supplements in the Asia Pacific nutraceuticals product market in terms of market share from 2012 to 2017. The functional beverages product segment is also divided into fruit and vegetable juices and drinks, noncarbonated drinks, dairy and dairy-alternative drinks, and other functional beverages. The functional beverages product segment is expected to grow steadily in the forecast period, due to the rising adoption of convenient and readily digestible health drinks.
Japan to Remain a Dominant Region Holding a Market Share of 54.8% by 2017
For the purpose of geographical analysis, the Asia Pacific nutraceuticals product market has been segmented into Taiwan, Japan, India, Indonesia, Thailand, South Korea, China, and Australia. Among these national market, Japan dominates the nutraceuticals product market in Asia Pacific and is expected to continue as the leader in the coming years. Japan is followed by China and it is estimated that Japan will hold 54.8% and China will hold 39.5 % of the Asia Pacific nutraceuticals product market by 2017.
The nutraceuticals product market in India is expected to grow at a high rate in the coming years. This high growth rate is due to the preference of the Indian population for nutraceuticals as a substitute for pharmaceutical drugs. The lifestyle in India is constantly changing and the people in this region are becoming more aware of the benefits of natural supplements. As a result, the dietary supplements segment is anticipated to grow rapidly in India, whereas functional foods will experience a slower growth rate in the near future.
Companies operating in the Asia Pacific nutraceuticals product market are engaged in different marketing strategies, such as new product development, joint ventures, mergers and acquisitions, and expansion activities, which will help them increase their market share in the Asia Pacific nutraceuticals products market and enjoy considerable competitive advantage.