Owing to the presence of a few leading manufacturers of nutraceuticals in Asia Pacific, the competitive rivalry in the nutraceuticals product market is relatively high, states Transparency Market Research (TMR) in a new report. To establish a stable position in the Asia Pacific nutraceuticals product market, manufacturers are focusing on the enhancement of technology and quality of products. Numerous companies are seeking growth opportunities in highly profitable markets such as India. Countries such as Australia, Brazil, Japan, and China are also proving to be potential markets for manufacturers to capitalize on. The key players in the Asia Pacific market for nutraceuticals products are Omvita, APS, Numico, Celestial Biolabs Ltd., Magnum, Nature’s Answer, Pfizer, and Cadilla Healthcare.
The market for nutraceuticals in Asia Pacific is expected to expand at a 6.3% CAGR between 2007 and 2017. The market is projected to rise to a value of US$204.8 bn by the end of 2017. On the basis of dietary supplements, the herbals, vitamins, and mineral segment is likely to emerge dominant in the nutraceuticals product market in Asia Pacific. Owing to high demand for herbals, vitamins, and mineral nutraceuticals, the dietary supplement segment is projected to emerge as the leading segment of all the segments in the Asia Pacific nutraceuticals product market. The dietary supplements segment is likely to be followed by the functional food segment. Owing to the rising consumption of healthy drinks among consumers in Asia Pacific, the demand for functional foods is expected to intensify over the upcoming years.
Japan to Lead Nutraceuticals Product Market in Asia Pacific Owing to Development of Advanced Nutraceutical Products
Based on geography, Japan is likely to maintain a lead in the Asia Pacific nutraceuticals product market with a projected share of 54.8% in 2017. Japan is anticipated to be followed by China with a share of 39.5% in the nutraceuticals product market in Asia Pacific. According to a TMR analyst, “Innovation in nutraceuticals manufacturing technology such as enhancement, alteration, and fortification and the demand for natural and healthy food products are factors that are likely to drive the adoption of nutraceuticals products in these countries.”
Moreover, the trend of patenting new delivery systems and investment by governments on research and development projects to improve the bioavailability of nutraceuticals are further expected to drive the growth of the nutraceuticals products market in these countries. Owing to the rising shift of consumers from the consumption of pharmaceutical medicines to nutraceutical products, India is estimated to witness strong growth until 2017.
Strict Government Regulations Regarding Food Quality to Drive Adoption of Nutraceutical Products
Governments of countries in the Asia Pacific region have imposed strict regulations against the use of chemical ingredients in food products. Regulations have been passed regarding the compulsory addition of natural food ingredients in several food product categories. As a result of this, research and development activities are being funded by governments to discover new and advanced ingredients for the manufacture of nutraceutical products. Furthermore, the mounting disposable income of consumers in Asia Pacific along with awareness about the health benefits of nutraceutical products is further expected to augment the growth of the nutraceuticals product market in Asia Pacific.
High Cost to Inhibit Consumption of Nutraceutical Products in Asia Pacific
Nutraceuticals are manufactured by adding several natural ingredients carrying high health benefits. A few ingredients used in producing nutraceuticals are not readily available and are expensive. As a result of this, the cost of manufacturing substantially increases. The high cost of nutraceutical products is likely to deter many middle class consumers. Moreover, a consumer base restricted to just health conscious consumers is another factor that is anticipated to negatively impact the growth of the nutraceuticals product market in Asia Pacific.
However, manufacturers of nutraceuticals can expect to gain growth opportunities from the rising health conscious population in India. As the nutraceuticals product market in India is still at the nascent stage, manufacturers are likely to gain from the rising opportunities in the region.
The review is based on a report titled, “Nutraceuticals Product Market: Asia Pacific Market Size, Segment and Country Analysis and Forecasts (2007-2017).”
This report provides a holistic view to the Asia Pacific nutraceuticals product market with 11 year stretch of market data & forecast, based on following segmentations:
- Probiotics Fortified Food
- Omega Fatty Acid Fortified Food
- Branded Ionized Salt
- Branded Wheat Flour Market
- Other functional food
- Fruit & Vegetable Juices and Drinks
- Dairy & Dairy Alternative Drinks
- Noncarbonated Drinks
- Other functional beverages
Dietary Supplements Segment
- Proteins & Peptides
- Vitamins & Minerals
- Other Market
- South Korea
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