Asia Pacific Nutraceuticals Market - Growth, Trends, and Forecasts (2023 - 2028)

The Asia-Pacific nutraceuticals market is projected to register a CAGR of 7.5% over the next five years.

Key Highlights

• The demand for nutraceuticals and functional foods is growing in the region owing to increasing consumer awareness about the benefits of functional foods and beverages. Health-conscious consumers in the region are opting for the consumption of dietary supplements on a regular basis to stay fit and healthy.
• In the countries like China and Japan, the old age population is more, due to which the consumption of functional food and dietary supplements with medicinal benefits are being consumed. According to the World Bank data from 2021, 30% of Japan's population is 65 or above. Furthermore, the region's preventive healthcare practices are being followed to avoid chronic diseases like cardiovascular diseases, hypertension, arthritis, and others.
• Additionally, millennials in the region are engaging in fitness activities, increasing the demand for functional beverages like protein drinks and energy drinks. The region's demand for plant-based food is also increasing due to allergies and intolerances.
• Additionally, market players are launching easy-to-carry and on-the-go functional food products due to the rise in demand for convenience food. The market players focus on their research and development and launch new products with nutritional benefits.
• For instance, in July 2022, Tata Consumer Products entered India's plant-based meat market by launching Tata Simply Better, a line of plant-based meats. The products are also available on e-commerce sites like Amazon and Flipkart. Over the medium term, the market is expected to grow due to increasing consumer demand and preference for plant-based functional food.

Asia Pacific Nutraceuticals Market Trends

Growing Consumption of Functional Food and Beverages

• Consumers in the Asia-Pacific region are becoming aware of their health and well-being. Their preference for functional food and beverages is increasing owing to their benefits. The young consumers in the region are becoming aware of their health and fitness and are engaging in fitness activities.
• Due to this, young millennials are opting for dietary supplements and energy drinks. Considering the demand, market players are also launching new products with different and unique flavors. For instance, in February 2022, Red Bull India launched a new energy drink with a watermelon flavor. The product is available across e-commerce platforms like Amazon, Big Basket, and Flipkart.
• Additionally, changing eating habits, a lack of physical activity and a rise in sedentary lifestyles have all contributed to the increasing prevalence of lifestyle diseases such as diabetes, high blood pressure, obesity, and cardiovascular problems. Because of this, the consumption of functional food and beverages is increasing in the region.

China Dominates the Market

• The market for nutraceuticals in China will likely showcase favorable growth prospects in the future due to growing awareness about health and wellness among the urban population and the growing disposable income of the Chinese population. Chinese supplements use a high composition of natural plant extracts with proven effectiveness, which are safe to use.
• The majority of the population in China is old age population and the increasing prevalence of old age diseases like arthritis, cardiovascular diseases, and other chronic diseases are making the consumers shift towards the consumption of nutraceuticals.
• Additionally, due to an increasing number of lactose intolerant populations, consumption of plant-based products is increasing. The market players in the country are launching new products with innovative approaches to grab consumer attraction.
• For instance, in May 2021, the Chinese plant-based snacking company, Marvelous Foods, launched Yeyo Coconut yogurt on the e-commerce platform, Tmall. Yeyo is plant-based coconut yogurt with zero added sugar, artificial flavors, and sweeteners.

Asia Pacific Nutraceuticals Industry Overview

The Asia-Pacific nutraceuticals market is fragmented, with the presence of global and regional players. The key players in the market are Herbalife International of America Inc., General Mills Inc., PepsiCo Inc., Abbott Nutrition, and Alticor (Amway Corporation). Companies focus on meeting consumer demands through product innovation, expansion, and mergers and acquisitions. The government of different countries is also supporting consumption. In August 2021, the Government of Uttarakhand, India, and Rusan Pharma launched RuVega, a plant-based omega-3 supplement. Rusan Pharma will now manufacture and market these capsules, which will be available at all major drug stores and e-pharmacies.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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