The report, published by Allied Market Research, states Asia Pacific economies pose a lucrative opportunity for growth of the nutraceuticals market, owing to a paradigm shift in lifestyle trends and fitness habits.
The report divides its definition of the nutraceuticals product market into four types, namely functional food, functional beverages, dietary supplements, and personal care.
Here, we drill down into the detail to highlight the five key trends that analysts say will see the sector boom over the next six years in Asia Pacific.
1) Asia’s developing nations are catching on
Researchers say the developing nations of Asia Pacific are giving their nod of approval to functional foods, dietary supplements, and herbal products, owing to enhanced awareness about lifestyle trends.
As a whole, APAC is expected to experience an impressive CAGR of 7.33% to 2022 and is now responsible for a significant contribution to the global market.
“Developing Asia-Pacific countries are quick to catch in on food trends around the world. Hence it is no wonder that the nutraceuticals have penetrated into lifestyle trends in the local populace,” states the research firm.
2) Functional food knowledge is driving supplement interest
While functional food, such as oats, omega fatty acid fortified food, and probiotics already have a prominent presence in several markets, analysts say the broader the dietary supplement segment is also on its way to establishing its success.
They suggest that herbal products including Ayurveda extracts are extremely reliable as an investment as the sourcing of raw materials for nutraceuticals production becomes easier in India, and South East Asian nations.
3) More established markets maintain high growth potential
The market is continuing to flourish in nations such as Japan and China which depict a CAGR of 7.76% and 7.15%, respectively.
However, the most impressive growth is projected by India. This is mainly because of the rise in consumer understanding combined with the increase in national healthcare budgets. This points towards a strong market presence of nutraceuticals in the economy and its ability to attract new industry players to cater to an increasing consumer base, say market researchers.
4) Industry partnerships strengthen competitive presence
It is not uncommon to see partnerships and collaborations happening between new and old players in the market, as well as considerable investment coming from third parties.
The report highlights how Indian firm OmniActive Health Technologies has recently received an investment of $35m from Everstone Group - a private equity firm. The investment aims at helping OmniActive to diversify and expand its offerings. The significant cash boost will also aid the company in executing its acquisition opportunities in the immediate future, the report notes.
5) The young are better educated
The report points out that consumers across the region are becoming better educated, with younger people quick to catch in on food trends around the world.
The report adds millennials are now turning into health enthusiasts and actively including superfoods and dietary supplements in their daily meal routines
“There is enhanced awareness among the youth as well as health community about the benefits of thriving on a healthy diet consisting of functional foods and dietary supplements,” state researchers.
The Chinese version of this story can be found here.