Asia-Pacific Nutraceuticals Market Outlook, 2027

Asia-Pacific Nutraceuticals Market Outlook, 2027

The high mortality rate coupled with growing consumer awareness about health-beneficial products is the central force that is driving the nutraceutical market in the Asia-Pacific region. The rapidly ageing demographic profiles of various economies in the Asia-Pacific region, such as Japan, India, Australia, and China, have provided a huge opportunity for the nutraceutical industry to gain higher revenues. From the obtained data, it has been estimated that the Asia-Pacific region has been one of the forerunners in the nutrition supplement market. There has also been an increase in the number of nutrition care professionals such as nutritionists and dietitians, which has resulted in accelerated awareness related to functional food products and dietary supplements. Nutraceutical products have a wide range of applications, including general wellness, beauty and anti-aging, weight management, digestive health, sports and energy. The population across the continent has been constantly leaning towards a healthier lifestyle option through the higher adoption of nutraceutical products. The rise in per capita disposable income in the region’s various economies has resulted in increased spending on functional food and dietary supplements. Also, consumers in the region are becoming increasingly conscious about their diets, propelling the growth of the nutritional supplement market.

According to the research report titled Asia-Pacific Nutraceuticals Market Outlook, 2027, published by Bonafide Research, the market is anticipated to expand at more than 9% CAGR for 2022–2027. The Asia-Pacific region held the highest market share in the global nutraceutical market in 2021 and is expected to continue this growth during the upcoming timeframe. The use of nutraceuticals by athletes and sportsmen is being increased swiftly due to the rising awareness of the nutritional benefits and the acceptance of nutraceutical supplements. Branched-chain amino acids (BCAA) are the most widely consumed nutraceutical supplements among athletes across the Asia-Pacific region. In addition to that, the Asia-Pacific region is known for its prowess in traditional medicine, and the population has now started preferring naturally sourced products, functional foods, and enriched foods. The Asia-Pacific nutraceutical market is segmented into five prominent countries, including China, Japan, India, Australia, and South Korea. Among these countries, China and Japan are estimated to occupy nearly half of the market share by 2027.

Various developing economies across the region are anticipated to witness significant market growth during the forecast period due to growing consumer demand for natural or herbal products that promote a healthy lifestyle. The large presence of consumers based across the region is encouraging active participation to fuel the overall market growth. However, manufacturers are increasingly investing in the research and development of innovative nutrient mixes as well as innovative packaging and labeling for the products. In addition to that, increasing consumption of dietary supplements, especially among the millennial generation, is propelling the nutraceutical market in the Asia-Pacific region. Countries such as India, Singapore, Indonesia, and Malaysia are offering lucrative opportunities to various manufacturers. Consumers are increasingly preferring functional and nutraceutical products as health consciousness takes over the conventional fast-food chain.

According to the report, the Asia-Pacific nutraceutical market is segmented into three product types, including dietary supplements, functional beverages, and functional foods. Among these types, the functional food segment dominated the market in 2021. However, the dietary supplement segment is expected to gain more traction during the forecast period owing to the increasing focus on health benefits provided by nutraceutical products. These product types are sub-categorized into various types that are included in the report. Based on the functional food types, the dairy products segment is expected to lead the market, followed by the bakery and cereals segment. Based on the functional beverages segment, the energy and sports drink segments are projected to occupy more than 60% of the market share by 2027. Furthermore, based on dietary supplement types, the botanicals segment dominated the market owing to higher demand for herbal supplements across various emerging economies.

COVID-19 impacts
The COVID-19 pandemic has negatively impacted the growth of the nutritional supplements market in the Asia-Pacific region. The majority of the revenue for this region is through exports and, due to the global lockdown situation; the supply chain was highly disrupted, which affected the growth of the market. However, the demand for nutritional supplementation grew multifold, which presented an opportunity for local vendors to thrive in the regional market. Immunity-boosting supplements were the most highly demanded category across the region. According to obtained data, more than 55% of people in the Asia-Pacific region have been more conscious about boosting their immunity during COVID. These factors are projected to boost the market growth for the Asia-Pacific nutraceutical market.

Major Companies present in the market:
Herbalife Nutrition, AMWAY Corp., Bayer AG, Pfizer Inc., GlaxoSmithKline plc., Abbott Laboratories, Glanbia plc, Archer Daniels Midland Company, Nu Skin Enterprises, Inc., Nestle SA, Danone SA, General Mills Inc., Tyson Foods, Monster Beverage Corporation, The Coca-Cola Company, Arla Foods amba, PepsiCo Inc.

Considered in this report
• Geography: Asia-Pacific
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Asia-Pacific nutraceuticals market with its value and forecast along with its segments
• Country wise nutraceuticals market analysis
• Application wise nutraceuticals market distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report
• China
• Japan
• India
• Australia
• South Korea

Based on product type of nutraceuticals market in the report:
• Dietary Supplements (Vitamin, Minerals, Herbal Supplements, Probiotic, Amino acid/Protein& Others)
• Functional Foods (Bakery & Cereals, Dairy Products, Meat, Fish & Eggs, Soy Products, Fats & Oils & Others)
• Functional Beverages (Energy Drinks, Sports Drinks, Dairy & Dairy Alternative Drinks, Fortified Juices & Others)

Based on Distribution channel type of nutraceuticals in the report:
• Supermarkets & Hypermarkets
• Convenience Stores
• Drug and Pharmacies
• Online Retail Stores
• Other Distribution Channels

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to food & beverage industry, nutrition industry, pharmaceutical industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.