By 2032, the Asia Pacific nutraceuticals market is anticipated to grow at a CAGR of 6.9% and reach a value of US$ 1,64,838.78 Million. The market is now valued at US$ 84,900 Million in 2022.
High mortality rates, coupled with rising consumer awareness about health-conscious products are central to the growth of the Asia Pacific (APAC) nutraceuticals market. Heart diseases, diabetes, and cancer are among the top causes of mortalities in the US. Various government initiatives and non-profit organizations are running awareness programs about the importance of healthy diet regimen in fighting these diseases.
As a result of such collective efforts, food & beverage organizations are innovating new products based on specific nutritional value, and unique ingredients to generate additional revenues. Consequently, several pharmaceutical companies are partnering with food & beverage brands. Such developments in consumer trends and end-use industries are auguring well for nutraceuticals market.
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Manufacturers to Launch New Flavors for Better Margins
Vitamin B2 or riboflavin stimulates cell growth and energy production in the human body. Consumers are actively looking for products that offer additional nutrients. Manufacturers are differentiating nutraceutical products based on such features.
Market players are navigating these uncharted waters of dynamic nutraceutical regulations and matching them with evolving consumer trends. For instance, legalization of hemp agriculture and cannabinoids in developed regions is triggering nutraceutical manufacturers to launch cannabis-based products as dietary supplements
Players are banking on clinical research and development in cannabis-based nutraceuticals to strengthen the genuinity of cannabis as a beneficial ingredient. Cannabinoids continue to gain prominence in the medical community in APAC.
Furthermore, researchers, government officials, and representatives are partaking in several international events such as the Nutraceutical and Functional Food Asia Pacific Summit (NFAP). Such factors are further contributing to nutraceuticals market in APAC.
Increasing Consumption of Health-centric Products to Drive Sales of Nutraceuticals
Obesity, diabetes and skin-related diseases account for a significant chunk of consumer-related illnesses, primarily sue to lack of proper nutrition. Hence, nutraceuticals are beneficial in acting in bridging the nutrition gap by offering sufficient amount of required elements.
Several food & beverage giants in APAC are driving their attention towards these trends by launching fitness-related products. This, in turn, will influence nutraceutical manufacturers to invest in in marketing campaigns to reach a larger customer base. Furthermore, shifting preference for preventive care continues to propel the demand for nutraceuticals in APAC.
Asia Pacific Nutraceuticals Market: Region Wise Analysis
Increasing consumption of dietary supplements, especially among the millennials, is propelling the nutraceuticals market in APAC. Countries such as India, Singapore, Indonesia, and Malaysia are offering lucrative opportunities. Consumers are increasingly preferring for functional and nutraceutical products, as health consciousness takes over the conventional fast-food chain.
Market players that identify local consumer preferences and market their products accordingly will emerge as revenue leaders in the coming years. Further, changing lifestyle in tandem with rising demand for nutritious consumables are driving the APAC nutraceuticals market.
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Asia Pacific Nutraceuticals Market: Competitive Landscape
Manufacturers are increasingly investing in R&D of innovative nutrient mixes as well as are enhancing packaging and labelling to differentiate their products. Major players in nutraceuticals market are entering into strategic partnerships with local emerging players and installing manufacturing units in APAC. Key players in the APAC nutraceuticals market are, but not limited to,
- Pfizer
- Nature’s Answer USA
- Cadilla Healthcare
- Omvita. APS
- Numico
- Celestial Biolabs LtdMagnum.
Key Segments in The Asia Pacific Nutraceuticals Market
By Type:
- Functional Food
- Dietary Supplements
- Pharmaceuticals
- Functional Beverages
- Personal Care
By Application:
- General Wellness
- Weight Management
- Sports & Energy
- Beauty and Anti-aging
- Digestive Health
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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Frequently Asked Questions
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