According to forecasts, the Asia Pacific nutraceutical market is expected to be US$ 90,482 million in 2023 and US$ 175,487.1 million by 2033.
Due to rising urban health and wellness consciousness and rising disposable income among Chinese consumers, the market in China is expected to see excellent development prospects in the future. Chinese supplements provide a high concentration of natural, safe plant extracts that are helpful.
In China, the elderly make up the bulk of the population, and the rising incidence of age-related conditions, including arthritis, cardiovascular disease, and other chronic illnesses, is causing consumers to turn more and more to nutraceuticals.
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Asia-Pacific consumers are starting to take their health and well-being more seriously. As a result of these advantages, they are increasingly favoring functional foods and drinks. Young customers in the area are becoming more conscious of their fitness and health and are participating in physical activity.
Young millennials are therefore choosing energy drinks and nutrition supplements. Players in the industry are also releasing fresh items with distinctive flavors in response to consumer demand. For instance, Red Bull India introduced a new energy drink with a watermelon taste in February 2022. The item is offered on many e-commerce sites, including Amazon, Big Basket, and Flipkart.
Key Takeaways
- The Asia Pacific nutraceutical market grew considerably to US$ 87,001.72 million in 2022.
- The Asia Pacific nutraceutical sector expanded at a CAGR of 7.3% from 2018 to 2022.
- By 2033, China’s market is projected to develop with a CAGR of 5.5%. In 2022, the China market expanded with a share of 31.2%.
- By 2033, the market in India is projected to expand with a CAGR of 7.6%. In 2022, the Indian market grew with a share of 17.8%.
- The market in Japan expanded significantly, with a 27.9% share in 2022.
- The market in Australia grew significantly, with a share of 6.7% in 2022. The region is expected to develop at a significant CAGR of 8.5% by 2033.
- In 2022, dietary supplements dominated the market, with a share of 34.5%, based on type.
- In 2022, the general wellness segment dominated the market, with a share of 37.8%, based on application.
Competitors Winning Strategies
Through product innovation, business growth, and mergers and acquisitions, companies prioritize satisfying customer wants. The governments of several nations encourage consumption. The market area is fragmented, with both international and local businesses present. General Mills Inc, Abbott Nutrition, PepsiCo Inc., Herbalife International of America Inc., and Alticor are the dominant companies in the market.
Recent Developments
- Remedy K! CK, an all-natural clean energy drink, was released by Remedy Drinks in October 2022. It is now sold at 7-Eleven locations all around Australia. Three fruity Remedy K! CK varieties are offered: blackberry, lemon-lime, and mango pineapple.
- Tata Consumer Products introduced a line of plant-based meats called Tata Simply Better in July 2022, breaking into the Indian market for such products. Moreover, e-commerce websites like Amazon and Flipkart provide the items. The market is anticipated to expand in the medium term due to rising consumer demand and preference for plant-functional foods.
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Key Segments
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
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