The Asia-Pacific nutraceuticals market is estimated to witness a CAGR of 7.5% during the forecast period (2018-2023). This market is dominated by Japan, which holds almost one-third market share. This region has high potential and is the fastest-growing nutraceutical market in the world.
Growing health concerns among consumers and increasing awareness for nutraceuticals are the major drivers of the Asia-Pacific nutraceutical market. In addition, the changing lifestyles, an increase in the aged population and spending pattern on healthcare products have enhanced the growth of the nutraceutical market in Asia-Pacific. Government regulations regarding nutraceutical products and many spurious products present in the market are a few factors that suppress this market. However, the growing trend of food fortification with nutraceutical products is a huge opportunity for this market.
The Asia-Pacific nutraceutical industry is segmented into three major categories - by type, application and geography. By application, functional food is the largest segment, which utilizes almost 70% of the nutraceutical products in the market, followed by functional beverage, with XX%, dietary supplements (XX%) and others (XX%). Among the Asian countries, Japan is the largest market, followed by China and India.
Algal-based omega-3 fatty acids and natural plant extracts are the new trend in the nutraceutical market. Omega-3 is one of the most consumed nutraceuticals, due to its association with the prevention and treatment of many diseases, such as thrombosis, atherosclerosis, cancers, arthritis, etc. The application of algal-based omega-3 fatty acids in various foods, drinks and pharmaceuticals, is a great investment opportunity. The omega-3 market scope covers production, extraction, fortification and other functions, in the APAC region.
The Asia-Pacific nutraceuticals market is highly competitive, with various market leaders, such as ADM, DuPont, Cargill, Inc., Royal DSM, and BASF SE. These market leaders hold a major share of the nutaceuticals market in Asia-Pacific. Innovations, technological advancements, partnerships, mergers, acquisitions, market expansion and categories’ expansion, are some of the key market strategies.
Key Deliverables in the Study
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