The Asia Pacific nutraceuticals market is likely to secure a CAGR of 7% during the forecast period and attain a value of USD 175,487.1 million by 2033. The current valuation of the market stands at USD 90,482 million in 2023.
High mortality rates, coupled with rising consumer awareness about health-conscious products and rising chronic diseases, are increasing Asia Pacific nutraceuticals' market share. Heart diseases, diabetes, and cancer are among the top causes of mortality that increase the consumption of nutraceuticals in Asia Pacific.
Various government initiatives and non-profit organizations are running awareness programs about the importance of a healthy diet to fight diseases. These organizations are likely to increase the Asia Pacific nutraceuticals business growth during the forecast period.
Nutraceuticals are useful as they improve health and life expectancy, support body function, and others. A study said that nutraceuticals are showing better results for diseases such as diabetes, cardiovascular, cancer, and atherosclerosis during the forecast period.
Food & beverage organizations are also innovating new products based on specific nutritional value, and unique ingredients, to increase the adoption of Asia Pacific nutraceuticals. Consequently, several pharmaceutical companies are partnering with food & beverage brands, which are anticipated to increase the sales of Asia Pacific nutraceuticals.
Such developments in manufacturing industries and end-use industries are propelling the Asia Pacific nutraceuticals sector growth during the period of 2022 to 2032. As per the Asia Pacific nutraceutical market report, nutraceuticals are widely used for dietary purposes in various countries due to their physiological benefits in recent years, and are likely to have significant growth in the coming years.
| Attributes | Details |
|---|---|
| Asia Pacific Nutraceuticals Market CAGR (2023 to 2033) | 7% |
| Asia Pacific Nutraceuticals Market Size (2023) | USD 90,482 million |
| Asia Pacific Nutraceuticals Market Size (2033) | USD 175,487.1 million |
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Market valuation exceeds from USD 65,600.2 million in 2018 to USD 87,001.72 million in 2022, expanding with a CAGR of 7.3% during this period.
Due to their involvement in fitness-related activities, millennials in the area are driving up demand for functional drinks like protein and energy drinks. Due to allergies and dietary intolerances, there is a growing demand for plant-based foods in the area.
Also, due to the surge in demand for convenience foods, industry participants are releasing portable, functional food items. The market participants concentrate on their research and development and introduce fresh goods with nutritional advantages.
A number of factors are identified within the market that are contributing to the expansion of the market size within this region and propelling the high consumption of nutraceuticals. The factors responsible for the market growth of the product are as follows:
Provide Nutrients:
Nutraceuticals provide vitamin B2 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, which are likely to grow the Asia Pacific nutraceuticals market share.
Growing Agricultural Crops for Medical Use:
The legalization of hemp agriculture and cannabinoids in developed regions is triggering nutraceutical manufacturers to launch cannabis-based products as dietary supplements.
The market players are researching and developing cannabis-based nutraceuticals to strengthen the genuinity of cannabis as a beneficial ingredient. This is likely to increase the adoption of nutraceuticals in the coming years.
Government Initiatives:
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 size in the coming period in the Asia Pacific region.
Over Use of Nutraceuticals:
The excess use of nutraceuticals causes dizziness, increases blood pressure, and is associated with a headache. This is a very crucial factor deterring the growth of the Asia Pacific nutraceuticals sector growth during the forecast period.
Poor Solubility:
It is identified that nutraceuticals possess very low water-solubility as it is procured from hemp and other medicinal plants, which is anticipated to restrain the Asia Pacific nutraceuticals industry growth.
| Country | China |
|---|---|
| Market Share (2022) | 31.2% |
| Country | India |
|---|---|
| Market Share (2022) | 17.8% |
| Country | Australia |
|---|---|
| Market Share (2022) | 6.7% |
| Country | Japan |
|---|---|
| Market Share (2022) | 27.9% |
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Increasing consumption of dietary supplements, especially among millennials, is propelling the nutraceuticals market in the Asia Pacific. Countries such as India, Singapore, Indonesia, and Malaysia are offering lucrative opportunities. Consumers are increasingly preferring functional and nutraceutical products, as health consciousness takes over the conventional fast-food chain. Due to this, China is likely to expand with a CAGR of 5.5% by 2033, whereas India is expected to expand at a leading rate with 7.6% CAGR during the same period.
Market players that identify local consumer preferences and market their products accordingly emerge as revenue leaders in the coming years. Furthermore, changing lifestyles in tandem with rising demand for nutritious consumables are driving the Asia Pacific nutraceuticals sector.
The Asia Pacific nutraceuticals start-up companies are likely to innovate various products in the market to seek the attention of consumers in recent years. They are likely to use various organic plants to make better nutraceuticals for their healthy life.
The top 2 start-ups in the Asia Pacific Nutraceuticals are:
| Start-ups | Plix, Mumbai-based Start-Up |
|---|---|
| Details | Plix is an Indian start-up situated in Mumbai that was founded in 2019. The company is providing superfood powders, plant-based proteins, supplement pills with types of flavors, and other health-benefit products in recent years. They are making products related to hair, skin, wellness, weight loss, and workout supplements. The company founder, Rishabh Satiya, is all set to aim for nearly 1000 stores in the coming period. |
| Start-ups | Kapiva Ayurveda, Mumbai-based Start-Up |
|---|---|
| Details | Kapiva Ayurveda was founded in 2016. The company has launched around 40 types of food functional products, including teas, honey, plant nutrition, herbal juice, and others, which are available on Amazon as well. Kapiva Ayurveda is focusing on healthcare and fitness products and is likely to invest in more products in the coming years. |
Some of the other start-ups that are growing faster in the Asia Pacific nutraceuticals are Fast&Up, Olena, OZiva, and others in recent years.
Key Players in the Asia Pacific Nutraceuticals Market Moving Toward Product Innovations
The Asia Pacific nutraceuticals sector is fragmented by the number of key players in the region during the forecast period. The key competitors are coming up with specific and innovative tools which are anticipated to increase the market share.
The prominent players are making several tactics to collect the maximum revenue in the market. Some of them are mergers, partnerships, acquisitions, product launches, collaborations, and others.
Recent Developments
Key players
The Asia Pacific region generated 40% of global demand for nutraceuticals in 2022.
The Asia Pacific market will grow at a 7% CAGR through 2033.
Plant-based ingredients account for 60% of total production.
Dietary supplements hold 65% of the global market share.
From 2018 to 2022, the market grew at a 7.3% CAGR.
| Market Size (2023) | USD 418,080 million |
|---|---|
| Market Projected Size (2033) | USD 703,122.075 million |
| Forecasted Value CAGR (2023 to 2033) | 5.3% |
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Asia Pacific Nutraceutical Market
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