Asia Pacific Nutritional Supplements Market to Reach USD 167.3 Billion by 2025by Susan Hill Business Consultant
The Asia Pacific nutritional supplements market size is expected to reach USD 167.3 billion by 2025, according to a new report by Grand View Research, Inc. expanding at a CAGR of 6.46% over the forecast period. Prevalence of lifestyle-related chronic diseases in APAC region is increasing. According to statistics reported by 2015 National Health and Family Planning Commission, results of a nationwide survey concluded that the number of people suffering from chronic conditions increased during 2002 to 2014. Approximately 12.3 million people died because of chronic conditions in Western Pacific, as of 2016. The major conditions responsible for these deaths were cardia-cerebrovascular disease, chronic respiratory disease, and cancer.
In recent few years, the South Asian region has grown significantly in terms of urbanization, disposable income, affluence, dietary westernization, and economics. Prevalence of hypertension and type 2 diabetes was 22.2% and 20.2% in 2014, respectively. These nutrition and dietary supplements also aid in improving the immune function of the diseased individuals. In addition, increased prevalence of chronic conditions provides growth opportunities for the market.
Rising awareness among the population about nutritional and dietary supplements and reduced healthcare expenditure due to the preventive medications have increased the growth opportunities for this market in Asia Pacific region. After the survey conducted by China Healthcare Association, it was concluded that consumption of health food is more than 50% in the adult and elderly population.
In addition, with increase in disposable income, population is focusing more on healthy lifestyle and enhanced immunity. This is another factor that is anticipated to boost the market growth. China is the second largest consumer of dietary supplements after the U.S. As per various articles, players dedicate only 1.67% of the total turnover for R&D and hence innovation pertaining to these dietary supplements are quite low as compared to other countries. Word-of-Mouth advertising is majorly utilized in Chinese market. Players invest 6.6% of the total turnover in advertising. Consumers over the age of 60 represent a significant segment and are also an ideal target for market players.
Further Key Findings from the Report Suggest:
- Asia Pacific nutritional supplements market size was estimated at
USD 107.5 billion in 2018 and is projected to grow at a CAGR of 6.46% over
the forecast period
- In 2018, functional
foods accounted for the largest market share owing to largest targeted
- In 2018, the powders segment accounted for the largest share of the
market. The key factors contributing to the largest share of this segment
include high commercial presence of these supplements in powder form and
higher preference for powder as compared to pills and soft gels form among
the pediatric and geriatric population.
- The children segment is expected to emerge as the fastest growing
segment with a CAGR 7.48%
- Market players such Glanbia plc; Nestle; Abbott Nutrition; Herbalife International of America, Inc.; and Amway
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Created on Mar 13th 2020 05:12. Viewed 210 times.