Asia Pacific Nutraceutical Ingredients Market

Asia Pacific Nutraceutical Ingredients Market Size (2024 to 2029)

Asia Pacific Nutraceutical Ingredients Market size is expected to be USD 113.87 billion in 2024 and is determined to reach USD 161.88 billion by 2029, recording a CAGR of 7.29% throughout the outlook period 2024 to 2029.

Nutraceutical is a term used to refer to fortified foods or foods obtained from dietary sources that not only supplement the diet, but also provide additional health benefits. Other terms used for nutraceuticals are medical foods, functional foods, and branded foods, etc. Companies have begun to include new ingredients in nutraceuticals such as plant sterols, polyphenols, probiotics, and fatty acids. They help provide medical benefits and treat or prevent disease by improving health conditions. They are gluten-free and do not include synthetic colours and flavours, which makes them a healthy option over conventional products. The health benefits derived from nutritional supplements are much more effective than primary nutritional food products. These health benefits include reducing the risk of chronic diseases other than physical or psychological contact, restoring basic nutritional functions, stimulating growth, and increasing functions of the body or mind.

The increase in the incidence of chronic diseases has caused changes in the eating habits of people. Consumers' concerns about nutrient insufficiency tend to be general in nature, rather than being concerned with a specific health condition or specific nutrient/component in their diet, regardless of general nutrient deficiency. Consumers are concerned about general health problems that result from nutrient deficiencies, rather than a specific health problem. For almost every nutrient or food component studied, at least 6 out of 10 consumers believed they had enough to meet their needs. Omega-3 fatty acids are the exception, as only 50% of consumers believe they are getting enough omega-3s to meet their needs. Nutraceutical ingredients find a wide variety of applications, such as functional foods and beverages, animal nutrition, pharmaceuticals, and personal care products. However, the inclusion of nutraceutical ingredients in food and beverage products, food products, pharmaceuticals, and personal care products results in higher prices for these finished products. This, in turn, leads to less adoption of these products, retarding market growth. In recent years, there has been an increase in demand for healthy alternatives to consumables as consumers are becoming more aware of good nutrition. Nutraceutical ingredients, when added to any type of food and beverage product, result in the formation of functional foods and beverages, which in some way confer a health benefit.

Impact of COVID-19 on Asia Pacific Nutraceutical Ingredients Market

Although Coronavirus had its worst impact on the F&B sector, it is touted to act positively for the nutraceutical ingredients market. The increasing emphasis on improving immunity and disease resistance among consumers is supposed to boost sales of dietary supplements, which will promote the nutraceutical ingredients business in the Asia Pacific and the whole world going ahead.

This Research Report on Asia Pacific Nutraceutical Ingredients Market is segmented, and sub segmented into following categories

Asia Pacific Nutraceutical Ingredients Market By Type

• Pre And Probiotic
• Protein
• Mineral
• Vitamin
• Carotenoid
• Fiber
• Phytochemical

The market, by type, has been segmented into pre and probiotic, protein, mineral, vitamin, carotenoid, fibre, and phytochemicals. The probiotics segment is expected to be the largest segment during the foreseen period

Asia Pacific Nutraceutical Ingredients Market By Application

• Food
• Dietary Supplement
• Animal Nutrition

The APAC nutraceutical ingredients market, by application, has been segmented into food, dietary supplement, and animal nutrition. The Dietary Supplements segment is expected to experience the fastest growth, per application, during the forecast period.

Asia Pacific Nutraceutical Ingredients Market By Form

• Dry Form
• Liquid Form

Asia Pacific Nutraceutical Ingredients Market By Health Benefit

• Gut Health
• Heart Health
• Bone Health
• Immunity
• Nutrition
• Weight Management

Based on the health benefit, the local market is separated into gut health, heart health, bone health, immunity, nutrition, and weight management.

Asia Pacific Nutraceutical Ingredients Market By Region

• China
• Taiwan
• South Korea
• India
• Japan
• Australia
• New Zealand

The Asia Pacific Nutraceutical Ingredients market has been categorized based on geography into China, Taiwan, South Korea, India, Japan, Australia, and New Zealand. The Asia-Pacific nutraceutical ingredients market is entirely driven by India, which accounted for almost 31.5% of the market share in 2019. The country is also expected to be the fastest-growing country in the region in nutraceutical ingredients due to changes in lifestyles and diets and increased awareness of nutrition. Additionally, rising hospital costs are also driving consumer demand for supplements and other nutrients such as vitamins and minerals to maintain their health. Consumers across the country are now willing to spend the additional amount on fortified products, which has increasingly helped nutraceutical ingredient manufacturers find substantial market opportunities.

KEY PLAYERS IN THE ASIA PACIFIC NUTRACEUTICAL INGREDIENTS MARKET

Key players in the Asia Pacific Nutraceutical Ingredients Market are Nestle Sa., Ajinomoto Co. Inc., General Mills, Inc., Dean Foods Company, Danone Sa, Associated British Foods Plc, Basf Se, Glaxosmithkline Plc, Dupont De Nemours & Company, Ingredion Incorporated, Royal Dsm N.V., Archer Daniels Midland Company, Arla Foods Deutschland Gmbh, E.I.D.-Parry (India) Ltd, Pepsico Inc, and Cosucra Group Warcoing SA.

Recent Developments In Asia Pacific Nutraceutical Ingredients Market

• In March 2020, Kerry Group invested $ 125 million to expand its Rome, Georgia plant, which is its largest equity investment to date. Construction of the expanded facility will begin immediately, and the project is expected to be completed in early 2021. The expansion would double the production capacity of the existing site and help the company meet growing consumer demand in the poultry and seafood markets.
• In March 2020, Tate & Lyle, a leading provider of food and beverage ingredients and solutions, announced the expansion of its tapioca-based starch line. The expansion includes the launch of the new REZISTA® MAX thickening starches and BRIOGEL® gelling starches. These innovative tapioca starches will help food manufacturers deliver higher quality products due to their better process tolerance, mouthfeel, fluidity and texture.
• In April 2020, Chr. Hansen Holding A/S and HSO Health Care GmbH entered into an agreement under which Chr. Hansen will acquire HSO Health Care. The acquisition of the Austrian B2B company specializing in probiotics for women's health will strengthen and develop Chr. Hansen's global microbial platform. This acquisition is part of the strategy to seek complementary acquisitions that fit the microbial platform, as discussed in Nature's No. 1 strategy.
• In January 2020, Archer Daniels Midland (ADM) has acquired Yerbalatina Phytoactives, a manufacturer of natural herbal extracts and ingredients. Based in Brazil, Yerbalatina uses patented cold-drying technology to transform fruits, vegetables and other plants, such as acerola, acai, guarana and green coffee, into a wide variety of extracts and ingredients for customers in the food and beverage industries and medical care.
• In August 2019, Ingredion invested $ 140 million to drive growth in the vegetable protein market, expanding the existing portfolio of the products like legume flours, concentrates and isolates.