Asia-Pacific Nutraceutical Market Size (2024 - 2029)

APAC Nutraceuticals Market Analysis

The Asia-Pacific nutraceuticals market is projected to register a CAGR of 7.5% over the next five years.

• The demand for nutraceuticals and functional foods is growing in the region owing to increasing consumer awareness about the benefits of functional foods and beverages. Health-conscious consumers in the region are opting for the consumption of dietary supplements on a regular basis to stay fit and healthy. 
• In the countries like China and Japan, the old age population is more, due to which the consumption of functional food and dietary supplements with medicinal benefits are being consumed. According to the World Bank data from 2021, 30% of Japan's population is 65 or above. Furthermore, the region's preventive healthcare practices are being followed to avoid chronic diseases like cardiovascular diseases, hypertension, arthritis, and others.
• Additionally, millennials in the region are engaging in fitness activities, increasing the demand for functional beverages like protein drinks and energy drinks. The region's demand for plant-based food is also increasing due to allergies and intolerances. 
• Additionally, market players are launching easy-to-carry and on-the-go functional food products due to the rise in demand for convenience food. The market players focus on their research and development and launch new products with nutritional benefits. 
• For instance, in July 2022, Tata Consumer Products entered India's plant-based meat market by launching Tata Simply Better, a line of plant-based meats. The products are also available on e-commerce sites like Amazon and Flipkart. Over the medium term, the market is expected to grow due to increasing consumer demand and preference for plant-based functional food.

APAC Nutraceuticals Industry Segmentation

Nutraceutical products have physiological benefits, protect against chronic diseases, improve health, delay aging, and increase life expectancy. 

The Asia-Pacific nutraceuticals market is segmented into product type, distribution channel, and geography. Based on product type, the market is segmented into functional food, functional beverage, and dietary supplement. The functional food segment is further categorized as cereal, bakery and confectionery, dairy, snacks, and other functional foods. Functional beverages are sub-segmented as energy drinks, sports drinks, fortified juice, dairy and dairy alternative beverages, and other functional beverages. Dietary supplements are categorized as vitamins, minerals, botanicals, enzymes, fatty acids, proteins, and other dietary supplements. By distribution channel, the market is segmented into specialty stores, supermarkets/hypermarkets, convenience stores, drug stores/pharmacies, online retail stores, and other distribution channels. The market is segmented based on geography into China, Japan, India, Australia, and the Rest of Asia-Pacific. 

For each segment, the market sizing and forecasts have been done based on value (in USD million).