Asia Pacific Nutritional Supplements Market: Functional Foods And Beverages Product Segment Held The Largest Revenue Share

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Apr 21

Asia Pacific Nutritional Supplements Industry Overview

The Asia Pacific nutritional supplements market size is expected to reach USD 240.6 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.1% from 2022 to 2030. The population across countries in the Asia Pacific region is gradually shifting towards a healthier lifestyle and the adoption of nutritional supplements as a part of healthy dietary habits to achieve health and fitness goals. The geriatric population in the Asia Pacific region has grown in the past few years, thus increasing the overall burden of chronic diseases. Unhealthy eating habits and increasingly sedentary lifestyles have given rise to a plethora of lifestyle diseases, which are quite prevalent in the Asia Pacific region. As the awareness regarding nutritional needs has been increasing among the population, nutritional supplementation to improve and maintain health has gained a lot of popularity.

The Asia Pacific region has been known for its traditional medicine and healing with the help of natural products. For centuries, these products have been used by the region's population. In recent years, these traditional products have gained a lot of traction in the Asia Pacific region as well as in other countries. This rise in popularity has led to wider adoption of these products and has led to the nutritional supplements market growth. The increase in disposable incomes across the region has resulted in higher purchasing power. With the increasing awareness regarding nutritional supplements, the market has been growing and is capable of expanding at a substantial rate. COVID-19 has spurred this industry to a great extent and people across the globe have become more aware of the implications of a lack of good immunity. A report by FMCG Gurus states that more than 55% of the APAC population has become more conscious regarding immunity due to COVID-19.

Sports nutrition has piqued a lot of interest in people around the globe. More and more people are opting for sports supplements to achieve their fitness goals. Sports enthusiasts and professional athletes are increasingly promoting supplements through social networking sites and their uptake has risen in recent years, which is a key driving factor for the growth of the nutritional supplements market in Asia Pacific. According to Euromonitor, a Lifestyles survey 2021, more and more millennials have been participating in physical activities and health-related behaviors on a daily basis. The Asia Pacific has been recognized as one of the fastest-growing markets for wellness by Euromonitor and it is expected that the investments in products related to dietary supplements, healthy foods, beverages, and sports nutrition will increase over time, given the growth prospects in the Asia Pacific region.

Asia Pacific Nutritional Supplements Market Segmentation

Grand View Research has segmented the Asia Pacific nutritional supplements market on the basis of product, consumer group, formulation, sales channel, and country:

Based on the Product, the market is segmented into Sports Nutrition, Dietary Supplements, and Functional Foods and Beverages.

The functional foods and beverages segment held the largest revenue share of over 50.0% in 2021. The category consists of probiotics, Omega-3, fatty acids, and other products. Probiotics have been in demand since they promote a healthy gut, resulting in lesser changes in the stomach and GI-related chronic problems.
The sports nutrition segment is expected to expand at a significant growth rate over the forecast period due to an increase in the number of people moving towards a fitter and active lifestyle.

Based on the Consumer Group, the market is segmented into Infants, Children, Adults, Pregnant, and Geriatric

The adult segment captured the largest revenue share of over 25.0% in 2021. The adult population due to their inactive lifestyles and rapid urbanization has become more predisposed to getting chronic diseases like diabetes, hypertension, and cardiovascular diseases.

The children segment is expected to register the fastest growth rate of 7.2% in the forecast period. The major products aimed at this category are meant for good physical and mental growth.

Based on the Formulation, the market is segmented into Tablets, Capsules, Powder, Soft gels, Liquid, and Others

The powder formulation segment held the largest revenue share of over 35.0% in 2021 owing to the growing market for sports nutrition. The majority of the products in the segment like protein and amino acid supplementation are in powder formulations.

The capsule formulation segment is expected to register a lucrative growth rate in the forecast period. This is due to the fact that functional food supplements like Omega-3 and certain probiotics are all in capsule formulations and functional foods in themselves are a large segment in the market.

Based on the Sales Channel, the market is segmented into Brick & Mortar and E-commerce

The brick and mortar segment held the largest revenue share of over 70.0% in 2021. A large number of people are still purchasing through brick-and-mortar stores. However, online sales or e-commerce platform has been gaining a lot of momentum.
E-commerce platforms have been increasingly gaining a lot of traction due to COVID restrictions and lockdowns and initiatives taken by the market players to collaborate with e-commerce platforms for the sale of their products in an effort to reach a wider consumer base. All of these factors have contributed to the growth of the market.

Key Companies & Market Share Insights

Asia Pacific has been a market leader in the nutritional supplements market. The region has the presence of both regional as well as multinational players. The market with respect to consumers is still an immature market and has a significant growth potential owing to the increasing awareness among people regarding fitness and health and increasing purchasing power. COVID-19 has had a lasting impact on the market landscape and has accelerated the growth to a great extent. Some prominent players in the Asia Pacific nutritional supplements market include

Nestle
Abbott
Glanbia plc
Herbalife International
Amway
PepsiCo
Cliff Bar & Company
Science in Sports

Order a free sample PDF of the Asia Pacific Nutritional Supplements Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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