The Asia Pacific Nutraceuticals market is expected to grow significantly over the next decade, with future market insights estimating that this market will have a value of USD 90 million by the end of 2023. This is anticipated to increase to USD 175 million by 2033, with a CAGR of seven percent over the forecast period.
This growth will be propelled by higher mortality rates, rising consumer awareness of health-conscious products, and the rapid increase of chronic diseases. Heart diseases, diabetes, and cancer are chief among the top causes of mortality that increase the consumption of nutraceuticals in Asia Pacific.
Nutraceuticals are utilised and capitalised upon for their advantages regarding improving health and life expectancy, support of body function, and more.
The food and beverage sector is also innovating new products based on specific nutritional values and unique ingredients to increase the adoption of Asia-Pacific nutraceuticals. As a result, several pharmaceutical companies are partnering with food and beverage brands, furthering this market growth over the long term.
Primarily, the Asia Pacific nutraceutical market report remarked that nutraceuticals had been 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.
Millennials are the driving generation for this market growth with their increased participation in fitness-related activities. Functional drinks like protein and energy drinks demand have increased within this consumer segment, and increased demand for plant-based food as allergies, intolerances, and flexitarian lifestyles have become more prominent.
Convenience foods have also experienced a surge of growth as more manufacturers offer portable, functional food items.
Nutraceuticals' popularity is primarily centred on the benefits they provide for the body, with vitamin B2 being a particularly sought nutritional component for its role in 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, likely to grow the Asia Pacific nutraceuticals market share.
The difficulties for this market are underpinned by the issues that occur with its overuse. With excessive use of nutraceuticals, dizziness, increases in blood pressure, and headaches are more likely to occur. This is a crucial factor deterring the growth of the Asia Pacific nutraceuticals sector during the forecast period.
