The Asia-Pacific Vitamins (Nutraceuticals) market is estimated to grow at a CAGR of 7 percent from 2014 to 2019. The Asia-Pacific consumers are increasingly becoming aware about their health and nutrition. This is mainly due to the changing lifestyles of the growing middle-class population. The rise in the purchasing power of this middle-income population enables them to spend on Nutraceuticals products which cater to the problems related to their dynamic lifestyles. The altering lifestyle-based growth in nutraceuticals products in this region shows the growing market for nutraceuticals ingredients. This is due to the increase in demand for functional products that is directly proportional to the rise in the demand for nutraceuticals ingredients.
In this report, the Asia-Pacific vitamins (nutraceuticals) market has been broadly discussed by its applications such as functional food, functional beverages, dietary supplements, animal nutrition and personal care. The dietary food market is estimated to grow at the highest CAGR from 2014 to 2019. Awareness of vitamins (nutraceuticals) ingredients in the supplementary food and personal care is a major diving force for the vitamins (nutraceuticals) industry in Asia-Pacific.
Japan is the largest vitamins (nutraceuticals) market in Asia-Pacific with a market share of 28.48 percent followed by China. India has the highest CAGR for the estimated period. There are quality control issues with minerals as well as vitamins imported from China, especially used in pet food. In the U.S., there was an issue of deaths of thousands of dogs and cats due to consumption of the contaminated food sourced from China. This has made the pet owners more cautious. This acts as a restricting factor in the growth of the vitamins (nutraceuticals) ingredients consumption in the Asia-Pacific region.
Royal DSM (The Netherlands) has a major chunk in Asia-Pacific Vitamins (Nutraceuticals) market in terms of market share. BASF SE (Germany) with market share of 8.72 percent is behind the Royal DSM (The Netherlands). The other firms such as DuPont (US), Honson Group (Canada), Archer Daniels Midland Co. (US), Cargill Inc. (US), and Aland (Jiangsu) Nutraceutical Co. Ltd. are competing for growing vitamins (nutraceuticals) market in the region. These companies are engaged in market strategies such as mergers & acquisitions, joint venture, new product development and expansion to increase their market share in the Asia-Pacific vitamins (nutraceuticals) market.
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