Healthy senior life: Nutraceuticals market opportunities in Asia estimated at US$205 billion
28 Jun 2019 --- Preventive measures and education present a US$205 billion opportunity for the nutraceuticals industry in Asia. Healthcare expenses could surge by nine times the current rates in certain Asian countries, according to estimates. The healthcare industry has been outstripping GDP growth in most Asian countries and by 2030, over 60 percent of the world’s population – around 500 million people – will be aged 60 or above in Asia. To tackle the economic ramifications of the issue, such as the rising costs of healthcare, governments across Asia are developing new strategies that address and promote healthy aging.
Food fortification programs are extremely cost-effective in addressing both over- and undernutrition as they cost as little as US$50 per disease. Temasek – an investment company headquartered in Singapore – referencing multiple sources, estimates that by 2030 in Asia, the markets for food fortification will be US$125 billion.
According to the World Health Organisation (WHO), healthy aging is “the process of developing and maintaining the functional ability that enables wellbeing in older age.” Noncommunicable diseases (NCDs), such as cardiovascular diseases (CVD), cancers, chronic respiratory diseases and diabetes are taxing the healthcare system. Incidences of NCDs and their associated requirements for long-term care increase with age, compounded by increasing life expectancy, which means that requirements for long term care are sustained over a higher number of years compared to in previous generations. Furthermore, according to WHO, 70 percent of deaths globally result from NCDs, particularly cancer and from issues related to obesity, such as heart disease, stroke and diabetes.
NCDs can be prevented through better health and nutrition. Research studies in the US show that every US$1 invested in preventative healthcare can save US$5 in treatment cost.
The healthcare industry has been outstripping GDP growth in most Asian countries and by 2030, over 60 percent of the world’s population – around 500 million people – will be aged 60 or above in Asia. As we age, our metabolism decreases and we require less energy, but our need for nutrients increases. Our societal thirst for fast food and satiety has resulted in a prevalence of fatty, salty and sweet foods, which have rapidly become part of our staple diet and yet do not deliver sufficient nutritional value. Better nutrition ultimately aids healthy aging by improving nutrient deficiencies that could impact long-term health and fitness.
In light of this, governments are promoting the benefits of nutraceutical products such as fortified food, reformulated food and functional food that offer nutritional supplements and assist in treating or preventing disease (apart from anemia), to provide medical benefits.
Considered measures to tackle health problems through nutrition include programs such as national nutrition plans in China; school lunch programs in India that are interventions to prevent child malnutrition; stipulating through regulation in Malaysia to restrict access to high-calorie products through food-zoning, which controls the type of food sold in certain areas and makes sure that calorie information is on display; higher taxes on high-sugar and high-fat food; or even, incentive programs for Singapore workers to persuade consumers to choose healthier food options.
Global food companies are removing sugar and artificial preservatives by reformulating products to be healthier. Local brands in China, South Korea and Vietnam are reformulating products with locally sourced medicinal ingredients such as red ginseng and cooling herbs. The product reformulation market in Asia is estimated at US$65 billion.
And the functional food market, or food that is fortified and enhanced to provide substantial health benefits, is estimated at US$15 billion. Among other ingredients, they may contain probiotics, prebiotics, plant stanols, and vitamins such as B, D and minerals such as folic acid.
Vitafoods Asia 2019
To enable Asians to explore nutraceuticals, the Vitafoods Asia 2019 Conference and Exhibition will be held in Singapore, September 24-25, 2019. The nutraceutical event for the Asia Pacific region, Vitafoods Asia informs and helps brand owners to select, manufacture and distribute products from the global nutraceuticals industry. Some 44 percent of the more than 5,000 visitors that attended Vitafoods Asia in 2018 sought products and information on healthy aging.
Vitafoods Asia showcases evidence-based products that combat malnutrition, disease and low immunity, along with the ill effects of obesity, smoking, alcohol consumption, stress and a lack of exercise. The exhibition features functional beverages and food, dietary and health supplements, health food, natural and herbal medicines, and “nutricosmetics” that are beneficial to healthy aging. Over 350 international suppliers attend to provide innovative and high-quality nutraceutical ingredients, dietary supplements and services to buyers from Asia.
Vitafoods Asia connects suppliers to buyers, as well as service providers to brands, who can also access product development, regulatory and marketing entry advice at the show to learn how to penetrate new markets in Asia. Exhibitors include digestive health sponsor, DuPont, Collagen Protein sponsor, Gelita, healthy aging sponsor, DSM, Curcumin sponsor, Sabinsa and GenCanna, the official Cannabidiol (CBD) sponsor for Vitafoods Asia 2019.
