Industry optimistic about Asia’s nutraceutical future ahead of Vitafoods Asia

04 Aug 2017 --- Industry players are optimistic about the future of Asia’s nutraceutical, functional food and beverages and dietary supplement industries and generally agree on current trends. This is according to the organizers of Informa’s Vitafoods Asia conference, who have spoken to the companies ahead of the seventh edition of the annual event next month.

The region’s only event dedicated to these markets will gather in Singapore from 5 to 6 September at the Sands Expo and Convention Centre at Marina Bay Sands. The organizers reached out to exhibitors and visitors last month to get their thoughts on the industry.

One common observation was that the Asian nutraceutical industry is still going strong. More than 80 percent of those surveyed said that they were optimistic about the sales performance and profitability of their businesses. Additionally, the organizers report that the global nutraceuticals market size is expected to reach US$302 billion by 2022, with a compound annual growth rate (CAGR) of 7.04 percent from 2016 to 2022, and Asia Pacific is expected to surpass the global growth average with a CAGR of 7.33 percent, making noteworthy contributions to the global market.

Trend watch
When it came to the nutraceutical product categories of most interest to visitors’ businesses, the top five were Cardiovascular Health, Digestive Health, General Wellbeing, Healthy Aging and Immunity. 

Those surveyed also unanimously agree that scientifically-proven claims, personalized nutrition and clean label are the top three trends that their companies are keeping track of. Products with “unrecognizable” ingredients are now deemed less desirable as consumers prefer to know exactly what they eat and drink.

Standards welcome
Overall, the survey participants are also appreciative of the move to establish the ASEAN Economic Community (AEC) Harmonization of Standards across the ASEAN region. More than 70 percent of those who responded find the AEC Harmonization helpful for their business. That said, many of them also say they are not clear of the details, and that a greater awareness of the AEC standards is necessary. Manufacturers are most concerned about the area of health claims regulations, as they need to be able to confidently put forth health claims for their products.

Overall, the industry’s optimism is expected to carry over to the conference itself.

“We look forward to bringing everyone together and facilitating meaningful conversations – ones of business discussions, and of important challenges that affect the nutraceutical industry as a whole, concludes Chris Lee, Managing Director of the Global Health & Nutrition Network. “Together, we can impact the industry’s future through a collective voice.”