Report Description of the APAC Vitamins and Minerals Market
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approaches for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
- To analyze and forecast the market size of APAC Vitamins and Minerals market
- To classify and forecast APAC Vitamins and Minerals market based on application, drugs, project type, and application.
- To identify drivers and challenges for APAC Vitamins and Minerals market
- To examine competitive developments such as mergers and acquisitions, agreements, collaborations and partnerships, etc., in APAC Vitamins and Minerals Drugs market
- To conduct pricing analysis for APAC Vitamins and Minerals Drugs market
- To identify and analyze the profile of leading players operating in APAC Vitamins and Minerals market
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for Renal Cell Carcinoma drug market
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Renal Cell Carcinoma market
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do deep dive research and also provide strategy-based consulting analysis
APAC Vitamins and Minerals Market Executive Summary
Developing nations across the region of Asia-Pacific have been observed to spend heavily on their health care and welfare. Notably, Japan accounted for 10.95% of its GDP as expenditure in terms of healthcare as compared to other countries of the region and recorded. Australia was no less in terms of expenditure on healthcare and spent 9.28% of its GDP in the year 2018 (as per World Bank). The high expenditure by such countries signifies the changing consumer behavior toward healthcare and surging demand for healthcare products like Vitamins and Minerals supplements. Other developing countries like South Korea, China, and India are creating demand for dietary supplements and are expected to grow in the forecast period.
Market Size and Key Findings
The APAC Vitamins and Minerals s market size is at around USD 9.05 billion in 2021 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 2.69% during the forecast period.
The Asia-Pacific region is the largest regional market and the U.S. is the second-largest market for vitamins. The overall vitamins market is slated for steady growth, driven by a positive outlook in end-user sectors. Rising consumer awareness and an increase in purchasing power due to economic developments have fuelled the growth of sales of vitamins in the Asia-Pacific region.
Market Growth Drivers Analysis
The growing awareness about the need for dietary supplements in the Asia-Pacific region will act favorably for the market. Also, personalized nutrition is gaining popularity among consumers in the Asia-Pacific region among all age groups, as there is an emerging market for vitamins and minerals products, rising health consciousness, and growing interest in sports activities are among the key factors driving the market growth in this region. which will further boost the market in the forecasted period
The lack of widespread awareness related to the benefits of vitamin and mineral premixes in the food and supplement industry even with the rising awareness for premixes poses a challenge for the market. The awareness is growing mostly in the developed countries, while in the rural areas of the developing countries where there is a highest requirement of nutritional supplements are unaware of the benefits and availability of vitamin and mineral premixes.
Key participants operating in the market include Glanbia plc; Nestle; Abbott Nutrition; Herbalife International of America, Inc.; and Amway. Increasing investments in R&D, mergers & acquisitions, geographic expansions, collaborations with other industry players, and product & flavor differentiation are among the crucial strategies adopted by these companies for gaining a competitive edge in the market.
Products in Pipeline
In March 2021, DSM launched ampli-D, a 3 times faster-acting form of vitamin D supplement in Australia.
In September 2020, Prorganiq announced the launch of its new, innovative health product, ‘24-in-1 mega superfoods’. The new product packs a powerful formula of 24 different essential greens, veggies, fruits, and herbs into a single capsule and delivers an improvement in its user’s general health and well-being. Filled with amino acids, vitamins, and minerals, the product is 100% plant-based and offers a gluten-free, GMO-free dietary supplement that is aimed at helping people live a healthier lifestyle.
Notable Recent Deals
Sido Muncul launched its popular nutrition product, Tolak Angin, in the Philippines to expand its business in other countries. Tolak Angin is an herbal supplement to boost the immune system, improve digestive health and help symptoms of a cold.
Kalbe Farma announced outlet openings in shopping malls in Indonesia. These Kalba Care outlets display health and nutrition products such as energy drinks, vitamins, snacks, and powdered milk.
Healthcare Policies and Regulatory Landscape
Pricing and Reimbursement scenario of Vitamins and Minerals supplements
Singapore’s Ministry of Health published a fact sheet explaining the Nutri-Grade system that will rate prepackaged, non-alcoholic beverages as “A”, “B”, “C”, “D” based on levels of sugar and saturated fat. The labels will be mandatory for beverages in categories “C” and “D”, and advertising will be prohibited for category “D” beverages. This grading system will take effect at the end of 2021.