APAC Nutritional Supplements Market Analysis

APAC Nutrition and Supplements Market Analysis Summary

By 2030, it is anticipated that the APAC Nutrition and Supplements market will reach a value of $168.88 Bn from $80.12 Bn in 2022, growing at a CAGR of 9.8% during 2022-30.

China had the largest market for vitamins, herbals, minerals, and supplements in the Asia Pacific area, with $20.1 Bn, followed by Japan with $10.2 Bn. The epidemic has expedited the transition to improved health goals and priorities, with more than half (51 %) of respondents in an Asia-Pacific region poll stating they are eating healthier and supplementing their diet with vitamins and minerals. In 2021, the APAC market held the greatest revenue share of more than 35% in the nutritional supplements market. The region's expertise in functional foods, cheap raw material costs, and high awareness of the health advantages of nutritional supplements have resulted in market expansion in this region.

Countries such as China and Japan have been early adopters of enriched meals with high nutritional content. Many products are created specifically in the region and exported to other parts of the world, which contributes to the market's growth. The China Chamber of Commerce published figures on the import and export of nutritional supplements, stating that exports of nutritional supplements were approximately $ 990 Mn in June 2020, a 10.4 % rise from 2019.

Market Dynamics

Market Growth Drivers Analysis

The nutritional supplement market in the Asia Pacific region is growing rapidly, driven by factors such as increasing health consciousness and rising disposable incomes. Nutritional supplements are becoming more widespread in the Asia Pacific diet, with seven out of ten (70%) consumers taking vitamins and supplements on a weekly basis, with 67 % taking one or two products each time. During this covid-19 pandemic, everyone is at risk of becoming a carrier of Coronavirus, but those with weakened immune systems, such as seniors over the age of 40, are more vulnerable. the best strategies to limit transmission and advise citizens on ways to boost their immune systems.

Among the recommendations were nutritional supplements. Because of the increased awareness about improving immune systems, many customers are increasingly focused on consuming nutritional supplements, which has resulted in an increase in the nutritional supplements market's sales. These factors may entice new players to enter the APAC Nutrition and Supplements market.

Market Restraint

While consumers are adopting more vitamins and supplements into their diets, only 33% are very educated about the health benefits these can provide. Different countries in the Asia Pacific region have their own regulatory regimes, which can be complicated and differ in terms of nutritional supplement product regulations. This may limit the market's availability and range of products. The overall economic situation in several APAC nations, including variables such as low income levels and high poverty rates, may limit customers' capacity to acquire nutritional supplements. These factors could discourage new entrants into the APAC Nutrition and Supplements market.

Competitive Landscape

Key Players

• CSPC Pharmaceutical Group (CHN)
• Fancl Corporation (CHN)
• Hindustan Unilever Limited (HUL) (IND)
• Dabur India Ltd. (IND)
• Cipla Limited (IND)
• Otsuka Pharmaceutical (JPN)
• Taisho Pharmaceutical (JPN)
• Blackmores (AUS)
• BioMedicals (AUS)
• Musashi (AUS)
• Careddi (MYS)
• Bioalpha (MYS)

Recent Notable Updates

December 2022: Wellous, a wellness and nutrition company in Southeast Asia, and Kairous Acquisition Corporation Limited have signed a definitive merger agreement. Wellous, a company founded in 2016, is revolutionizing the nutrition and multifunctional food product industries by providing naturally sourced ingredients to extract the healthiest compounds.

July 2022: Endura Mass, a nutritional supplement brand in the weight gain category, will be acquired by Cipla Health Limited (CHL), the consumer health division of Cipla, for an undisclosed sum. Endura Mass was developed by Medinn Belle Herbal Care Private Limited. The acquisition would include Endura and all related trademarks. While the proposed acquisition is being finalized, CHL will start the distribution and marketing of Endura Mass.

Healthcare Regulations

The regulatory landscape for Nutrition and Supplements in the Asia Pacific region varies by country and region. In China, the regulation of nutrition and nutritional supplements is governed by the State Administration for Market Regulation (SAMR) and the National Health Commission (NHC). The Pharmaceuticals and Medical Devices Agency (PMDA) and the Ministry of Health, Labour and Welfare (MHLW) are responsible for regulating nutrition and supplement products in Japan. Australia has a risk-based approach with a two-tiered system for the regulation of all medicines, including nutrition and supplements. The lower risk medicines can be listed on the Australian Register of Therapeutic Goods (ARTG), and higher risk medicines must be registered on the ARTG.

Reimbursement Policies

The reimbursement of Nutrition and Supplements in the Asia Pacific (APAC) region varies across different countries, and there are often significant disparities in access to treatment and care. In China, nutrition and nutritional supplements are not typically covered by the public healthcare system and must be paid out-of-pocket. In Japan, the public health insurance system is primarily used to pay for nutrition and supplement products. In Australia, there is no national reimbursement system for nutrition and supplement products. They can be sold over-the-counter without a prescription, but their efficacy and safety must be established. Depending on the kind of product and the person's health insurance coverage, Malaysian nutrition and supplement reimbursement policies change.