Philippines Nutraceuticals Market is Expected to Reach PHP 261 Billion in Terms of Revenues by 2022: Ken Research
GURUGRAM, India, January 16, 2019 /PRNewswire/ --
- Increasing demand for healthy and nutrition oriented functional beverages is expected to increase the demand for nutraceuticals in Philippines.
- Emergence of domestic brands and foreign based multinational corporations selling unique variants of vitamins and dietary supplements is expected to augment the sales for nutraceuticals market of Philippines.
- Growth in the demand for dairy based functional foods will be a key factor contributing to the growth of Philippines nutraceuticals market.
Increasing middle and high income consumers: The politically and economically stable economy of Philippines and majority of the work-force, have also been contributing to the expanding capability and desire of Filipino consumers to improve both mental and physical health through nutraceuticals. In addition to that, increasing number of middle and high income consumers will provide opportunities for nutraceuticals companies in Philippines to grow during the forecast period, as different income groups tend to purchase different type of products.
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Rising demand for natural and organic products: One of the key factors that would shape the nutraceuticals market within Philippines is the consumers' trend towards natural and organic ingredients functional food and beverage products instead of artificial ingredients such as sweeteners and colorings. In addition to this, increasing consumption of green tea, catechins for their anti-oxidant, anti-aging, anti-cancer and skin health properties will drive the demand for functional foods and beverages in future.
Growing demand for sports nutrition: Apart from taking care of their health, Filipinos are also concerned about the way they look. This has further boosted the total number of gym-goers across the country. This growing health trend in the country has encouraged people to consume nutraceutical products like protein bars, whey protein powders, amino-acid protein powders and supplements even at premium prices. Some of the major best-selling protein bars in the Philippines include MuscleTech Nitro-Tech Crunch Muscle Building Protein Bars, Kind Bars, Rxbar Protein Bars, Nature Valley Protein Chewy Bars, Think Thin Protein Bar and others. Moreover, this trend is expected to continue in future as well, thereby positively impacting the sale of nutraceuticals in Philippines.
Analysts at Ken Research in their latest publication "Philippines Nutraceuticals Market Outlook to 2022 - Composite Herbal Dietary Ingredients, Ginseng, Garlic and Ginkgo Biloba Based Herbal Supplements will Drive the Growth" believe that nutraceuticals market is in its early growth stage and is expected to further expand through brand enhancements, market promotions, spreading awareness about functional foods in respect with chronic diseases, collaboration with doctors, setting up of foreign manufacturing units and boosting omega 3 and fatty acid supplements. The market is expected to register a positive CAGR of 5.0% in terms of revenue during the forecast period 2017-2022.
Key Segments Covered
- Vitamins and Dietary Supplements:
- By Type (Vitamins, Dietary Supplements, Paediatric Vitamins and Dietary Supplements and Tonics)
- By Type of Distribution Channel (Drugstores / Parapharmacies, Direct Selling and Internet Selling, Other Healthcare Specialist Retailers, Supermarkets and Hypermarkets)
- By Type of Fish Oils/Omega Fatty Acids (Plant Based Oils, Cod Liver Oil and Other Marine Based Oils)
- By Type of Vitamins (Multivitamins and Other Vitamins)
- By Positioning of Multivitamins (Teenagers, Men, Women, Pregnancy, Elderly and Others)
- Functional Beverages:
- By Product Category (Carbonates and Energy Drinks, Concentrates and Hot Drinks, Fruit/Vegetable Juices, Sports Drinks and Others and Bottled Water)
- By Channel of Distribution (Hypermarkets & Supermarkets, Independent Small Grocers, Convenience Stores, Forecourt Retailers and Other Grocery Retailers)
- Functional Foods:
- By Sale of Functional Foods (Baby Food, Dairy, Confectionery, Sweet Biscuits, Snack Bars and Fruit Snacks; and Breakfast Cereals),
- By Channel of Distribution (Hypermarkets & Supermarkets, Independent Small Grocers, Non Grocery Specialists, Convenience Stores, Direct Selling, Forecourt Retailers and Other Grocery Retailers)
Key Target Audience
- Nutraceuticals Manufacturers
- Nutraceuticals Distributors
- Government Agencies
- Vitamins and Dietary Supplements Companies
- Functional Foods Companies
- Functional Beverages Companies
Time Period Captured in the Report:
- Historical Period: 2012- 2017
- Forecast Period: 2017- 2022
Companies Covered:
- Vitamins and Dietary Supplements:
- United Laboratories Inc.
- USANA Health Sciences Inc.
- Pfizer Inc.
- DMI Medical Supply Co. Inc.
- Tynor Drug House Inc.
- Abbott Laboratories Inc.
- Pascual Pharmaceuticals Corporation
- Natrapharm Inc.
- ATC Health Care
- Hovid Berhad Philippines
- Daewoong Pharma
- Others (Menarini, Trianon Inc., Merck Inc. and Hi Eisai Pharm)
- Functional Beverages:
- Coca Cola Co.
- Mondelez International Inc.
- PepsiCo Inc.
- Del Monte Pacific Ltd.
- Asia Brewery Inc.
- Zest-O Corporation
- Functional Foods:
- Nestle SA
- Reckitt Benckiser
- Yakult Honsha Co. Ltd.
- San Miguel Corporation
- JG Summit Holdings Inc.
- Fonterra Co-operative Group Ltd.
- Mondelez International Inc
Key Topics Covered in the Report
- Executive Summary
- Research Methodology
- Philippines Nutraceuticals Market Overview and Genesis
- Philippines Nutraceuticals Market Size
- Philippines Nutraceuticals Market Segmentation
- Philippines Vitamins & Dietary Supplements Market
- Philippines Functional Beverages Market
- Philippines Functional Foods Market
- Trends and Developments in Philippines Nutraceuticals Market
- Issues and Challenges in Philippines Nutraceuticals Market
- Regulatory Landscape in Philippines Nutraceuticals Market
- Entry Barriers and Pre-Requisites to Enter in Philippines Nutraceuticals Market
- Philippines Nutraceuticals Market Future Outlook and Projections, 2017-2022E
- Analyst Recommendations
For more information on the research report, refer to below link:
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The rising awareness about health benefits derived from nutritional supplements is one of the major drivers for growth of nutraceuticals market in China. Increasing purchasing power has provoked the Chinese population to be more health conscious and adopt a healthy diet routine inclusive of nutritional supplements. The example of this can be stated in the form of introduction of mood enhancing functional beverages such as Scream and gender specific drinks such as He & She, both native to Chinese nutraceuticals market alone.
Contact Us:
Ankur Gupta
Head Marketing, Ken Research Pvt Ltd.
Ankur@kenresearch.com
+91-9015378249
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