Applications analysis: functional food, functional beverages, animal feed, dietary supplements and personal care
Research and Markets has announced the addition of the 'Asia Pacific Probiotic (Nutraceuticals) Market By Application, and By Geography, Trends and Forecast up to 2019' report to its offering.
The Asia-Pacific probiotics (nutraceutical) market is estimated to grow at a CAGR of 8.0% from 2014 to 2019.
The Asia-Pacific consumers are increasingly becoming aware about their health and nutrition. This is mainly due to the changing lifestyles of the growing middle-class population.
The rise in the purchasing power of this middle-income population enables them to purchase probiotic (nutraceutical) products, which cater to the problems related to their dynamic lifestyles.
The altering lifestyle-based growth in probiotic products in this region shows the growing market for probiotic ingredients. The increase in demand for functional products is directly proportionate to the rise in the demand for probiotic ingredients.
In this report, the Asia-Pacific probiotic (nutraceutical) market has been broadly discussed by its applications such as functional food, functional beverages, animal feed, dietary supplements and personal care. The functional beverages market is estimated to grow at the highest CAGR from 2014 to 2019. The rapid rate of globalisation in the developing countries of the Asia-Pacific region is boosting the need of probiotics in the food and beverage industry.
Japan is the largest probiotics (nutraceutical) market among the Asia-Pacific countries with a market share of 41.87%, followed by China and India. China accounted for the highest CAGR for the estimated period. The increasing disposable incomes of people in these regions have caused an upsurge in the demand for functional foods and beverages.
Group Danone (France) held a major chunk in the Asia-Pacific probiotic (nutraceutical) market in terms of market share. Chr. Hansen (Denmark) with a market share of 9.37% is not far behind Group Danone (France). Other firms such as Yakult Honsha Co. Ltd. (Japan), DuPont (US) and Lallemand Health Solutions (Canada) are competing for growing the probiotic (nutraceutical) market in the region.