Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Heart Health Functional Food Market: Asia Pacific Industry 2018–2027
Definition of Market/Industry:
Functional foods are those foods that contain various health benefits beyond basic nutrition. These foods support optimal health and reduce the risk of various diseases. Foods that are fortified, enriched with nutrition have the potential beneficial effect on health of the individual when consumed as part of a varied diet on a regular basis. Nutritional foods can effectively improve the health of the heart such as regulating blood pressure and arterial function. The micronutrient present in the functional food greatly improve the health of the heart.
APAC heart health functional food market was valued at US$ 395.5 million in 2019 and is forecast to reach a value of US$ 668.8 million by 2027 at a CAGR of 6.8% between 2019 and 2027
Rising cases of cardiovascular disease in the APAC region coupled with the growing focus of functional food producer for developing application-specific product is projected to propel the market growth. According to the report published by World Health The organization, in May 2018, one million people in the Western Pacific Region die each year from cardiovascular disease caused by tobacco use. More than 1 in 5 cardiovascular diseases, such as heart attack and stroke, result from smoking. Therefore, the rising number of cardiovascular disease in the APAC region is projected to fuel market growth.
Rising geriatric population and growing health awareness among the populace is encouraging government, health care professionals, researchers, and functional food producers companies to meet these evolving demands of consumers. For instance, in October 2019, Nutraceutical Company DolCas Biotech has introduced a clean label blend of botanical extracts believed to beneficial for the heart and liver health. The blend boasts different dosage grades for boosted applications in food, beverages, and supplements.
Japan dominated the APAC heart health functional food market in 2019, accounting for 29.1% share in terms of value, followed by China and India, respectively
Strict government rules and regulations on the production of heart nutritional food are projected to hamper the market growth over the forecast period. Despite the growing demand for nutraceuticals and functional foods, the strict regulatory framework around these products are both fragmented and under review. Most of the countries in the APAC region are rapidly introducing new rules in order to ensure the safety and efficacy of the products. These factors are projected to hinder the market growth of heart functional food.
Fluctuation in availability of the product and insufficient nutrient present in few nutritional products is expected to hinder the market growth of the nutritional product. Even much nutritional food have proved to shown side-effects to some people such as allergies and skin-related disease after consumption. These factors are expected to limit the market growth of APAC heart functional food.
Increasing launch of variety in food nutritional product is fueling the demand for nutritional food. This is expected to offer immense growth opportunity over the forecast period. For instance, in March 2018, BASF launched personalized nutrition solutions for cardiovascular health at Food Ingredients China 2018. Newtrition is a product that provides personalized health assessment including omega-3 index for the first time. Therefore, the rising launch of variety in heart food nutritional is projected to foster the market growth.
Rising demand for specific functional food that offers heart-related benefit such as managing cholesterol level and diabetes etc. is protected to offer enormous growth opportunity to the market over the forecast period. For instance, in November 2018, Kellogg’s introduced a new cereal designed to pack a 3-in-1 punch for a healthy gut. Hi! Happy Inside combines fiber, prebiotics, and probiotics with premium ingredients for full digestive health for morning cereal. This product launch is the next step into functional foods for Kellogg’s breakfast arm.
Market Trends/Key Takeaways
Rising demand for food that has added benefits particularly for heart health functional food has created an enormous potential market in APAC region. Due to which companies are launching new omega-3 based ingredient as well as products targeting heart health functional food market. For instance, in October 2017, Evonik launched an omega-3 product, AvailOm for dietary supplements. AvailOm is a high-concentration omega-3 lysine complex that exhibits excellent bioavailability and stability.
Shifting preference of consumer towards consumption of vegetarian products and plant sterol derived from fruits, vegetables, seeds, grains etc. is gaining traction in the Asia-Pacific region as it has the highest number of vegetarian consumers. Moreover, soy protein is also gaining huge demand as it is a rich source of protein as well as it is easily available raw material in the region. This factor is projected to propel the market growth over the forecast period.
Hypermarket segment in distribution channel was valued at US$ 64.6 million in 2019 and is forecast to reach a value of US$ 112.6 by 2027 at a CAGR of 7.2% between 2019 and 2027
Major Players active in the market are Marico Ltd., Kellogg Company, Raisio Plc, Nestle S.A., Kalbe Farma Tbk, Associated British Foods, Ruchi Soya Industries Ltd., Bagrry’s India Ltd., PepsiCo, Inc., and ConAgra Foods, Inc.
Few Recent Developments
- In November 2018, Kellogg’s introduced a new cereal designed to pack a 3-in-1 punch for a healthy gut. Hi! Happy Inside combines fiber, prebiotics, and probiotics with premium ingredients for full digestive health for morning cereal. This product launch is the next step into functional foods for Kellogg’s breakfast arm