The global nutraceuticals product market is expected to reach $204.8 billion by 2017, growing at a CAGR of 6.3%, according to a new market report from Transparency Market Research, Albany, NY.
Realizing the significant lucrative impact this sector can have on local economy the Korean Bioindustry Foundation (CBF), BIOTEC and NANOTEC as member of National Science and Technology development Agency (NSTDA) joined force to organize a Korea-Thailand Joint Symposium on Nutraceuticals and Cosmeceuticals on February 20 in Bangkok. The aim of the symposium is to exchange research information, and explore collaboration opportunities between Korea and Thailand.
In her opening remark, Dr. Kanyawim Kirtikara, Executive Director of BIOTEC commented that NSTDA work on the topic of cosmetic ad health food is multi-facets. BIOTEC utilizes biotechnology to realize the potential of microorganizsm while NANOTEC is applying its core strength in nanotechnology such as nanoparticles and nanoemulsion to innovate cosmeceuticals.
Presenting on behalf of NANOTEC, Dr. Chalong Lochariyakul, Deputy Executive Director said that the Thai cosmeceutical market has been growing steadily for the past few years. “Take the skin care market for example; in 2013 it was valued at Baht 17.5 billion this number will grow to Baht 20 billion by 2017. The reason for this increase is due to consumer spending, product development, and social factor trends within the younger generation regarding looks”. However, Dr. Chalong also stressed the need for companies to play by the FDA rules and regulations since penalties are often not forgiving.
Asia-Pacific (including Japan) is expected to have the second largest market share after North America by 2017. The growth thrust for Asia Pacific nutraceuticals dietary supplements market will primarily come from Herbals and Vitamins and Mineral product segments. Moreover, the dietary supplement segment of the Asia Pacific Nutriceuticals market will continue to enjoy largest share of revenue among all product categories during the forecast period. Functional food will be the second largest product category of Asia Pacific nutraceuticals market during 2012 – 2017. The functional beverage market is expected to witness steady increase in growth rate during 2012-2017 due to improvement in adoption of healthy drink products among consumers.
Japan is the largest consumer of nutraceuticals products in the region followed by China at second place. The Japan and China nutraceutical market is expected to have respective market share of 54.8% and 39.5% of the Asia Pacific nutraceuticals market in 2017.
Also speaking at the symposium was Dr. Ubonthip Nimmannit, NANOTEC Development Unit Director and Dr. Apirada Sucontphunt, Head of NanoCosmeceuticals Lab.
