Asia’s buoyant nutraceutical market drives expansion at Vitafoods Asia exhibition

Vitafoods Asia 2013 has increased in size – the exhibition is now 15% bigger.

Demand for space at the exhibition on 4-5 September 2013, at AsiaWorld-Expo in Hong Kong, is being fuelled by international exhibitors who are keen to get their share of the buoyant Asian nutraceutical and functional food market.

Market reports across the board agree that the global nutraceutical market is set for major growth in the next few years. And in Asia, trends in nutraceuticals, dietary supplements and functional food and drinks also show positive upward movement, providing a plethora of opportunities for both Western and local manufacturers, suppliers and distributors. Transparency Market Research forecasts that Asia Pacific, including Japan, will have the second largest market share by 2017.

Vitafoods Portfolio Director Mr Chris Lee explains, ‘There are many factors driving the market not least of all, the Asian consumer who has an increasing awareness of the health benefits of food and disease prevention and, like the rest of the world, concerns about ageing and obesity. This, together with increased disposable income, an increasingly urban population with its inherent demand for convenience foods and need for functional food, sets the scene for phenomenal market opportunities for Western businesses keen to get their stake in the market.’

‘Some countries already have a strong nutraceutical and functional food and drinks sector, like China, Japan and Korea; whilst others in the region, like Singapore and Malaysia are slowly emerging.  Our event provides an ideal platform to reach out to this exciting market,’ adds Lee.

Vitafoods Asia, launched in 2011 and now in its third year, is the only dedicated exhibition in Asia for nutraceuticals and functional food and drinks. The premise of the show is to focus solely on nutraceuticals and functional food which is a different strategy to the generic food events. Another distinct difference is that Vitafoods Asia attracts a regional audience. 

Says Lee, ‘we launched 3 years ago in response to demand from exhibitors at our flagship event, Vitafoods Europe.  Many of our exhibitors expressed a desire to break into the Asia markets and we were well placed to help by providing that platform to launch into this emerging market. In the 2nd edition in 2012, the show grew by 40%, and now for our third edition, we’ve opened up the exhibition by an additional 15%, as more ingredient suppliers are looking to come on board. We’ve built our reputation in Europe by focusing on this niche market sector, and we’ll continue to do the same in Asia.’

Vitafoods Asia is a regional event, providing a platform for international businesses to reach industry professionals from across the region. Economic forecasts for Asia showing positive growth, increasing awareness and interest in health issues, and increasing consumption of nutraceutical ingredients, bode well for a dedicated event of this kind in Asia.

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