DUBLIN, Nov. 5, 2019 /PRNewswire/ -- The "Philippines Nutraceuticals Market Outlook to 2022-Composite Herbal Dietary Ingredients, Ginseng, Garlic and Ginkgo Biloba Based Herbal Supplements will Drive the Growth" report has been added to ResearchAndMarkets.com's offering.
The report covers the overall market size in terms of revenue, segmentations on the basis of product category and channels of distribution for vitamins & dietary supplements, functional beverages and functional foods, trends and developments, issues and challenges, regulatory landscape in Philippines, entry barriers and pre-requisites to enter the market, competitive scenario and company profiles. The report concludes with market projection for future market described above and analyst recommendations highlighting the major opportunities and cautions for the nutraceuticals market.
Philippines Nutraceuticals Market Overview and Size
The nutraceuticals market of Philippines is presently in its early growth stage due to the dependence on traditional pharmaceutical medicine system by growing middle class population. The middle class consumers accounted for majority of the Filipino population. The nutraceuticals market within the Philippines showcased a robust year-on-year progress in terms of revenues during the review period of 2012-2017.
Philippines Nutraceuticals Market Segmentation: Functional beverages segment within the Philippines nutraceuticals market established itself as the market leader in 2017. Increasing awareness regarding health and fitness among Filipino consumers has boosted the demand for functional beverages in the Philippines.
The functional foods segment witnessed an elevated consumption of processed food in the country, allowing Filipino users to purchase premium health products thereby driving the demand for functional foods across the region. Lastly, vitamins and dietary supplements segment captured the remaining market share in the year 2017. Filipino consumers' desire to improve mental and physical health has led to increased consumption of vitamin, skin nourishing and beauty supplements in the country.
Vitamins and Dietary supplements: Vitamins segment within the Philippines V&D supplements market clearly established itself as the market leader in the year 2017. The growth of vitamins can be majorly attributed to the consumer's desire to maintain and improve their health in order to cope up with daily stress, long queues in transportation and traffic, lack of nutritional diet and daily life problems. Dietary supplements segment was observed to follow with a lesser revenue share owing to the increasing ability of consumers to include several nutritional products in their regular diets. Pediatric vitamins and dietary supplements grabbed third position in the country's V&D supplements market in the year 2017. Lastly, tonics were observed to capture the remaining minimal revenue share in the Philippines vitamins and dietary supplements market.
Combination of herbal / traditional dietary ingredients clearly established itself as market leader with a massive revenue share in Philippines herbal dietary supplements market in 2017. Multi-herb formula usually comprise of numerous herbs in a one single formula, thereby providing benefits to the overall body. Ginseng, garlic, ginkgo biloba and other herbal dietary supplements collectively captured the remaining revenue share in the Philippines herbal dietary supplements market in 2017.
Functional Beverages: Functional Beverages segment in the Philippines grew at a CAGR of 4.5% during the period 2012-2017. The major players in this segment include Coca Cola, Mondelez International, PepsiCo, Del Monte and others. Among functional beverages, the leading category was carbonated and energy drinks in the year 2017. An increase in the price of high-sugar has shifted the market demand from sweetened carbonated beverages to energy drinks.
The emergence of domestic companies like Asia Brewery has led to significant growth of this segment. Powder concentrates and hot drinks held the second highest revenue share of in 2017. They remained not as popular in comparison with ready-to-drink products as convenience continues to be a prime area of for Filipino customers. Fruit and vegetable juices followed with the next highest revenue share as they offer healthier alternatives to carbonated beverages. Sports drinks and bottled water collectively accounted for the least revenue share in the market as compared to above mentioned functional beverages.
Competitive Landscape
Philippines Vitamins and Dietary Supplements Market: Competition within the Philippines vitamins and dietary supplements market was witnessed to be moderately fragmented with top 4 players capturing majority of the market share by revenue, namely United Laboratories Inc, USANA Health Sciences Inc, Pfizer Inc and Tynor Drug House Inc in the year 2017. One of the biggest influences of the market is the customers' personal disposable income and their allotted budgets for vitamins and dietary supplements.
Philippines Functional Beverages Market: Increased penetration of foreign companies made the country's functional beverages market fragmented. In addition to that, domestic firms such as Asia Brewery Inc. along with its Cobra brand was observed to gain popularity in the energy drinks segment thereby giving tough competition to its international rivals operating within Philippines.
Philippines Functional Foods Market: Competition within the Philippines functional foods market was noted as fragmented in nature owing to the presence of international and domestic local manufacturers in this segment. Over the years, the competition has increased as the companies are focusing towards improving the quality of their products. Some of the major players operating within the country's functional foods market include Nestle, Reckitt Benckiser Group, Yakult Honsha Co Ltd, San Miguel Corp and others who sell functional foods belonging to various segments such as baby food, dairy, confectionery items, breakfast cereal, sweet biscuits, snack bars and fruit snacks and others.
Philippines Nutraceuticals Market Future Outlook
Philippines nutraceuticals market revenues are further expected to increase at a stable CAGR during the forecasted period 2017-2022E. The expected growth and popularity of this industry can be directly linked along with consumers' rising inclination towards health and wellness. Distribution Channels available for Nutraceutical Companies in the Philippines will play a vital role in their future growth. Apart from daily/regular retail store formats, rising number of players have been adopting direct selling distribution model.
In the forecast period, high growth opportunities are likely to be perceived in functional food ingredients including lutein, lycopene, omega-3 fatty acids, probiotics; soy protein nutrients; essential minerals such as calcium and magnesium; herbal extracts including garlic, green tea and non-herbal extracts including chondroitin, glucosamine and coenzyme Q10 in the Philippines.
Companies Mentioned
- Abbott Laboratories Inc.
- Asia Brewery Inc.
- ATC Health Care
- Coca Cola Co.
- Daewoong Pharma
- Del Monte Pacific Ltd.
- DMI Medical Supply Co. Inc.
- Fonterra Co-operative Group Ltd.
- Hi Eisai Pharm
- Hovid Berhad Philippines
- JG Summit Holdings Inc.
- M924Mondelez International Inc.
- Menarini
- Merck Inc.
- Mondelez International Inc.
- Natrapharm Inc.
- Nestle SA
- Pascual
- PepsiCo Inc.
- Pfizer Inc.
- Pharmaceuticals Corporation
- Reckitt Benckiser
- San Miguel Corporation
- Trianon Inc.
- Tynor Drug House Inc.
- United Laboratories Inc.
- USANA Health Sciences Inc.
- Yakult Honsha Co. Ltd.
- Zest-O Corporation
For more information about this report visit https://www.researchandmarkets.com/r/vsxok9
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