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Singapore Nutraceutical Industry Revenue is Expected to Reach SGD 1.6 Billion by the Year Ending 2023: Ken Research
GURUGRAM, India, Aug. 28, 2019 /PRNewswire/ --
- The ageing population in Singapore will result in increasing demand for fortified/functional packaged food that can aid heart and bone health, which are common health concerns among elderly consumers. Ingredients such as calcium and Omega-3 are thus likely to gain in popularity as a result.
- There will be an increase in the number of people participating in Sports reaching to 2,286 million people by 2023, thereby widening the growth opportunities for the nutraceutical market in Singapore.
- Increasing urban population is anticipated to boost the demand of nutraceuticals due to the ease of accessibility, health awareness among the urban population.
Growing demand for Herbal Dietary Supplements: One of the key factors that would shape the nutraceuticals market within Singapore is the consumers' trend towards natural and organic ingredients based dietary supplements. This includes ingredients such Echinacea, Garlic, Ginkgo, Biloba, Ginseng and others are popular herbal ingredients which will be driving the herbal nutraceuticals market in future.
Increasing demand for fortified dairy products: There has been an increasing demand for fortified dairy products due to the busy lifestyle of consumers resulted in many opting for quick meals, while stress at work further amplified the exposure to digestive health issues. Consequently, consumers are increasingly keen to purchase packaged food with ingredients that can aid digestive health, particularly probiotics. This paves way for the widening of nutraceuticals market in Singapore with a special focus on Smart foods.
Internet Retailing Emerges as New Channel for Distribution: Fast changing lifestyle has changed people's preference to shop online instead of purchasing via store-based retailers. Internet retailing has started to gain popularity among Singapore for purchasing Functional foods and beverages. The increase in internet retailing will increase the reach of the retailers and manufacturers to catering to the demands of a larger audience in Singapore. Online pharmacies will also be a major driver in the market by offering Vitamins and dietary supplements at discount prices, thereby impacting the market.
The report titled "Singapore Nutraceutical (Vitamin and Dietary Supplements, Functional Food and Beverages) Market Outlook to 2023 – Maturing Market backed by Demand from Millennials for Multivitamins and Minerals" observed that nutraceutical market in Singapore is in its late growth stage, further expanded through market promotions, introducing innovative supplements with scientifically-proven benefits and focused on preventive care, collaboration with doctors and practicing compliant marketing. The market is expected to register a positive CAGR of 3.4% in terms of revenue during the forecast period 2018-2023E.
Key Segments Covered
- Vitamins and Dietary Supplements:
- By type (Vitamins and Dietary Supplements)
- By nature (standard and herbal/traditional vitamins & dietary supplements)
- By Age Group (Infants, Teenage, Adult, Seniors)
- By type of vitamins (single vitamins and multivitamins)
- By Type of Dietary Supplements (Standard/Non-Herbal and Herbal/Traditional)
- By Positioning of Dietary Supplements (General Health and Others, Beauty, Digestive, Bone, Heart Health, Memory Health and Joint)
- By Age Group for Vitamins & Dietary Supplements Infants, Teenage, Adults(25-45 years) and Seniors (above 45 years)
- By Type of Distribution Channel (Hypermarkets, Supermarkets, Health Food Shops, Department Stores, Drugstores/Para pharmacies, Internet Retailing and Direct Selling, 2013-18
- Functional Foods
- By Type of Functional Foods (Dairy, Baby Food, Confectionary, Breakfast Cereals, Bread, Cooking Oil)
- By Type of Dairy Products (Dairy Based Yoghurt, Milk, Powdered Milk, Flavoured Milk Drinks, Cheese)
- By type of Distribution Channel (Supermarkets, Traditional Grocery Retailers, Convenience Stores, Hypermarkets, Non- Grocery Specialists, Internet Retailing and Direct Selling
- Functional Beverages
- By Product Category (Soft Drinks and Hot Drinks)
- Type of Soft Drinks (Fruit/vegetable juice, Sports Drink, Energy Drink, Concentrated and Bottled Water Type of Soft Drinks (Fruit/vegetable juice, Sports Drink, Energy Drink, Concentrated and Bottled Water)
- By type of Distribution Channel (Supermarkets, Traditional Grocery Retailers, Convenience Stores, Hypermarkets, Non- Grocery Specialists, Internet Retailing and Direct Selling)
Key Target Audience
- Nutraceuticals Manufacturers
- Government Agencies
- Vitamin and Dietary Supplements Companies
- Functional Foods Companies
- Functional Beverage Companies
- Supermarket Chains
- Drug Stores
- Pharmacies Chain
- Online Retailing Companies
Time Period Captured in the Report:
- Historical Period: 2013-2018
- Forecast Period: 2019-2023E
Major Companies Covered:
Vitamins and Dietary Supplements:
- General Nutrition Centers Inc, Nu Skin Enterprises Inc, Amway Corp, Bayer AG, USANA Health Sciences Inc, Bionor Pharma ASA, Pfizer Inc, Blackmores Ltd, Eu Yan Sang International Ltd
- Abbott Laboratories Inc, Yakult Honsha Co Ltd, Malaysia Dairy Industries Pte Ltd, Reckitt Benckiser Group Plc (RB), Fonterra Co-operative Group Ltd, Danone Groupe, Royal Friesland Campina NV
- Nestle SA, Thai Beverage PLC, Malaysia Dairy Industries Pte Ltd, Suntory Holdings Ltd, TC Pharmaceutical Industry Co Ltd, Yeo Hiap Seng Ltd, GlaxoSmithKline Plc
Key Topics Covered in the Report
- Singapore Nutraceutical Market Overview and Genesis
- Singapore Nutraceutical Market Size
- Singapore Nutraceutical Market Segmentation
- Singapore Vitamins & Dietary Supplements Market
- Singapore Functional Foods Market
- Singapore Functional Beverages Market
- Trends and Developments in Singapore Nutraceutical Market
- Regulations in Singapore Nutraceutical Market
- Issues and Challenges in Singapore Nutraceutical Market
- SWOT Analysis of Singapore Nutraceutical Market
- Entry Barriers of Singapore Nutraceutical Market
- Singapore Nutraceutical Market Future Projections, 2018-2023E
- Analyst Recommendations
For more information on the research report, refer to below link:
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Ken Research Private Limited