Changing Lifestyles Have Impacted The Food Habits Among People, Causing The Inadequacy Of Vital Nutrients In Their Food. Thereby Enhancing the Consumption of Oral Medicines Owing To Their Easy Ingesting
United States, Rockville MD, June 21, 2022 (GLOBE NEWSWIRE) — According to a recently published Fact.MR study, the Asia Pacific Medical Foods market is projected to grow at a CAGR of 6.5% from 2022 to 2032, reaching US$ 11 Billion. As of 2022, the market is likely to reach a valuation of US$ 5.8 Billion. The rapid urbanization and high burden of the diseases coupled with the massive impact that the pandemic had on the health of people have increased the uptake of medical foods. This in turn has resulted in the growth of the industry.
From 2017 to 2021, market demand for Asia Pacific Medical Foods expanded at a ~6% value CAGR, concluding at US$5.5 Billion. The increase in overall awareness around medical food has driven the market growth significantly in recent years. The markets in China and South Korea are seeing massive uptake of medical foods and the demand for the same is steadily rising.
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Instead of this, the countries are speeding up processes for more imports and also investing in their portfolios to expand in the regional market. The market for medical foods for specific rare diseases is gaining momentum and being prioritized for registration by the governments.
Medical foods are custom-made liquid solutions that are solely intended to cure people who are afflicted with various disorders. Owing to the nutritional inadequacy across the globe which is a global issue, the demand for the Medical Foods is burgeoning moderately. Furthermore, as people become more aware of the nutritional benefits, medical foods will become more popular.
Which Product Type Segment is expected to lead the Asia Pacific Medical Foods Market?
The powder segment held the largest market share of 35.4% in 2021. Higher product availability and longer shelf-life of this type of product have brought about the growth of this segment. Product portfolios of all the major players in the industry mainly consist of powder formulations and are a key factor for a large revenue share.
The liquid product type is expected to register the fastest CAGR in the forecast period. Expansion of product portfolios by medical food players is a key factor contributing to the rapid growth of this segment. The ease of use of liquid formulations for infants and adults alike is also a key factor contributing to the growth of the segment.
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Key Segments Covered in the Asia Pacific Medical Foods Industry Survey
Prominent medical foods manufacturers are emphasizing technological innovations to introduce safe and secure medical products. Key manufacturers are incorporating several marketing tactics such as the utilization of different sales channels and using mergers and acquisitions to expand their market size. Some key developments are as follows:
In June 2021, Primavera Capital Group (“Primavera”) announced that it has signed a definitive agreement with Reckitt Benckiser Group plc, a world’s leading consumer health, nutrition, and hygiene company, to acquire the Greater China business of the Mead Johnson Nutrition Company , a global leading infant formula, and Nutrition Company owned by Reckitt.
In May 2022, Nestle Health Science, a business unit of Nestle SA, has agreed to acquire Puravida, a Brazilian nutrition and lifestyle brand that manufactures and markets such applications as drink mixes, and protein powders, nutrition bars, and snacks that are based in Sao Paulo. The terms of the agreement were not disclosed.
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Key players in the Asia Pacific Medical Foods Market
Key Takeaways from Asia Pacific Medical Foods Market Study
Based on the sales channel, the institutional segment captured the largest share of more than 40% over the projected period.
By product type, the oral segment is likely to surge at a CAGR of 6.7% and contributes nearly 35% to the regional revenue during the conjecture period.
Chemotherapy-induced diarrhoea held the largest market share of 15.2% in 2021.
Japan to yield a dollar opportunity worth 1.8 billion, growing at a CAGR of 6.5%
China, & India to flourish at CAGRs of 6.5%, 6.4% respectively until 2032
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global Asia Pacific Medical Foods market, presenting a historical analysis from 2016 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on Asia Pacific Medical Foods by Route of Administration Outlook (Oral, Enteral) by Product type (Pills, Powders, Others) by Application Outlook (Chronic Kidney Disease, Minimal Hepatic Encephalopathy, Chemotherapy-Induced Diarrhoea, Pathogen Related Infections, Diabetic Neuropathy, ADHD, Depression, Alzheimer’s Disease, Nutritional Deficiency, Orphan Diseases, Wound Healing, Chronic Diarrhoea, Constipation Relief, Protein Booster, Dysphagia, Other Diseases) by Sales Channel Outlook (Online Sales, Retail Sales, Institutional Sales) by Country (Japan, China, India, Singapore, South Korea).
Fact.MR’s Domain Knowledge in Food & Beverages
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Food & Beverages team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the Food & Beverages division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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