New Delhi, July 20, 2019: 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” provides a comprehensive analysis of the nutraceutical market in Singapore. The report also covers the overall market size in terms of revenue, segmentation 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, regulations in Singapore, issues and challenges, value chain analysis, SWOT analysis, entry barriers, competitive scenario and company profiles. The report concludes with market projections and analyst recommendations highlighting the major opportunities and cautions.
Singapore Nutraceutical Market Overview and Size
Singapore nutraceutical market grew at a single digit CAGR during the review period 2013-18. The market growth was supported by the surge in the personal disposable income, rise in ageing population, increasing health awareness and preventive nature of the age group (25-45 years). The market was observed in its late growth stage and is tending towards into maturity due to the presence of large number of players already competing in the market. A fundamental shift was observed towards the Singapore health and wellness industry, from taking health supplements in the old age to a preventive consumption pattern in which the consumption of supplements increased in the earlier ages in order to prevent them from permanently depending on pharmaceutical drugs. Nutraceutical ingredients have positioned itself as natural and healthy alternative to traditional medicine in the country.
Singapore Nutraceutical Market Segmentation
Vitamins and Dietary Supplements: Vitamins and Dietary Supplements segment led the nutritional supplements market in 2018. Increasing awareness towards sports & Fitness and awareness towards anti-aging and detoxification issues among Singapore consumers has proved to be the key driving force which has boosted the demand for V&D Supplements in the Singapore.
Functional Foods: The functional foods segment followed Singapore nutraceuticals market in the year 2018 owing to elevating consumption of processed food in the country, therefore allowing Singaporean users to purchase premium health products and driving the demand for functional foods across the region. The usage of functional foods in the Singapore for specific health reasons, such as nourishing the heart and brain and facilitating healthy digestion has given a boost to the segment’s revenue.
Functional Beverages: Functional Beverages captured the remaining revenue share in the Singapore nutraceuticals market in the year 2018. Increasing consumer shift towards healthy drinks is also influenced by the high presence of sugar content and rising cost of carbonates, such as flavored soft drinks and packaged juices. As a result, the customers have started to opt for fresh/natural juices and other non-sugary, health comfort drinks. There is an increasing interest in functional drinks such as vinegar-based drinks, turmeric elixirs, charcoal juices, algae water and others.
Competitive Landscape
Singapore Vitamins and Dietary Supplements Market
Competition within the Singapore vitamins and dietary supplements market was witnessed to be fragmented with top 10 players namely General Nutrition Centers Inc, Suntory Holdings Ltd, Nu Skin Enterprises Inc, Amway Corp, Bayer AG USANA Health Sciences Inc, Bionor Pharma, ASA Pfizer Inc and Blackmores Ltd and others) in the year 2018. One of the biggest influences is a customers’ personal disposable income and their allotted budgets for vitamins and dietary supplements. Speedy growth of V&Ds among the Singapore has forced several companies with different channels to offer products in different formats (such as pills, tablets or powder), positioning and pricing.
Singapore Functional Beverages Market
The functional beverage market was witnessed to be concentrated with the top 3 players which captured most of the market share and major players are Nestlé SA, Thai Beverage PLC, Malaysia Dairy Industries Pte Ltd, Suntory Holdings Ltd, TC Pharmaceutical Industry Co Ltd, Yeo Hiap Seng Ltd, and GlaxoSmithKline Plc. The most preferred distribution channels for functional beverages were supermarkets and convenience stores.
Singapore Functional Foods Market
Competition within the Singapore functional foods market was noted to be fragmented due to the existence of a large number of players, both international as well as domestic. Major players in the Singapore functional foods market are Abbott Laboratories Inc, Yakult Honsha Co Ltd, Malaysia Dairy Industries Pte Ltd, Nestlé SA, Reckitt Benckiser Group Plc (RB), Fonterra Co-operative Group Ltd, Thai Beverage PCL, Danone Groupe, Royal Friesland Campina NV and Others. Over the years, the competition has intensified as the companies are focusing towards improving the quality of their products.
Singapore Nutraceutical Market Future Outlook
The nutraceutical market is expected to grow in the future with a single digit CAGR over the forecast period (2018-23E).Vitamins and dietary supplements market is expected to capture the highest market share among all the three categories in nutraceutical market in the year 2023. Standard Vitamins and Dietary Supplements will be leading the market by capturing approximately over half of the market by the end of the year 2023.
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
Hypermarkets
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
Functional Foods:
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
Functional Beverages:
Nestlé 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:-
Singapore Nutraceuticals Market
Corporate Comm India (CCI Newswire)
