With the spread of neurological conditions, such as Parkinson's and Alzheimer's, and the expanding base of the ageing population, the cognitive health ingredients market in Asia Pacific is witnessing an uptrend. Brain-related disorders are growing at an alarming rate in the Asia Pacific, affecting about 1 in 1,000 of the whole population, and 1 in 50 among those aged above 80. The ageing population is also afflicted with decreased memory and concentration. Cognitive health ingredients can help offset some of the symptoms associated with these diseases and conditions.
New analysis from Frost & Sullivan (food.frost.com), Asia Pacific Cognitive Health Ingredients in Human Nutrition, finds that the market earned revenues of US$710.3 million in 2009 and estimates this to reach US$1.8 billion in 2016.
"Cognitive health ingredients are gaining traction due to the increasing frequency of lifestyle-related diseases, enhanced consumer awareness because of wider media coverage, advice of opinion leaders such as doctors, and multi-level marketing adopted by companies," says Frost & Sullivan Senior Research Analyst Sandeepan Mondal. "In the mature markets, vigorous R&D activities are giving rise to new product innovations, thus increasing the penetration of cognitive health products in the Asia Pacific region."
Healthcare costs have been on the rise lately in the Asia Pacific region, owing to increase in per capita income and expenditure related to medical treatment. Healthcare costs are rising at a more rapid rate in the case of people aged 55 and above, compared to those in the younger age group. This is driving the gravitation toward cognitive health ingredients. Alternative treatments in the form of functional foods, beverages, and nutraceuticals are experiencing vigorous uptake.
Price competition from Chinese suppliers, rigorous approval process adopted by regulatory agencies, and unpredictable raw material price fluctuations are some of the factors challenging the growth of the market. High R&D costs have also restrained the pace of market growth. Regulations related to health claims on cognitive health ingredients are expected to remain stringent in the long-term in the developed economies of Japan, South Korea, and Australia and New Zealand.
Other issues such as intellectual property rights protection, licensing and distribution agreements, and so on are also of paramount importance. Proving the efficacy of the cognitive health ingredients through robust clinical trials can pave the way for companies to make health claims in a hassle-free manner. Sticking to good manufacturing practices (GMP) and constantly monitoring the quality of the ingredients is vital in ensuring successful business outcomes.
"To effectively compete and consolidate their market share, it is imperative for participants to launch well-thought out marketing campaigns to popularize and make consumers aware of the benefits of cognitive health products," says Mondal. "Market participants must get vertically integrated so that they can control the supply chain as well as rein in price fluctuations, which might occur upstream in the value chain."
If you are interested in more information on this study, please send an email to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.
Asia Pacific Cognitive Health Ingredients in Human Nutrition is part of the Food and Beverage Ingredients Growth Partnership Service program, which also includes research in the following markets: European Market for Nutritional Solutions in Immune and Antihypertensive Health, U.S. Market for Nutritional Solutions in Immune and Antihypertensive Health, Asia Pacific Immune Health Ingredients Market in Nutritional Solutions, Chinese Digestive Health Ingredients Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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