The report titled “Philippines
Nutraceuticals Market Outlook to 2022 – Composite Herbal Dietary Ingredients,
Ginseng, Garlic and Ginkgo Biloba Based Herbal Supplements will Drive the
Growth” provides a comprehensive analysis of the nutraceuticals market
in Philippines. 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.
Functional Foods: Functional Foods dominated the Philippines nutraceuticals market as
revenue generated during the period 2012-2017 grew at a CAGR of 6.3%. Majority
of the revenue share in this segment was held by baby food products in the year
2017. In spite of growing awareness among new Filipino mothers to feed mother’s
milk to their children, the working female population has no choice but to rely
on baby food products leading to such a high market share. The second highest
revenue share was held by dairy based functional foods in Philippines. The
soaring domestic demand for fermented milk drinks and yogurts in the country
helped this category to acquire such a high market share. The least revenue
share was held by confectionary, sweet biscuits and breakfast cereals in the
year 2017.
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.
Key Segments Covered
·
Vitamins
and Dietary Supplements:
Ø By
Type (Vitamins, Dietary Supplements, Paediatric Vitamins and Dietary
Supplements and Tonics)
Ø By
Type of Distribution Channel (Drugstores / Parapharmacies, Direct Selling and
Internet Selling, Other Healthcare Specialist Retailers, Supermarkets and
Hypermarkets)
Ø By
Type of Fish Oils/Omega Fatty Acids (Plant Based Oils, Cod Liver Oil and Other
Marine Based Oils)
Ø By
Type of Vitamins (Multivitamins and Other Vitamins)
Ø By
Positioning of Multivitamins (Teenagers, Men, Women, Pregnancy, Elderly and
Others)
·
Functional
Beverages:
Ø By
Product Category (Carbonates and Energy Drinks, Concentrates and Hot Drinks,
Fruit/Vegetable Juices, Sports Drinks and Others and Bottled Water)
Ø By
Channel of Distribution (Hypermarkets & Supermarkets, Independent Small
Grocers, Convenience Stores, Forecourt Retailers and Other Grocery Retailers)
·
Functional
Foods:
Ø By
Sale of Functional Foods (Baby Food, Dairy, Confectionery, Sweet Biscuits,
Snack Bars and Fruit Snacks; and Breakfast Cereals),
Ø By
Channel of Distribution (Hypermarkets & Supermarkets, Independent Small
Grocers, Non Grocery Specialists, Convenience Stores, Direct Selling, Forecourt
Retailers and Other Grocery Retailers)
Key Target Audience
·
Nutraceuticals Manufacturers
·
Nutraceuticals Distributors
·
Government Agencies
·
Vitamins and Dietary Supplements Companies
·
Functional Foods Companies
·
Functional Beverages Companies
Time Period Captured in the Report:
·
Historical
Period: 2012- 2017
·
Forecast
Period: 2018- 2022
Companies Covered:
·
Vitamins and Dietary
Supplements:
Ø United
Laboratories Inc.
Ø USANA
Health Sciences Inc.
Ø Pfizer
Inc.
Ø DMI
Medical Supply Co. Inc.
Ø Tynor
Drug House Inc.
Ø Abbott
Laboratories Inc.
Ø Pascual
Pharmaceuticals Corporation
Ø Natrapharm
Inc.
Ø ATC
Health Care
Ø Hovid
Berhad Philippines
Ø Daewoong
Pharma
Ø Others
(Menarini, Trianon Inc., Merck Inc. and Hi Eisai Pharm)
·
Functional Beverages:
Ø Coca
Cola Co.
Ø Mondelez
International Inc.
Ø PepsiCo
Inc.
Ø Del
Monte Pacific Ltd.
Ø Asia
Brewery Inc.
Ø Zest-O
Corporation
·
Functional Foods:
Ø Nestle
SA
Ø Reckitt
Benckiser
Ø Yakult
Honsha Co. Ltd.
Ø San
Miguel Corporation
Ø JG
Summit Holdings Inc.
Ø Fonterra
Co-operative Group Ltd.
Ø Mondelez
International Inc.
Key Topics Covered in the Report
·
Executive Summary
·
Research Methodology
·
Philippines Nutraceuticals Market Overview and
Genesis
·
Philippines Nutraceuticals Market Size
·
Philippines Nutraceuticals Market Segmentation
·
Philippines Vitamins & Dietary Supplements
Market
·
Philippines Functional Beverages Market
·
Philippines Functional Foods Market
·
Trends and Developments in Philippines
Nutraceuticals Market
·
Issues and Challenges in Philippines
Nutraceuticals Market
·
Regulatory Landscape in Philippines
Nutraceuticals Market
·
Entry Barriers and Pre-Requisites to Enter in
Philippines Nutraceuticals Market
·
Philippines Nutraceuticals Market Future Outlook
and Projections, 2017-2022E
·
Analyst Recommendations
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Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
