The Far East has long captivated Western societies with philosophies and healing practices. Throughout history, trade was brisk along the spice routes, themselves considered a gateway of commerce, bringing treasures and wisdoms to Westerners who clamored for them and could afford them.
In the modern world, it seems, many of the Far Eastern peoples have become interested in emulating Western practices and consuming our products. And although many hold fast to their traditional medicinal systems (such as traditional Chinese medicine [TCM] in and around China), Western dietary supplements have made tremendous inroads, cultivating growing followings.
According to Reuel A. Igaña, an executive at FUDynamics International Inc., San Juan, Philippines, the total Asia Pacific nutritional supplement market in 2010 (excluding Japan, PROC and Australasia) was estimated to be worth US$11billion, and is expected to grow exponentially and quickly to US$28.5 billion by 2016. The southeast Asian health supplements industry is estimated to be worth more than US$2.5 to 3 billion, and the market is expected to grow at an annual rate of 10 percent each year.
"Similar to Americans, the affluent Asian consumers from Singapore, Malaysia, Thailand, Indonesia and Philippines are discerning consumers who appreciate products that are efficacious, safe and of premium quality," Igaña observed.
Interestingly, Igaña noted U.S.-made dietary supplement products are "perceived to be of good quality, with supporting testimonials and clinical data to substantiate claims. While the market is highly competitive and somewhat saturated, the best prospects include innovative supplements with scientifically proven benefits and focused on preventative care," he said.
The dynamics spurring the growth and strength of the Asian market again seem to mirror those in the United States: rising affluence, higher income and standard of living; the growing pursuit of healthier lifestyles, longer life expectancies; the sharply increased empowerment of women; and growth of young adults who consider themselves "trendy" as opposed traditional.
For more of the article, http://www.naturalproductsinsider.com/articles/2013/04/enter-asean.aspx
Sign up for DIA's Global SmartBrief: Break through the information clutter with FREE, twice-weekly email publication that gives quick, easy-to-read summaries of articles relevant to you. Get the latest news in drug development innovations worldwide wherever you are on your laptop or smart phone with SmartBrief’s wireless compatibility.
In the modern world, it seems, many of the Far Eastern peoples have become interested in emulating Western practices and consuming our products. And although many hold fast to their traditional medicinal systems (such as traditional Chinese medicine [TCM] in and around China), Western dietary supplements have made tremendous inroads, cultivating growing followings.
According to Reuel A. Igaña, an executive at FUDynamics International Inc., San Juan, Philippines, the total Asia Pacific nutritional supplement market in 2010 (excluding Japan, PROC and Australasia) was estimated to be worth US$11billion, and is expected to grow exponentially and quickly to US$28.5 billion by 2016. The southeast Asian health supplements industry is estimated to be worth more than US$2.5 to 3 billion, and the market is expected to grow at an annual rate of 10 percent each year.
"Similar to Americans, the affluent Asian consumers from Singapore, Malaysia, Thailand, Indonesia and Philippines are discerning consumers who appreciate products that are efficacious, safe and of premium quality," Igaña observed.
Interestingly, Igaña noted U.S.-made dietary supplement products are "perceived to be of good quality, with supporting testimonials and clinical data to substantiate claims. While the market is highly competitive and somewhat saturated, the best prospects include innovative supplements with scientifically proven benefits and focused on preventative care," he said.
The dynamics spurring the growth and strength of the Asian market again seem to mirror those in the United States: rising affluence, higher income and standard of living; the growing pursuit of healthier lifestyles, longer life expectancies; the sharply increased empowerment of women; and growth of young adults who consider themselves "trendy" as opposed traditional.
For more of the article, http://www.naturalproductsinsider.com/articles/2013/04/enter-asean.aspx
Sign up for DIA's Global SmartBrief: Break through the information clutter with FREE, twice-weekly email publication that gives quick, easy-to-read summaries of articles relevant to you. Get the latest news in drug development innovations worldwide wherever you are on your laptop or smart phone with SmartBrief’s wireless compatibility.
