Understanding Japanese functional food market
€8.4bn Japanese nutritional supplement market with the release of a
new report. Growth remains, strong despite general economic
downturn, with the forecast optimistic for the near future.
Analysts of the Japanese functional food market, Paul Yamaguchi and Associates, have recently released a report that sheds light on the $8.22 billion (€8.4bn) Japanese nutritional supplement market.
According to the company the Japanese nutritional supplements market has demonstrated a steady growth of an average of 16 per cent a year for the last 10 years, with the growth rate picking up since 2000 and accelerating to more than 20 per cent a year.
Such expansion in the Japanese nutritional supplement market, claims Paul Yamaguchi, can be explained through a variety of factors to include the popularity of western botanicals, herbal and non-herbal products, eased regulatory restrictions, a rise in the aging population and the prevention of lifestyle diseases.
The report explains that although Japan has been slow to recover from an overall economic downturn, its nutritional supplement market has been growing steadily over the last 10 years. Last year the nutritional supplement industry grew 22 per cent in comparison to 2000, to reach $8.22 billion.
The growth trend in the industry is expected to continue at an average rate of 9 per cent a year over the next decade.