Vitafoods Asia 2017 Industry Players Optimistic of Future
 
Aug 04, 2017
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Singapore, 2 Aug 2017 – Next month, Asia’s nutraceutical, functional food and beverages, and dietary supplement industries will gather in Singapore for Vitafoods Asia, the region’s only event dedicated to these markets. The organisers reached out to exhibitors and visitors[1] last month to get their thoughts on how the industry was doing, and some interesting insights were uncovered.

Asian Nutraceutical Industry Still Going Strong

Despite what crowd sentiment and ‘common sense’ say about the global economy, both exhibitors and visitors expressed positivity about the future of their companies. More than 80% of those surveyed said that they were optimistic about the sales performance and profitability of their businesses. And according to Allied Market Research[2], the global nutraceuticals market size is expected to reach $302,306 million by 2022, with a CAGR of 7.04% from 2016 to 2022, and Asia Pacific is expected to surpass the global growth average with a CAGR of 7.33%, making noteworthy contributions to the global market.

Nutraceutical Product Categories of Most Interest

The top 5 categories that were most important to exhibitors’ and visitors’ businesses were Cardiovascular Health, Digestive Health, General Wellbeing, Healthy Ageing, and Immunity. When asked about his opinion on what’s trending, Prof. Chin-Kun Wang, President of the International Society of Nutraceuticals and Functional Foods, shared, “The emphasis on microbiota is increasing – most people understand the link between health and gut microflore. Prebiotics and probiotics have become key ingredients in nutraceuticals and functional food. Gastrointestinal (GI) health has become an important issue in Asia as economic growth, social stresses and dietary behaviours continue to influence health. GI health products will continue to develop and we will see many innovative prebiotics and probiotics in 2018.”

Top 3 Trends Companies are Watching

Those surveyed unanimously concur that scientifically-proven claims, personalised nutrition, and clean label are the Top 3 trends that their companies are keeping a keen eye on. As consumers grow in sophistication and awareness of food options, they seek out products that specifically and effectively address their needs. Products with ‘unrecognisable’ ingredients are deemed less desirable, as consumers prefer to know exactly what they eat and drink.

Commenting on what happened earlier this year in Singapore’s infant formula industry, Mr Nicholas Lauw, Partner at Rajah and Tann, and Member of Lifesciences Asia Pacific Network (LAN), said, “What started as public backlash over the cost of milk formula resulted in a governmental review of the way milk formula companies advertise and market their products. The effect of this was a tightening of the regulations that stipulate what milk formula companies are able to say about their products on their packaging, and close scrutiny of the way they arrange tie-ups with hospitals. Producers of other nutraceutical and functional food products should take into consideration how quickly the Singapore government has stepped in to act in the face of public backlash on milk powder pricing, and pre-emptively review their own advertising and marketing practices.”

More Clarity for ASEAN Economic Community (AEC) Harmonisation of Standards

Overall, the survey participants are appreciative of the move to establish a common standard across the ASEAN region. More than 70% of those who responded found the AEC Harminisation helpful for their business. That said, many of them also expressed that they were not clear of the details, and that a greater awareness of the AEC standards was necessary. Manufacturers were most concerned about the area of health claims regulations, as they need to be able to confidently put forth health claims for their products. Clarifying technical parts of the harmonisation is an important hurdle that the industry must cross, but perhaps, what’s most vital to the companies involved is – “How does the AEC Harmonisation really impact my business on the ground?”

Chris Lee, Managing Director, Global Health & Nutrition Network, concluded, “We look forward to bringing everyone together and facilitating meaningful conversations – ones of business discussions, and of important challenges that affect the nutraceutical industry as a whole. Together, we can impact the industry’s future through a collective voice.”

Vitafoods Asia 2017 takes place from 5 – 6 September at the Sands Expo and Convention Centre at Marina Bay Sands.

For more information on Vitafoods Asia, visitwww.vitafoodsasia.com.

- ASIA TODAY News Global Distribution http://www.AsiaToday.com

 
 
Vitafoods Asia 2016: Off to a Great Start
 
Sep 01, 2016
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Hong Kong, 1 September 2016 --(ASIA TODAY)--Vitafoods Asia, the only event dedicated to the nutraceutical, functional food and beverages, and dietary supplement industries in Asia, officially opened its doors today to strong support from the industry at the AsiaWorld-Expo in Hong Kong. Over the two-day event, regional trade professionals will have access to an impressive showcase of the latest ingredients and raw materials from more than 170 participating global exhibitors, as well as abundant learning and networking opportunities.

“The strong turn-up on the first day of Vitafoods Asia indicates that the Asia Pacific nutraceutical market remains an important focus for many businesses”, commented Chris Lee, Portfolio Director, Vitafoods. “This year, we have introduced several new show features that are designed to inspire new ideas and facilitate interactions. With the extensive programme line-up that we have put together, we are certain that Vitafoods Asia will meet the business objectives of both exhibitors and visitors alike, as it has in previous years.”

Industry Excitement Over New Visitor Attractions

The industry came alive on the show floor of Vitafoods Asia 2016, with activity and excitement all-around, as visitors came in search of the latest nutraceutical innovations. Industry interest in the new event attractions was apparent, as these feature areas attracted much footfall and attention from industry professionals.

Of particular mention is the Inspiration Showcase that was widely-lauded by visitors. Segregated into two areas of New Launches and Star Products, the showcase offers visitors a one-stop location to view latest innovations and biggest market successes in today’s nutraceutical industry, facilitating business opportunities between buyers and participating exhibitors.

First time visitor, Vivien Cheung, Senior Sales & Marketing Manager at Vemedia Shine Ltd, said, “I found the Inspiration Showcase to be a welcome feature for new visitors like myself, as it enables one to have an overview of the new and popular products available at the show. It helps that the showcase is located near the entrance so I can make more efficient use of my time heading directly to the exhibitor booth if I’m interested to find out more about any of the products. I think more shows should include such attractions.”

Another popular zone that received much acclaim was the Springboard Pavilion, which features cutting-edge entrepreneurial businesses and start-ups within the nutraceutical industry who are exhibiting at Vitafoods Asia for the first time. This dedicated area offers visitors the opportunity to get acquainted and forge connections with new entrants to the industry.

Nutricoa was one of the exhibitors that benefited from the visitor attention. Anne Weyns, Chief Chocolate Adventurer, shared, “Since the start of the show, I’ve received a constant stream of visitors at my booth. Generally, being part of the Springboard Pavilion is good exposure for my company, as it allows me to reach out to potential customers in the Asia-Pacific region.”

In addition to uncovering new products and technologies, industry visitors were treated to a robust education programme aimed at facilitating knowledge-exchange and encouraging peer-to-peer conversations.

The introduction of the Vitafoods Asia Centre Stage takes the education programme at Vitafoods Asia to a whole new level. This interactive theatre consists of a series of presentations delivered by a global selection of subject matter experts and key industry leaders. Content covered include the latest innovations, best business practices, new product development strategies, and key industry updates across topics such as Sports Nutrition, Bone and Joint Health, Formulating for the Consumer, and Best Practices in Marketing and Branding.

Commenting on his experience at Vitafoods Asia Centre Stage, Meir Dzulkernie Meor Aris Account & Production Director at Imperia Asia Group, said, "The session on nutrition marketing by The Healthy Marketing Team Ltd was illuminating for us and we got some really good insights."

Day Two Highlights

Visitors can expect to enhance their experience with more show offerings on the second day of Vitafoods Asia.

The unveiling of the winners for the annual Tasting Bar Awards is one that is not to be missed. A perennial crowd favourite, this year’s Tasting Bar features over 20 functional food and beverage samples, which will contend for visitors’ votes over the two-day event. Results will be announced at the Tasting Bar at 2pm on 2 September 2016.

Another notable highlight is a keynote presentation on ASEAN - Harmonisation and Trade Barriers on Food, held at the Vitafoods Asia Centre Stage. The panel will be chaired by Heather Granato, Vice President for Content at Informa Exhibitions’ Global Health & Nutrition Network, featuring representatives from Blackmores, Food Industry Asia (FIA), and Herbalife.

Running alongside the main exhibition, the Vitafoods Asia Conference will continue its success with yet another full day of engaging presentations and insightful content presented by some of the leading names within academia and industry. Topics that will be explored include Digestive Health, Maternal and Infant Health, Product Safety and Quality Control, and Understanding and Targeting the Asian Consumer.

With more than 3,000 visitors from around the region expected over the two days, Vitafoods Asia looks set to reinforce its position as the frontrunner in the delivery of industry knowledge and research breakthroughs.

For more information on Vitafoods Asia 2016, visit www.vitafoodsasia.com.

About Vitafoods Asia

Vitafoods Asia is part of Informa Exhibitions’ Global Health & Nutrition Network (GHNN), which brings together a portfolio of events, digital media and publishing for marketers, manufacturers and formulators of nutrition and dietary supplements, healthy foods/beverages and personal care products. GHNN’s events include: Vitafoods Europe, Vitafoods Asia, SupplySide West, SupplySide@Fispal Tecnologia, and Ingredient Marketplace. Natural Products INSIDER is the global media brand covering healthy ingredients and finished applications. Vitafoods Insights offers premium online content that brings highlights of the Vitafoods events to a global audience. For more information, visit www.informaglobalhealth.com/.

Informa’s Global Exhibitions Division organises transaction-oriented exhibitions and trade shows, which provide buyers and sellers across different industries and communities with a powerful platform to meet face-to-face, build relationships and conduct business. Informa has a portfolio of more than 150 exhibitions, serving a number of core verticals, including Health & Nutrition, Beauty, Property & Construction and Pop Culture.

Editorial Contact – please do not publish
Ms Alina Tee | t: +65 6220 4787 | e: alina@redbugpr.com

- ASIA TODAY Newswire http://www.AsiaToday.com