Exhibition organiser eyes Thailand as global nutraceuticals hub

Her remarks came as the company prepares to exhibit at Vitafoods Asia, Asia’s leading event for functional ingredients & dietary supplement products and solutions, in late September.

During an exclusive interview with The Nation, she pointed out that the nutraceutical and supplement industry is a very promising market for Thailand for both manufacturers, distributors, and end-users.

It is due to Thailand's rich biodiversity and the availability of a diverse range of raw materials, especially in agriculture, that can be developed into high-value ingredients for nutraceutical and dietary supplement products.

Meanwhile, the country itself is going to be a potential consumer market as it becomes an ageing society, increasing the demand for nutraceutical products.

She noted that the market's average growth rate had been around 8% per year, pointing out that while the growth was small, it was consistent with the global trend and direction.

The nutraceutical products market is expected to grow from US$267.4 billion in 2019 to $404.8 billion by 2025, according to marketsandmarkets.com. It is due to an ageing population, an increase in chronic diseases, and growing consumer awareness of nutraceutical products.

Unfortunately, Thailand can only participate in the industry's upstream and downstream segments, with only a few Thai entrepreneurs able to enter the midstream, where enormous business opportunity and value exists.

Rungphech explained that a nutraceutical is a pharmaceutical alternative that claims to have physiological benefits.

Individuals' health and wellness could benefit from both dietary supplements and nutraceuticals, she said. However, dietary supplements are usually consumed in the form of pills and contain single components such as vitamins to treat a type of deficiency, whereas nutraceuticals are typically administered in the form of a food, herbal, or extract to treat diseases and disorders.

"Nutraceuticals are nutrients that are extracted from food and consumed in order to prevent certain diseases or to strengthen certain organs, such as probiotics to take care of you guts, or whey protein for people engaged in weight training," she said, adding that the terms nutraceutical, functional foods and dietary supplements are sometimes used interchangeably.

According to Britannica.com, there are distinctions.

Functional foods are commonly consumed in the diet and have been scientifically proven to provide health benefits. Dietary supplements are ingestible preparations that are added to the diet to improve health but are not necessarily derived from foods. Nutraceuticals, on the other hand, are products with biological functions that can only be obtained from foods.

As a leading exhibitor, Rungphech expected Vitafoods Asia to be a central platform for Thais to experience the latest global nutraceutical trend.

"This would educate people about nutraceutical products, and some, particularly farmers, may be inspired to develop their own products and enter this market. Meanwhile, it's a fantastic opportunity for businesses and entrepreneurs to grow," she said.

The exhibition will also help to connect researchers with potential entrepreneurs or investors. It would serve as a springboard for Thais to complete their nutraceutical ecosystem.

Rungphech believes that nutraceuticals will be another rising star industry in Thailand as the zero waste production concept forces almost all manufacturers to explore proper solutions to manage those leftovers or byproducts. Some seafood processed food manufacturers, for example, use fish bones to make pure collagen.

More examples will be shown at the event, she said, while inviting all Thais to attend.

Vitafoods Asia 2023 will be held from September 20 to 22 at the Queen Sirikit Convention Centre in Bangkok. The event will feature 465 exhibitors from over 40 countries, making it the largest Vitafoods Asia event to date. The event is open to all Thais and admission is free.