Dietary supplement and extract industry sees significant growth in Asia

"Vitafoods Asia 2024," a premier nutraceutical event for Asia, is set to invigorate the rapidly expanding global nutraceutical industry driven by the healthcare trend.

Informa Markets (Thailand), the event organizer, promises to showcase exciting innovations, technologies, ingredients, and health products.

Scheduled for 18-20 September 2027 at Queen Sirikit National Convention Center in Bangkok, Thailand, Vitafoods Asia 2024 aims to support the fast-growing Thai nutraceutical market, projected to reach 230 billion baht by 2026.

The event is expected to attract over 10,000 participants this year.

Rungphech Chitanuwat, Regional Portfolio Director for ASEAN at Informa Markets, noted that the Asian nutraceutical market is expanding significantly. Thailand, a key market, was valued at 190 billion baht in 2022 and is projected to grow to 239 billion baht by 2026, according to Euromonitor International.

This growth is fueled by the continuous launch of innovative products and the momentum of the health trend, attracting both established players and new entrants to the Thai market.

Vitafoods Asia 2024 is designed to meet the diverse needs of industry professionals and health-conscious consumers. Euromonitor reports that over half of Southeast Asian consumers believe they will have better health in the next five years and that climate change will increasingly impact their lives, making healthy foods essential for maintaining good health.

As an annual event, Vitafoods Asia 2024 aims to expand the nutraceutical industry's network, fostering learning and long-term cooperation among industry professionals.

The event also offers businesses the chance to source high-quality ingredients and products, connect directly with manufacturers, innovators, and technical experts, and exchange knowledge and experience with suppliers.

This year, over 600 brands from 70 countries will participate in Vitafoods Asia 2024. Products and solutions will be displayed across various zones, including ingredients and raw materials, contract manufacturing and private label, branded finished products, food supplements, vitamins, natural ingredients, herbal extracts, nutritional products, packaging, and related equipment.

The event will also feature an innovation zone with business know-how seminars covering topics like trends and potential in the food supplement markets in Asia and Australia, herbal product registration, food supplement labeling for the elderly, marketing strategies, supplements for pets, and research updates on Pre-Pro-Postbiotics, Collagen Peptides, Ashwagandha, and mushroom extracts.

Other highlights include the New Products & New Ingredients Zone, the Tasting Bar, and the Vitafoods Asia 5K Run. Visitors can explore products from the government sector and leading universities in the Academic to Commercial Zone, participate in Lift Elements activities, and visit the Innovation Health Hub and Sustainability Square. Two talk stages will provide industry insights and experiences.

Vitafoods Asia 2024 will also contribute to the Thai food supplement industry by adding value to agricultural products, fostering new business opportunities, and helping Thai businesses expand internationally. The event encourages participation in the Vitafoods Asia Nutraceutical Awards 2024, themed “Local Ingredients to Global Nutraceuticals.” Winners will receive quality certification and the opportunity to further develop, commercialize, and showcase their products at the event.

Target groups include producers, distributors, advisors, retailers, researchers, scientists, academics, importers, wholesalers, and trade associations related to nutraceuticals, foods, food supplements, medicine, health foods, drinks, and personal care products. The event expects to attract over 10,000 participants.

“Informa Markets is committed to supporting Thai businesses and expanding their access to new opportunities. We aim to help Thailand become the leading nutraceutical manufacturing hub and market in Asia,” said Rungphech Chitanuwat, Regional Portfolio Director for ASEAN at Informa Markets.

Dr Kittiwut Kasemwong, Leader of the Nano Agricultural Chemistry and Processing Research Team at NSTDA, highlighted the agency's focus on enhancing Thailand's food and health product market, particularly through natural ingredients. NSTDA promotes the use of herbal extracts and microbes to develop health-promoting products that can reduce production costs and reliance on imports, while boosting local operators' capabilities.

Dr Natthapasut Phattirasinsiri, Director of the Biotech Industry Club at the Federation of Thai Industries (FTI), emphasized Thailand's advantage in medical and health technology, particularly in biomedical science. The country's rich biodiversity strengthens its competitiveness and supports research in health and medical products, functional foods, herbs, biopharmaceuticals, and active pharmaceutical ingredients (APIs). This is crucial for reducing imports and positioning Thailand as a knowledge economy with strong income generation potential.

Nakan Tawichawat, Director of the Dietary Supplement Industry Club at FTI, noted that Thailand’s food supplements and herbs have significant growth potential, driven by the ageing population. The food supplement market accounts for over 30% of the beauty, cosmetics, and supplement market.

The general public and those interested in food ingredients and health foods are invited to participate in Vitafoods Asia 2024, scheduled for 18-20 September 2024, from 10am to 6pm, at Hall 1-3, Queen Sirikit National Convention Center.