Demand for space at the exhibition on 4-5 September 2013, at AsiaWorld-Expo in Hong Kong, is being fuelled by international exhibitors who are keen to get their share of the Asian nutraceutical and functional food market.
Market reports across the board agree that the global nutraceutical market is set for major growth in the next few years. And in Asia, trends in nutraceuticals, dietary supplements and functional food and drinks also show positive upward movement.
Transparency Market Research forecasted that Asia Pacific, including Japan, will have the second largest market share by 2017.
Vitafoods portfolio director Mr Chris Lee explained: "There are many factors driving the market not least of all, the Asian consumer who has an increasing awareness of the health benefits of food and disease prevention and, like the rest of the world, concerns about ageing and obesity. This, together with increased disposable income, an increasingly urban population with its inherent demand for convenience foods and need for functional food, sets the scene for phenomenal market opportunities for Western businesses keen to get their stake in the market.
"Some countries already have a strong nutraceutical and functional food and drinks sector, like China, Japan and Korea; whilst others in the region, like Singapore and Malaysia are slowly emerging. Our event provides an ideal platform to reach out to this exciting market."
Lee added: "We launched three years ago in response to demand from exhibitors at our flagship event, Vitafoods Europe. Many of our exhibitors expressed a desire to break into the Asia markets and we were well placed to help by providing that platform to launch into this emerging market. In the 2nd edition in 2012, the show grew by 40%, and now for our third edition, we've opened up the exhibition by an additional 15%, as more ingredient suppliers are looking to come on board. We've built our reputation in Europe by focusing on this niche market sector, and we'll continue to do the same in Asia."