LONDON—Japan is known for its innovation in the functional food and beverage field, while China offers the world’s largest economic potential. With slowing economic growth in Western nations, attention is turning to Asia to develop markets for cosmeceutical products. A new report from Business Insights, available through Research & Markets, explores the current regulations, consumer behavior and market trends in China and Japan.
Among the good news:
- Between 2005 and 2008, beauty foods increased from a share of 2.3 percent of all functional products launched in 2005 in China, to 5.2 percent in 2008. The beauty segment as it relates to functional ingredients and foods is an extension of the Japanese model of using innovative ingredient combinations.
- The Asian functional food and beverage market and is set to increase at a CAGR of 5.6 percent from $36.6 billion in 2007 to $48 billion by 2012. Japan and China are leaders in category, with growth for each country set to continue at a CAGR of 5.3 percent and 5.9 percent respectively.
Additional topics addressed include the use of labels and logos in the Japanese market, the Chinese regulatory system, food safety issues and demographic trends.