Setting

Asia Pacific Nutritional Supplements Market 2022-2032 by Ingredient, Product Form, Category, Application, End User, Supplement Classification, Distribution Channel, and Country: Trend Forecast and Growth Opportunity

Published: 31 Oct 2023 | Report Code: 10248030 | Pages: 165

Asia Pacific Nutritional Supplements Market will grow by 8.9% annually with a total addressable market cap of $985.2 billion over 2023-2032, driven by the increasing health consciousness amid COVID-19 pandemic, improved purchasing power, availability of novel nutrition products, and growing consumer preferences for healthier dietary options. Highlighted with 45 tables and 86 figures, this 165-page report “Asia Pacific Nutritional Supplements Market 2022-2032 by Ingredient, Product Form, Category, Application, End User, Supplement Classification, Distribution Channel, and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire Asia Pacific Nutritional Supplements Market and all its sub-segments through extensively detailed classifications.

 

Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2020-2022 and provides forecast from 2023 till 2032 with 2022 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year, and the forecast covers at least 5 years over the base year.)

 

In-depth qualitative analyses include identification and investigation of the following aspects:
•  Market Structure 
•  Growth Drivers 
•  Restraints and Challenges
•  Emerging Product Trends & Market Opportunities
•  Porter’s Five Forces

 

The trend and outlook of Asia Pacific market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify Asia Pacific Nutritional Supplements Market in every aspect of the classification from perspectives of Ingredient, Product Form, Category, Application, End User, Supplement Classification, Distribution Channel, and Country.

 

Based on Ingredient, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section. 
•  Botanicals
•  Vitamins
      o  Vitamin A
      o  Vitamin B
      o  Vitamin C
      o  Vitamin D
      o  Vitamin E
      o  Vitamin K
      o  Multivitamins
•  Minerals
      o  Iron Supplements
      o  Calcium Supplements
      o  Magnesium & Zinc Supplements
      o  Multi-Mineral Supplements
      o  Other Minerals
•  Proteins & Amino Acids
•  Fish Oils
•  Fibers & Specialty Carbohydrates
•  Enzymes
•  Probiotic Supplements
•  Other Ingredients

 

Based on Product Form, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section. 
•  Tablets
•  Capsules
•  Powder
•  Liquids
•  Soft Gels & Gel Caps
•  Gummies
•  Other Product Forms

 

By Category, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section. 
•  Additional Supplements
•  Medicinal Supplements
•  Sports Nutrition

 

By Application, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section. 
•  Energy & Weight Management
•  General Health
•  Bone & Joint Health
•  Gastrointestinal Health
•  Immunity
•  Cardiac Health
•  Diabetes
•  Anti-cancer
•  Other Applications

 

By End User, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section. 
•  Infant
•  Children
•  Adults
•  Pregnant Women
•  Elderly People

 

By Supplement Classification, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section. 
•  OTC Supplements
•  Prescription Supplements

 

By Distribution Channel, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section. 
•  Retail Stores & Hospitals
•  Supermarkets & Hypermarkets
•  Online Stores
•  Direct Selling
•  Other Distribution Channels

 

Geographically, the following national/local markets are fully investigated:
•  Japan
•  China
•  South Korea
•  Australia
•  India
•  Rest of APAC (further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)

 

For each key country, detailed analysis and data for annual revenue ($ mn) are available for 2022-2032. The breakdown of national markets by Ingredient, Product Form, Category, End User, and Distribution Channel over the forecast years are also included. The report also covers the current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.

 

Selected Key Players: 
Abbott Laboratories
ADM
American Health
Amway Corporation
Archer Daniels Midland Company
Arkopharma Laboratoires Pharmaceutiques
Ayanda
Bayer
Bionova Lifesciences
Carlyle Group
DuPont
DSM
Ekomir
Glanbia Nutritionals
GlaxoSmithKline
Herbalife International
Himalaya Asia Pacific Holdings Ltd.
Nature’s Sunshine Products
Nestle Nutritionals
NBTY, Inc.
Pfizer Inc.
Stepan
XanGo

 

(Please note: The report will be updated before delivery so that the latest historical year is the base year, and the forecast covers at least 5 years over the base year.)

Table of Contents:

1 Introduction    10
1.1 Industry Definition and Research Scope    10
1.1.1 Industry Definition    10
1.1.2 Research Scope    11
1.2 Research Methodology    14
1.2.1 Overview of Market Research Methodology    14
1.2.2 Market Assumption    15
1.2.3 Secondary Data    15
1.2.4 Primary Data    15
1.2.5 Data Filtration and Model Design    16
1.2.6 Market Size/Share Estimation    17
1.2.7 Research Limitations    18
1.3 Executive Summary    19
2 Market Overview and Dynamics    22
2.1 Market Size and Forecast    22
2.1.1 Impact of COVID-19 on World Economy    23
2.1.2 Impact of COVID-19 on the Market    26
2.1.3 Impact of Russia-Ukraine Conflict: War Slows Economic Recovery    28
2.2 Major Growth Drivers    32
2.3 Market Restraints and Challenges    36
2.4 Emerging Opportunities and Market Trends    39
2.5 Porter’s Fiver Forces Analysis    43
3 Segmentation of Asia Pacific Market by Ingredient    47
3.1 Market Overview by Ingredient    47
3.2 Botanicals    49
3.3 Vitamins    50
3.3.1 Vitamin A    52
3.3.2 Vitamin B    53
3.3.3 Vitamin C    54
3.3.4 Vitamin D    55
3.3.5 Vitamin E    56
3.3.6 Vitamin K    57
3.3.7 Multivitamins    58
3.4 Minerals    59
3.4.1 Iron Supplements    61
3.4.2 Calcium Supplements    62
3.4.3 Magnesium & Zinc Supplements    63
3.4.4 Multi-Mineral Supplements    64
3.4.5 Other Minerals    65
3.5 Proteins & Amino Acids    66
3.6 Fish Oils    67
3.7 Fibers & Specialty Carbohydrates    68
3.8 Enzymes    69
3.9 Probiotic Supplements    70
3.10 Other Ingredients    71
4 Segmentation of Asia Pacific Market by Product Form    72
4.1 Market Overview by Product Form    72
4.2 Tablets    74
4.3 Capsules    75
4.4 Powder    76
4.5 Liquids    77
4.6 Soft Gels & Gel Caps    78
4.7 Gummies    79
4.8 Other Product Forms    80
5 Segmentation of Asia Pacific Market by Category    81
5.1 Market Overview by Category    81
5.2 Additional Supplements    83
5.3 Medicinal Supplements    84
5.4 Sports Nutrition    85
6 Segmentation of Asia Pacific Market by Application    86
6.1 Market Overview by Application    86
6.2 Energy & Weight Management    88
6.3 General Health    89
6.4 Bone & Joint Health    90
6.5 Gastrointestinal Health    91
6.6 Immunity    92
6.7 Cardiac Health    93
6.8 Diabetes    94
6.9 Anti-cancer    95
6.10 Other Applications    96
7 Segmentation of Asia Pacific Market by End User    97
7.1 Market Overview by End User    97
7.2 Infant    99
7.3 Children    100
7.4 Adults    101
7.5 Pregnant Women    102
7.6 Elderly People    103
8 Segmentation of Asia Pacific Market by Supplement Classification    104
8.1 Market Overview by Supplement Classification    104
8.2 OTC Supplements    106
8.3 Prescription Supplements    107
9 Segmentation of Asia Pacific Market by Distribution Channel    108
9.1 Market Overview by Distribution Channel    108
9.2 Retail Stores & Hospitals    110
9.3 Supermarkets & Hypermarkets    111
9.4 Online Stores    112
9.5 Direct Selling    113
9.6 Other Distribution Channels    114
10 Asia-Pacific Market 2022-2032 by Country    115
10.1 Overview of Asia-Pacific Market    115
10.2 Japan    118
10.3 China    122
10.4 Australia    125
10.5 India    128
10.6 South Korea    131
10.7 Rest of APAC Region    134
11 Competitive Landscape    136
11.1 Overview of Key Vendors    136
11.2 New Product Launch, Partnership, Investment, and M&A    140
11.3 Company Profiles    141
Abbott Laboratories    141
ADM    143
American Health    144
Amway Corporation    145
Archer Daniels Midland Company    146
Arkopharma Laboratoires Pharmaceutiques    147
Ayanda    148
Bayer    149
Bionova Lifesciences    150
Carlyle Group    151
DuPont    152
DSM    153
Ekomir    154
Glanbia Nutritionals    155
GlaxoSmithKline    156
Herbalife International    157
Himalaya Asia Pacific Holdings Ltd.    158
Nature’s Sunshine Products    159
Nestle Nutritionals    160
NBTY, Inc.    161
Pfizer Inc.    162
Stepan    163
XanGo    164
RELATED REPORTS    165

 

List of Tables:

Table 1. Snapshot of Asia Pacific Nutritional Supplements Market in Balanced Perspective, 2022-2032    20
Table 2. World Economic Outlook, 2021-2031    24
Table 3. World Economic Outlook, 2021-2023    25
Table 4. Scenarios for Economic Impact of Ukraine Crisis    29
Table 5. Main Product Trends and Market Opportunities in Asia Pacific Nutritional Supplements Market    39
Table 6. Asia Pacific Nutritional Supplements Market by Ingredient, 2022-2032, $ mn    47
Table 7. Asia Pacific Nutritional Supplements Market: Vitamins by Type, 2022-2032, $ mn    51
Table 8. Asia Pacific Nutritional Supplements Market: Minerals by Type, 2022-2032, $ mn    60
Table 9. Asia Pacific Nutritional Supplements Market by Product Form, 2022-2032, $ mn    72
Table 10. Asia Pacific Nutritional Supplements Market by Category, 2022-2032, $ mn    81
Table 11. Asia Pacific Nutritional Supplements Market by Application, 2022-2032, $ mn    86
Table 12. Asia Pacific Nutritional Supplements Market by End User, 2022-2032, $ mn    97
Table 13. Asia Pacific Nutritional Supplements Market by Supplement Classification, 2022-2032, $ mn    104
Table 14. Asia Pacific Nutritional Supplements Market by Distribution Channel, 2022-2032, $ mn    108
Table 15. APAC Nutritional Supplements Market by Country, 2022-2032, $ mn    116
Table 16. Japan Nutritional Supplements Market by Ingredient, 2022-2032, $ mn    120
Table 17. Japan Nutritional Supplements Market by Product Form, 2022-2032, $ mn    120
Table 18. Japan Nutritional Supplements Market by Category, 2022-2032, $ mn    120
Table 19. Japan Nutritional Supplements Market by End User, 2022-2032, $ mn    121
Table 20. Japan Nutritional Supplements Market by Distribution Channel, 2022-2032, $ mn    121
Table 21. China Nutritional Supplements Market by Ingredient, 2022-2032, $ mn    123
Table 22. China Nutritional Supplements Market by Product Form, 2022-2032, $ mn    123
Table 23. China Nutritional Supplements Market by Category, 2022-2032, $ mn    123
Table 24. China Nutritional Supplements Market by End User, 2022-2032, $ mn    124
Table 25. China Nutritional Supplements Market by Distribution Channel, 2022-2032, $ mn    124
Table 26. Australia Nutritional Supplements Market by Ingredient, 2022-2032, $ mn    126
Table 27. Australia Nutritional Supplements Market by Product Form, 2022-2032, $ mn    126
Table 28. Australia Nutritional Supplements Market by Category, 2022-2032, $ mn    126
Table 29. Australia Nutritional Supplements Market by End User, 2022-2032, $ mn    127
Table 30. Australia Nutritional Supplements Market by Distribution Channel, 2022-2032, $ mn    127
Table 31. India Nutritional Supplements Market by Ingredient, 2022-2032, $ mn    129
Table 32. India Nutritional Supplements Market by Product Form, 2022-2032, $ mn    129
Table 33. India Nutritional Supplements Market by Category, 2022-2032, $ mn    129
Table 34. India Nutritional Supplements Market by End User, 2022-2032, $ mn    130
Table 35. India Nutritional Supplements Market by Distribution Channel, 2022-2032, $ mn    130
Table 36. South Korea Nutritional Supplements Market by Ingredient, 2022-2032, $ mn    132
Table 37. South Korea Nutritional Supplements Market by Product Form, 2022-2032, $ mn    132
Table 38. South Korea Nutritional Supplements Market by Category, 2022-2032, $ mn    132
Table 39. South Korea Nutritional Supplements Market by End User, 2022-2032, $ mn    133
Table 40. South Korea Nutritional Supplements Market by Distribution Channel, 2022-2032, $ mn    133
Table 41. Nutritional Supplements Market in Rest of APAC by Country/Region, 2022-2032, $ mn    135
Table 42. Breakdown of World Market by Key Vendor, 2022, 8
Table 43. Abbott Laboratories: Company Snapshot    141
Table 44. Abbott Laboratories: Business Segmentation    142
Table 45. Abbott Laboratories: Product Portfolio    142

 

List of Figures:

Figure 1. Research Method Flow Chart    14
Figure 2. Bottom-up Approach and Top-down Approach for Market Estimation    17
Figure 3. Asia Pacific Market Forecast in Optimistic, Conservative and Balanced Perspectives, 2022-2032    19
Figure 4. Asia Pacific Nutritional Supplements Market, 2022-2032, $ mn    22
Figure 5. Impact of COVID-19 on Business    26
Figure 6. Primary Drivers and Impact Factors of Asia Pacific Nutritional Supplements Market    32
Figure 7. GDP per capita in the World, 1990-2020, $ thousand    35
Figure 8. Forecast of World Middle-class Population by Region, 2015-2030, million    35
Figure 9. Primary Restraints and Impact Factors of Asia Pacific Nutritional Supplements Market    36
Figure 10. Investment Opportunity Analysis    40
Figure 11. Porter’s Five Forces Analysis of Asia Pacific Nutritional Supplements Market    43
Figure 12. Breakdown of Asia Pacific Nutritional Supplements Market by Ingredient, 2022-2032, % of Revenue    48
Figure 13. Asia Pacific Addressable Market Cap in 2023-2032 by Ingredient, Value ($ mn) and Share (%)    48
Figure 14. Asia Pacific Nutritional Supplements Market by Ingredient: Botanicals, 2022-2032, $ mn    49
Figure 15. Asia Pacific Nutritional Supplements Market by Ingredient: Vitamins, 2022-2032, $ mn    50
Figure 16. Asia Pacific Nutritional Supplements Market by Vitamins: Vitamin A, 2022-2032, $ mn    52
Figure 17. Asia Pacific Nutritional Supplements Market by Vitamins: Vitamin B, 2022-2032, $ mn    53
Figure 18. Asia Pacific Nutritional Supplements Market by Vitamins: Vitamin C, 2022-2032, $ mn    54
Figure 19. Asia Pacific Nutritional Supplements Market by Vitamins: Vitamin D, 2022-2032, $ mn    55
Figure 20. Asia Pacific Nutritional Supplements Market by Vitamins: Vitamin E, 2022-2032, $ mn    56
Figure 21. Asia Pacific Nutritional Supplements Market by Vitamins: Vitamin K, 2022-2032, $ mn    57
Figure 22. Asia Pacific Nutritional Supplements Market by Vitamins: Multivitamins, 2022-2032, $ mn    58
Figure 23. Asia Pacific Nutritional Supplements Market by Ingredient: Minerals, 2022-2032, $ mn    59
Figure 24. Asia Pacific Nutritional Supplements Market by Minerals: Iron Supplements, 2022-2032, $ mn    61
Figure 25. Asia Pacific Nutritional Supplements Market by Minerals: Calcium Supplements, 2022-2032, $ mn    62
Figure 26. Asia Pacific Nutritional Supplements Market by Minerals: Magnesium & Zinc Supplements, 2022-2032, $ mn    63
Figure 27. Asia Pacific Nutritional Supplements Market by Minerals: Multi-Mineral Supplements, 2022-2032, $ mn    64
Figure 28. Asia Pacific Nutritional Supplements Market by Minerals: Other Minerals, 2022-2032, $ mn    65
Figure 29. Asia Pacific Nutritional Supplements Market by Ingredient: Proteins & Amino Acids, 2022-2032, $ mn    66
Figure 30. Asia Pacific Nutritional Supplements Market by Ingredient: Fish Oils, 2022-2032, $ mn    67
Figure 31. Asia Pacific Nutritional Supplements Market by Ingredient: Fibers & Specialty Carbohydrates, 2022-2032, $ mn    68
Figure 32. Asia Pacific Nutritional Supplements Market by Ingredient: Enzymes, 2022-2032, $ mn    69
Figure 33. Asia Pacific Nutritional Supplements Market by Ingredient: Probiotic Supplements, 2022-2032, $ mn    70
Figure 34. Asia Pacific Nutritional Supplements Market by Ingredient: Other Ingredients, 2022-2032, $ mn    71
Figure 35. Breakdown of Asia Pacific Nutritional Supplements Market by Product Form, 2022-2032, % of Sales Revenue    73
Figure 36. Asia Pacific Addressable Market Cap in 2023-2032 by Product Form, Value ($ mn) and Share (%)    73
Figure 37. Asia Pacific Nutritional Supplements Market by Product Form: Tablets, 2022-2032, $ mn    74
Figure 38. Asia Pacific Nutritional Supplements Market by Product Form: Capsules, 2022-2032, $ mn    75
Figure 39. Asia Pacific Nutritional Supplements Market by Product Form: Powder, 2022-2032, $ mn    76
Figure 40. Asia Pacific Nutritional Supplements Market by Product Form: Liquids, 2022-2032, $ mn    77
Figure 41. Asia Pacific Nutritional Supplements Market by Product Form: Soft Gels & Gel Caps, 2022-2032, $ mn    78
Figure 42. Asia Pacific Nutritional Supplements Market by Product Form: Gummies, 2022-2032, $ mn    79
Figure 43. Asia Pacific Nutritional Supplements Market by Product Form: Other Product Forms, 2022-2032, $ mn    80
Figure 44. Breakdown of Asia Pacific Nutritional Supplements Market by Category, 2022-2032, % of Sales Revenue    82
Figure 45. Asia Pacific Addressable Market Cap in 2023-2032 by Category, Value ($ mn) and Share (%)    82
Figure 46. Asia Pacific Nutritional Supplements Market by Category: Additional Supplements, 2022-2032, $ mn    83
Figure 47. Asia Pacific Nutritional Supplements Market by Category: Medicinal Supplements, 2022-2032, $ mn    84
Figure 48. Asia Pacific Nutritional Supplements Market by Category: Sports Nutrition, 2022-2032, $ mn    85
Figure 49. Breakdown of Asia Pacific Nutritional Supplements Market by Application, 2022-2032, % of Revenue    87
Figure 50. Asia Pacific Addressable Market Cap in 2023-2032 by Application, Value ($ mn) and Share (%)    87
Figure 51. Asia Pacific Nutritional Supplements Market by Application: Energy & Weight Management, 2022-2032, $ mn    88
Figure 52. Asia Pacific Nutritional Supplements Market by Application: General Health, 2022-2032, $ mn    89
Figure 53. Asia Pacific Nutritional Supplements Market by Application: Bone & Joint Health, 2022-2032, $ mn    90
Figure 54. Asia Pacific Nutritional Supplements Market by Application: Gastrointestinal Health, 2022-2032, $ mn    91
Figure 55. Asia Pacific Nutritional Supplements Market by Application: Immunity, 2022-2032, $ mn    92
Figure 56. Asia Pacific Nutritional Supplements Market by Application: Cardiac Health, 2022-2032, $ mn    93
Figure 57. Asia Pacific Nutritional Supplements Market by Application: Diabetes, 2022-2032, $ mn    94
Figure 58. Asia Pacific Nutritional Supplements Market by Application: Anti-cancer, 2022-2032, $ mn    95
Figure 59. Asia Pacific Nutritional Supplements Market by Application: Other Applications, 2022-2032, $ mn    96
Figure 60. Breakdown of Asia Pacific Nutritional Supplements Market by End User, 2022-2032, % of Revenue    98
Figure 61. Asia Pacific Addressable Market Cap in 2023-2032 by End User, Value ($ mn) and Share (%)    98
Figure 62. Asia Pacific Nutritional Supplements Market by End User: Infant, 2022-2032, $ mn    99
Figure 63. Asia Pacific Nutritional Supplements Market by End User: Children, 2022-2032, $ mn    100
Figure 64. Asia Pacific Nutritional Supplements Market by End User: Adults, 2022-2032, $ mn    101
Figure 65. Asia Pacific Nutritional Supplements Market by End User: Pregnant Women, 2022-2032, $ mn    102
Figure 66. Asia Pacific Nutritional Supplements Market by End User: Elderly People, 2022-2032, $ mn    103
Figure 67. Breakdown of Asia Pacific Nutritional Supplements Market by Supplement Classification, 2022-2032, % of Revenue    104
Figure 68. Asia Pacific Addressable Market Cap in 2023-2032 by Supplement Classification, Value ($ mn) and Share (%)    105
Figure 69. Asia Pacific Nutritional Supplements Market by Supplement Classification: OTC Supplements, 2022-2032, $ mn    106
Figure 70. Asia Pacific Nutritional Supplements Market by Supplement Classification: Prescription Supplements, 2022-2032, $ mn    107
Figure 71. Breakdown of Asia Pacific Nutritional Supplements Market by Distribution Channel, 2022-2032, % of Revenue    109
Figure 72. Asia Pacific Addressable Market Cap in 2023-2032 by Distribution Channel, Value ($ mn) and Share (%)    109
Figure 73. Asia Pacific Nutritional Supplements Market by Distribution Channel: Retail Stores & Hospitals, 2022-2032, $ mn    110
Figure 74. Asia Pacific Nutritional Supplements Market by Distribution Channel: Supermarkets & Hypermarkets, 2022-2032, $ mn    111
Figure 75. Asia Pacific Nutritional Supplements Market by Distribution Channel: Online Stores, 2022-2032, $ mn    112
Figure 76. Asia Pacific Nutritional Supplements Market by Distribution Channel: Direct Selling, 2022-2032, $ mn    113
Figure 77. Asia Pacific Nutritional Supplements Market by Distribution Channel: Other Distribution Channels, 2022-2032, $ mn    114
Figure 78. Breakdown of APAC Nutritional Supplements Market by Country, 2022 and 2032, % of Revenue    116
Figure 79. Contribution to APAC 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%)    117
Figure 80. Nutritional Supplements Market in Japan, 2022-2032, $ mn    119
Figure 81. Nutritional Supplements Market in China, 2022-2032, $ mn    122
Figure 82. Nutritional Supplements Market in Australia, 2022-2032, $ mn    125
Figure 83. Nutritional Supplements Market in India, 2022-2032, $ mn    128
Figure 84. Nutritional Supplements Market in South Korea, 2022-2032, $ mn    131
Figure 85. Nutritional Supplements Market in Rest of APAC, 2022-2032, $ mn    134
Figure 86. Growth Stage of Asia Pacific Nutritional Supplements Industry over the Forecast Period    136
Selected Key Players:

Abbott Laboratories
ADM
American Health
Amway Corporation
Archer Daniels Midland Company
Arkopharma Laboratoires Pharmaceutiques
Ayanda
Bayer
Bionova Lifesciences
Carlyle Group
DuPont
DSM
Ekomir
Glanbia Nutritionals
GlaxoSmithKline
Herbalife International
Himalaya Global Holdings Ltd.
Nature’s Sunshine Products
Nestle Nutritionals
NBTY, Inc.
Pfizer Inc.
Stepan
XanGo

(Please note: The report will be updated before delivery so that the latest historical year is the base year, and the forecast covers at least 5 years over the base year.)