Yahoo Finance ASEAN Nutritional Supplements Market to Surpass US$ 14,847 Million by 2031: Astute Analytica
ASEAN nutritional supplements market was valued at US$ 7,366.8 million in 2022 and is projected to reach valuation of US$ 14,847.3 million by 2031 at a CAGR of 8.4% during the forecast period, 2023–2031.
New Delhi, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The ASEAN nutritional supplements market is one of the most lucrative and dynamic sectors in the region. It has been steadily growing over the past few years, as more people become aware of the benefits that these products can provide. The sector is highly competitive due to its wide range of offerings, ranging from vitamins and minerals to proteins and other health-promoting substances.
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When it comes to product distribution, online retailing channels have proven themselves as an effective means of reaching out to customers spread across APAC’s many countries and territories. In particular, e-commerce giants like Lazada or Shopee offer a great platform for selling dietary supplements on a regional basis with relative ease. Additionally, direct sales models remain popular among those targeting specific consumer demographics in the nutritional supplements market with their specialized product offerings; this model allows companies to keep full control over their marketing campaigns while also providing customers with personalized service options tailored towards their needs.
As far as regulations go, there are generally quite lax when it comes to dietary supplement trading since they do not fall under drug categories requiring additional approval processes before sale/distribution takes place; however different countries may impose additional requirements depending on their respective regulatory policies (eg: Indonesia requires vendors operating via cross-border eCommerce platforms like Lazada & Shopee obtain special permission beforehand). On top of that more stringent standards may be imposed by organizations like GMP (Good Manufacturing Practices)in the ASEAN nutritional supplements market, which look into production quality assurance specifications related mainly but not limited to sanitary conditions during manufacturing process and safety measures taken into account throughout ingredient sourcing operations.
Overall ASEAN’s nutritional supplements industry presents itself as an attractive option for both domestic players looking to expand their business opportunities throughout the APAC region alongside international firms interested in entering said market through the same digital retail channels already mentioned above. As long-term prospects still appear bright due increasing awareness regarding healthy lifestyle habits amongst population coupled up with rising incomes levels allowing access to premium wellness goods once considered too expensive before, stakeholders invested should see returns commensurate with higher investments made.
Trend Analysis of the ASEAN Nutritional Supplements Market
The ASEAN market has been performing steadily over the past few years, with a compound annual growth rate (CAGR) and is projected to continue growing at the same pace in the years to come. This growth is higher than that of North America, Europe and other regional markets.
In terms of product type, vitamins & minerals account for the largest share of the overall ASEAN nutritional supplements market due to their increasing use as dietary supplements for various health benefits such as reducing fatigue, strengthening bones and providing essential nutrients for a healthy body composition. In addition, protein powders are also witnessing strong demand in recent years due to rising awareness about health among consumers as well as increased interest from athletes related to fitness regimes and muscle building activities.
Indonesia is currently leading the ASEAN nutritional supplements market in terms of total sales revenues generated from nutrition supplements; followed by Thailand and Vietnam respectively. Malaysia is currently fourth on this list but its market share is expected to grow significantly over forecasted period owing to growing population base accompanied with government initiatives targeted towards promoting health consciousness among citizens through public education programs
The key vendors operating in this space include Herbalife Nutrition Ltd., Amway Corporation Global Nutrients Pvt Ltd., Abbott Laboratories Inc. Factors driving the growth include rising concerns over lifestyle diseases such poor nutrition habits coupled with increased access availability thanks advancement digital technologies & front-line delivery service options offered by multiple providers presently operational across various countries within region. Lastly, introduction new innovative products designed meet specific needs segments within target population also playing major role shaping current & future outlook associated sector.
Dietary Supplements Segment to Generate Over 40% Revenue of ASEAN Nutritional supplements market
Dietary supplements provide numerous benefits such as boosting immunity, improving metabolism, enhancing digestion, maintaining healthy blood pressure, and providing essential vitamins and minerals. They can be natural or synthetic and are designed to meet specific nutritional needs when taken regularly with meals. In ASEAN nutritional supplements market, Thailand is a major player in nutrition supplement manufacturing, followed by Indonesia, Vietnam, and Malaysia. These four countries accounted for a significant share of revenue generated by the dietary supplement segment in the region.
Singapore saw a 9% growth in the ASEAN nutritional supplements market driven by rising demand among young adults who prefer ready-to-eat options with natural ingredients. The primary users of dietary supplements are young adults aged 18-25 and elderly people above 65 years. Surveys show that 58%-67% of people in Southeast Asia regularly use multivitamins/mineral supplements, indicating a preference for preventive measures. Online sales channels have boosted the ecommerce space in the ASEAN nutritional sector over the past 2-3 years, offering convenience and reach through doorstep delivery and digital campaigns.
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Amway, Herbalife, USANA, Abbott, Suntory Holdings, and Pfizer are top 5 Players in ASEAN Nutritional supplements market
Amway, Herbalife, USANA, Abbott, Suntory Holdings, and Pfizer are the top 5 players in the ASEAN nutritional supplements market and generated over 30% of the market revenue in 2022. Amway is the leading player, followed by Herbalife. Both companies have established a strong brand presence in the region, providing premium quality nutrition products that meet local consumer needs. They have built strong relationships with customers, creating loyalty and trust in their brands across Southeast Asia.
They leverage technology to expand distribution channels, reaching new customers through retail outlets and e-commerce platforms. Amway and Herbalife also focus on product innovation by introducing differentiated offerings such as protein shakes and customized multivitamin supplements. As a result, they have stayed ahead of competition by effectively catering to a health-conscious customer base across Southeast Asia demographics.
In addition to their strong brand presence and innovative approach in the ASEAN nutritional supplements market, both Amway and Herbalife have invested heavily in marketing and advertising campaigns aimed at raising awareness about the benefits of nutritional supplements and the advantages of using their products. These campaigns have targeted various age groups, lifestyles, and health goals, helping to increase demand for their products and solidifying their position as market leaders.
Another factor contributing to their success in the nutritional supplements market is the stringent quality control measures that both Amway and Herbalife have implemented in their production processes. They use only high-quality ingredients sourced from trusted suppliers and follow strict safety protocols to ensure that their products are safe and effective. This has helped to build customer confidence in their products and has enabled them to maintain their position as leaders in the market.
Some of the Top Market Players Are:
Abbott Laboratories
Archer Daniels Midland
Amway
Arkopharma Laboratoires Pharmaceutiques
Bayer
Bionova Lifesciences
Carlyle Group
Glanbia
GlaxoSmithKline
Nu Skin Enterprises
Pfizer
Herbalife
Otsuka Holdings
Suntory Holdings
Kalbe Farma Tbk
Other Prominent Players
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