ASEAN Nutritional Supplements Market generated revenue of US$ 7,366.8 million in 2022 and it is estimated to reach a valuation of US$ 14,847.3 million by 2031, growing at a CAGR of 8.4% During the Forecast Period From 2023 to 2031.
The ASEAN region boasts an incredibly promising and evolving market for nutritional supplements. This sector has seen steady growth in recent years, fueled by a growing awareness among individuals about the numerous advantages these supplements offer. The landscape of this industry is highly competitive, owing to the vast array of products available, spanning from protein-rich supplements and other health-enhancing substances to essential vitamins and minerals.
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The ASEAN nutritional supplements market is set to experience a significant boost due to the burgeoning interest of Millennials in health and wellness. With a strong desire to enhance their well-being through a well-balanced diet, this demographic is actively driving the demand for nutritional supplements. Moreover, the rising incidence of chronic conditions, including cardiovascular disease, diabetes, and high blood pressure, is expected to further propel the demand for dietary supplements in various applications such as energy and weight management, gastrointestinal health, and cardiac health. As awareness continues to grow, the market is poised for a positive transformation in the ASEAN region.
Dietary Supplements Segment to Generate Over 40% of Revenue of ASEAN Nutritional Supplements Market
Dietary supplements offer a wide range of benefits, including boosting immunity, improving metabolism, enhancing digestion, maintaining healthy blood pressure, and providing essential vitamins and minerals. These supplements can be natural or synthetic and are designed to meet specific nutritional needs when taken regularly with meals.
In the ASEAN nutritional supplements market, Thailand is a major player in the manufacturing of nutritional supplements, followed by Indonesia, Vietnam, and Malaysia. These four countries contribute significantly to the revenue generated by the dietary supplement segment in the region.
Singapore has experienced 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 indicate that 58%-67% of people in Southeast Asia regularly use multivitamin/mineral supplements, indicating a preference for preventive measures.
Demand for Plant-Based and Vegan Supplements: Unlocking Potential for the Key Players in the ASEAN Nutritional Supplements Market
As more individuals adopt plant-based and vegan lifestyles, the need for supplements that align with these dietary choices has grown exponentially. The shift towards plant-based and vegan diets is growing due to various factors, including ethical considerations, environmental concerns, and health benefits. Plant-based and vegan supplements provide a plant-based alternative source of essential nutrients like protein, vitamins, and minerals instead of animal-based products.
The growing awareness of the benefits associated with plant-based and vegan diets, such as reduced risk of chronic diseases and improved overall well-being, is driving the demand for these supplements. Additionally, the younger demographic, particularly millennials and Gen Z, are leading the charge towards plant-based and vegan lifestyles, creating a substantial consumer base for the market.
The ASEAN region is witnessing a notable increase in the availability and variety of plant-based and vegan supplements. These countries, such as Thailand, Indonesia, Vietnam, and Malaysia, are recognizing the market potential and are actively investing in research and development, manufacturing, and marketing of such products.
Key players in the ASEAN nutritional supplements market are recognizing this trend and are expanding their product portfolios to include plant-based and vegan options. For instance, in August 2023, Herbalife introduced Herbalife V, a range of plant-based supplements in response to the growing desire for plant-based products, including supplements. These products have received certifications such as USDA Organic, non-GMO verification, kosher certification, and certification as plant-based and vegan by FoodChain ID. By offering a wide range of supplements tailored to the needs of this growing consumer segment, these key players are well-positioned to capitalize on the potential of the plant-based and vegan supplements market in ASEAN.
Online Retailing Channels Generating Maximum Revenue in the ASEAN Nutritional Supplements Market
When it comes to selling nutritional supplements in the ASEAN region, online retail channels have proven to be highly effective. E-commerce giants like Lazada and Shopee provide excellent platforms for regional sales of dietary supplements, offering convenience and reach to customers across multiple countries and territories.
Additionally, online sales channels have contributed to the growth of the e-commerce space in the nutritional supplements market in ASEAN over the past few years, offering convenience through doorstep delivery and digital campaigns.
This shift towards online retailing has allowed companies to reach a wider consumer base and provide personalized service options tailored to their customers’ needs. However, companies need to comply with the regulations and rules of each country they operate in, as different countries may have varying requirements for the sale of dietary supplements.
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As for regulations, the rules pertaining to the trading of dietary supplements are generally less stringent compared to those for pharmaceutical drugs, as they do not typically require additional approval processes before sale or distribution. However, it is important to note that different countries may have their own specific regulatory policies, which may impose additional requirements. For instance, in Indonesia, vendors operating through cross-border eCommerce platforms like Lazada and Shopee are required to obtain special permission beforehand. Businesses must be aware of and comply with the specific regulations of each country they operate in to ensure legal and compliant trading of dietary supplements.
Amway, Herbalife, USANA, Abbott, Suntory Holdings, and Pfizer Capture Around 30% of the Market Revenue Share
In the ASEAN nutritional supplements market, Amway, Herbalife, USANA, Abbott, Suntory Holdings, and Pfizer emerge as the top five players, collectively contributing to over 30% of the market revenue in 2022. Among these players, Amway holds the leading position, closely followed by Herbalife. These companies have successfully established robust brand presence in the region, offering high-quality nutrition products that cater to the specific needs of local consumers. Through their dedicated efforts, they have fostered strong customer relationships, fostering brand loyalty and trust throughout Southeast Asia.
List of Key Companies Profiled
- Abbott Laboratories
- Archer Daniels Midland
- Arkopharma Laboratoires Pharmaceutiques
- Bionova Lifesciences
- Carlyle Group
- Nu Skin Enterprises
- Otsuka Holdings
- Suntory Holdings
- Kalbe Farma Tbk
- Other Prominent Players
By Product Type
- Dietary Supplements
- Functional Nutrition
- Infant & Maternal Nutrition
- Medical Nutrition
- Sports Supplements
- Proteins & Amino Acids
- Fibers & Specialty Carbohydrates
- Omega Fatty Acids
By Age Group
- Energy & Weight Management
- General Health
- Bone & Joint Health
- Gastrointestinal Health
- Cardiac Health
By Distribution Channel
- Hypermarkets & Supermarkets
- Pharmacy Stores
- Online Channels
- Rest of ASEAN
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