The Southeast Asia Dietary Supplements Market size is set to reach USD 10.60 billion by 2026, exhibiting a CAGR of 5.60% during the forecast period. Increasing prevalence of lifestyle-induced disorders, or Non Communicable Diseases (NCDs), such as diabetes and cancer, will be a key factor driving the food supplements market growth. Estimates computed by the World Health Organization (WHO) state that close to 8 million people die every year in Southeast Asia due to NCDs, amounting to 55% of the total deaths in the region in a given year.
According to the WHO, four risk factors – tobacco, alcohol, lack of exercise, and poor diets – are primarily responsible for the spread of NCDs in the region. For instance, the WHO found that at least 25% of boys in Malaysia and Thailand are obese and a massive number of schoolchildren across Southeast Asia are largely physically inactive. As a result, there is a dire need for the people in the region to consume nutrition-filled dietary supplements not only for a healthy body, but also to ensure a prolonged and productive life.
As per the new Fortune Business Insights™ report, titled “Southeast Asia Dietary Supplements Market Size, Share & Industry Analysis, By Type (Vitamins, Minerals, Enzymes, Fatty Acids, Proteins, and Others), Form (Tablets and Capsules, Powder, and Liquid), and Regional Forecasts, 2019 – 2026”, the market value stood at USD 6.92 billion in 2018.
The report also provides:
- SWOT analysis of the market;
- Meticulous research into the regional competitive dynamics of the market;
- Accurate calculation of market figures and pinpoint prediction of upcoming trends in the market; and
- Detailed evaluation of the factors driving the market during the forecast period.
Rapid Uptake of Supplements for Preventive Care Purposes to Propel the Market
Southeast Asian countries, such as Vietnam and Thailand, are some of the fastest growing economies in the world. Developing countries typically have a large working population with hectic lifestyles. Therefore, adoption of dietary supplements for preventing the onset of chronic disorders is stated to emerge as one of the leading Southeast Asia Dietary Supplements Market trends during the forecast period. Moreover, these countries have an ageing population whose numbers are increasing at an exemplary speed. For instance, a study conducted by the International Monetary Fund (IMF) found that Thailand’s old-age dependency ratio is likely to increase by more than 50% by 2050, with 22.8% of the population being over the age of 65. Age-related disorders will inevitably raise healthcare costs and thus, to mitigate the effects of ageing, micronutrients-based supplements are gaining popularity in the region, leading the food supplements market trends.
High Nutrition Deficiency to Prove Beneficial for the Market in Indonesia
Among individual countries, Indonesia is anticipated to dominate the Southeast Asia Dietary Supplements Market share during the forecast period. The country’s market size stood at $2.04 billion in 2018 and is projected to register a CAGR of 5.98% during the forecast period. Indonesia is the fourth most populated country in the world and a large chunk of its populace suffers from high nutrition deficiency. Furthermore, there is a growing prevalence of chronic disorders in the country, which is increasing the demand for health supplements among the youth. In Thailand, increasing health consciousness, rising awareness about dietary supplements, and growing interest in the country’s healthcare industry among foreign manufacturers will expand the food supplements market size in the region.
Consolidation of Market Position to Remain the Focus Area for Companies
The Southeast Asia Dietary Supplements Market forecast predicts a charged-up competitive atmosphere in the foreseeable years owing to the various measures undertaken by players to strengthen their position. Moreover, entry of foreign competitors is expected to further intensify competition in this market.
- October 2019: Nu Skin introduced its new ageLOC Nutriol® Scalp & Hair System, which has proven effects in the form of increased hair volume, thickness, shine, and softness. The company also launched the ageLOC Galvanic Spa PowerMask to revitalize the skin through increased hydration.
- January 2018: Kalbe Farma unveiled its H2 Coconut Flour product at the 'SMART Prevention of Diabetes' held by Indonesia’s Ministry of Health. The product provides an alternative supplement to prevent diabetes and it can also be taken by people who are already diabetic.