The food supplements industry in the ASEAN region has witnessed significant growth in recent years, fueled by rising health awareness, increasing disposable incomes, and a growing aging population. This sectorial note examines the current state of the food supplements industry, key market drivers, and future growth projections across the ASEAN region.
Market Overview
The ASEAN food supplements industry was valued at approximately USD 7.5 billion in 2023, with a projected compound annual growth rate (CAGR) of 8-10% through 2030, according to GlobeNewswire, Fortune Business Insights, and Mordor Intelligence. The region’s growth is driven by a rising middle class, increasing consumer health consciousness, and urbanization.
Current Market Size and Projections (2024-2030)
The food supplements market across ASEAN is expected to reach USD 12.8 billion by 2030. Growth drivers include demographic shifts, lifestyle changes, and a burgeoning e-commerce sector that provides easier access to health supplements.
Country-Specific Insights
Food Supplements Market in ASEAN – prepared by SoA
Key Contribution of Growth Across ASEAN
Key Drivers
- Increasing Health Awareness: Consumers are increasingly focused on overall health, leading to rising demand for dietary supplements that support immunity and address specific health conditions.
- Rising Disposable Incomes: Economic growth in ASEAN has led to higher disposable incomes, enabling more consumers to spend on health and wellness products.
- Aging Population: The growing elderly demographic is driving demand for supplements that support joint health, cardiovascular function, and bone density.
- Urbanization and Lifestyle Changes: Rapid urbanization is leading to lifestyle-related health challenges such as stress, fatigue, and poor nutrition, prompting greater use of supplements.
- E-commerce Expansion: Online platforms like Lazada and Shopee are making dietary supplements more accessible, with over 13 million units sold online in 2023.
Key consumer segments
- Younger consumers (18-34): This demographic is drawn to sports nutrition, weight management products, and energy supplements as fitness trends gain traction.
- Middle-aged consumers (35-54): Supplements supporting immune health, mental clarity, and general wellness are popular among this group, particularly multivitamins and antioxidants.
- Senior consumers (55+): Aging-related products, such as joint health and bone density supplements, are increasingly in demand, especially in Malaysia, Singapore, and Thailand.
Market restraints
- Consumer distrust: Issues like counterfeit products and false labeling have led to consumer distrust, though regulatory bodies are working to improve product safety and standardization.
- Fragmented regulations: Varying regulatory frameworks across ASEAN countries presents compliance challenges, especially for businesses operating across multiple markets.
- Market entry barriers: Tariffs, import regulations, and weak intellectual property protection can hinder foreign companies from entering the ASEAN food supplements market.
Import and export dynamics
- Exports to ASEAN from China: ASEAN remains one of the largest export markets for Chinese dietary supplements, with China exporting approximately USD 3.38 trillion worth of goods to ASEAN in the first half of 2023.
- Imports of sports supplements in the Philippines and Vietnam: The sports supplements market is experiencing rapid growth, with high demand for protein powders, energy bars, and supplements supporting fitness regimes.
Supply chain challenges and opportunities
- Logistics: Infrastructure challenges and complex distribution networks in some ASEAN countries pose delivery and cost barriers.
- E-commerce growth: E-commerce continues to thrive, offering companies new opportunities to reach previously underserved markets. The ASEAN e-commerce market was valued at USD 150 billion in 2023, with health supplements among the top-selling products online.
Future Outlook (2024-2030)
The food supplements market in ASEAN is set to continue its rapid growth, with key drivers including urbanization, rising disposable incomes, and an expanding e-commerce sector. By 2030, the market is expected to reach USD 12.8 billion, with countries like Indonesia and Vietnam seeing especially strong growth.
The ASEAN food supplements industry is poised for sustained expansion, supported by demographic shifts, economic growth, and increased health awareness. Businesses looking to capitalize on this growth should focus on understanding the unique market dynamics of each ASEAN country and leveraging the region’s thriving e-commerce platforms. Companies that can navigate the regulatory landscape and adapt to consumer preferences will be well-positioned for long-term success in the ASEAN food supplements market.
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Food Supplement Market in ASEAN
