ASEAN Lifestyle-Related Disease Supplements Market Growth, Trends, COVID-19 Impact, and Forecasts ((2022 - 2027)

ASEAN Lifestyle-Related Disease Supplements Market Growth, Trends, COVID-19 Impact, and Forecasts ((2022 - 2027)

The ASEAN lifestyle-related disease supplements market studied was valued at USD 4,103.61 million in 2020, and it is projected to register a CAGR of 9.94% during the forecast period (2021-2026).

The COVID-19 has increased the demand of various lifestyle-related disease supplements in the region on account of growing awareness and increasing expenditure on healthcare. Also, the consumers were spending more time at home which induced stress, anxiety, and others diseases. Thus, ultimately it resulted in the generation of opportunities for many private players to emerge in the markets to cater to the inflated demandof health products.

The high prevalence of lifestyle-related problems has resulted in an increasing number of consumers seeking health supplements on regular basis. The paradigm shift toward preventive health management practices, amid rising healthcare costs and the increasing burden of lifestyle diseases, is the major factor driving the market studied. Furthermore, probiotics is a driving force within the booming digestive health supplement category, followed by enzymes/prebiotics. Additionally, according to the Malaysian Dietary Supplement Association (MADSA), the demand for cognitive, mental, and mood supplements is increasing due to mental illness and stressful career-focused lifestyles.

Key Market TrendsIncreasing Demand for Preventive Health Care Products

The changing human lifestyle and its related impact on the body’s dietary metabolism have impacted a lot over the period, resulting in an escalating rate of diseases, especially heart disease, stroke, diabetes, obesity, among others. Growing emphasis and awareness on the need to stay healthy and fit are the key drivers contributing to the growth of the market studied. These diseases are linked by four most common preventable risk factors related to lifestyle, namely tobacco use, unhealthy diet, lack of physical activity and alcohol use. Moreover, the growing working population and hectic lifestyle have made an adverse effect on boosting the lifestyle-related diseases. Furthermore, the International Diabetes Federation reported that the mean overall diabetes-related expenditure per person with diabetes, in the Philippines, increased from USD 61 in 2010 to USD 234 in 2017, indicating a growing financial burden. Thus, the rising healthcare costs and benefits of preventive healthcare solutions have encouraged consumers to take their health into their own hands, equipping themselves with health information and taking well-informed purchasing decisions on lifestyle-related disease supplements.

Undernutrition and Geriatric Population are the Driving Factors

The cumulative effect of undernutrition and the ascending aging population rate are acting as the largest target segments for lifestyle-related disease manufacturers across ASEAN countries. Singapore is currently one of the most rapidly aging societies in Asia, along with Japan. For instance, according to the Singapore Department of Statistics in 2020, consumers aged 65 years and above made up 15.2% of the total population in Singapore. Furthermore, the consumers are aware about their bone health while aging and try to support it by substantial bone and joint health supplements available in the market. Thereby, manufacturers are investing heavily on R&D to enhance their product portfolios and brand positioning through product differentiation.

Increasing rate of geriatric population and the prevalence of undernutrition among various demographic would offer a large opportunity for companies focused on developing products targeting health conditions.

Competitive Landscape

The ASEAN lifestyle-related disease supplements market includes leading players such Amway, Bayer AG, Herbalife Nutrition Ltd, Now Foods, and Abbott. Players in the region are experimenting with their portfolios to meet the different forms, taste, and size requirements of the ever-evolving consumers across the regions. Additionally, the increasing demand for plant-based/halal options is expected to push manufacturers to bring organic and clean-label products across the market channels. The global players dominate the ASEAN market with their wide range of offerings. Also, the major global players have the geographical reach and high brand awareness among consumers, which gives them an upper hand.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Bayer AG
Amway Corporation
Mega Life Sciences
NOW Health Group Inc.
Herbalife Nutrition Ltd.
Abbott Laboratories
Reckitt Benckiser Group PLC
Blackmores Group
Nestle SA

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