Asia-Pacific Dietary Supplement Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Dietary Supplement Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific dietary supplement market is estimated to register a CAGR of 8.21% during the forecast period (2021-2026).

During the COVID-19 period, the demand for dietary supplements increased as a result of the studies which say dietary supplements are beneficial in boosting the immune system. According to a Nutrition Outlook article, dietary supplement sales increased during the coronavirus pandemic because dietary supplements help combat or boost the immune system against COVID-19. Moreover, according to Glanbia PLC, the purchase of its dietary supplements in retail outlets increased during the month of April 2020.

However, the lockdown disrupted the product supply chain and caused problems with raw material collection, thus affecting the market minimally.

The growing awareness about the need for dietary supplements in the Asia-Pacific region will act favorably for the market. Also, the personalized nutrition is gaining popularity among consumers in the Asia-Pacific region among all age groups, as there is an emerging market for nutrigenomics and individualized products, which will further boost the market in the forecasted period.

Key Market TrendsIncreasing Health Expenditure by Asia-Pacific Countries

Developing nations across the region of Asia-Pacific have been observed to spend heavily on their health care and welfare. Notably, Japan accounted for 10.95% of its GDP as expenditure in terms of healthcare as compared to other countries of the region and recorded. Australia was no less in terms of expenditure on healthcare and spent 9.28% of its GDP in the year 2018 (as per World Bank). The high expenditure by such countries signifies the changing consumer behavior toward healthcare and surging demand for healthcare products like dietary supplements. Other developing countries like South Korea, China, and India are creating demand for dietary supplements and are expected to grow in the forecast period.

India is the Fastest Emerging Dietary Supplement Market

India has observed a significant growth in the dietary supplement market over the years, making it one of the fastest-growing markets in the region. Changes in eating habits, a lack of physical activity, and an increase in sedentary lifestyles have all contributed to an increase in the occurrence of various lifestyle diseases such as diabetes, high blood pressure, obesity, cardiovascular problems, and so on. Furthermore, increased awareness has made consumers more aware of their nutritional needs. With consumers unable to meet their nutritional needs through their regular diets, they are beginning to recognize the value of nutritional supplements in filling nutritional gaps, increasing the country's sales of dietary supplements.

Competitive Landscape

The dietary supplement market in the region is anticipated to offer major investment opportunities, especially for herbal and Ayurveda extract-based products. This is because of the ample availability of raw materials in India and Southeast Asian countries. Hence, major players are getting engaged in product innovation and improving their organic and herbal supplement production procedures. The major players in the region are Abbott Laboratories, The Carlyle Group, GlaxoSmithKline PLC, Amway Corp., and Bayer AG.

Additional Benefits:

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

Companies Mentioned

Abbott Laboratories
The Carlyle Group
Bayer AG
GlaxoSmithKline PLC
Amway Corporation
Now Health Group Inc.
Pfizer Inc.
Herbalife International of America Inc.
Cipla Inc.
Dabur India Ltd

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.