Asia-Pacific Dietary Supplement Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Asia-Pacific Dietary Supplement Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Asia-Pacific dietary supplement market is estimated to register a CAGR of 8.21% during the forecast period 2022-2027.

During the COVID-19 pandemic, the demand for dietary supplements increased due to studies that found dietary supplements beneficial in boosting the immune system. According to a Nutrition Outlook article, dietary supplement sales increased during the COVID-19 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 April 2020.

However, the pandemic-induced 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 is expected to act favorably on the market. Also, personalized nutrition is gaining popularity among consumers of all age groups in the Asia-Pacific region, as the region has an emerging market for nutrigenomics and individualized products, which is expected to further boost the market in the forecast period.

In the previous year, the Asia-Pacific market witnessed a metamorphosis from curative practices to preventive management in healthcare, making it a prime growth factor for the market studied. Healthcare as an industry contributes extensively to the overall economy. Emphasis on care management, focus on paying for value, and growing general inflation are major factors influencing healthcare costs. Developing nations across Asia-Pacific have been spending heavily on healthcare and welfare. 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 generating demand for the market, which is expected to grow in the forecast period.

India has observed 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 contributed to 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, thus, increasing the country's sales of dietary supplements.

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 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.

• The market estimate (ME) sheet in Excel format
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