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Market Overview
The Asia-Pacific Dietary Supplement Market is forecasted to reach USD 72.7 billion by 2024, witnessing a CAGR of 8.4% during the forecast period (2019 - 2024).
- Growing awareness about the need for dietary supplements in China and India is acting favorably for the market.
- Personalized nutrition is gaining popularity among consumers in the Asia-Pacific region, as there is an emerging market for nutrigenomics and individualized products.
- Due to the growing popularity of energy-mix powders, among athletes and bodybuilders, the demand for the powdered form of supplements is high, which is set to witness a prominent CAGR during the forecast period.
Scope of the Report
The scope of the Asia-Pacific dietary supplement market includes segmentation of dietary supplement on the basis of ingredients under Vitamins, Botanicals, Minerals, Amino Acids, Enzymes, Proteins, and Others. Further division of dietary supplements has been done as per consumption by end-user under Adult, Infant, Children, Pregnant Woman and Elderly.
Key Market Trends
Health Expenditure by 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 10.23% 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 9.42% of its GDP in the year 2015. The high expenditure by such countries signifies the changing consumer behavior towards 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 Fastest-Emerging Market
India has observed a significant growth in the dietary supplement market over the years, registering 11.5% CAGR, making it the fastest growing market in the region. The Indian Ministry of Health and Family Welfare has launched several programs to handle the malnutrition issue in the country. For instance, it is offering vitamin A supplements to children of different age groups to overcome the deficiency. In the India dietary supplement market, the vitamin segment accounted for the maximum share in 2017, nearly 37% of the total market.
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 improve their procedures towards organic and herbal supplement production. The major players in the region are Abbott Laboratories, The Carlyle Group, GlaxoSmithKline PLC, Amway Asia-Pacific Ltd., and Bayer AG.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The Asia-Pacific Dietary Supplement Market is forecasted to reach USD 72.7 billion by 2024, witnessing a CAGR of 8.4% during the forecast period (2019 - 2024).
- Growing awareness about the need for dietary supplements in China and India is acting favorably for the market.
- Personalized nutrition is gaining popularity among consumers in the Asia-Pacific region, as there is an emerging market for nutrigenomics and individualized products.
- Due to the growing popularity of energy-mix powders, among athletes and bodybuilders, the demand for the powdered form of supplements is high, which is set to witness a prominent CAGR during the forecast period.
Scope of the Report
The scope of the Asia-Pacific dietary supplement market includes segmentation of dietary supplement on the basis of ingredients under Vitamins, Botanicals, Minerals, Amino Acids, Enzymes, Proteins, and Others. Further division of dietary supplements has been done as per consumption by end-user under Adult, Infant, Children, Pregnant Woman and Elderly.
Key Market Trends
Health Expenditure by 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 10.23% 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 9.42% of its GDP in the year 2015. The high expenditure by such countries signifies the changing consumer behavior towards 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 Fastest-Emerging Market
India has observed a significant growth in the dietary supplement market over the years, registering 11.5% CAGR, making it the fastest growing market in the region. The Indian Ministry of Health and Family Welfare has launched several programs to handle the malnutrition issue in the country. For instance, it is offering vitamin A supplements to children of different age groups to overcome the deficiency. In the India dietary supplement market, the vitamin segment accounted for the maximum share in 2017, nearly 37% of the total market.
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 improve their procedures towards organic and herbal supplement production. The major players in the region are Abbott Laboratories, The Carlyle Group, GlaxoSmithKline PLC, Amway Asia-Pacific Ltd., and Bayer AG.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
