Market Scenario 

ASEAN Nutritional Supplements Market generated revenue of US$ 7,366.8 million in 2022 and it is estimated to reach a valuation of US$ 14,847.3 million by 2031 at a CAGR of 8.4% During the Forecast Period 2023–2031.

The dietary supplements market is expected to see significant growth in the coming years, driven by an increasing awareness of overall well-being among consumers. The demand for macronutrients and low-carbohydrate diets is expected to rise as more people become interested in fitness and sports. Additionally, the growing interest in fibers and specialty carbohydrates is expected to drive demand for nutritional supplements for digestive health. The COVID-19 pandemic has also led to a surge in demand for immunity-boosting products in the ASEAN nutritional supplements market.

Millennials' growing interest in health and wellness is also expected to positively impact the market, as they seek to improve their health through a balanced diet. The increasing prevalence of chronic conditions such as cardiovascular disease, diabetes, and high blood pressure is also expected to drive demand for dietary supplements in applications such as energy and weight management, gastrointestinal health, and cardiac health.

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Key Dynamics of Nutritional Supplements Market

Drivers

Increasing Demand for Sports Nutritional Supplements and Dietary Supplements

The consumption of sports nutritional supplements among gym-goers and sports enthusiasts has seen a significant increase in recent years. These supplements, such as multivitamins, minerals, amino acid pills, and protein powders, are designed to aid in muscle gain and weight management, which are essential for sports performance. 

While a balanced diet is crucial for athletes, it may not always provide all the necessary nutrients. This is where sports nutritional supplements come in, helping to fill any nutritional gaps and support overall health and performance. Despite not holding a significant share in the overall ASEAN nutritional supplements market, the sports supplement market is expected to experience high growth thanks to the increasing popularity of sports and fitness activities among non-athletes.

Restraint

Consumer distrust due to the presence of false labeling and counterfeit products

The regulation of health supplements in ASEAN countries can vary between food and drug regulatory agencies, leading to differences in principles and international references used. This can create challenges in the development of technical standards, as different regulators have differing concepts and methods of food and drug control. However, the need for proper regulation is paramount, as subpar and counterfeit health supplements have been linked to illnesses and deaths in some ASEAN countries. In Thailand, it is estimated that 40% of food supplements and cosmetic products sold in the nutritional supplements market are fake. Singapore's Health Sciences Authority has also banned counterfeit products such as BB Body, FS++ Slimming Supplements By JPJ Slim, and Anyang Herbal Products. It is important for consumers to be aware of the risks of counterfeit supplements and to ensure that the products they purchase are properly regulated and safe to use.

Trend

Growing Belief in the Beneficial Properties of Nutraceutical Products

• The consumption of nutritional supplements among consumers is driven by the belief that these supplements can help to bridge any nutrition gaps in their daily diet and improve overall health. This trend is especially prevalent among upper and middle-class households, as per data from the Drug Marketing and Manufacturing Association (DMMA). The COVID-19 pandemic and the increasing incidence of chronic diseases such as diabetes, hypertension, obesity, and arthritis have further contributed to the growing demand for dietary and medical supplements, particularly in developing and underdeveloped countries where malnutrition is prevalent in the nutritional supplements market.
• In addition to the reasons mentioned above, the growing awareness and education about the benefits of nutritional supplements, as well as the increasing availability and accessibility of these products, have also contributed to the growing demand for nutritional supplements. Additionally, the growing focus on preventative healthcare and the desire to maintain a healthy and active lifestyle have also played a role in the increasing popularity of nutritional supplements.
• Another factor that has contributed to the growth of the nutritional supplement market is the increasing demand for natural and organic products. Consumers are becoming more health-conscious and are looking for products that are free from chemicals and preservatives. This has led to an increase in the demand for natural and organic supplements, which are believed to be safer and more effective.
• Lastly, the growing popularity of e-commerce has also played a role in the growth of the nutritional supplement market. With the increasing availability of products online, consumers are able to easily research and purchase supplements from the comfort of their own homes. This has led to an increase in the number of consumers purchasing supplements online, which has further fueled the growth of the nutritional supplement market.

Market Segmentation

Product Type Analysis:

The ASEAN nutritional supplements market is expected to grow significantly in the coming years, driven by various factors such as the rising awareness of overall well-being, increasing incidence of chronic diseases, and the growing emphasis on maternal and infant nutrition. The dietary supplements segment is expected to hold the largest market share due to its wide range of products and the increasing demand for vitamins, minerals, and other essential nutrients.

The COVID-19 pandemic has also played a significant role in boosting the demand for nutritional supplements, as people are becoming more concerned about their immune health and overall well-being. Additionally, the rise in disposable personal income and the changing parenting trends have also contributed to the growth of the market, as more parents are willing to invest in high-quality nutrition for their newborns.

Furthermore, the ASEAN nutritional supplements market for maternal and infant nutrition is also expected to grow, as the importance of proper nutrition during pregnancy and early childhood is increasingly being recognized by national and international regulatory bodies. The growing concern for child health and the rising social anxiety among parents are also expected to drive the market demand for high-quality and nutrient-rich products.

Ingredient Analysis:

The segment of proteins and amino acids is expected to see the fastest growth in the nutritional supplement market, driven by an increase in demand for high-protein products among athletes, gym-goers, and non-athletes. The growth is also influenced by the rise in lactose intolerance among consumers and the increasing awareness of the health benefits of nutritional supplements. Additionally, the increasing popularity of Asian cuisine is expected to create new opportunities in the market in the coming years.

Form Analysis

The ASEAN nutritional supplements market is segmented by form, with options including capsules, powder, tablets, liquids, and others. Capsules are the most preferred form of consumption among consumers, with a high projected growth rate. Tablets, though still commonly used, have been surpassed in popularity by capsules and liquid-filled gel coatings due to their ease of consumption and cost-effectiveness. In 2022, tablets are projected to retain the largest revenue share in the market, but capsules are expected to continue gaining market share as companies invest in making them more user-friendly.

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Age Group Analysis

The ASEAN nutritional supplements market is segmented by age group into adults and infants. The adult segment is expected to experience significant growth during the forecast period, driven by an increase in the proportion of employed adults, both men and women, as well as the growing popularity of nutritional supplements in developed countries. This trend is further amplified by the desire to maintain a healthy weight and stay physically active, as well as the rising prevalence of obesity.

Additionally, the infant segment is also expected to see significant growth, driven by increasing rates of infant malnutrition in developing countries and parents' growing concern for their children's health. As a result, there is an increasing demand for infant-specific nutritional supplements, such as gummy vitamins for children and supplements to prevent age-related illnesses for the elderly population.

End Use Analysis

The ASEAN nutritional supplements market is segmented based on end use, with the main categories being energy and weight management, bone and joint health, immunity, general health, gastrointestinal health, cardiac health, anti-cancer, diabetes, and others. The energy and weight management segment is expected to hold the highest market share in 2022, as pre-workout supplements often contain ingredients that have been found to improve athletic performance, such as creatine, caffeine, beta-alanine, BCAAs, and nitric oxide precursors.

However, following the COVID-19 pandemic, people have become increasingly concerned about their immune system's health. As a result, many consumers are seeking out specialty foods or vitamin supplements that are meant to boost immunity during flu season. Ingredients such as zinc and vitamin D are well-known for their immune-supporting properties, but there are also lesser-known ingredients like cordyceps and quercetin mushrooms that are gaining popularity. Additionally, as people try to differentiate between seasonal allergies and early COVID symptoms, many consumers have become more aware of any changes or health issues in their bodies and are turning to nutritional supplements to help them stay healthy.

Distribution Channel Analysis

The online sales channel is rapidly becoming a preferred option for purchasing nutritional supplements in the ASEAN nutritional supplements market. With the convenience of easy accessibility and the ability to obtain free consultation and prescriptions, customers are turning to online channels to purchase supplements that do not require a doctor's prescription. Companies are also contributing to this trend by offering personalized supplement kits, catering to the specific needs of customers. The increasing digitization and growth of e-commerce has also made it easier for customers to purchase supplements online. Traditional sales channels such as mass merchandisers and specialized stores are also witnessing an increase in sales due to the rising acceptance of online shopping. Overall, the market for dietary supplement sales is expanding, driven by the growing preference for online channels and personalized supplement options.

Geographical Analysis

The ASEAN nutritional supplements market in Southeast Asia is expected to experience strong growth, with Indonesia, Thailand, and Taiwan leading the way. Factors driving this growth include an increase in healthcare spending and overall GDP in these countries. In particular, the rise in consumer awareness and spending on nutritional supplements following the COVID-19 pandemic has been significant. Additionally, a growing population in these countries is contributing to the increasing demand for supplements.

In Indonesia, the growing GDP and increasing consumer awareness and spending on supplements has led to a significant increase in the consumption of these products. Similarly, in Thailand, the aging population is driving demand for supplements as older individuals tend to have greater health needs. This trend is expected to continue in the coming years, making Southeast Asia an attractive market for nutritional supplement manufacturers and retailers.

In addition to Indonesia, Thailand, and Taiwan, other countries in the ASEAN nutritional supplements market such as Malaysia and Philippines are also expected to experience significant growth in the nutritional supplements market. This is due to factors such as increasing awareness of the benefits of dietary supplements, rising disposable income, and an aging population.

In Malaysia, the government's efforts to promote a healthy lifestyle and the increasing prevalence of chronic diseases are driving the demand for dietary supplements. The country's healthcare expenditure is also relatively high, which is contributing to the growth of the nutritional supplements market.

In the Philippines, the growing middle class and rising awareness about the importance of nutrition are driving the demand for dietary supplements. The government's efforts to address malnutrition, especially among children, are also contributing to the growth of the market. Additionally, the growing e-commerce industry in the Philippines is making it easier for consumers to purchase nutritional supplements online.

Top Players in the Nutritional Supplements Market 

Amway, Herbalife, USANA, Abbott, Suntory Holdings, and Pfizer among others are some of the major players in the market. 

In 2022, the top 5 players held around 30% share of the ASEAN Nutritional Supplements market. 

List of Key Companies Profiled:

• Abbott Laboratories
• Archer Daniels Midland
• Amway
• Arkopharma Laboratoires Pharmaceutiques
• Bayer
• Bionova Lifesciences
• Carlyle Group
• Glanbia
• GlaxoSmithKline
• Nu Skin Enterprises
• Pfizer
• Herbalife
• Otsuka Holdings
• Suntory Holdings
• Kalbe Farma Tbk
• Other Prominent Players

Key Developments:

• Abbott Nutrition restarts production of infant formula at Sturgis facility in June 2022, following FDA agreement to hire independent auditor to ensure compliance.
• In April 2021, Bayer's Nutrient Gap Initiative, aimed at increasing access to vitamins and minerals for underserved populations, is introduced in Indonesia through partnership with Mercy Corps Indonesia.
• Bayer's initiative includes interventions, education, and lobbying for group action to provide micronutrient supplements to pregnant women in underserved areas, as well as efforts to make vitamins and minerals more accessible and affordable in low-income neighbourhoods.

Segmental Overview

By Product Type

• Dietary Supplements
• Beverages
• Functional Nutrition
• Infant & Maternal Nutrition
• Medical Nutrition
• Sports Supplements
• Others

By Ingredient

• Vitamins
• Botanicals
• Minerals
• Proteins & Amino Acids
• Fibers & Specialty Carbohydrates
• Omega Fatty Acids
• Others

By Form

• Capsule
• Powder
• Tablet
• Liquid
• Others

By Age Group

• Infants
• Adults

By End-Use

• Energy & Weight Management
• General Health
• Bone & Joint Health
• Gastrointestinal Health
• Immunity
• Cardiac Health
• Diabetes
• Anti-cancer
• Others

By Distribution Channel

• Hypermarkets & Supermarkets
• Pharmacy Stores
• Online Channels
• Others

By Country

• Indonesia
• Vietnam
• Thailand
• Singapore
• Philippines
• Malaysia
• Taiwan
• Rest of ASEAN