The Indonesia Dietary Supplements Market is estimated to be valued at US$ 1,890.50 Mn in 2021 and is expected to exhibit a CAGR of 7.7% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Dietary supplements are products that are intended to supplement the diet and provide the body with essential nutrients. They can come in the form of vitamins, minerals, herbs, amino acids, and other substances. These supplements are used to improve overall health, fill in nutrient gaps, and support specific health conditions. In Indonesia, the demand for dietary supplements has been increasing due to the rising health consciousness among consumers and the growing awareness of the benefits of herbal and natural supplements. The market offers a wide range of products, including multivitamins, minerals, herbal supplements, and sports nutrition products.
B) Market Dynamics:
1) Increasing Health Consciousness Among Consumers:
With the rising prevalence of lifestyle diseases and the growing awareness of the importance of maintaining good health, consumers in Indonesia are becoming more health-conscious. They are increasingly adopting healthy lifestyles and are willing to invest in dietary supplements to support their overall well-being. The demand for vitamins, minerals, and herbal supplements is particularly high among consumers seeking to improve their immune system, boost energy levels, and support their mental well-being.
For example, during the COVID-19 pandemic, there has been a surge in demand for immune-boosting supplements such as vitamin C, vitamin D, and zinc. Consumers are actively seeking ways to strengthen their immune system and protect themselves from illnesses.
2) Rising Demand for Herbal and Natural Supplements:
There is a growing preference for herbal and natural dietary supplements in Indonesia. Consumers are looking for products that are derived from natural sources and free from synthetic additives and preservatives. This is driven by the belief that natural supplements are safer and more effective in promoting health and well-being.
Herbal supplements, such as those made from traditional Indonesian herbs and ingredients like ginger, turmeric, and Jamu, are gaining popularity. These supplements are believed to have various health benefits, including improving digestion, boosting immunity, and promoting overall vitality. The demand for natural supplements is also driven by the increasing trend of sustainable and eco-friendly products.
C) SWOT Analysis:
Strength:
1) Growing health consciousness among consumers
2) Increasing demand for natural and herbal supplements
Weakness:
1) Lack of standardized regulations for dietary supplements in Indonesia
2) Challenges in ensuring product quality and safety
Opportunity:
1) Rising disposable income and increasing purchasing power of consumers
2) Growing e-commerce industry and increasing online sales of dietary supplements
Threats:
1) Intense competition among market players
2) Counterfeit products and adulterated supplements in the market
D) Key Takeaways:
1: The Indonesia Dietary Supplements Market Growth is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period, due to increasing health consciousness among consumers and the rising demand for herbal and natural supplements.
2: In terms of regional analysis, Indonesia is expected to be the fastest-growing and dominating region in the dietary supplements market. The country has a large population and a growing middle class with an increasing disposable income, which is driving the demand for dietary supplements.
3: Key players operating in the Indonesia dietary supplements market are ADM, PT Darya-Varia Laboratoria Tbk, Citra Nusa Insan Cemerlang PT, Sido Muncul PT, The Tempo Group, Bayer AG, BASF SE, Pfizer Inc., Nature’s Sunshine Products, Inc., Amway, and Glanbia PLC. These players are focusing on product development, expansion strategies, and partnerships to expand their market presence and cater to the growing demand for dietary supplements in Indonesia.
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