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 to 2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Indonesia dietary supplements market refers to the market for products that are taken orally and contain dietary ingredients such as vitamins, minerals, herbs, amino acids, or other botanicals. These products are intended to supplement the diet and provide additional nutrients to the body. Dietary supplements offer various health benefits and are increasingly becoming popular among consumers due to their potential to improve overall health and well-being. They are available in different forms such as capsules, tablets, powders, liquids, and gummies.
B) Market Key Trends:
One key trend observed in the Indonesia dietary supplements market is the increasing health consciousness among consumers. With rising awareness about the importance of a healthy lifestyle and the need for proper nutrition, consumers are incorporating dietary supplements into their daily routines. They are seeking supplements that can help them meet their nutritional requirements, boost immunity, enhance energy levels, support weight management, and address specific health concerns. This trend can be attributed to the growing incidence of lifestyle diseases and the desire for preventive healthcare.
For example, there is a growing demand for immune-boosting supplements in light of the COVID-19 pandemic. Consumers are seeking products that contain ingredients like vitamin C, vitamin D, zinc, and elderberry, which are known to support immune function. This trend presents significant opportunities for manufacturers and retailers operating in the dietary supplements market.
C) PEST Analysis:
– Political: The political environment in Indonesia plays a crucial role in shaping the regulatory framework for dietary supplements. The government regulates the labeling, safety, and advertising of these products to ensure consumer safety.
– Economic: The economic conditions in Indonesia, such as GDP growth, disposable income, and purchasing power, influence consumer spending on dietary supplements.
– Social: Social factors such as changing lifestyles, urbanization, and the rising health consciousness among consumers impact the demand for dietary supplements in Indonesia.
– Technological: Technological advancements in the manufacturing process and product development drive innovation in the dietary supplement industry.
D) Key Takeaways:
– The Indonesia Dietary Supplements Market Growth is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period. This growth can be attributed to increasing health consciousness among consumers and the demand for preventive healthcare.
– The Asia Pacific region is a major market for dietary supplements in Indonesia, with China and India being the fastest-growing and dominating regions. Rising disposable income, changing lifestyles, and a large population contribute to the growth of the market in these countries.
– Key players operating in the Indonesia dietary supplements market include 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 focus on product innovation, partnerships, mergers and acquisitions, and expansion strategies to gain a competitive edge.
The Indonesia dietary supplements market is witnessing significant growth due to increasing health consciousness among consumers. The demand for preventive healthcare and the desire for a healthy lifestyle are driving the market. With technological advancements and regulatory support, the market is expected to continue expanding in the coming years. Key players in the industry are actively engaged in strategies to capitalize on this growth and meet the evolving needs of consumers.
