The Asia Pacific (APAC) region, particularly Southeast Asia, is expected to be the next engine of growth for the nutraceutical and dietary food supplement segment. This is because this region will have one of the highest economic growth in the world, thereby supporting a larger middle class consumers who have higher disposable incomes allowing them to actively seek for health remedies or a boost to their immune system.
AFBR predicted that the once traditional market leaders like Korea, Japan and Hong Kong will see their positions taken over by emerging countries like Philippines, Malaysia and Thailand within the next decade. The COVID-19 pandemic has left a permanent painful lesson to a generation of consumers in these developing countries – that maintaining a good overall body health is the only way to fight diseases and ensure longevity.
Statista report has shown that more than 50% of consumers in the Philippines, Malaysia and Thailand consumed nutraceutical or dietary supplement product daily in 2022. These numbers were expected to be much lower prior to the pandemic period. (see Chart 1.0)
In addition, more than 90% of Vietnamese and Indonesian consumers believe in the efficacy of dietary supplements and nutraceuticals. As such, product claims and scientific evidence provide a strong basis for growth in these markets.
