Dietary supplements are products intended to provide extra nutrients and vitamins that may otherwise not be consumed in sufficient quantities through traditional foods. The products comprise vitamins, minerals, herbals, botanicals, amino acids, and enzymes. They are marketed in various forms such as tablets, capsules, powders, and softgels. The growing health awareness among consumers in Indonesia regarding the importance of maintaining proper nutrition is leading to high demand for dietary supplements.
The global Indonesia Dietary Supplements Market is estimated to be valued at US$ 2,192.85 million in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing prevalence of lifestyle diseases such as diabetes, obesity, and cardiovascular issues represents a major opportunity for dietary supplements manufacturers in Indonesia. According to a study, non-communicable diseases account for around 67% of all deaths in the country each year. The increasing health consciousness among people has raised awareness about maintaining overall well-being through proper nutrition. This growing focus on preventive healthcare measures is expected to drive the demand for dietary supplements that help address nutritional deficiencies and support the management of lifestyle conditions. Dietary supplements offer a convenient way for consumers to boost their health and immunity without major changes in eating habits. Manufacturers can capitalize on this opportunity by launching new products tailored for the Indonesian population.
Porter's Analysis
Threat of new entrants: The dietary supplements market in Indonesia has moderate threat of new entrants due to the established branding of existing players. However, the rising health consciousness provides opportunities for new products.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitute products and ease of shifting to alternative brands. However, customer loyalty provides stable demand.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and suppliers not differentiating their products. This enables buyers to explore alternative supply sources.
Threat of new substitutes: Threat from substitute products is moderate as customers may substitute dietary supplements with fortified foods and nutritional diets according to changing needs and prices.
Competitive rivalry: The rivalry is high due to many domestic and international brands providing similar product offerings with aggressive pricing and marketing strategies.
SWOT Analysis
Strength: Rising health awareness, growing gymming culture, availability of e-commerce platforms boost sales.
Weakness: Low awareness in rural areas, preference for traditional medicines, high prices of global brands.
Opportunity: Growing millennial population, increasing income levels, expanding modern retail outlets.
Threats: Stringent regulations, high import taxes, healthcare budget cuts, anti-dumping investigations.
Key Takeaways
The global Indonesia Dietary Supplements Market Growth is expected to witness high growth. The global Indonesia Dietary Supplements Market is estimated to be valued at US$ 2,192.85 million in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
The Southeast Asian country has over 260 million population presenting significant market potential. Rapid urbanization and economic growth are driving lifestyle changes and boosting demand. Southeast Asia is the fastest growing region in the supplements industry accounting for over 15% share. Indonesia dominates the regional market with its large population providing a sizeable customer base. The urban middle class is increasingly adopting Western fitness trends and diets driving significant sales opportunities.
Key players related content: Key players operating in the Indonesia dietary supplements market are Siemens Healthineers, Nordion Inc., Lantheus Holdings Inc., Guerbet Group, GE Healthcare, Curium, Bracco Imaging SpA, Bayer AG, Cardinal Health Inc., and NTP Radioisotopes SOC Ltd. These companies hold major market share and are focused on new product launches, mergers, and marketing initiatives to strengthen their foothold.
For more insights, read- https://www.newsstatix.com/indonesia-dietetary-supplements-market/
For more details on the report, Read- https://www.newsstatix.com/immunology-market-trends-size-and-share-analysis-2/
