The global Indonesia Dietary Supplements Market is estimated to be valued at US$ 2192.85 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Dietary supplements refer to products intended to supplement the diet and contain one or more of the following nutritional ingredients- vitamins, minerals, herbs, amino acids, or other botanicals. Dietary supplements help meet the dietary needs of individuals by increasing the dietary intake of certain nutrients. Major product categories in the Indonesia dietary supplements market include vitamin, mineral, botanical, fatty acids, proteins & amino acids supplements. The Indonesia dietary supplements market is growing due to rising health awareness among Indonesian consumers and growing preference for preventive healthcare over conventional treatment methods. Further, changing lifestyles, hectic schedules, and inadequate dietary choices are increasing nutritional deficiencies, which is fueling demand for dietary supplements.
Market key trends:
One of the key trends in the Indonesia dietary supplements market is the growing demand for herbal supplements. Herbal supplements are gaining popularity as they are considered safer alternatives to synthetic medicines and have long-standing traditional medicinal uses. Some of the commonly used herbal dietary supplements in Indonesia include turmeric, ginger, guava leaf, and cinnamon extracts known for their antioxidant and anti-inflammatory properties. Further, rising online sales of dietary supplements is a major trend. E-commerce platforms offer consumers convenience in purchase and home delivery of supplements. Popular online retailers are offering a wide variety of domestic and international dietary supplement brands on their sites, which is expected to support the growth of online sales channels in Indonesia.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate. While the market is growing, the requirement of setting up manufacturing facilities and establishing brand recognition creates entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate to high. Buyers have several substitute options available and can negotiate lower prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw materials are locally available but import dependency for certain ingredients acts as a constraint.
Threat of new substitutes: The threat of new substitutes is high as functional foods and beverages are increasingly becoming preferred alternatives.
Competitive rivalry: High due to presence of several national and international brands competing on the basis of product quality, innovation and promotion.
Key Takeaways
Indonesia Dietary Supplements Market Demand is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing health awareness and demand for preventive healthcare solutions. The rapidly aging population and rising lifestyle diseases have further boosted market growth in Indonesia.
Regional analysis indicates that Java region dominates the Indonesia Dietary Supplements Market with around 30% value share in 2023. The region has witnessed fastest growth led by growing health consciousness in urban areas and expanding retail channels. Sumatra and Kalimantan regions also offer lucrative opportunities, driven by increasing affordability and spend on health and wellness products across Tier-II cities.
Key players operating in the Indonesia Dietary Supplements industry 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 companies leverage strategic collaborations and product innovation led by scientific research to strengthen market position.
Explore More- https://www.ukwebwire.com/indonesia-dietary-supplements-market-value-size-and-share-analysis/
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