Dietary Supplements Market

Indonesia Dietary Supplements Market To Witness High Growth Owing To Increasing Health Awareness

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The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Indonesia dietary supplements market covers a wide range of products including vitamins, minerals, amino acids, herbal supplements and other dietary supplements. These supplements are majorly consumed by fitness enthusiasts, athletes and health conscious individuals to fulfill their daily nutrition requirements. Easy availability of dietary supplements through online pharmacies as well as hypermarkets and retail stores is promoting its adoption in Indonesia.

Market Dynamics:
Increasing health awareness among Indonesian population regarding nutrition and supplement intake is a key factor driving growth of the Indonesia dietary supplements market. According to a survey, around 62% of Indonesian citizens started taking dietary supplements after COVID-19 outbreak to boost their immunity. Further, growing geriatric population base prone to nutritional deficits is augmenting the demand for supplements in the country. As per Indonesian Central Bureau of Statistics (BPS), share of elder citizen aged 65 years or above increased to 7.55% in 2014 from 5.9% in 2004. Additionally, rising disposable income is allowing consumers to spend more on health and wellness products like dietary supplements. However, lack of stringent regulations and monitoring over supplement quality is a challenge for the Indonesia dietary supplements market. Regulatory authorities need to implement certification procedures and set standards to ensure product safety and efficacy.

SWOT Analysis

Strength: Indonesia enjoys a large population of over 270 million people, which provides a large consumer base for dietary supplements. Dietary supplements are gaining popularity as preventive healthcare becomes a priority. The country has a thriving e-commerce industry that helps boost sales.

Weaknesses: Lack of regulatory framework and awareness about health benefits of supplements allow infiltration of counterfeit and low-quality products. Limited research & development spending constrains innovation in this field.

Opportunities: Rising incomes and health consciousness are driving demand for natural supplements. Growth of modern retail offers platform for sales & marketing. Increasing lifestyle diseases provides opportunities for supplements addressing specific conditions.

Threats: Stringent regulations in other countries restrict Indonesian supplements access to international markets. Economic slowdowns can dampen discretionary spend on supplements. New entrants from developing nations offer cheaper alternatives.

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 consciousness and preference for preventive healthcare.

Regional analysis

The Indonesia dietary supplements market is dominated by Java region due to the high population density and rising health awareness. West Java held around 25% value share in 2021 owing to the presence of major local manufacturers and distributors in the region. East Java is the fastest growing regional market projected to expand at over 8% CAGR during the forecast period backed by growing middle class population and urbanization.

Key players

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€TMs Sunshine Products, Inc., Amway, and Glanbia PLC. The top players account for around 45% of the total market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it