Dietary supplements products are consumed to supplement the diet with essential nutrients and minerals that may not be obtained sufficiently through regular food habits. The dietary supplements market in Indonesia is witnessing increasing demand owing to rising health concerns and growing affordability among consumers. The Indonesian dietary supplements industry offers various types of products including vitamins, minerals, herbs, protein, sports nutrition, and others. Vitamin supplements are the most widely consumed products due to growing awareness about maintaining optimum vitamin levels in the body.
According To Coherent Market Insights, The Indonesia dietary supplements market is expected to surpass US$ 3,177.51 million by the end of 2028 in terms of revenue, exhibiting a CAGR of 7.7% during the forecast period (2021 to 2028).
Key Takeaways
Key players operating in the Indonesia dietary supplements market are Amway Corporation, Surya Hidup Nutrition, PT Garudafood Putra Putri Jaya Tbk, and Naturya. These players are focusing on expanding their product portfolios and online distribution channels to cater to the growing demand from local consumers.
The Indonesia Dietary Supplements Market Demand is growing significantly due to increasing health consciousness among consumers and rising disposable incomes. In addition, growing promotion and marketing activities by brands are creating awareness about the nutritional benefits of supplements. Various product launches with natural, herbal, and plant-based ingredients are also propelling the market growth.
Globally, Indonesia represents an attractive market for dietary supplement manufacturers due to its large population base and improving economic conditions. Leading international brands are entering into strategic partnerships with domestic players and establishing local manufacturing facilities to leverage business opportunities in the country. Several regional players are also expanding their operations overseas to gain a stronger foothold in international markets.
Market Key Trends
The adoption of organic and plant-based supplements is rising rapidly in the Indonesia dietary supplements market owing to increasing demand for chemical-free products with fewer side effects. Manufacturers are focusing on developing supplements containing ingredients like herbs, fruits & vegetables extracts for targeting health-conscious consumers.
Porter's Analysis
Threat of new entrants: Low barriers to entry as supplements industry doesn't require massive capital investments but established players dominate shelves in retail stores making difficult for new entrants.
Bargaining power of buyers: Buyers have moderate to high bargaining power as supplements market has many established suppliers competing for customers and demand is fragmented across different types of supplements.
Bargaining power of suppliers: Suppliers have moderate bargaining power as production of some supplements require rare herbs and most raw material suppliers are based outside country. However, demand is spread across many supplement types reducing suppliers' hold. Threat of new substitutes: Threat of substitutes is moderate as supplements can be replaced by changes in lifestyle and diet but supplements industry grows by introducing new variety and product categories annually. Competitive rivalry: Intense competition exists among existing players to increase their market share through new product launches, flavor innovations, and improved formulations. Around 55% of the Indonesia dietary supplements market value is concentrated in Java region led by West and East Java provinces. These provinces have higher disposable income levels and greater health awareness supporting supplements spending.
The Philippines is projected to be the fastest growing regional market for Indonesia dietary supplements at a CAGR of around 11% till 2031 led by growing middle class, increasing healthcare expenditures and promotion of supplements through digital marketing campaigns enhancing accessibility.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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