Market Trends of Asia-Pacific Dietary Supplement Industry
Increasing Health Expenditure in Asia-Pacific Countries
- Healthcare as an industry contributes extensively to the overall economy. Emphasis on care management, focus on paying for value, and growing general inflation are major factors influencing healthcare costs. Developing nations across Asia-Pacific have been spending heavily on healthcare and welfare.
- The high expenditure by such countries signifies the changing consumer behavior toward healthcare and surging demand for healthcare products like dietary supplements. Other developing countries like South Korea, China, and India are generating demand for the market, which is expected to grow in the forecast period.
- In 2021, The Hartman Group Survey revealed that almost 65% of Indians stated they had increased attention to their immunity during the previous year. Over 62% of respondents said their family's health and safety were more important. Hence, the preference for health and wellness is the major driving factor.
- As per an article published in the National Library of Medicine (NLM), the prevalence of dementia among people aged 65 years or older increased from 5.9% to 7.3% in South Korea, placing a socioeconomic burden on South Korea. Cognitive function decline has risen due to the increasing aging population in South Korea and the higher risk of chronic diseases and depressive symptoms. Thus, this places demand for brain health supplements to support cognitive function across South Korea.
- For instance, in September 2022, China launched its ambitious China Brain Project (CBP) to focus on three broad areas, namely the neural basis of cognitive functions, diagnosing and treating brain disorders, and brain-inspired computing, and is budgeted at USD 746 million. This is bound to create opportunities for manufacturers of brain health supplements. Therefore, growing people's awareness and the various government initiatives in this region drive the dietary supplements market.
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India is the Fastest-Growing Dietary Supplement Market
- India has observed significant growth in the dietary supplement market over the years, making it one of the fastest-growing markets in the region. Changes in eating habits, a lack of physical activity, and increased sedentary lifestyles have contributed to various lifestyle diseases, such as diabetes, high blood pressure, obesity, cardiovascular problems, etc.
- Furthermore, increased awareness has made consumers more aware of their nutritional needs. With consumers unable to meet their nutritional needs through their regular diets, they are beginning to recognize the value of nutritional supplements in filling nutritional gaps, thus, increasing the country's sales of dietary supplements.
- Consumers prefer to choose products with a high nutritional value over other products. The demand and sales of various health supplements drastically increased across the region as individuals are interested in purchasing nutrient boosts for cognitive health. The demand for clean-label products is increasing in the market, owing to which demand for non-GMO and gluten-free ingredients in supplements is rising.
- For instance, OZiva is India's leading clean-label active nutrition brand that combines modern food with traditional Ayurv. Further, according to ENTRACKR, the operating income of Oziva during the fiscal year 2021 was INR 721 million. Comparing the financial year to the previous one, there was significant growth. The Indian health and wellness company Oziva sells its plant-based products online. Therefore, the significant growth trend in the segment in this region is the major driving factor.
- Hence, People's hectic work schedules and extended working hours have resulted in negligence toward their daily diet, health, and fitness, leading to various health issues such as stress, depression, mood swings, and overall immunity. Therefore, people are increasingly focusing on preventive health and prefer supplements that offer enhanced health benefits without harmful effects. Due to these factors, the growth of dietary health supplements in this region is expected to propel in the coming years.
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