Our world as we know is finally recovering from the global pandemic. As society is slowly but steadily getting back on its feet, there’s a realisation. Health matters.
Let’s be honest. Before the pandemic, none of us appreciated enough the fact that a healthy body can prevent sickness. We took our health and wellness for granted.
However, after this pandemic, it’s not just the environment, people changed. We’re more health conscious. We know that exercising and eating healthy keep is crucial when it comes to our wellness.
So what about people who do not have the time to exercise? What about those who are always on their toes and only have just enough time for sleep? The answer: they turn to external health supplements or sometimes known as dietary supplements.
For some of us, we take medicine regularly to fight off our sickness. So that raises the question, what are dietary supplements? How are they different from the regular medicines that we consume?
Health supplements or dietary supplements are products whose purposes are to supplement the diet. They're not here to replace any sort of medication. So unlike medication, they are just an additional product regulated post-market. Yes, you heard me right, these supplements are not regulated before they are sold to the customers.
So how many kinds of health supplements are there on the market right now?
Health supplements can refer to these types of supplements: Vitamins, Minerals, herbs & Botanicals, Sports Nutrition, Meal replacements, and Speciality Products such as Amino Acids, hormones, fish oil, etc.
I’m sure you’ve heard of one or two of these names. Either it’s from the word of mouth of your family, relatives or friends. (Or for some of us who have friends that work at Multi-level marketing (MLM) companies.
So why are people so obsessed with health supplements?
As we all may have known and been through, the pandemic has significantly changed our lives.
We’ve been through a lot during the pandemic. Our homes have slowly become our main working area and the concept of a 9 am - 5 pm working hour has drastically dissipated ever since.
This hectic lifestyle with an additional sprinkle of news such as people close to us getting sick has indeed increased people’s awareness towards personal health and wellness.
This ultimately motivated people to be more health cautious. As we said just now, people started to work out and are more aware of their eating habits.
However, there’s a saying: There is no such thing as being too healthy.
What other ways are there to be healthier other than exercising and eating healthy?
The answer? Health supplements.
Let’s just get straight to the point. The health supplement industry is huge.
According to the research done by Grand View Research the global dietary supplements market was valued at US$151.9 billion in 2021. And the demand for health supplements is expected to grow at a CAGR (Compound Annual Growth Rate) of 8.9% to reach USD 327.4 billion by 2030.
Another study that was done by Vantage Market Research that the Global Dietary Supplements Market is valued at USD 152.3 Billion in 2022 and they projected that the global dietary supplements market will reach a value of 269.3 Billion by 2030 with a CAGR of 8.5%.
While there is a small difference between the two studies, we can still conclude that this trend will continue to propel upward as more people find these supplements beneficial for their health.
So what country takes the win when it comes to the dietary supplements market?
With a greater focus on health and prevention worldwide, the popularity of health supplements can be seen across plenty of markets, but two key ones take precedence – North America and the Asia Pacific region.
The North American region has always dominated the dietary supplements markets and this has yet to change even until now.
According to Grand View Research, North America had the largest revenue share of the global dietary supplement industry at 34.8% in 2021. It will see a compound annual growth rate (CAGR) of 5.6% by 2030, forecasting a market value of US77.1 billion by then. New products are anticipated to launch in Mexico that are estimated to even fuel the demand for dietary supplements in North America.
The nutritional supplements market in the Asia Pacific was worth US140.4 billion in 2021 and is forecasted to expand at a CAGR of 6.1% from 2022 to 2030, as reported by Grand View Research. Japan, China and India have been identified as the three largest markets in the Asia-Pacific region.
Japan, China, and India have been identified as the largest markets in the Asia-Pacific region. However, within the Asia Pacific market, China has successfully captured the largest revenue share being the largest exporter in the region with over 40% only in 2021.
However, it’s safe to say that the tides are changing. While China leads the Asia Pacific market share, other countries such as India, Australia and Japan are seen to have an increase in the purchase of health supplements.
Fortune Business Insights reports that the global dietary supplement industry is set to grow at an 8.68% CAGR between 2020 and 2028, hitting a record high of US$128.64 in 2028. The Asian market will also expand at a much faster rate than its American and European counterparts, with countries like South Korea and India delivering a high growth potential.
A study done by Mordor Intelligence claims that India is currently the fastest-growing market in dietary supplements. India’s demand has greatly increased when it comes to purchasing and consuming dietary nutritional supplements. The spike in demand for dietary supplements is simply explained as consumers are unable to meet their nutritional needs through regular diets.
It is without a doubt that the Asia Pacific will grow with the fastest CAGR during the forecast period with a rising consumer base within emerging economies. This is further explained as people’s perception in the Asia Pacific towards health has drastically changed thus nutritional supplements have become a major part of their diet.
Noting the increasing awareness of improved health and fitness levels on a global scale, Malaysian businesses have plenty of opportunities to leverage the health supplements industry.
This is further proven by research conducted by Vodus where Malaysia’s consumption of health supplements has skyrocketed since the Pandemic.
What if the pandemic did not hit Malaysia? Will there still be a demand for health supplements in Malaysia?
Outside of the pandemic, Malaysia is ranked sixth in the Asia Pacific region and is considered the top country within Southeast Asia for both obesity and diabetes.
And as some of us may know, obesity and diabetes may ultimately lead to serious Non-Communicable Diseases (NCDs) such as heart disease and hypertension.
Therefore, even without the pandemic, Malaysians are increasingly aware of these potential health issues that are associated with our daily eating habits. They have become more proactive when it comes to looking for health supplements to prevent these chronic diseases.
With the demand continuing to rise worldwide, it’s safe to say that if you’re interested in entering the health supplement industry, now is the time. As we're in the age of the internet, selling your dietary supplements online should be a simple task. Be that through an online store, marketplace or social media.
However, do take note that you're not the only one that wishes to enter this industry! Be creative and use strategies that unique and original.
The sky is the limit! Dive into a world of possibilities today!