by Nutraceuticals such as vitamins, minerals, herbal supplements, probiotics, and other functional food and beverages have gained popularity among Indonesians as people increasingly focus on preventive healthcare and longevity. These dietary supplements deliver essential nutrients to help support good health and reduce the risk of developing serious health conditions. The growth of modern retail and e-commerce has made nutraceuticals easily accessible to urban populations. Rising incomes have also boosted discretionary spending on health and wellness products.
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 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the key trends driving the growth of the Indonesia dietary supplements market in Indonesia is the growing health and wellness trend. As people become more health-conscious, demand has increased for functional foods and beverages enriched with nutrients and dietary supplements that offer additional health benefits. Nutraceuticals are seen as a natural way to remedy health issues and promote overall wellness without the use of pharmaceutical drugs. The market has witnessed the launch of various innovative products fortified with ingredients like probiotics, vitamins, minerals, plant extracts that cater to the increasing demand. This growing focus on preventive healthcare through nutrition is expected to support the growth of the nutraceuticals industry over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Indonesian dietary supplements market is moderate due to high capital requirements and presence of established players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternatives and highly fragmented nature of the industry.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to presence of many suppliers and strong regulations.
Threat of new substitutes: The threat of new substitutes is moderate due to high switching costs and consumer loyalty.
Competitive rivalry: The competitive rivalry is high due to presence of numerous regional and multinational players.
Key Takeaways
The global Indonesia dietary supplements market is expected to witness high growth. 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 8.0% over the forecast period 2023 to 2030.
Regional analysis
Indonesia dominates the dietary supplements market in the region. Rising health consciousness and increasing disposable income are driving the market growth. The western region is also expected to register significant growth due to growing focus on preventive healthcare.
Key players
Key players operating in the Indonesia dietary supplements market are AbbVie Inc., Janssen Global Services, Johnson & Johnson, F. Hoffmann-La Roche Ltd, Amgen Inc., Pfizer Inc., Novartis, Astellas, Bristol-Myers Squibb Company, Merck Sharp & Dohme Corp., UCB SA, and Allergan plc. These established players dominate the market due to their strong brand recognition and wide distribution network across the country.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
