by Dietary supplements such as vitamins, minerals, herbal supplements, fatty acids, proteins and other nutraceuticals finds wide applications in disease prevention, improved metabolism, weight management and overall wellness. The supplements marketplace in Indonesia offers a diverse range of formulations including capsules, tablets, powders, liquids and softgels catering to various consumer needs. The supplements are available for immunity boosting, digestive health, heart health, bone & joint health, sports nutrition and other special nutritional requirements. Dietary supplements are a convenient and effective way for consumers to fulfill their nutrient deficiencies or additional nutritional needs.
The global Indonesia Dietary Supplements Market is estimated to be valued at US$ 10 Billion in 2023 and is expected to exhibit a CAGR of 7% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the Indonesia dietary supplements market is the growing demand for herbal supplements. This can be attributed to rising awareness about side effects of allopathic medicines and preference for natural therapies. Herbal supplements are derived from plants and are considered safer with lesser side effects. Popular herbal supplements in the Indonesia market includes ginger supplements for nausea, Echinacea supplements for immunity boosting, garlic supplements for cardiovascular health, green tea supplements for weight management and so on. The market for herbal supplements in Indonesia is expected to grow at a higher rate during the forecast period owing to rising health consciousness, changing consumer preferences and holistic wellness approach.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the dietary supplements market in Indonesia requires significant capital investments to enter the market and compete with established brands. However, compliance with regulations is not very stringent.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many alternatives and brands in the market. Buyers can easily switch between brands based on price and quality.
Bargaining power of suppliers: Dietary supplement manufacturers face moderate bargaining power of suppliers of raw materials as brands rely on a limited number of suppliers for specialty/unique ingredients.
Threat of new substitutes: The threat of new substitutes is high as alternative products such as functional foods and beverages can easily replace dietary supplements.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of many domestic and global brands offering a variety of products. Brand positioning and marketing plays a crucial role.
Key Takeaways
The Global Indonesia Dietary Supplements Market Size is expected to witness high growth. The market is driven by rising awareness about nutrition and preventive healthcare among Indonesian consumers. The growing middle class is increasing the demand for dietary supplements. The global Indonesia Dietary Supplements Market is estimated to be valued at US$ 10 Billion in 2023 and is expected to exhibit a CAGR of 7% over the forecast period 2023-2031.
Regional analysis: The western region of Indonesia dominates the dietary supplements market due to higher consumer spending. Major cities like Jakarta, Bandung, and Medan are the largest markets. Growing e-commerce has boosted sales in lower tier cities and rural areas.
Key players: Key players operating in the Indonesia dietary supplements market are Bio-Botanica Inc., The Nature’s Bounty Co., Blackmores, Nutraceutical International Corporation, Koninklijke DSM N.V., Abbott Laboratories. These brands offer a wide range of products across vitamin, mineral, herbal and other types to cater to diverse customer segments.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
