The growing health awareness among individuals regarding the importance of maintaining a balanced diet has resulted in increased demand for dietary supplements in Indonesia. The busy lifestyles and hectic schedules leave little time for proper nutrition, thus dietary supplements help fulfill the nutritional gaps. The rapid urbanization and economic growth have improved the purchasing power of consumers, allowing them to spend more on health and wellness products such as dietary supplements.
The global Indonesia Dietary Supplements Market is estimated to be valued at US$ 4.5 billion in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing health awareness among Indonesian population: As mentioned in the heading, the growing health awareness among individuals in Indonesia regarding the importance of maintaining good health through dietary supplements is a major driver responsible for flourishing this market. With more education and outreach regarding nutrition, people are becoming more cautious about what they consume and whether it fulfills their nutritional requirements.
Economic growth improving purchasing power: The rapid economic growth in Indonesia over the past decade has significantly improved consumer purchasing power. This has enabled consumers to spend more on healthy products like dietary supplements for supplementing their nutritional needs. Growing discretionary spending on health and wellness categories is fueling the growth of dietary supplements market in Indonesia.
Segment Analysis
The Indonesia Dietary Supplements market is segmented into sports nutrition, weight loss, and general wellbeing. Sports nutrition dominated the market and accounted for around 40% share in 2019 majorly due to rising health consciousness among young population and increasing awareness regarding importance of physical fitness. Sports supplements help maintain energy levels and muscle gain which drives their higher demand.
PEST Analysis
Political: The government is taking initiatives to promote healthy lifestyle through awareness programs. However, stringent regulations for new product approval may hamper short term growth.
Economic: Growing per capita income is enabling people to spend more on wellness products. Higher disposable income positively influences the demand.
Social: Rising health awareness via social media and health campaigns influence intake of dietary supplements. The desire for good physique and fitness influences spends on relevant supplements.
Technological: Introduction of innovative delivery formats like gummies, chews attracts young population. Companies utilize digital marketing platforms for consumer education and sales.
Key Takeaways
The Global Indonesia Dietary Supplements Market Size is expected to witness high growth. 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 comprises Southeast Asian region dominates with over 50% value share due to large population size and fast adoption rates. Changing disease patterns and health goals prompt supplements usage.
Key players operating in the Indonesia Dietary Supplements market are PT. Sido Muncul, Kalbe Farma Tbk, Tempo Scan Pacific Tbk, and Solianus Nutraceuticals. Companies are investing in new product development, digital marketing to dominate shares. Tapping the rural region provides scope for growth. Sports nutrition segment led by products of Sido Muncul, Kalbe Farma Tbk gain traction from increased number of health clubs and fitness centers.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it