APAC vitamins, dietary supplement market to grow 8% to 10% CAGR until 2027
This is driven by the concerns following community outbreaks and the pandemic.
Asia Pacific’s vitamins and dietary supplement market is expected to register a volume compound annual growth rate of 8% to 10% from 2022 to 2027 on the back of growing concerns over health and wellness.
In a report, GlobalData said the sector will see a rise in demand due to the number of community outbreaks due to the winter and as an effect of the pandemic, which boosted the need for vitamins C and D.
“In an era marked by busy lifestyles, nutrient-depleted diets, and growing health concerns, dietary supplements have emerged as indispensable tools for promoting health, wellness, and vitality. These consumers increasingly prioritize preventive healthcare and seek natural solutions to support their well-being,” said Priyanka Jain, Consumer Analyst at GlobalData.
Jain, however, said that in take of dietary supplements without consulting healthcare professionals may cause harm, noting that there is a lack of clarity in the recommended quantity of vitamins to consumers.
She noted that the Philippines’ Food and Drug Administration has recently released a new regulation for vitamin and mineral daily intake levels to address overconsumption concerns.
“At the same time, dietary supplement manufacturers are facing many obstacles in ensuring the safety, efficacy, and compliance of their products. The growth of the sector will be inhibited by the ambiguous and unclear information provided to consumers, whether it pertains to the ingredients used in the supplements or their potential side effects,” she said.