The dietary supplements market in Indonesia has witnessed significant growth over the past few years. Dietary supplements are products intended to supplement the diet with minerals, vitamins, fibers, fatty acids, or amino acids. Some common dietary supplements include vitamins, herbal supplements, meal replacement products, functional foods and beverages. The increasing awareness among Indonesian consumers regarding health and wellness has boosted the demand for dietary supplements. Consumers are increasingly consuming dietary supplements to complement daily nutrition, improve immunity, facilitate weight management, and maintain overall well-being.
Indonesia Dietary Supplements Market is estimated to be valued at US$ 17.61 Bn in 2024 and is expected to exhibit a CAGR of 10 % over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Indonesia Dietary Supplements are Siemens Healthineers, Nordion Inc., Lantheus Holdings Inc., Guerbet Group, GE Healthcare, Curium, Bracco Imaging SpA, Bayer AG, Cardinal Health Inc., and NTP Radioisotopes SOC Ltd. These players are focusing on new product launches, partnerships and mergers to strengthen their market presence.
The key opportunities in the Indonesia Dietary Supplements Market Size include growing middle-class population, increase in disposable incomes, rising demand for herbal and plant-based supplements. The market players can leverage these opportunities through targeted marketing and promotional strategies.
The Indonesian Dietary Supplements market has huge potential for global players to expand their footprint. Key players are investing heavily in r&d to develop innovative products catering to local consumer needs. Multinational players can enter into strategic partnerships with regional players and leverage the distribution network to penetrate deeper into the market.
Market drivers
The major driver for the growth of Indonesia Dietary Supplements Market is the increasing health awareness among consumers regarding dietary habits and preventive healthcare. Consumers are increasingly consuming dietary supplements as a preventive healthcare measure to boost immunity, bone, heart and brain health. The growing middle-class population with increasing disposable incomes is willing to spend more on healthcare and wellness products like dietary supplements. Changing lifestyles and increasing incidence of lifestyle diseases will continue to drive the demand for dietary supplements in Indonesia over the forecast period.
PEST Analysis
Political: The dietary supplements market is regulated by the Food Drug and Cosmetic Act put forth by the Ministry of health of Indonesia. This act governs the approval, manufacturing, import, and marketing of dietary supplements.
Economic: The improving economy and increasing income levels have led to a rise in discretionary spending on healthcare and wellness products like dietary supplements. People are willing to spend more on products that enhance their quality of life.
Social: Growing health awareness and focus on preventive healthcare have increased the popularity of dietary supplements. People recognize supplements as an easy way to complement their diet and address nutritional deficiencies. The influence of social media has raised acceptance of supplements.
Technological: E-commerce platforms have expanded access to supplements by offering a wide assortment online. Companies use digital marketing strategies to promote their brands. Many supplement formulations now use proprietary ingredient blends and delivery technologies to boost absorption.
Geographical regions of concentration
The islands of Java and Sumatra account for over 60% of the market value in Indonesia due to their large and affluent populations. The cities of Jakarta, Surabaya, Bandung and Medan serve as major consumption hubs . Regions with increasing health expenditure like Bali and parts of Sulawesi and Kalimantan are also growing in importance.
Fastest growing region
Many rural and remote regions in Indonesia still have inadequate access to basic healthcare. The eastern provinces of Nusa Tenggara and Maluku have relatively lower supplement penetration currently. However, they are expected to exhibit the fastest value growth in the forecast period supported by rising living standards, infrastructure development and targeted corporate expansions in Tier 2 & 3 areas.
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Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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