Vitamins and dietary supplements is an area of consumer health that has been doing well during the pandemic. People have been trying to look after their health with the Coronavirus (COVID-19) at large, for example seeking out immunity-boosting products such as vitamin C or ginseng. With health and wellness remaining important for consumers, sales will continue to grow over the forecast period in Asia Pacific.
This report comes in PPT.
At a near 5% CAGR over 2013-2018, Asia Pacific’s growth in vitamins and dietary supplements (VDS) outperformed all other regions except Australasia, but in per capita terms consumption still significantly trails the developed markets of North America and Australasia. The rapidly-expanding middle class in countries such as China and India are likely to further boost consumption.
Despite mounting competition from internet pure players, direct sellers maintain their long-standing lead, with Amway/Nutrilite as the frontrunner, followed by Infinitus. However, direct selling could be threatened by a potential crackdown by the Chinese Government. Meanwhile, the key driver of non-store retailing in VDS has been online sales, which accounted for 30% of total sales in 2018, up from 13% in 2013.
Asia Pacific generated 57% of global herbal/traditional dietary supplements sales in 2018, and China dominated with a 43% retail value share in the region. Asia Pacific’s long history of traditional medicine underpins this market balance; however, Asian consumers, like their Western counterparts, are turning their backs on modern medicines, preferring a back-to-basics approach with low toxicity and fewer side effects.
A rising middle class and widespread wellness approach will continue to drive demand and encourage consumers in Asia Pacific to purchase VDS over the forecast period. Furthermore, governmental initiatives in China and Japan, each seeing the benefits of preventive medicine to sustain their ageing populations, will boost the VDS industry in the two biggest Asian markets.
It is the aggregation of OTC, Vitamins and Dietary Supplements (VDS), Sports Nutrition, and Weight Management and Wellbeing
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