May 28, 2024
Dietary Supplements Market

Indonesia Dietary Supplements Market Is Estimated To Witness High Growth Owing To Increasing Health Consciousness Among Consumers

The Indonesia dietary supplements market is estimated to be valued at US$ 2192.85 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Dietary supplements are products intended to supplement one’s diet and are available in the form of pills, capsules, soft gels, and powders. Dietary supplements help improve digestion, boost energy levels, and enhance overall health and wellness. With increasing health consciousness among consumers, demand for dietary supplements in Indonesia is rising.

Market key trends:
One of the major trends driving the Indonesia dietary supplements market is the increasing health consciousness among consumers. There is a rising awareness regarding the importance of maintaining good health and prevention of lifestyle diseases. Consumers are realizing the role played by dietary supplements in filling the nutritional gaps in one’s regular diet. Moreover, the busy urban lifestyles have led to increased consumption of convenience and processed food lacking in essential vitamins and minerals. This has fueled the demand for dietary supplements. Also, easy availability of dietary supplements through retail stores and e-commerce platforms along with attractive marketing and promotion activities by manufacturers have stimulated market growth.

Porter’s Analysis
Threat of new entrants: The dietary supplements market in Indonesia faces moderate threat of new entrants due to the rising demand for healthy supplements. However, the presence of established brand names poses barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products. They can negotiate on price and demand promotional offers.
Bargaining power of suppliers: Manufacturers source raw materials from domestic as well as international suppliers and thus face moderate pressure.
Threat of new substitutes: New substitute products such as probiotic drinks pose low threat due to customer loyalty toward branded supplements.
Competitive rivalry: Fierce competition exists among key players to gain market share.

SWOT Analysis
Strength: The market is driven by rising health consciousness and changing lifestyles. Wide product portfolio aids high revenue generation.
Weakness: Low consumer awareness in rural areas. Heavy reliance on imports for raw materials raises input costs.
Opportunity: Growth potential in herbal and vitamin supplements due to surging geriatric population. Increasing e-commerce penetration boosts sales.
Threats: Strict regulations for product approval. High competitive pressure from local and global brands.

Key Takeaways

Market size: Indonesia Dietary Supplements Market Demand was valued at US$ 2192.85 Mn in 2023 and is expected to reach US$ 3848.77 Mn by 2030, expanding at a CAGR of 7.7% during the forecast period. Increasing health awareness among consumers is the key driver.

Regional analysis: Indonesia dominates the market with a share of around 45% in 2023 led by the large population base. Increasing disposable incomes will aid the growth of regions like Java and Sumatra at over 8% annually.

Key players: Key players operating in the Indonesia Dietary Supplements market are ADM, PT Darya-Varia Laboratoria Tbk, Citra Nusa Insan Cemerlang PT, Sido Muncul PT, The Tempo Group, Bayer AG, BASF SE, Pfizer Inc., Nature€TMs Sunshine Products, Inc., Amway, and Glanbia PLC. These companies focus on new launches to enhance their presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it