ASEAN Probiotic Supplements Market is forecasted to grow at a CAGR of 11.74% during the forecast period (2021 - 2026).
The COVID-19 outbreak has affected hundreds of thousands of people, globally. The World Health Organization declared COVID-19 a pandemic on March 11, 2020, causing a huge impact on people’s lives, and their communities. Owing to the above-mentioned factor, governments have introduced multiple measures intended to slowdown the spread of the COVID-19. Some basic initiatives include social isolation directives, limitations on business opening hours, and travel restrictions.? The population in the region has become increasingly health-conscious during the pandemic, with a particular focus on preventative medicines, including vitamins and supplements including probiotic supplements, thus boosting sales of health products in the category. Furthermore, chemists/pharmacies could continue operating throughout the period, even during the lockdowns, ensuring that sales could continue all year round.?
With the sudden impact of COVID-19, the market has witnessed a surge in demand for products that provide immune health, which has impacted the probiotic supplements market positively in the region. Owing to such factors there is significant product launches to cater the growing demand having a positive impact on growth of ASEAN Probiotic Supplments Market. ?
The probiotics market has witnessed significant growth due to the increasing demand for health-based products among consumers, especially from the younger generations.?
The tablets/capsules segment holds the major share in the market, followed by powders and other products. The growth has been fueled by the exponential performance of probiotics owing to heavy demand from Gen-Z and millennial consumers, coupled with the advancements in probiotic technology.?
Additionally, due to the large retail space and convenient conventional services, supermarkets/hypermarkets remain one of the most preferred points of sale for probiotics. In contrast, online retail stores are expected to gain prominence in the market in the coming years.??
Key Market Trends
Significance of Health Consciousness among Millennials
Probiotics are a driving force within the booming digestive health supplement category, and people of all age groups have been consuming them over past few years. However, the major consumption is observed among millennials due to their growing awareness of health and wellness through multi-channel publicity, which influences their consumption patterns to a large extent. This shows the awareness among people regarding the benefits of probiotic supplements. Millennials, being technologically advanced, update themselves with the facts related to health and, thereby, try to amend their routines and consumption habits accordingly. These consumers do not need practitioners’ or pharmacists’ approval for the purchase of probiotic supplements, propelling their usage in the market. This is inflating the demand for probiotic supplements, and it is therefore expected to drive the market for probiotics in the near future across Asia-Pacific, including the ASEAN region.
Indonesia holds a Significant Market Share
According to World Bank Data, Indonesia’s health expenditure per capita increased from USD 27 in 2004 to USD 112 in 2018, growing at an annual rate of 11.52%. This rise is primarily due to increased demand from the younger population. Indonesians’ standard of living is improving as a result of better-paying jobs that expand the middle class, which spends more on health products, including probiotic supplements. A rising population and greater consumer awareness of health issues, along with technological advancement and fast-paced life of people are leading to change in lifestyle patterns of people. A mix of traditionalist and experimentalist consumers across all age groups is leading varied consumption patterns leading to neglect of digestive health, especially for those living in cities. As a result of this upward consumer trend, numerous changes have occurred in the Indonesian probiotic supplement market, including research activities sponsored by probiotic manufacturers, which are positioned to fuel a healthy expansion during the projected period.
The ASEAN Probiotics Supplements market enjoys the presence of various global and regional players. The market studied was led by Procter & Gamble, BioGaia, Reckitt Benckiser LLC, Amway Corporation, Blackmores Limited, Nestle SA and Church & Dwight Co. Inc. The other prominent players in the market include PharmaCareLaboratories Pty Ltd, Nature’s Way Products LLC, GNC Holdings LLC, and LACTOGG among others. In order to maintain and increase market share companies are making strategic investments and adopting various strategies like product innovation, and partnerships with local manufacturers.
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