Report : Asia Pacific Dietary Supplements Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Vitamins, Minerals, Proteins and Amino Acids, Probiotics, Blends, and Others), Form (Tablets, Capsules and Softgels, Powders, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
Specialty Stores Segment to Dominate APAC Dietary Supplements Market During 2021–2028
According to a new market research study on “APAC Dietary Supplements Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Form, and Distribution Channel” is expected to reach US$ 1,40,493.28 million by 2028 from US$ 91,191.59 million in 2021. The market is estimated to grow at a CAGR of 6.4% from 2021 to 2028. The report provides trends prevailing in the APAC dietary supplements market along with the drivers and restraints pertaining to the market growth. Preference for plant-based dietary supplements and surging product innovation are the major factor driving the growth of the APAC dietary supplements market. However, presence of counterfeit products hinders the growth of APAC dietary supplements market.
In case of COVID-19, APAC is highly affected specially India. The COVID-19 pandemic is anticipated to cause a significant economic loss in APAC. The emergence of new COVID-19 waves in India and other Asian economies has prolonged the effect of pandemics upon GDP. The ongoing COVID-19 pandemic is anticipated to cause huge disruptions in the growth of various industries of APAC. However, the dietary supplements market is expected to witness an increase in the dietary supplements market as these supplements are beneficial in boosting the immune system. In addition, investment by existing players along with penetration of new players to tap the prevailing opportunities as well as cater to soaring demand for natural, healthy, clean-label products in post-pandemic times.
The APAC dietary supplements market has been segmented based on type, form, distribution channel, and country. Based on type, the market is segmented into vitamins, minerals, proteins and amino acids, probiotics, and others. The vitamins segment dominated the market in 2020 and probiotics segment is expected to be fastest growing during forecast period. Based on form, the market has been segmented into tablets, capsules and softgels, powders, and others. The capsules and softgels segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on distribution channel, the market has been segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment dominated the market in 2020 and online retail segment is expected to be fastest growing during forecast period. Based on country, the market has been segmented into China, India, Japan, South Korea, Australia, and rest of APAC.
Abbott; Amway Corp.; Bayer AG; Bionova; GlaxoSmithKline plc.; Otsuka Holdings Co., Ltd; Pfizer Inc.; and The Bountiful Company are among the leading companies in the APAC dietary supplements market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2018, GlaxoSmithKline plc reached an agreement with Pfizer Inc to combine their consumer health businesses into a new world-leading joint venture. With this joint venture, GlaxoSmithKline plc has a majority controlling equity interest of 68%, and Pfizer Inc has an equity interest of 32% in the joint venture.
APAC Dietary Supplements Market, By Country, 2020 and 2028 (%) 
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com