Globally the Consumer Health Market is worth USD304.6 billion it is comprised of OTC USD128 billion, Vitamins & Dietary Supplements USD 131.1 billion, Weight Management and well-being USD 21.0 billion and Sports Nutrition USD24.6 billion as of October 2022.
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Industry overview 2022 of The Malaysian Health supplements market
Overview of the Malaysian health supplements market
Malaysian people are increasingly appreciating the need for health supplements such as vitamins, minerals and other natural ingredients to help maintain their health. They believe that taking them as a part of their daily routine can make a difference in their well-being. Malaysia’s health supplements market is one of the most varied in Asia and offers a healthy mix of international brands, such as Nutrilite, Brand’s, USANA, and Pharmanex. Manufacturers of vitamins & dietary supplements also use aggressive promotional campaigns to make their products more popular health supplements.
Consumer health in 2022: The big picture in Malaysia
Since the outbreak of COVID-19 in 2020, consumers have been increasingly focused on taking preventative health measures, which has continued to be seen in 2022.Alongside following a healthier diet and taking more exercise, consumers have also been looking for supplements that boost their immune system. This is reflected in the strong growth being seen in categories such as vitamins. With demand remaining strong in 2022 despite fears around COVID-19 softening. Some supplements also continue to thrive based on their connections to a healthy immune system, such as black elderberry and echinacea, with products like Vitamode Berrynacea Capsule and Sambuvy targeted as helping to support a healthy immune system so that you’re less likely to feel the effects of a cold or flu.
While diet-related supplements continue to account for the highest share of consumer health product sales, the other categories all grew in 2022. The pandemic caused an increase in demand for self-care products, making them a more important category,with the focus focusing on self-medication being encouraged by the government. At the same time, people are keen to have a healthier lifestyle which also benefits other categories like NRT smoking cessation aids and sports nutrition.
Market growth by product category
The Malaysian market for vitamins and dietary supplements has grown rapidly over the last decade, with retail sales more than seven fold from RM940.4m (USD248.3m) in 2005 to RM7.481b (USD1.747B) in 2022. Over the last ten years, this represented a compound annual growth rate (CAGR) of 8.7 percent. Sales of vitamins and dietary supplements increased tremendously recording a value of RM4.89B (USD1.143B)
Retail sales of vitamins and dietary supplements contributed to RM1.143B in 2022 with a CAGR Growth of 10.6 percent exceeding the overall categories growth of 8.7 percent
Non-herbal/traditional dietary supplement retail sales grew at the second-fastest rate over the last decade and have remained the same for last two decades, more than doubling from RM278.4m (USD73.5m) in 2005 to RM2.46B (USD574.0m) in 2022. This represented a CAGR of 8.7 percent maintaining this trajectory from last year, which was the same as the industry CAGR for the same period.
Retail sales of herbal/traditional supplements, vitamins, pediatric vitamins, and dietary supplements grew rate of around 8.7 percent over the last decade, considered positive considering the COVID-19 restrictions.
Weight management and welling being were the third largest constituting RM1.36B (USD309.5M) in 2022 at a CAGR of 4.5% lower than the industry average, this is followed by Over-The-Counter OTC at RM1.25B (USD286.0M) in 2022 at a CAGR of 5.8 percent.
Market share by product category
Dietary supplements accounted for 58.3 percent of total retail sales in 2014, or RM1.1 billion (USD333.9 million). This is followed by vitamins, which had retail sales of RM389.2 million (USD120.2 million) in 2014, translating into a 21.0 percent market share.
With retail sales of RM168 million (USD39 million) in 2022, pediatric vitamins and dietary supplements had the smallest market share. Malaysian parents are giving their kids dietary supplements more often because they want to improve the family’s health overall. The trend started with pediatric vitamins, and now examples of popular pediatric dietary supplements include fish oil, probiotic supplements, and colostrum. Vitamin C is still the most commonly given supplement to children. Pediatric vitamins and dietary supplements makes up RM131.3M and Nappy Rash Creams RM16.2M
Dietary Supplements
Vitamins and Dietary Supplements accounted for a larger proportion of dietary supplement sales in 2022, at RM4.89B (USD1.143B), or 65 percent, while herbal/traditional supplements accounted for the remaining sales, at RM2.46B (USD576m), or 32 percent. Herbal/traditional supplements, on the other hand, have seen their market share eroding over the last decade.
Major market players
The dietary supplement market in Malaysia was worth RM1.1 billion in 2014, and is has reach RM4.9 billion by 2022. Herbal/traditional supplements accounted for the majority of sales (32%), while dietary supplements (58.3%) and vitamins (21%) were also popular. The leading player in the market was Nutrilite, with 8.2% of the market share, followed by Brands (6.1%), USANA (5.6%), Pharmanex (4.5%), Herbalife Nutrition (4.5%), Blackmores (2.8%), Khinohimitsu (2.5%), Panadol (2%), Forever (1.9%), Elken (1.8%), Bio-Life (1.7%) and NH Colla Plus (1.4%).
Industry Outlook
As sales projections from Euromonitor, vitamins and dietary supplements will continue to grow quickly in Malaysia. This is due to three factors: increasing health awareness, more incidences of non-communicable diseases, and growing affluence among Malaysian consumers. These consumers believe that taking supplements will improve their overall health or help relieve existing conditions.
According to Euromonitor sales of vitamins and dietary supplements will reach RM7.5 billion in 2022, up from an estimated RM1.9 billion (USD572.6 million) in 2014. This would represent a dramatic growth with a year-on-year CAGR of around 8%.
Sales forecasts by category
In 2014, dietary supplements accounted for 58.3% of total retail sales globally, amounting to RM1.1 billion (USD333.9 million). This was followed by vitamins, which had retail sales of RM389.2 million (USD120.2 million) that year 21% of the entire market share. Pediatric vitamins and dietary supplements made up the smallest portion of the market in terms of share (10%), but their popularity has grown rapidly in recent years nonetheless; retail sales are expected to reach RM168 million (USD39 million) by 2022.
2022 key trends
In recent years, there has been significant growth in the dietary supplement market. This is due to a number of factors, including an increase in health consciousness and a greater availability of supplements. Some of the most popular supplements right now include fish oil, probiotics, and vitamin D.
Stress and Relax
With many consumers facing more anxious and stressful lives there has been a sharp rise in demand for mood relaxing/sleep improvement dietary supplements containing Ashwagandha (eg Goli Bites Calm) and Saffron Extract (eg Kordel’s Slipvel), with these emerging as popular herbal/traditional dietary supplements.
The trend toward personalization
One of the latest trends in the dietary supplement market is towards personalization. This means that people are increasingly interested in supplements that are tailored specifically to their own individual needs. Personalized supplements can be more effective than general supplements because they are better able to address specific deficiencies.
The popularity of herbal/traditional remedies
Another trend that is currently popular is the use of herbal or traditional remedies. This is due to the fact that these remedies are often more effective and have fewer side effects than traditional medications. Herbal remedies are particularly popular for cold and flu symptoms.
In recent years, there has been a shift in the way Malaysian consumers view domestic brands. Whereas in the past, local players were seen as second-best to their international counterparts, that perception has changed significantly in recent years. This shift can be attributed to a number of factors, including global supply chain issues and the rise of small local players
The Rise of Small Local Players
One of the main reasons why Brands selling to Malaysian consumers are favoring domestic brands is because of the rise of small local players. In the past, most local businesses were unable to compete with the deep pockets and marketing prowess of multinational corporations. However, that has changed in recent years, thanks in part to the growth of social media and other digital channels
Small businesses are now able to reach a wider audience at a fraction of the cost of traditional marketing channels. This has leveled the playing field somewhat and allowed local businesses to compete on a more even footing with their international counterparts. As a result, Malaysian consumers are now more likely to consider domestic brands when making their purchase decisions
Supply Chain Issues
Another factor that has contributed to the shift in favor of domestic brands is global supply chain issues. In recent years, there have been a number of high-profile disruptions to global supply chains, most notably the US-China trade war and the COVID-19 pandemic. These disruptions have made it difficult for foreign companies to maintain a steady supply of goods, which has led many Malaysians to look for alternatives from local businesses that are less reliant on overseas suppliers
The trend towards favoring domestic brands is likely to continue in the future, especially if there are any more disruptions to global supply chains. This presents an opportunity for small businesses to capitalize on this trend and gain market share from their international rivals.
Retailing Developments
There are a number of reasons why we are seeing a shift towards e-commerce in the consumer health market. One reason is that there is an increasing number of health-related products available online. In the past, many health and wellness products could only be purchased in brick-and-mortar stores. However, with the advent of e-commerce, more and more retailers are making these products available online. This increase in availability has made it easier for consumers to find the products they need without having to leave their homes
Another reason for the growth of e-commerce in this market is convenience. Home delivery is becoming increasingly popular as people lead busier lives and have less time to visit physical stores. Online retailers are able to capitalize on this by offering home delivery services for their health and wellness products. This convenience factor is one that is expected to continue to drive growth in this market
Finally, another major reason for the shift towards e-commerce is competitiveness. Online retailers are able to offer lower prices for their health and wellness products due to their lower overhead costs. This price difference is significant enough that it is motivating more and more consumers to purchase their products online instead of in physical stores.
USANA Vitamin C, Amway Malaysia Catalogue & Welling Pharmacy have Been Digitized
Usana Vitamin C, Amway Malaysia Catalogue and Welling Pharmacy have all implemented extensive digitization plans which have enabled customers to purchase online. Usana’s vitamin C products are now available for purchase through their website, and Amway’s Malaysia catalogue can be browsed and ordered through the company’s app. Welling Pharmacy has also developed an online ordering system for their products. This allows customers to order prescription drugs as well as over-the-counter medications and other health and beauty products from the comfort of their own homes. The digitization of these businesses has not only made life easier for customers, but it has also resulted in increased sales for the companies. Usana, Amway and Welling are all leaders in their respective industries, and their success in digitization is likely to inspire other businesses to follow suit.
How Leading Retailers Are Constructing Websites And Websites To Cater To The Demand
In order to cater to this growing demand, leading retailers are constructing websites and webstores that are designed specifically for selling health and wellness products. These websites and webstores typically offer a wide selection of products, competitive prices, home delivery services, and easy payment options. Additionally, many of these sites also offer features like customer reviews and ratings so that shoppers can make informed decisions about their purchases
Some leading retail sites that offer health and wellness products include Welling Pharmacy, Big Pharmacy, Multicare, Caring and Watsons. These retailers have all seen significant growth in their online sales in recent years as more and more consumers turn to e-commerce for their shopping needs
Rising Health-Conscious Consumers Driving Growth in Consumer Health
As consumers learn more about self-care and health, the number of products available is likely to increase. Companies are expected to introduce new products that provide targeted relief for specific areas like the neck, knees or back. These products are likely to appeal to consumers who want a more effective solution. In the market for vitamins and dietary supplements, we are likely to see more sophisticated segmentation as companies attempt to set themselves apart in a competitive landscape. As an example, products marketed specifically towards men’s health, such as VitaHealt or those that improve women’s health like Kordel’s Vitex, will become more popular and deliver growth.
Supplements are expected to play a big role in the Malaysian consumer health market in the coming years. More and more people are becoming aware of the benefits that supplements can offer, thanks to an influx of new products on the market. Some popular examples include Ensure Gold Plant-Based and NFA. Not only do these products help consumers lose weight or get in shape, but they also provide a complete and nutritious option for the elderly.
An increasing number of consumer health companies are partnering with Buy Now Pay Later (BNPL) providers, making affordable consumer health products more accessible. For example, Atome has partnered with Watson’s and Amway Malaysia to allow consumers to purchase consumer health products and then pay for them in three installments. Over the next few years, we anticipate more deals between retailers and BNPL providers as people and businesses look for ways to manage inflation and other economic problems.
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