The market size of the nutraceuticals industry in Thailand has witnessed an increasing trend in the revenue growth during the period of six years (2011-2016) with growth reported at a CAGR of ~% during the period 2011-2016. Thailand Functional Food Industry, Health and wellness trends in Thailand acted as major driver for the nutraceuticals market in the country. The fact that Thai people have become more beauty conscious and are willing to spend more on health supplements due to desire of looking younger and attractive helped nutraceuticals market players generate high revenue from the segment. Owing to the trend, the market has witnessed an increase in beauty and weight management supplements. Kalow weight loss supplements and B5 dietary supplements are popular products for weight loss in Thailand. Additionally, there is increase in the fitness centers in urban areas which has increased the nutraceuticals demand.
By Dietary Supplements, and Functional Foods and Beverages: Dietary Supplements dominated the nutraceuticals market and grabbed the revenue share of ~% in 2011 and ~% in 2016. Hectic lifestyle of urban Thai consumers coupled with dietary imbalances and insufficient exercises has increased the necessity to use dietary supplements among Thai population. Functional foods and beverages in Thailand have found major importance in form of maintaining weight or chronic diseases such as hypertension or diabetes.
By Distribution Channel: Mass merchandiser attributed ~% share in the distribution of nutraceuticals as strategy of the retailers principally accommodating only best selling products due to the limited selling spaces is followed by them. Thailand Functional Food Industry,In Thailand, the nutritional supplements at pharmacies are very expensive. Other major distribution channels include mass merchandisers, door-to-door sales, pharmacies, and mail orders.
Dietary Supplements Segmentation By Type Of Supplements
Vitamins and minerals dominated the Thailand Nutraceuticals market with revenue share of ~% in 2011 and ~% in 2016. Aging population coupled with low calcium intake in Thai population especially amongst the rural population has resulted in high prevalence of low Vitamin D and low bone mineral density levels in Thai population. As a result of which, the intake of the vitamin and mineral supplements has been high as doctors prescribed these supplements for proper functioning of the body. Moreover, deficiency of Vitamin D in Thai people is a result of the lifestyle and environmental factors. Thai women are at a risk of Vitamin D deficiency due to sun-avoidant behavior which force them to use sunscreen for the desire to stay fair, and inhibits the formation of Vitamin D in the body.
Cerebos is leading Thailand dietary supplements market majorly due to different variety of products it provides with 35 years of experience of the company. The company offers products under two segments for the supplements namely Brain to body wellness (Brands) and Skin and beauty wellness (Innershine and Veta). The trust factor associated with the company and the high demand for above mentioned products for enhancing immunity and for beautification is the major factor responsible for high share of the company. Amway captured second position in the market with its unique strategy of direct selling in Thailand with person-to-person marketing for consumer products. Scotch Industrial offers various supplements in form of Scotch collagen, Bird’s nest, essence of chicken and Puree in its portfolio. Megalifesciences offers wide range of products from bone and joint, diabetes, herbal, heart, digestive, skin and other, which has helped company attain third position in the market. Blackmores captured the fifth position in dietary supplements market in Thailand.
Thailand Nutraceuticals Market Future Outlook & Projections
Thailand Nutraceuticals market is expected to grow at a CAGR of ~% during the forecast period owing to high awareness and health and wellness trend in Thailand. The increased demand of beauty and weight loss supplements and sports nutrition is accentuated to boost the nutraceuticals market. Willingness to spend more on health supplements due to desire of looking younger and attractive coupled with health conscious society is also expected to impact the nutraceuticals market in a positive manner. The reason behind the same could be anticipated in the form of increased promotion of beauty and anti-aging supplements by nutraceuticals companies which will help the dietary supplements segment in a positive manner and would help it to grow during the forecast period. Increase in the nutraceuticals companies coupled with demand for natural and personalized products would impact the nutraceuticals market in a positive manner,Thailand Functional Food Industry.
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Ankur Gupta, Head Marketing & Communications