China Nutritional Supplement Market Overview
The launch of new, advanced, and cost-effective nutritional supplements products into the market in the recent years along with the upsurge in the number of working women populations across Asia Pacific and the rising disposable income of China are some of the factors believed to benefit the expansion of the China nutritional supplements market. Additionally, growing demand for natural, gluten-free nutraceuticals observed in the recent years on the back of increasing awareness for the side effects of consuming chemical-based skin, eye or healthcare pharmaceutical products, along with the growing research and development in the field of dietary supplements and increasing investments by in-house giant players in the nutraceutical market are some of the additional factors contributing towards the growth of the China nutritional supplements market. Further, The China nutritional supplements market is slated to grow at a highest CAGR of 14.45% over the forecast period 2020-2027. This demand is primarily due to the recent advancements in the awareness of preventive health measures of individuals. Additionally, the China nutritional supplements market accounted for USD 27.6 billion in the year 2018 and is predicted to reach USD 87.7 billion by the end of 2027.
Market Segmentation Synopsis
By Distribution Channel
The China nutritional supplements market is segmented on the basis of distribution channel into online and offline. The online segment is anticipated to register a healthy market share during the forecast period on the back of increasing number of individuals who are using the internet in the region. According to the statistics by the World Bank, the total number of individuals using the internet (% of population) is anticipated to grow from 50.30%
in the year 2015 to 54.30% in the year 2017. Moreover, online distribution channel has several advantages over offline distribution channels. They provide easy accessibility to consumers which helps in raising the demand of nutritional supplement products through online distribution portals. Additionally, the online platforms also allow consumers to find specially tailored products along with necessary information about the product which includes ingredients, dosage, side effects and several others, which helps to build the trust of new customers.
On the other hand, offline distribution channels are further sub-segmented into supermarket or hypermarket, pharmacies and others. Consumers prefer to buy products from supermarkets as it is a traditional way of buying. Pharmacies also contribute to a major share of consumer purchases as the consumer accesses directly to the salesperson for any product information related queries.
Market Drivers and Challenges
Growth Indicators
According to the statistics by the World Health Organization (WHO), 17.9 million people were estimated to die from CVSs in the year 2016. This represented around 31% of all global deaths. Moreover, out of these deaths, 85% were estimated to be due to heart attack and stroke along with unhealthy diet.
Nutritional supplements are known to provide several health benefits. Owing to the growing concern for health diseases, it is very much necessary to consume a healthy diet. The demand for nutritional supplements in the recent era has significantly increased on the back of growing disposable income of individuals, along with the fact that nutritional supplements provide relief from numerous chronic diseases and ailments to its consumers. Additionally, these products are also gaining attraction of food and beverage companies as they provide huge opportunities to the companies to earn relatively high profit margins. Further, factors such as increasing aging population, presence of a large population in China, growing number of chronic diseases amongst individuals and the concern to cure those diseases by the intake of healthy diet are some of the factors anticipated to drive the growth of the China nutritional supplements market.
Barriers
Increasing regulations and complicated testing regimes on nutritional supplements along with the presence of counterfeit products are considered to have a negative impact on the growth of the China nutritional supplements market.
Top Featured Competitive Landscape
Some of the affluent industry leaders in the China nutritional supplements market are Swisse Wellness, Nestle Health Science, Bayer AG, Yakult Honsha Co., Ltd., DSM, Pfizer Inc. and Danone S.A.
