LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the health supplement market in Malaysia is expected to reach USD 6.07 billion by 2019, growing at a CAGR of more than 11%.
This research report titled ‘Health Supplement Market in Malaysia 2015-2019’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the health supplement market in Malaysia into three major product segments:
- Vitamins and dietary supplements
- Weight management products
- Herbal and traditional products
Vitamins and dietary supplements market in Malaysia
The vitamins and dietary supplements segment led the market in 2014 with over 49% market share. A rise in the aging population and increase in awareness of the benefits of vitamins and other supplements are the major factors that contribute to the growth in consumption of vitamins and dietary supplements in Malaysia. These factors are also driving the healthcare and pharmaceutical markets in the country.
“Amway's NUTRILITE is considered as the market leader in the vitamins and dietary supplements product segment; it had over 15% of market share in 2014. Its established brand name, broad portfolio of vitamins and dietary supplements, and a strong direct selling network help Amway dominate the market in Malaysia,” says Faizan Akhtar, a lead health and wellness research analyst at Technavio.
Weight management products market in Malaysia
The weight management products market in Malaysia was valued at USD 270.7 million in 2014 and is expected to reach USD 505.4 million by 2019. The WHO has ranked Malaysia in sixth position in terms of obesity and diabetes among all the Southeast Asian countries. Studies have revealed that females in most Asian countries consider being slim as an important beauty factor. Thus, weight management products are extremely popular among the female population in Malaysia.
“Vendors offer wide varieties of weight management products such as slimming teas, weight-loss supplements, and meal replacement slimming products through direct selling channels, specialist beauty stores, and pharmacies, “says Faizan.
Herbal and traditional products market in Malaysia
The majority of Malaysians accept the use of herbal and traditional products. More than 1,500 herbs are available in Malaysia, out of which some 50 are used for medicinal purposes. The latest government health plans encourage the use of herbs and herbal ingredients in the manufacture of consumer health supplements. Products such as milk thistle and dandelion, which were traditionally used to cure liver diseases, were launched as new herbal products in the country in 2014. Also, eye health supplements containing bilberry and wolfberry, which are considered good for eye health, were also launched in the country in 2014.
The awareness of the benefits of herbal products has led to their acceptance among Malaysians. Technavio believe the demand for these products will remain strong during the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Amway
- CCM Pharmaceuticals
- Cosway
- Herbalceutical
- Herbalife
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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