Food Supplement Industry in Thailand
19 June 2020
In recent years, consumers worldwide have become increasingly interested in healthcare and fitness. They seek information about preventive healthcare measures including a healthy diet and exercise regimen, which not only help defend against diseases but also avoid rising medical expenses. Such interests have led to a growth in food supplement product sales worldwide, resulting in promising growth opportunities for the Thai food supplement product industry.
Sales of food supplements in Thailand have grown steadily, with customers consisting not only of the elderly but also younger individuals. Thai food supplement manufacturers or distributors now offer a variety of products marketed with different selling points, including beauty products, health and medical supplements, and performance enhancing supplements. While such product variety has driven the industry’s growth, recent media coverage on the danger and death associated with consumption of substandard food supplements or exaggerated benefits of food supplements have posed a threat to the industry’s growth. Ensuring product safety is thus vital to helping food supplement manufacturers and distributors build consumers’ trust. Therefore, there are both business opportunities and challenges encountered by Thai food supplement manufactures and distributors.
In 2017, the food supplement market in Thailand had a market value of over 738 billion baht, with an average growth of 8-10 percent per year. Food supplements can be divided into three main types based on their benefits: beauty supplements (e.g. collagen, evening primrose oil, grape seed extract), dietary and medical supplements (e.g. vitamins, mineral capsules, brain performance supplements, milk products for patients or the elderly), and performance enhancing supplements (e.g., concentrated whey protein powder). Among these, dietary and medical supplements account for 80% of the total market. Based on the past market data and current consumers interested in healthcare and fitness, it is expected that the total food supplement market in Thailand will grow at around 8-10 percent per year in the next 3 years.
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