In recent years, the health supplement industry has exploded in popularity in Malaysia and across the world. As more individuals become interested in taking care of their health, the demand for supplements continues to grow. Trending health products include vitamins, minerals, dietary, and herbal supplements (botanicals). These products can be bought without a prescription and usually come in a pill, powder, or liquid form.
If you're an e-commerce business owner looking to capitalise on this trend, there are several ways to do so. Read on to find out some of the best ways to take advantage of the sizable nutritional supplement market and boost your sales in this industry.
Rise of the health supplements
It’s no secret that the health supplement industry is booming, and there’s no signs of it slowing down.
In 2020, the global health supplements market size was worth US$61.2 billion, reports Fortune Business Insights.. It is projected to grow from US$71.81 billion in 2021 to US$128.64 billion in 2028 at a growth rate of 8.68%. According to leading online news source for the nutrition industry, NutraIngredients, tThe most popular and top-selling vitamins and supplements in the Asia Pacific region include:
Nicotinamide Mononucleotide (NMN), also known as the “longevity pill”
Halal-certified supplements
Vitamin D
Red ginseng
Probiotics
The growth of the nutritional supplements market can be attributed to a number of factors. These include the increasing spread of COVID-19, growing awareness of the importance of good nutrition, and advances in supplement technology.
1. Increasing spread of COVID-19
With the increasing spread of COVID-19, many consumers are turning to health supplements to improve their health and protect themselves from the disease. Despite insufficient data showing that these products can prevent or treat COVID-19, as shared by the National Institutes of Health Office of Dietary Supplements, they are still taken by consumers. They enjoy a peace of mind knowing that these products can boost their immune systems and enhance their health.
2. Greater awareness of the importance of good nutrition
More individuals are realising that the food we put into our bodies has a direct impact on our overall health and well-being. This is why many turn to health supplements to get the nutrients they need. Getting adequate nutrition has been linked with lower risks of developing chronic diseases, better mental health, and overall improved well-being.
3. Advances in supplement technology
Due to technological progress, consumers now have access to health supplements that are more effective than ever before. For example, traditional supplements are combined with other types of more innovative developments. With technological advances such as micro and nano encapsulations, there is a reduction of the number of capsules or tablets needed to be taken each time for consumers, notes biotechnology company Natac.
How e-commerce businesses can tap into this global market
This growing industry is offering plenty of potential for e-commerce businesses in Malaysia. If you're a business owner, this presents a great opportunity to capitalise on the global health supplement trend and introduce new products or services that cater to this market.
1. Offer and market high-quality health supplements backed by scientific research
The industry is constantly plagued by counterfeit supplements, which are manufactured using low-cost ingredients not tested or approved by regulatory authorities. By only offering and marketing high-quality health supplements backed by scientific research, businesses create a strong foundation of trust that can help to sell more products.
2. Collaborate with other fitness businesses
Fitness businesses such as studios are a great place to market supplements because they can help to provide credibility for your products. Moreover, these fitness businesses already have a following of people from around the world who are interested in health and wellness. By collaborating with them, e-commerce businesses can reach a whole new group of potential customers and build greater brand awareness that could lead to future sales opportunities.
3. Expand into growing markets:
Selling health products such as vitamins and dietary supplements is a big business. E-commerce businesses can benefit by identifying and expanding into growing markets for greater success. These include North America, Germany, Poland, and Italy.
As a business owner, it’s important to be aware of trends in the marketplace so you can capitalise on them. The health supplements industry is seeing significant growth and there are many ways to tap into this trend. Whether you’re selling products online or in-store, adding supplements to your inventory could be a great way to boost sales and grow your business.
