Market Trends of ASEAN Lifestyle-Related Disease Supplements Industry
This section covers the major market trends shaping the Lifestyle Related Disease Supplements Market according to our research experts:
Increasing Demand for Preventive Health Care Products
The changing human lifestyle and its related impact on the body's dietary metabolism have impacted a lot over the period, resulting in an escalating rate of diseases, especially heart disease, stroke, diabetes, obesity, among others. Growing emphasis and awareness on the need to stay healthy and fit are the key drivers contributing to the growth of the market studied. These diseases are linked by the four most common preventable risk factors related to lifestyle, namely tobacco use, unhealthy diet, lack of physical activity, and alcohol use. Moreover, the growing working population and hectic lifestyle have made an adverse effect on boosting lifestyle-related diseases. Furthermore, the International Diabetes Federation reported that the mean overall diabetes-related expenditure per person with diabetes, in Southeast Asian countries increased, indicating a growing financial burden. Thus, the rising healthcare costs and benefits of preventive healthcare solutions have encouraged consumers to take their health into their own hands, equipping themselves with health information and taking well-informed purchasing decisions on lifestyle-related disease supplements.
Increasing Undernutrition and Geriatric Population is Propelling the Market Growth
The cumulative effect of undernutrition and the ascending aging population rate is acting as the largest target segments for lifestyle-related disease manufacturers across ASEAN countries. Singapore is currently one of the most rapidly aging societies in Asia, along with Japan. For instance, according to the Singapore Department of Statistics in 2020, consumers aged 65 years and above made up 15.2% of the total population in Singapore. Furthermore, the consumers are aware of their bone health while aging and try to support it by substantial bone and joint health supplements available in the market. Thereby, manufacturers are investing heavily in R&D to enhance their product portfolios and brand positioning through product differentiation. The increasing rate of the geriatric population and the prevalence of undernutrition among various demographic would offer a large opportunity for companies focused on developing products targeting health conditions.
