Singapore

Singapore

Population: 5.68 million people.
Opportunity for Vitamin and Mineral Growth in Singapore

Singapore’s health supplement business has expanded rapidly since 2015 and is expected to reach $55.26 million by 2021. The market will rise 2.7% annually. 2021-26) Vitamins and dietary supplements are expected to dominate the nutraceutical business, with the biggest market share. Dietary supplement sales are expected to reach S$507 million by 2025. Middle-aged or older Singaporeans are moderately educated and learn about items through word-of-mouth, newspapers, and TV commercials. Singapore’s ageing population may affect the industry by boosting demand for healthy food and sustainable products. Younger millennial Singaporeans are well-educated and check reviews before buying. These tech-savvy consumers use Facebook, Instagram, and Telegram to learn about products.

People’s Points of View

According to a survey by Rakuten Insight on dietary supplements conducted in March 2022, 53 percent of the respondents stated that they took dietary supplements and 78 percent of the respondents who consumed dietary supplements or nutraceuticals stated that they took them to improve and strengthen their immune systems.

Retail Industry Sales in the Singapore

53 percent of the respondents who took dietary supplements or nutraceuticals stated that they purchased such products from pharmacies.

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Capture the Opportunity

These markets are complex to enter, and many have failed. Our established network of team members and partners covers all aspects from initial market analysis, regulatory registration, logistics, marketing, and sales. All based on a proven process. Supplement sales in Asia are still very retail driven, and most brands that focuses online miss out on a large part of the sales opportunity.

“Look after your best customers and they
will look after you.