Malaysia Herbal Supplements Market Report 2023 to 2030

Malaysia Herbal Supplements Market Report

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Short Description The Malaysia Herbal Supplements Market was valued at $8.46 Mn in 2023 and is predicted to grow at a CAGR of 6.4% from 2023 to 2030, to $13.06 Mn by 2030. The key drivers of this industry include disease burden, health consciousness, and government initiatives. The industry is primarily dominated by players such as Himalaya Wellness, Herbalife Nutrition, Dabur, and Patanjali Ayurved among others.

ID: IN10MYON001 CATEGORY: OTC & Nutraceuticals GEOGRAPHY: Malaysia AUTHOR: Aashwi Mehta

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Malaysia Herbal Supplements Market Executive Summary

The Malaysia Herbal Supplements Market was valued at $8.46 Mn in 2023 and is predicted to grow at a CAGR of 6.4% from 2023 to 2030, to $13.06 Mn by 2030.

Herbal supplements, also known as botanicals, are dietary supplements that contain one or more herbs. These products, which include herbal, botanical, or phytomedicines, are derived from plants or botanicals to promote health or treat illnesses. Herbal supplements are intended specifically for internal use and are commonly available in solid forms such as capsules, pills, tablets, and lozenges, but can also be found in liquid or powder forms. Some popular herbal supplements include Echinacea, Garlic, Ginkgo, Ginseng, St. John's Wort, Saw Palmetto, and Valerian.

A study conducted in Malaysia among community-dwelling elderly revealed that 45.8% of participants were using herbal and dietary supplements. Factors linked to increased usage included reporting good to excellent perceived health, recent illness within the past month, and having a lower body mass index. Women and older adults aged over 50 majorly use herbal supplements. The market is driven by significant factors like disease burden, health consciousness, and supportive government initiatives. However, regulatory challenges, lack of standardization, and competition from conventional medicines restrict the growth and potential of the market.

Prominent players in this field include Himalaya Wellness, Herbalife Nutrition, Dabur, and Patanjali Ayurved among others.

Malaysia Herbal Supplements Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Disease Burden: Noncommunicable diseases (NCDs) make up around 72% of Malaysia's total disease burden. This high prevalence of NCDs drives demand for herbal supplements as people seek natural and complementary therapies to manage and prevent these chronic health conditions.

Health Consciousness: The rising health consciousness among Malaysians is driving demand for natural, plant-based remedies to manage their health issues, thereby boosting the herbal supplement market in Malaysia.

Supportive Government Initiatives: To drive R&D in the local herbal industry, Malaysia has implemented various policies and strategies, such as the Industrial Master Plans, Agricultural Policies, National Agro-Food Policy, Science and Technology Policy, Biodiversity Policy, Traditional Medicine and Complementary Policy, and National Key Economic Areas (NKEA). These initiatives support the herbal supplement market by fostering growth and innovation.

Market Restraints

Regulatory Challenges: Regulations for herbal supplements in Malaysia require manufacturers to secure approvals and registrations before selling their products. This regulatory burden can delay the launch of new products, acting as a restraint on the market.

Lack of Standardization: The lack of standardization in the quality and composition of herbal supplements leads to inconsistencies in their efficacy and safety, making it challenging for consumers to trust these products. This issue acts as a significant restraint on the market.

Competition from Conventional Medicine: Many Malaysians continue to favor conventional medicines over herbal supplements, particularly for severe health conditions. This preference poses a market restraint for the herbal supplement industry in Malaysia, as it limits the potential customer base.

Regulatory Landscape and Reimbursement Scenario

The National Pharmaceutical Regulatory Agency (NPRA) of the Ministry of Health is the authoritative body responsible for regulating herbal supplements in Malaysia. These supplements must adhere to the regulations specified in the Drug Registration Guidance Document (DRGD), particularly Appendix 6, which provides guidelines for registering health supplements. This includes requirements for active ingredients, maximum permissible levels of vitamins and minerals, labeling, and other technical specifications. Traditional medicines, including herbal products, are not included in Malaysia's universal healthcare system, requiring patients to pay out-of-pocket for these items. Additionally, most health insurance plans in Malaysia do not reimburse costs for herbal supplements or traditional medicines, with coverage generally limited to treatments provided by medical doctors and hospitals.

Competitive Landscape

Key Players

Here are some of the major key players in the Malaysia Herbal Supplement Market:

Himalaya Wellness
Herbalife Nutrition
Dabur
Patanjali Ayurved
Amway
Medika Natura
Nova Laboratories
Bioalpha
Natural Wellness Biotech
Biotropics Malaysia

1. Executive Summary
1.1 Product Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Government Regulation in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel and Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation

6. Methodology and Scope

Malaysia Herbal Supplements Market Segmentation

By Product Form

Tablet
Capsule
Powder
Others

By Application

Immunity
General Wellness
Specific Health Condition

By Distribution Channel

Pharmacies
Supermarket/Hypermarket
Online
Specialty Stores

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.