By 2030, it is anticipated that the Thailand nutrition and supplements market will reach a value of $0.8 Bn from $0.5 Bn in 2022, growing at a CAGR of 6.64% during 2022-2030. The market is primarily dominated by local players such as Bio Rich Group, BBI Healthcare, and Win Health Products. The market for nutrition and supplements in Thailand is primarily driven by an inclination towards natural products and increasing consumer awareness for health and lifestyle. The Thailand nutrition and supplements market in Thailand is segmented by Type, Product, application, and distribution channel.
By 2030, it is anticipated that the Thailand nutrition and supplements market will reach a value of $0.8 Bn from $0.5 Bn in 2022, growing at a CAGR of 6.64% during 2022-30.
In Thailand, 58% of people used dietary supplements as of 2022. 66% of Thai citizens report using dietary supplements to boost and fortify their immune systems. Working with local agents or distributors is highly advised for foreign manufacturers seeking to enter the Thai market. Local agents offer quick access to a developed marketing network and in-depth regulatory knowledge.
To qualify as a nutrition supplement, common supplements must maintain nutrient levels between 15% and 100% of the Thai Recommended Daily Intake (RDI). The World Health Organization (WHO) reported that the total cost of healthcare in Thailand in 2019 was anticipated to be close to 6.2% of the GDP. In Thailand, there are many ways to pay for healthcare, including out-of-pocket expenses, government funding through the Universal Coverage Scheme (UCS), and private insurance.
Market Growth Drivers Analysis
Customers are looking for natural and organic supplements that are free of hazardous chemicals as they grow more concerned about the ingredients in their food. The demand for goods that can support active and sedentary lifestyles, like energy supplements and weight management products, is rising as cities expand and more people move into urban areas.
Market Restraints
In 2019, private insurance and public funding accounted for roughly 20% and 19%, respectively, of all healthcare spending, with out-of-pocket spending continuing to be the largest source of funding. This might discourage some customers from purchasing nutrition and supplement products.
Key Players
The Thai Food and Drug Administration (Thai FDA) of the Ministry of Public Health (MOPH) is responsible for regulating nutrition and supplement products, which provides the government and its officials with the authority to control domestic production, imports, and exports of food products for sale as well as the criteria and penalties for food businesses in Thailand.
All Thai citizens have access to a basic level of healthcare through Thailand's universal healthcare system. Unless a doctor prescribes them for a specific medical condition, nutritional supplements, and vitamins are typically not covered by the Universal Coverage Scheme (UCS) or private insurance. In this situation, the type of product and the person's insurance coverage will determine how much will be reimbursed.
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
The Nutritional Supplements Market is segmented as mentioned below:
By Product (Revenue, USD Billion):
By Consumer Group (Revenue, USD Billion):
By Formulation (Revenue, USD Billion):
By Delivery Channel (Revenue, USD Billion):
Methodology for Database Creation
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2. Primary Research
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Combining Secondary and Primary Research
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