Singapore Herbal Supplements Market Report 2023 to 2030

Singapore Herbal Supplements Market Report

$ 3999

The Singapore Herbal Supplements Market was valued at $6.31 Mn in 2023 and is predicted to grow at a CAGR of 6.8% from 2023 to 2030, to $10 Mn by 2030. The key drivers of this industry include an aging population, increasing health awareness, and the prevalence of lifestyle diseases. The industry is primarily dominated by players such as Himalaya Wellness, Herbalife, Amway, and NOW Foods among others.

ID: IN10SGON001 CATEGORY: OTC & Nutraceuticals GEOGRAPHY: Singapore AUTHOR: Aashwi Mehta

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Singapore Herbal Supplements Market Executive Summary

The Singapore Herbal Supplements Market was valued at $6.31 Mn in 2023 and is predicted to grow at a CAGR of 6.8% from 2023 to 2030, to $10 Mn by 2030.

Herbal supplements are plant-based products used to treat diseases or maintain health. These supplements, which include herbal, botanical, or phytomedicines, are derived from plants or composed of one or more herbs. They are intended for internal use and are commonly found in solid forms such as capsules, pills, tablets, and lozenges, as well as in liquid or powder forms. However, herbal supplements can interact with prescription medications and may cause side effects like allergic reactions, nausea, and headaches. Popular herbal supplements include turmeric, ashwagandha, ginseng, echinacea, and valerian root.

According to Bloomberg research, there is a rising trend among Singaporeans towards choosing herbal and traditional dietary supplements containing natural and organic ingredients, driven by a heightened awareness of health and wellness. More than a third of Singaporeans aged 65 and above, who are vulnerable to malnutrition, experience low muscle mass, increasing their susceptibility to injuries and falls. The market is driven by significant factors like an aging population, increasing health awareness, and the prevalence of lifestyle diseases. However, consumer perception, competition from pharmaceuticals, and cost considerations restrict the growth and potential of the market.

Prominent players in this field include Himalaya Wellness, Herbalife, Amway, and NOW Foods among others.

Singapore Herbal Supplements Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Aging Population: As Singapore approaches 2030, nearly one-quarter will be aged 65 and above. This demographic shift serves as a market driver for the herbal supplement market in Singapore due to increased demand among older adults for supplements that support health and wellness, addressing age-related concerns such as joint health, cognitive function, and overall vitality.

Increasing Health Awareness: Increasing awareness of health and wellness among Singaporeans is fueling demand for natural and organic products, including herbal supplements. This trend acts as a market driver by encouraging consumers to seek out supplements perceived as safer and more aligned with their health-conscious lifestyles.

Prevalence of Lifestyle Diseases: The increase in lifestyle-related diseases like diabetes, hypertension, and obesity in Singapore has spurred a higher demand for herbal supplements. Consumers are increasingly turning to natural alternatives to manage these conditions, driving growth in the herbal supplement market.

Market Restraints

Consumer Perception: Consumer skepticism regarding the effectiveness and safety of herbal supplements relative to conventional medicines can restrain market growth in Singapore by influencing consumer reluctance to adopt these products.

Competition from Pharmaceuticals: The dominance of established pharmaceutical treatments and medications for health conditions may suppress market share for herbal supplements in Singapore.

Cost Considerations: The higher price of herbal supplements compared to generic pharmaceutical options may dissuade price-sensitive consumers from purchasing them, thereby acting as a restraint on the herbal supplement market in Singapore.

Regulatory Landscape and Reimbursement Scenario

In Singapore, herbal supplements and traditional medicines (TM) are regulated by the Health Sciences Authority (HSA), a division of the Ministry of Health. Dealers, including importers, manufacturers, wholesale dealers, and sellers, are accountable for ensuring that their products meet HSA's specified safety and quality standards. Despite regulation by HSA, herbal supplements and TM are generally not covered by either public or private health insurance reimbursement schemes in Singapore. The HSA oversees the regulation of health claims and substantiation requirements for these products, which are classified separately from prescription drugs and do not qualify for reimbursement.

Competitive Landscape

Key Players

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

Himalaya Wellness
Herbalife
Amway
NOW Foods
Botanic Supplements
Dabur
Patanjali
Forever Living
Nature’s Farm
Blackmores

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

Singapore 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

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How Do We Get It?

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

1. Secondary Research

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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.

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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

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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.
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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.