FOOD SUPPLEMENTS THAILAND
The pharmaceutical market in Thailand has value of more than $4.5 billion. Already the second largest in Southeast Asia (behind Indonesia), the Thai drug market is projected to double by 2020. The branded generic sector is growing very quickly. The number of Thai domestic drug companies has been increasing quickly over the past decade since the introduction of the Universal Coverage Scheme. The government is now funding more R&D, encouraging the local drug industry to move up the value chain. Pharmaceutical exports are valued at over $300 million and are primarily shipped to other Southeast Asian nations like Vietnam, Cambodia and Myanmar. Biotechnology is also promoted by the government, with the recent introduction of biotech parks and big tax incentives.
Thailand’s vitamin and dietary supplements market has high potential due to strong demand, but is highly competitive with abundant local and foreign brands already dominating the marketplace. Thais are among the top consumers of vitamins and dietary supplements in the world. In 2018, the sales value of dietary supplements in Thailand was estimated at $1.7 billion , with a projected annual growth rate of 10-15 percent over the next five years, reaching $3.5 billion in 2023.
Import Food Supplements in Thailand
Southeast Asian countries, such as Vietnam and Thailand, are some of the fastest growing economies in the world. Developing countries typically have a large working population with hectic lifestyles. Therefore, adoption of dietary supplements for preventing the onset of chronic disorders is stated to emerge as one of the leading Southeast Asia Dietary Supplements Market trends during the forecast period. Moreover, these countries have an ageing population whose numbers are increasing at an exemplary speed. For instance, a study conducted by the International Monetary Fund (IMF) found that Thailand’s old-age dependency ratio is likely to increase by more than 50% by 2050, with 22.8% of the population being over the age of 65. Age-related disorders will inevitably raise healthcare costs and thus, to mitigate the effects of ageing, micronutrients-based supplements are gaining popularity in the region, leading the food supplements market trends..
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E-commerce in Thailand is currently experiencing unprecedented growth, more and more consumers are opting to shop online than in stores. The Internet is becoming an inseparable part of society in Thailand, especially with the emergence of new technologies changing the way retail is offered to consumers. To capture market share in Thailand, Southeast Asia’s second largest economy, both local and international companies in retail and service industries are taking steps to understand the nature of digital channels to take advantage of the potential online opportunities.