Health supplement sales here booming - $160m and rising
Lim Wei Chean
Mon, Jul 23, 2007
The Straits Times
ACCOUNTANT Suhaimi Salleh pops 10 pills every day. He takes calcium for healthy bones, multivitamins to ward off illnesses, and habatus sauda, a traditional herb, to promote general health.
The 52-year-old spends $80 a month on these health supplements, but considers it money well spent.
'Our lives now are very busy and stressful, so I take these to add value to my body. Things like anti-oxidants help bolster my immune system so I don't get sick,' he said.
Mr Suhaimi is one of the many consumers fuelling the growth of the vitamin and health supplement industry in Singapore.
Research house Euromonitor International's report on these health supplements released last November reveals that Singaporeans spent $160.1 million on vitamins and dietary supplements in 2005, a 4 per cent increase from 2004.
The greatest growth was for glucosamine, used to rebuild joint cartilage and treat arthritis. Sales of this product increased 25 per cent in 2005.
Retailers told The Straits Times that they are also seeing double-digit growth in the sale of such products as consumers become more health conscious.
Consumers can now get their supplies from a wide variety of retailers.
The list includes pharmacies such as Unity and Guardian Health and Beauty, standalone retailers such as GNC, and network marketing companies such as Amway and Herbalife.
Even department stores like Robinsons and supermarkets like Cold Storage now stock such food supplements.
Unity reported sales increases of up to 40 per cent for supplements in 2005 compared to 2004.
Amway Singapore's turnover for last year was $45 million, of which about 40 per cent involved the sale of health supplements.
'Asia is going to be a great market down the road as it comes to grips with some nutritional issues,' said Mr Michael Johnson, chief executive of Herbalife.
Herbalife is a global network marketing company selling and distributing weight management and nutrition products.
Last weekend, 16,000 of its Asia-Pacific retailers and distributors gathered at the Singapore Expo for the company's annual corporate meeting to discuss sales strategies and learn about new products.
Although Singapore represented a small market for Herbalife, whose core business is the Americas, Mr Johnson noted that it is a sophisticated and well-educated one.
However, Raffles Hospital dietitian Nehal Kamdar warned that while nutritional supplements are necessary for those whose daily diet lacks certain essential vitamins and minerals, consumers must be careful in their purchases and consumption.
'Many unscrupulous marketers have used the opportunity to over-claim the benefits of health supplements, leading to misuse. Misuse of health supplements can increase the risk of overdose and drug-supplement interactions,' she said.