The Asian vitamin and supplements market is projected to record single-digit growth this year, according to Blackmores Group, an Australian manufacturer and distributor of vitamins, minerals and nutritional supplements.
Alastair Symington, chief executive of Blackmores Group, said the Asian supplements market comprises around 1.7-2 billion consumers of vitamins and supplements.
"Asia is one of our key markets. The Asian supplements market is expected to grow around 6% this year," he said.
Blackmores aims to expand its global customer base from 600 million to 1 billion by 2030, said Mr Symington.
A key initiative is localising products to meet the specific demand of consumers in each region, he said.
Thailand is a key strategic market for the company, said Mr Symington.
Blackmores is a leader in the dietary supplements market in Southeast Asia, including Thailand, Malaysia and Singapore, he said.
Although the Thai economy is sluggish, Mr Symington said consumers may prioritise spending on essential goods and healthcare products.
To cater to Thai consumers, the company plans to launch smaller packages, which could lead to more frequent purchases, he said.
"We are bullish on the Thai vitamin and supplements market and see opportunities in the coming years," said Mr Symington.
The company is considering expanding its presence in convenience stores and mini-marts across the country, while continuing to develop localised products, he said.
"We aim to enhance our presence in 7-Eleven convenience stores in Thailand," said Priti Halai, country manager of Blackmores Thailand, the local distributor.
She said the company recognises the potential of Thailand's supplements market as health consciousness grows among the younger generation.
Blackmores claims a market share of 20% of the Thai supplements market, aiming to raise it to 23-25% this year, said Ms Priti. The company wants to raise its online sales to 16% of total sales by 2027, up from 8% last year.
