Singapore

Singapore’s nutraceutical market: sophisticated and aging population

Located in South East Asia, the Republic of Singapore is an island country located south of Malaysia, with a population of 5.6 million people. In 1819 Sir Stamford Raffles founded Singapore as a trading hub of the British East India Company. It became a sovereign nation in 1965.

Singapore is a global commerce, finance, and transport hub. In 2016 the GDP grew 2%.

There are four official languages: English (spoken by most of the people), Malay, Mandarin, and Tamil; almost all Singaporeans are bilingual.(1)

Singapore food supplement market grew 4% in 2016 to reach 574 million $. One of the most sold products is Vitamin C, to boost the immune system.

Essence of chicken is the most popular tonic drink in Singapore to enhance cognitive performance and fight mental fatigue.

The idea of beauty from within has become more widespread in Singapore in recent years, and increase spending power, coupled with targeted marketing strategies, has resulted in higher spending on products that are believed to help improve physical appearance. Products such as collagen drinks and oral sunblock, are also fast gaining popularity among consumers.

Singapore’s aging population will continue to fuel supplements innovation, especially around products targeting specific age-related health concerns, such as eye health (macular degeneration, dry eyes), bone health (osteoarthritis, osteoporosis), cardiovascular health (hypertension, hyperlipidemia) and digestive health (constipation). (2)

Monteloeder has a regional office in Malaysia to be closer to the customers of this area, like Vietnam. We believe that being close to the customers we can understand better their needs and therefore serve them better.

Ignacio Cartagena

Vice President, Sales

(1) Wikipedia

(2) NutraingredientsAsia.com