APAC Supplement Market Sees Growth Amidst Divergent Q4 2024 Performance

Singapore, Singapore — 28 March 2025

The Asia-Pacific (APAC) supplement market demonstrated mixed financial performance in Fiscal Year 2024, with major brands navigating intense competition and shifting consumer demands. H&H Group, parent company of Swisse, reported a 4.9% increase in supplement sales for FY24, demonstrating resilience within this category even as overall group revenues declined by 6.3% from RMB14bn to RMB13.1bn. This growth was notably offset by underperformance in paediatric nutrition and infant milk formula sectors within the group’s portfolio. This selective growth underscores the importance of diversified portfolios and strategic category focus amidst broader market challenges.

Conversely, China's dietary supplement giant BYHEALTH reported substantial sales drops across all its key brands, including its eponymous and Keylid lines, with declines of approximately 30% in FY24. The company attributes this significant downturn primarily to intensified competition from both international and domestic market entrants. BYHEALTH's response includes plans to launch its first OTC product and expand into infant nutrition in Southeast Asia by 2025, signalling a strategic pivot to regain market share and explore new revenue streams.

Haleon's APAC performance was bolstered by a successful localisation strategy, particularly in China. Its bone and joint health brand, Caltrate, achieved 'double-digit' sales growth, while the multivitamin brand Centrum secured 'high-single' digit growth in FY24, primarily driven by the Chinese market. This success is directly linked to tailored product development and marketing efforts aligned with local consumer preferences and healthcare needs, with a stated focus on healthy ageing within China.

In related developments, Danone and Nestlé have demonstrated strong performances in the infant formula sector within China and India. Danone reported continuous market share gains in China and India, with super-premium segments growing twice as fast as the market in India for FY24, driven by brands like Aptamil. Nestlé attributed the recovery of its Chinese infant formula business to science-based innovation, specifically leveraging Human Milk Oligosaccharides (HMOs) like its Sinergity blend, featured in new ranges such as Nestlé NAN in Hong Kong. Kirin’s health science business saw Blackmores contribute JPY6bn (US$39.39m) in normalised operating profit in FY24, with revenue surging 116.1% to JPY69.1bn (US$453.66m), establishing it as the primary profit driver for the conglomerate.

What this means for Singapore

Singaporean manufacturers and brand owners must recognise the increasing market segmentation and competitive pressure evident in APAC. Localisation strategies, as demonstrated by Haleon's success, are critical for gaining market traction and can unlock considerable growth, especially in the healthy ageing category which the Economic Development Board (EDB) is actively promoting through collaboration. Brands should evaluate their product portfolios for resilience; categories like adult supplements are strong, but paediatric nutrition faces headwinds. The 30% sales depreciation seen by BYHEALTH serves as a warning against failing to adapt to evolving competitive dynamics, urging firms to innovate their product range, potentially with OTC lines or targeted regional expansion to Southeast Asia or India's high-growth premium sectors. The EDB's call for collaboration in longevity science provides a clear pathway for investment and R&D alignment.

Brand owners increasingly rely on contract-manufacturing partners such as Supplement Factory to navigate these requirements.