Singaporeans have an abundance of options when it comes to health supplements singapore online, but they can be broadly divided into the following categories:
- Traditional/Herbal Supplements
- Standard Additions
According to Euromonitor, standard supplements held a market share of 59% in 2019 while herbal/traditional supplements held 41% of the market. The industry for vitamins and dietary supplements is expected to increase from SGD 581.3 million in 2019 to SGD 737.3 million in 2024, according to Euromonitor, but keep in mind that these projections may change in light of the COVID-19 outbreak.
The belief among Singaporeans that Traditional Chinese Medicine (TCM) can serve as a complement to the medical system accounts for the nearly equal distribution of product shares. Additionally, from 2017 to 2021, Singapore’s Health Ministry will invest an additional SGD 5 million to advance and support TCM research.
The vitamin and dietary supplement market in Singapore is similarly highly fragmented to that in Malaysia, with the top companies only accounting for slightly more than 9% of the market in 2019 and their rivals closely behind. This means that you have a chance to enter Singapore’s market and take a piece of the action, but it’s also important to understand your rivals. The top businesses in Singapore selling health supplements, according to Euromonitor, are:
- Nu Skin
- Amway Corp
- Bayer AG
Let’s get into the insights to be gained from Singapore’s eCommerce health supplement market now that the introduction has been made.
Internet shopping is becoming more popular as a sales channel
Between 2014 and 2019, physical health and beauty specialty stores lost market share to online retailers. The value share of health and beauty specialty stores fell from 59 percent in 2014 to 56.4% in 2019. Conversely, eCommerce increased from 2.9% in 2014 to 5.3% in 2019. 15
What Else Affects Singaporeans’ Decisions to Buy Health Supplements?
In their study from 201619, PwC discovered that 57% of Singaporeans frequently consult online reviews before making a purchase. As a result, it’s critical to make use of your social media channels and encourage your users to review your goods.
You might also decide to promote your product using social media influencers in the health and beauty industries. 76% of online users who follow influencersconsider an endorsement from a health and beauty influencer to be important.
Singaporean online shoppers also have a reputation for being the most vocal about their experiences. They are 2 times more likely than their Indonesian counterparts to recommend your online store if your eCommerce experience exceeds their expectations, but when things go wrong, they complain the most in comparison to other Southeast Asian customers.