Opportunity for Vitamin and Mineral Growth in Taiwan

 

Taiwanese consumers are familiar with the concept of addressing bodily deficiencies through the use of supplements, which historically involved traditional herbs or medicine. However, the heightened awareness and health concerns have led to an increase in the consumption of modern health supplements, particularly natural ones. The primary categories of consumer health in Taiwan are vitamins and dietary supplements, herbal/traditional products, weight management, and over-the-counter (OTC) products. Eye health supplements have seen significant growth due to concerns associated with prolonged use of electronic devices, with an eight per cent increase in 2016. With limited time, consumers have turned to OTC products for common ailments like colds and digestive problems, and the local government encourages this self-medication to reduce the burden on the National Health Insurance scheme. As a result, the OTC product category is predicted to experience continued growth. Taiwan reached A$2.8 billion, a four per cent growth compared to 2021(Source: Euromonitor International- Consumer Health in Taiwan, October 2022).