China’s first forum of nutritional supplement quality and industry development was held recently in By-Health’s factory in Zhuhai. Regulators, academic institutions and relevant companies attended this meeting, and discussed the industry development together.
According to statistics, the market value of China’s nutritional supplement industry reached 460 billion yuan in 2018. At the same time, the annual growth rate of China’s nutritional supplement industry is between 10% to 15%.
The market of nutritional supplement in Asia has surpassed that in Europe as the world’s second larget market for nutritional supplement. China has become Asia’s biggest market.
“the sales value of relevant products have reached 22.57 billion yuan in 2018 on Alibaba’s e-commerce platforms, as a result of 44.6% growth rate, and nutritional supplement accounts for 80% of the sales value,” Zhang Zhongpeng, director of the health department of China’s Medicine and Health Food Import and Export Association.
Based on the market size, the nutritional supplement industry in China expects a six-times growth potential in the next few years. “based on the consumption per capita in China, the expenditure per capita by Chinese consumers on health and nutrition have been less than 20 dollar, which is less than one fifth of that in the US and Japan, and a penetration rate of less than 20%,”according to Lin Zhicheng, CEO of By-Health.
According to sales data from various e-commerce platforms, the post 80s and 90s generation have become the major consumption forces of health products. Consuming collagen and other nutrition products have become common lifestyle among Chinese young people. (Source: shuzheng kangxun)