Beware of online goods: Consumers are advised against buying supplements sold cheaply online, saying they could be fake. — FAIHAN GHANI/The Star
PETALING JAYA: Malaysia’s multibillion-ringgit dietary supplements market is not seeing any waning demand, despite increasing prices and another hike expected next year.
Malaysian Dietary Supplement Association (Madsa) president Datuk Dr M. Rajen said prices have been on the upward trend due to several factors such as an increase in overall cost and the currency exchange rate.
“And there is a tax on incoming supplements. We think this is not right as there is no tax on imported pharmaceuticals,” he said.
He anticipates a price increase of between 3% and 8% next year, after factoring in the Sales and Service Tax (SST).
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Dr Rajen, a holistic health expert, said raw ingredients were usually sourced from the United States, Europe, China, India, Japan and South Korea, with completed supplements also imported from Australia, New Zealand and the United States.
A Malaysian Community Pharmacy Guild (MCPG) spokesman said the cost of materials was rising due to high demand and a shortage as well as logistics issues.
She said fish oil and vitamin C were some of the supplements that were expected to see a price hike, but added that the appreciation of the ringgit could cushion or negate the effect.
She advised consumers against buying supplements sold cheaply online, saying they could be fake.
The spokesman advised consumers to check whether a product was registered to verify if it was genuine.
“Always seek professional advice. Read labels, be a wise consumer, don’t just follow trends because of some viral hot product online,” she added.
A local supplements manufacturer said an annual increase in raw material prices was common, predicting a 3% to 5% increase next year.
“The situation will become worse if the government increases the national minimum wage,” the manufacturer said on condition of anonymity, referring to supplements manufactured locally.In 2023, Malaysia’s vitamins and supplements market was valued at US$1.14bil (RM4.87bil), according to a report published by research firm Euromonitor International.
The same report also stated that the industry was forecast to grow up to US$1.66bil (RM7.08bil) by 2028.
Presently, a 5% SST is imposed on dietary supplements, in addition to a 5% import duty for certain finished products.
Like many Malaysians, a retiree who wanted to be known only as John, confessed to being a “pill-popper”, in reference to the myriad supplements he takes daily.
“I have a cupboard full of them. Vitamin C, B complex, D and multivitamins. I have supplements for magnesium and alpha lipoic acid too,” said the 60-year-old.
He said imported supplements were becoming more expensive and he was thinking about improving his diet and exercising more.
“I asked a friend who went to Europe recently to get me a bottle of multivitamins. But I think for the long-term, I may need to relook into my dietary and exercise needs,” he said.
Photographer K. Ariffin said most of his friends were regular supplement users.
“My boss consumes supplements more than he eats rice!” he quipped.
