Established in 2018, the eight-staff strong team currently retails 25 supplements with functions ranging from eye, digestion, skin to immunity across Singapore and Malaysia.
Now, the firm has set its sight on its neighbouring countries to tap onto the huge market. Fortune Business Insights reported that the ASEAN dietary supplement market is expected to reach US$10.6bn by 2026.
Countries such as Indonesia, Vietnam and Thailand are potential markets as they have a large working population with hectic lifestyles, with an increasing consumption of dietary supplements to prevent the onset of chronic diseases.
According to a recent review article by Chandani Tripathi et al., about 40% of the ASEAN population consume supplements on a daily basis. This presents a big opportunity for manufacturers to introduce their products into the 600 million consumer market in ASEAN, with the supplement market poised to grow at a CAGR of 8.4%.
The firm’s supplements are formulated in Singapore and manufactured in an FDA registered facility with GMP (Good Manufacturing Practices) certification in the US. Its products are also third-party tested by independent labs.
Banks on e-commerce
Currently, Nano Singapore’s supplements are sold through its e-commerce store, as well as Amazon, Ezbuy, Qoo10, Lazada and Shopee.
Jonathan Lim, head of marketing at Nano Singapore, said its target audience was millennials and Gen Z, with the firm using social media to market the products. “We reached out to a few influencers (bloggers, models) for collaboration and promote our products on Instagram specifically.”
A check on Instagram finds it has more than 8,000 followers, and more than 19,000 likes on its Facebook page.
Asked if there were plans to bring its products into brick-and-mortar stores, Lim said the firm would consider “if we have a distributor partner who is keen to do it offline on our behalf.”
During the early months of the Covid-19 pandemic, Lim said he observed its multi-vitamins, vitamin C, weight management and male performance supplements doing well.
Lim also pointed out that the firm had recorded 78% growth in sales during this period (January to May 2020), compared to the corresponding period last year. “We believe that it is driven by the rising popularity of e-commerce sites (during this time).”
Besides market expansion, Nano Singapore is also pushing out new products, with the latest an apple cider vinegar gummy product scheduled for release in August.
The firm already retails an apple cider vinegar supplement in capsule form, but Lim said there were plans to launch more gummies series in the future.