Vietnam Dietary Supplements Market to Grow with a CAGR of 6.58% through 2028
Surge in research and development activities is expected to drive the Vietnam
Dietary Supplements Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Vietnam
Dietary Supplements Market– By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Vietnam Dietary Supplements Market stood at USD325.47
million in 2022 and is anticipated to grow with a CAGR of 6.58% in the forecast
period, 2023-2028. The initiatives taken by government based on dietary
supplements has led to favorable market conditions for the Vietnam Dietary
Supplements Market. Several factors contribute to the growth of various dietary
supplements market products.
The Vietnamese
government has introduced a comprehensive policy to address the issue of
micronutrient deficiency. This policy aims to not only raise awareness but also
encourage the consumption of vitamin and mineral supplements, prioritizing
vulnerable groups such as children and pregnant women.
In addition to
recognizing the cultural significance of traditional dietary supplements, the
government has taken proactive steps to promote their use. This includes
providing support for research and development initiatives, ensuring that these
supplements are backed by scientific evidence. Furthermore, efforts are being
made to integrate traditional dietary supplements into modern healthcare
practices, allowing for a holistic approach to health and well-being.
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Research and
development (R&D) activities have emerged as a crucial driver in this
market. Companies are making significant investments in R&D to create new
products and enhance existing ones, with the aim of meeting the evolving needs
and preferences of consumers.
Innovation in
the field of dietary supplements often involves the exploration of new
ingredients or combinations, improvement of delivery methods, and enhancement
of absorption rates. By doing so, companies can differentiate their products in
a highly competitive market and cater to specific consumer groups, such as
seniors or athletes.
The Vietnam
Dietary Supplements Market is segmented in product type, form, distribution
channel, application, end user, regional distribution, and company.
Based on its product type, the combination dietary
supplements segment held the largest share in the market. Vietnamese consumers
are becoming increasingly aware of the importance of health and well-being in
their lives. This awareness has led them to actively seek out natural ways to improve
and maintain their health. In their search for effective solutions, they have
discovered the benefits of combination supplements. These innovative products
offer a convenient and holistic approach to addressing multiple health
concerns. By providing a blend of carefully selected ingredients, combination
supplements offer a comprehensive solution that supports overall health and
well-being. With the rising demand for these products, Vietnamese consumers now
have access to a wide range of options that cater to their individual health
needs and preferences.
Based on region, northern segment is expected to grow
during the forecast period.
In the region, there is a notable and growing
population of elderly individuals who are increasingly relying on dietary
supplements to address various age-related health concerns. This demographic
trend, characterized by a larger proportion of older adults, significantly
contributes to the robust demand for dietary supplements specifically in
Northern Vietnam. This highlights the importance of catering to the unique
needs and preferences of this demographic, and the potential for further growth
and development in the dietary supplement industry within the region.
Major companies operating in Vietnam Dietary
Supplements Market are:
- Herbalife Vietnam Ltd.
- Traphaco JSC
- Bayer Vietnam Ltd.
- DHG Pharmaceuticals Joint Stock Company
- Amway Vietnam Ltd.
- Nestle Vietnam Ltd.
- Forever Living Vietnam Ltd.
- Tiens Vietnam Co Ltd.
- Life Extension Vietnam
- Nu Skin
- Mega Lifesciences Public Company Limited
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“Growing application of dietary supplements in various
end user industries are key drivers of the dietary supplements market. Growth
in competitive landscape and presence of well-established companies in the
market who are dedicated to enhance their productivity of dietary supplements with
every passing year are anticipated to register an impressive growth to Vietnam
Dietary Supplements Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Vietnam Dietary Supplements Market By Product Type (Vitamin,
Combination Dietary Supplement, Protein, Herbal Supplement, Fish Oil &
Omega Fatty Acid, and Others), By Form (Capsules, Tablets, Powder, Soft Gels
and Liquid), By Distribution Channel (Pharmacies and Drug Stores, Online,
Supermarkets and Hypermarkets and Others), By Application (Immunity, General
Health, Energy & Weight Management, Bone & Joint Health and Others), By
End User (Adults, Geriatric, Pregnant Females, Children, Infants), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Vietnam Dietary Supplements Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Vietnam Dietary Supplements Market.
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