|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD325.47
million
|
|
CAGR
(2023-2028)
|
6.58%
|
|
Fastest
Growing Segment
|
Combination
Dietary Supplement
|
|
Largest
Market
|
Northern
|
Market Overview
Vietnam Dietary Supplements Market has valued at USD325.47
million in 2022 and is anticipated to project robust growth in the forecast
period with a CAGR of 6.58% through 2028. A major driver for the growth of the
dietary supplements market in Vietnam is the rising awareness among consumers
about the importance of maintaining good health and preventing diseases. As
Vietnamese consumers become more educated about the role of nutrition in
promoting health and preventing diseases, they are increasingly seeking dietary
supplements to fulfill their nutritional needs.
Additionally, Vietnam's rapidly aging population is
another key factor contributing to the growth of this market. With the aging
process, individuals often require additional nutritional support to maintain
their health, which further drives the demand for dietary supplements.
In this highly competitive market, both domestic
and international players are vying for market share. Leading companies such as
Amway, Herbalife, and Nu Skin Enterprises offer a wide range of dietary
supplements, including vitamins, minerals, herbal supplements, and probiotics, catering
to the diverse needs of consumers.
Despite the competition, the dietary supplements
market in Vietnam presents ample opportunities for growth. The increasing
consumer preference for natural and organic products creates a lucrative
opportunity for manufacturers to develop new and innovative dietary supplements
that align with these preferences. By capitalizing on this trend, companies can
tap into the growing demand and establish a strong foothold in the market.
Key Market Drivers
Rise in Health Awareness
In recent years, Vietnamese consumers have become
increasingly health-conscious, with a growing understanding of the vital role
nutrition plays in maintaining good health and preventing diseases. This
heightened awareness has led to a surge in demand for dietary supplements in
Vietnam. The global health and wellness movement, which emphasizes the
significance of a balanced diet and regular exercise, has further propelled
this trend.
As Vietnamese consumers become more informed about
health and nutrition, they are seeking dietary supplements that can help fill
nutritional gaps, boost immunity, enhance physical performance, and improve
overall health. Vitamins, minerals, probiotics, and herbal supplements are
witnessing a significant increase in demand as consumers recognize their
potential benefits.
To raise health awareness among Vietnamese
consumers, manufacturers and health organizations have launched marketing
campaigns and educational initiatives. These efforts not only educate consumers
on the advantages of dietary supplements but also promote the importance of
maintaining a balanced diet and engaging in regular exercise.
With the growing emphasis on health and wellness,
the market for dietary supplements in Vietnam is experiencing a considerable
impact. Consumers are actively seeking ways to improve their overall health and
well-being, and dietary supplements have emerged as a popular choice. This
trend is expected to continue as Vietnamese consumers prioritize their health
and make conscious choices to support their well-being.
Surge in Disposable Income
Vietnam's robust economic growth has not only led
to an increase in disposable income but has also fueled a notable shift in
consumer behavior. With the rising affluence, Vietnamese citizens are placing a
greater emphasis on health and wellness, resulting in significant changes in
their purchasing patterns. As people have more money to spend, they are
actively investing in their well-being, leading to a surge in demand for
dietary supplements.
This surge in disposable income has directly
impacted the dietary supplements market in Vietnam. Consumers are not only
buying more supplements but are also willing to pay a premium for high-quality
products. This consumer behavior trend has created an expansive market and
introduced a wider variety of dietary supplements to cater to diverse needs.
Moreover, the increase in disposable income has
triggered a notable surge in the demand for natural and organic products. As
Vietnamese consumers become more discerning, there is a growing preference for
clean-label, natural, and organic dietary supplements. This shift reflects a
desire for healthier and more sustainable choices.
In conclusion, the remarkable rise in disposable
income among Vietnamese consumers serves as a pivotal driver for the country's
thriving dietary supplements market. As Vietnam continues to experience
sustained economic prosperity, this trend is expected to persist, presenting
lucrative opportunities for manufacturers in the dietary supplements industry.
By understanding and meeting the evolving consumer preferences, businesses can
position themselves for success in this dynamic market.
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Key Market Challenges
Surge in Regulatory Compliance
In recent years, the Vietnamese government has
implemented stringent regulations to address the labeling, advertising, and
quality control of dietary supplements. These regulations have been put in
place to ensure the safety and efficacy of these products, protect consumers
from potential harm, and prevent the circulation of counterfeit supplements in
the market. The government's intention is to create an environment where
consumers can have confidence in the quality and authenticity of the dietary
supplements they purchase.
However, due to the complexity of the regulatory
landscape and the ambiguity surrounding product classifications, manufacturers
face significant challenges in navigating the regulatory requirements. The
process of ensuring compliance with all relevant regulations can be
time-consuming, requiring extensive testing and documentation. This not only
slows down the launch of new products in the market but also adds to the
operational costs for manufacturers.
Non-compliance with these regulations can have
serious consequences for manufacturers. It not only exposes them to financial
penalties and product recalls but also poses a risk to their reputation. The
trust and credibility of a company can be severely damaged if it is found to be
non-compliant with the regulations, leading to a loss of consumer confidence.
Moreover, the surge in regulatory compliance has
led to an increase in operational costs for manufacturers. From conducting
extensive testing to hiring regulatory experts, manufacturers need to allocate
significant resources to meet the stringent requirements. These additional
costs can ultimately affect the profitability of companies and may result in
higher prices for consumers.
Overall, while the Vietnamese government's efforts
to regulate the dietary supplement industry are commendable, the challenges
posed by the complex regulatory landscape need to be addressed. Balancing the
need for safety and quality control with the ease of doing business is crucial
to ensure the continued growth and success of the industry.
Key Market Trends
Rising Focus on Natural and Herbal Supplements
Natural and herbal supplements are gaining
significant popularity among Vietnamese consumers. These products, derived from
meticulously extracted plant extracts and other natural ingredients, are
perceived as not only healthier but also safer alternatives to synthetic
supplements. This shift towards embracing natural and herbal supplements aligns
with the broader global trend of seeking organic and natural products.
Several factors are driving the substantial growth
in demand for natural and herbal supplements in Vietnam. Firstly, the rise in
health consciousness among Vietnamese consumers has prompted them to actively
seek out products that are entirely free from artificial additives and
preservatives. Natural and herbal supplements, often marketed as clean-label
products, perfectly cater to this discerning demand.
Secondly, traditional medicine holds a strong
foothold in Vietnam, and many consumers prefer natural treatments over
synthetic drugs. With herbal supplements being viewed as an extension of
traditional medicine, it is no wonder that they have become increasingly
popular among Vietnamese consumers who value their rich heritage.
Lastly, the surge in scientific research supporting
the numerous health benefits of specific herbs and natural ingredients has
undeniably contributed to the burgeoning popularity of these supplements. As
more evidence emerges, consumers are becoming more confident in the efficacy of
these products.
The rising focus on natural and herbal supplements
is catalyzing the transformation of the dietary supplements market in Vietnam.
In response to this surging trend, manufacturers are actively developing new
and innovative products that feature a wider range of natural ingredients while
remaining free from artificial additives. This commitment to meeting consumer
demands further solidifies the position of natural and herbal supplements in
the Vietnamese market.
Segmental Insights
Product Type Insights
Based on the category of product type, the vitamin segment
emerged as the dominant player in the Vietnamese market for dietary supplements
in 2022. Vietnam's robust economic growth has not only brought about an
increase in personal disposable income but has also paved the way for an
upsurge in spending on health and wellness products, with dietary supplements
taking center stage. As Vietnamese consumers find themselves with more
financial resources at their disposal, they are increasingly investing in their
well-being, resulting in a heightened demand for vitamin supplements.
Accompanying this rise in disposable income is a
noteworthy shift in consumer behavior towards health consciousness among the
Vietnamese population. This demographic is actively seeking holistic wellness
solutions and placing a premium on cultivating a healthy lifestyle.
Consequently, incorporating dietary supplements, including vitamins, into their
daily routines has become a key aspect of their wellness regimen.
The prominence of vitamins in Vietnam's dietary
supplements market can be attributed to various factors, one of which is the
prevalence of vitamin deficiencies, particularly vitamin D deficiency. Limited
sunlight exposure and inadequate vitamin intake from food sources contribute to
this widespread deficiency. Consequently, an increasing number of individuals
are of individuals are turning to vitamin supplements as a means to bridge the
nutrient gap and fulfill their dietary requirements, thereby fueling the demand
for these products.
The convergence of Vietnam's economic growth,
heightened health consciousness among consumers, and the prevalence of vitamin
deficiencies has created a favorable environment for the flourishing dietary
supplements market in the country. As the Vietnamese population continues to
prioritize their health and well-being, the demand for vitamin supplements is
expected to soar, driving further growth in this dynamic industry.
Form Insights
The capsules segment is projected to experience
rapid growth during the forecast period. Vietnamese consumers strongly believe
in the health benefits of natural and organic products, as they prioritize
their well-being and seek products that align with their values. Capsules, with
their ability to deliver natural supplements in an easy-to-consume format, have
gained popularity among health-conscious individuals in Vietnam. These capsules
are meticulously formulated without any artificial or additional additives,
ensuring that consumers can enjoy the benefits of the natural ingredients
without compromising their health.
The convenience of capsules cannot be overstated.
Their small size, portability, and ease of swallowing make them a preferred
option for many people in Vietnam. With busy schedules and increasing health
awareness, incorporating capsules into daily routines has become a seamless
process for individuals striving to maintain their well-being.
Furthermore, capsules offer immense versatility in
terms of ingredients. From essential vitamins and minerals to potent herbal
extracts, a wide range of beneficial components can be incorporated into these
capsules. This versatility caters to the diverse needs of consumers in the
dietary supplements market, where there is a growing demand for various
supplement options that can address specific health concerns.
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Regional Insights
Northern emerged as the dominant player in the Vietnam
Dietary Supplements Market in 2022, holding the largest market share in terms
of value. Northern Vietnam, particularly Hanoi, is experiencing rapid
urbanization due to its economic growth and development. As the region becomes
more urbanized, people are adopting sedentary lifestyles and unhealthy eating
habits. This shift in lifestyle has created a greater need for dietary
supplements to support and maintain good health.
Furthermore, the increasing access to education and
information in Northern Vietnam has played a significant role in raising
awareness about the importance of health and wellness. People are now more
conscious of the benefits that dietary supplements can provide in terms of
maintaining health and preventing diseases. This growing understanding has
fueled the demand for dietary supplements in the region.
To meet this demand, Northern Vietnam has developed
a robust healthcare infrastructure. There are numerous hospitals, clinics, and
pharmacies that offer a wide range of dietary supplements to cater to the needs
of the population. The availability and accessibility of these products have
contributed significantly to their popularity and uptake among consumers.
Recent Developments
- In 2021, Herbalife Vietnam entered into a
collaborative agreement with the Vietnam Football Federation (LDBDVN). This
marks the inaugural occasion where Herbalife Vietnam has assumed the role of an
official sponsor for the Men's and Women's National Football Teams as well as
the U22/U23/Olympic Football Teams, spanning the period from 2021 to 2024.
Key Market Players
- 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
|
By Product
Type
|
By Form
|
By
Distribution Channel
|
By
Application
|
By End User
|
By Region
|
- Vitamin
- Combination
Dietary Supplement
- Protein
- Herbal
Supplement
- Fish Oil
& Omega Fatty Acid
- Others
|
- Capsules
- Tablets
- Powder
- Soft Gels
- Liquid
|
- Pharmacies
and Drug Stores
- Online
- Supermarkets
and Hypermarkets
- Others
|
- Immunity
- General
Health
- Energy &
Weight Management
- Bone &
Joint Health
- Others
|
- Adults
- Geriatric
- Pregnant
Females
- Children
- Infants
|
|
Report Scope:
In this report, the Vietnam Dietary Supplements Market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Vietnam Dietary Supplements Market, By Product Type:
o Vitamin
o Combination Dietary Supplement
o Protein
o Herbal Supplement
o Fish Oil & Omega Fatty Acid
o Others
- Vietnam Dietary Supplements Market, By Form:
o Capsules
o Tablets
o Powder
o Soft Gels
o Liquid
- Vietnam Dietary Supplements Market, By Distribution Channel:
o Pharmacies and Drug Stores
o Online
o Supermarkets and Hypermarkets
o Others
- Vietnam Dietary Supplements Market, By Application:
o Immunity
o General Health
o Energy & Weight Management
o Bone & Joint Health
o Others
- Vietnam Dietary Supplements Market, By End User:
o Adults
o Geriatric
o Pregnant Females
o Children
o Infants
- Vietnam Dietary Supplements Market, By Region:
o Northern
o Central
o Southern
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Vietnam Dietary
Supplements Market.
Available Customizations:
Vietnam Dietary Supplements Market report with the
given market data, Tech Sci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Vietnam Dietary Supplements Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]