How Nutritional
Supplement Market is Positioned in Vietnam?
In
2019, revenues of Vietnam nutraceutical industry including dietary supplements,
functional foods and functional beverages collectively, accounted to USD ~
million. The market recorded the growth at a CAGR of ~%, from USD ~ million
generated in the year 2014. The rising awareness and knowledge about health and
fitness is one of the major drivers for nutraceutical
market in Vietnam. The Vietnamese population strongly believes that
diet has a major role to play in health aspects. Increase in the purchasing
power has also helped the Vietnamese population in spending high amount towards
good quality nutritional supplements in order to adopt a healthy living
lifestyle. Additionally, increasing number of working women has helped the
nutraceutical market in Vietnam in gaining high as they don’t have time to cook
meals from scratch and need the nutrient for themselves as well for their
family in one meal.
By Dietary Supplements, Functional Foods and Functional
Beverages: Functional foods segment
dominated the Vietnam nutraceutical market with revenue share of ~% in 2019.
The growing health consciousness and self health conscious attitude among
Vietnamese population is the major factor responsible behind such high share of
the segment in the country. Dietary supplements segment has grown over a CAGR
of ~% in the historical period of five years from 2014 to 2019 due to growing
awareness among customers about the benefits of nutraceutical which have been
spread via word-of-mouth, rising education levels and advertising.
As
the local market of Vietnam is increasing in demand for the functional
beverages especially energy and sports drinks a lot of foreign players are
entering the Vietnam market. Functional Beverage segment dominated the Vietnam
nutraceutical market with revenue share of ~% in 2019. The rising number of
sports and fitness enthusiasts are expected to boost the market for sports
drink.
Vietnam
Nutraceutical Market Segmentation
Functional Foods: The
functional foods segment is the leading product segment in the Vietnam
nutraceutical market with a revenue share of ~% in 2019. The market for
functional food has increased as consumers are becoming more aware about the
adulterated chemicals and preservatives used in their food products, the
consumers are shifting to products made from natural ingredients, containing
added nutrients in order to support the hectic and stressful fast paced
lifestyle of the consumers. Dairy based products are the leading product
category in the functional food market. In this the major demand is for dairy
based probiotic yogurts as these products enhance the digestive system by
maintaining good gut health. Dairy products are followed by baby food products
as the second most contributing category in the market. However, with
international brands entering the market the domestic sector is facing fierce
competition.
Functional Beverages: The Vietnam
Functional Beverage market revenues have been growing over the years as from USD
~ Million in the year 2014 to USD ~ in 2019, thereby displaying a five year
CAGR of ~% over the review period 2014-2019. The growing health concerns among
the people in the country have resulted in investments by international and
domestic players in the market who are launching innovative drinks in the
market which are aimed to improve health in the market. There has been an increase
in marketing and advertising activities to make consumers more aware about
energy drinks, which has increased the revenue for this segment.
There
has been a declined the market for the Plant based and Malt based which is second
biggest product category for the Vietnam Functional Beverages.
Dietary Supplements: Herbal
supplements was the largest revenue contributing product segment with a share
of ~% in the Vietnam nutraceutical market in 2019.The market was valued at USD
~ Million in 2014 and reached to a value of USD ~ Million in 2019 and
registered a five year CAGR of ~% during the period 2014-2019. The consumers
believe that herbal or traditional products have fewer or no side effects in
comparison with standard products constituting natural ingredients. The market
is currently in growth stage in the Vietnam and expected to develop more in the
upcoming years. Ginseng was the most popular herbal dietary supplement used in
Vietnam. Omega 3 fatty acid segments are gaining popularity in the country with
growing number of patients suffering from cardiac disorders. The highest
selling omega 3 fatty acids supplements in Vietnam are fish oil supplements. The
segment grew at the highest CAGR of ~% in the estimated period of five years
from 2014 to 2019.
Key
Segments Covered:-
Dietary
Supplements:-
By Type Herbal/Traditional Supplements, Vitamin
and Mineral, Probiotics, Protein and Amino Acid Supplements, Omega 3 Fatty
Acids, and others)
By Type of Vitamin (Single and Multivitamin)
By Distribution Channel (Chemists/Pharmacies,
DirectSelling, Drugstores/parapharmacies, Internet Retailing Hypermarkets, Home
shopping, Supermarkets, Vitamins and Dietary Supplements Specialist Retailers)
Functional
Foods:-
By Type of Functional Foods (Dairy, Baby Food,
Breakfast Cereals, Confectionary, Hi-Fiber Biscuits, Multigrain Bread, Snack
Bars and Fruit Snacks)
By Type of Dairy Products (Milk, Flavored Milk,
Probiotic Yoghurt, Powdered Milk)
By Type of Baby Food (Growing-Up Milk Formula,
Follow-on Milk Formula, Standard Milk Formula)
By Distribution Channel (Hypermarkets,
Supermarkets, Convenience Stores and Independent Small Grocers)
Functional
Beverages:-
By Product Category (Energy Drinks, Plant Based
and Malt Based Hot Drinks, Sports Drink )
By Distribution
Channel (Hypermarkets, Independent Small Grocers, Supermarkets, Convenience
Stores, Forecourt Retailers, Vending and Other Grocery Retailers).
Key Target
Audience:-
Nutritional Supplements Manufacturers
Nutritional Supplements Distributors
Nutraceuticals Distributors
Government Agencies
Vitamins and Dietary Supplements Companies
Functional Foods Companies
Functional Beverages Companies
Hypermarkets and Supermarkets
Drug Stores and Pharmacies Chain
Online Sales and Retailing Agencies
Time Period
Captured in the Report:-
Historical
Period: 2014- 2019
Forecast
Period: 2020F – 2025F
Companies
Covered:-
Vitamins
and Dietary Supplements:-
Herbalife Nutrition Ltd
Traphaco JSC
Amway
Forever Living Products International LLC
Tiens Vietnam, Herbalife Ltd
Nu Skin
Elken
Eco Pharma Joint Stock Company - Vietnam
Haugiang Pharmarceutical JSC
Mega Lifesciences Pty Ltd (Vietnam)
Davimin
Functional Foods:-
Vietnam Dairy Products
Royal FrieslandCampina NV
Abbott Laboratories Vietnam
Nestle Vietnam
Functional Beverages:-
Suntory PepsiCo Vietnam
For More Information on the research
report, refer to below link:-
Vietnam Nutraceutical Market
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Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
