Growing Demand for Herbal/Traditional Dietary Supplements Will Be One of the Major Factors That Would Shape the Future of Nutraceutical Industry in Vietnam: Ken Research
The number of Gyms in Vietnam is expected to increase to 6,882 in 2023 from 3,399 in 2018. The increase in number of gyms will be a key driver in the growth of the consumer expenditure for health supplements.
Probiotics consumption helps in prevention of ailments such as irritable bowel syndrome, gestational diabetes, allergies and obesity. Moreover, increasing awareness among the consumers for the products have helped in establishing brands such as Dsm Latti, Yakult, Probi, and others in Vietnam.
Global Events such as Vita food Asia will help in generating demand: Vietnam is going to host Vita foods Asia 2020 in which numerous visitors and business delegates will visit from different part of the globe. This nutraceutical event will help in creating a more stable supply chain across Asian region. The event will feature more than 380 companies from 78+ countries. This inflow of people will help in stable the market for functional beverages in the country which has been declined little after the implementation of Excise Duty on the energy drinks.
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Key initiatives undertaken by the government: The government of Vietnam is proactively participating in the development of health and wellness awareness in the region. Healthcare is one of the key focus for government in the Health Program 2030.Under the program the government will focus on improving healthcare for children and students; reduce dependence on tobacco and alcohol; ensure environmental sanitation and food safety; and foster the early detection and management of a number of non-communicable diseases, community-based healthcare provision, and the delivery of healthcare services for the elderly and workers. In addition, to this the government has also signed various free trade agreements to bring down the cost of manufacturing as most of the raw material in Vietnam is imported.
New emerging channel of retail and distribution in Vietnam: The retail scenario in Vietnam is changing with new channels coming in the picture. There is increase in the number of pharmacy chains in the region which has helped in increasing the sales for dietary and vitamin supplements. Further, the growth of the online channels has been another major development. Internet retailing is popular for different nutritional supplements. This channel is popular due to wide variety of product choices offered at a discounted price.
Analysts at Ken Research in their latest publication "Vietnam Nutraceutical Market Outlook to 2025 - By Dietary Supplements (Herbal Supplements, Vitamin and Minerals, Probiotics, Protein and Amino Acid Supplements, Omega 3 Fatty Acids, Others), By Functional Beverages (Energy Drinks, Plant based and Malt based Hot Drinks Hot Drinks, and Sports Drinks), By Functional Foods (Dairy, Baby Food, Breakfast Cereals, Confectionery, Hi-Fiber Biscuits, Snack Bars and Fruit Snacks)"observed that nutritional supplement in Vietnam is in its growth stage and is expected to expand due to rising government initiatives, introduction of new product offerings which are innovative and have scientifically-proven benefits, uses natural ingredients, market promotions, practicing compliant marketing The market is expected to register a positive CAGR of 7.0% in terms of revenue during the forecast period 2019-2025F.
Key Segments Covered:-
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)
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)
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
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
Vitamins and Dietary Supplements:-
Herbalife Nutrition Ltd
Forever Living Products International LLC
Tiens Vietnam, Herbalife Ltd
Eco Pharma Joint Stock Company - Vietnam
Haugiang Pharmarceutical JSC
Mega Lifesciences Pty Ltd (Vietnam)
Vietnam Dairy Products
Royal FrieslandCampina NV
Abbott Laboratories Vietnam
Suntory PepsiCo Vietnam
Key Topics Covered in the Report:-
Vietnam Nutritional Supplement Market Overview and Genesis
Vietnam Nutritional Supplement Market Size
Vietnam Nutritional Supplement Market Segmentation
Vietnam Vitamins & Dietary Supplements Market
Vietnam Functional Foods Market
Vietnam Functional Beverages Market
Trends and Developments in Vietnam Nutritional Supplement Market
Regulations in Vietnam Nutritional Supplement Market
Issues and Challenges in Vietnam Nutritional Supplement Market
Private label vs. Import- Preferred Strategy
Entry Barriers of Vietnam Nutritional Supplement Market
Vietnam Nutritional Supplement Market Future Projections, 2018-2023E
Ankur Gupta, Head Marketing & Communications
Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India
Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. Ken Research provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies. Serving over 70% of fortune 500 companies globally, some of top consulting companies and Market leaders seek Ken Research's intelligence to identify new revenue streams, customer/ vendor paradigm and pain points and due diligence on competition.
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