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Home Health Care Growing Demand for Herbal/Traditional Dietary Supplements Will Be One of the Major...

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 urban population is increasing in Vietnam stood at 34.6 Million in 2018 and is expected to triple by 2020 with major focus on cities of Hanoi, Ho Chi Minh City, and Haiphong. The increase in urban population will boost the nutritional supplements market as these people will have a higher awareness about the health and wellness products and better accessibility to the products.

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.

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 supplementsThis 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.

vietnam-nutraceuticals-industry

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

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

Analyst Recommendations

For More Information on the research report, refer to below link:-

Vietnam Nutraceutical Market

Related Reports:-

UAE Nutritional Supplements Market Outlook to 2023 – by Vitamins & Dietary Supplements (Protein Supplements, Non-Herbal Dietary Supplements Composites, Fish Oils/Omega Fatty Acids, Glucosamine, Co-Enzyme Q 10, Herbal Dietary Supplements Composites, Yeast, Garlic, Ginko Biloba), Functional Foods (Dairy, Baby Food, Breakfast Cereals, Cooking Oil Confectionary, Sweet Biscuits, Snack Bars and Fruit Snacks) and Functional Beverages (Energy Drink, FF Concentrates, Sports Drink, and Bottled Water)

Singapore Nutraceutical (Vitamin And Dietary Supplements, Functional Food And Beverages) Market Outlook To 2023 – Maturing Market Backed By Demand From Millennials For Multivitamins And Mineral

Indonesia Nutritional Supplements Market Outlook To 2023 – By Vitamins (Single Vitamin And Multi-Vitamin) & Herbal And Standard Dietary Supplements (General Health, Beauty, Digestive, Bone, Heart Health, Memory, Joint), Functional Beverages And Functional Food

Philippines Nutraceuticals Market Outlook to 2022-Composite Herbal Dietary Ingredients, Ginseng, Garlic and Ginkgo Biloba Based Herbal Supplements will Drive the Growth

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

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