“As the health awareness is increasing in Vietnam, the numbers of members in fitness centers have grown at a CAGR of 14.9% during 2013-2018 with number of gyms reaching to approximately 3,3399 in 2018. Rising awareness of people towards fitness has augmented the market growth for the nutritional supplements in Vietnam”.
Increase in Demand for the Probiotics Supplement: In Vietnam, doctors regularly prescribe Probiotics to treat children who have been undergoing treatment for watery diarrhea. Many people buy probiotics themselves because probiotics help in aid digestion and can be bought over the counter at pharmacies without any prescription. DSM’s latti range of Pre and Probiotics has been readily preferred by consumers in Vietnam.
Strict Regulations against Counterfeit Products: According to Ministry of Health, there were 244 cases relating to the trade and manufacturing of fake dietary supplements and pharmaceutical products. It was found out that most fake supplements arrived from China, with their label changed before being sold. Moreover, these fake supplements are often sold at much higher prices than authentic ones. According to experts it difficult to oversee the prices of health supplements, especially those sold via pyramid scheme.
Trade Pacts and Free Trade Agreements: Vietnam has been active in terms of signing Free trade Agreements throughout the world. Under the new agreement with European Union, the taxes on dairy and other nutritional food imports will be removed over a 5-year period. This will boost dairy production in country as the cost of raw material would decrease, further strengthening the dairy market in Vietnam. In addition to this, Comprehensive and Progressive Agreement for Trans-Pacific Partnership is also expected to boost trade in the country.
High Dependency on Modern Trade for Retailing: Consumers in Vietnam generally prefer to shop locally at the convenient stores due to their ubiquitousity. However it has been observed that modern retailing channels such as supermarkets and hypermarkets have high influence on the sale of functional beverages due to high range of functional beverages offered by the channel. These channels offer different type of functional beverages with wide product variety. Further, the discounts and product bundling offered by these channels increases the consumer interest and reduces the pricing for the products. With the emergence of new convenience store chained formats which are being launched by major grocery retailers it will help in further establishing the market for the Functional Beverages products and help in elevating the category from the niche market.
Analysts at Ken Research (Online Market 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:-
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:-
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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
