Home » Healthcare » Vietnam Health Supplement Market

Vietnam Health Supplement Market By Type (Bodybuilding Supplements, Specialty Supplements, Eye Health Supplements, Dietary Supplements, Others), By Application (Rheumatic Disorders, Allergy, Cardiology, Others), By Ingredients (Enzymes, Vitamins & Minerals, Amino Acids, Botanicals, Others), By End-Users (Hospitals, Clinics, Research Centers, Other) – Growth, Future Prospects & Competitive Analysis, 2016 – 2030

Price: $1999

Published: | Report ID: 22577 | Report Format : PDF

Market Overview

The Vietnam health supplement market was valued at around USD 600 billion in 2022 and is exhibiting a compound annual growth rate (CAGR) of 18% during the forecast period of 2024–2030.

The Vietnam health supplements market is experiencing robust growth, driven by increasing health consciousness among consumers and a growing geriatric population. The market encompasses a wide range of products, including vitamins, dietary supplements, and herbal products, all of which are in substantial demand. There has been a significant shift in consumer behavior towards preventive healthcare, leading to an increase in the consumption of health supplements as a proactive measure. Furthermore, the country’s economic development and rising disposable income have enabled a larger number of consumers to afford these products. Despite the promising growth, the market also faces challenges in the form of stringent government regulations and the prevalence of counterfeit products. However, the overall outlook for the Vietnam health supplements market remains positive, with consistent growth anticipated in the coming years.

The rise in demand for health supplements can also be attributed to the growing awareness surrounding the benefits of these products. With access to information and education on the importance of maintaining a healthy lifestyle, consumers are increasingly incorporating health supplements into their daily routine. This trend is particularly evident among younger generations, who prioritize self-care and overall well-being. As a result, there has been a surge in the availability and variety of health supplements on the market, catering to different consumer needs and preferences.

Vietnam Health Supplement Market

Key market trends and drivers:

The health supplements market in Vietnam is currently undergoing a significant transformation driven by several pivotal factors that highlight the evolving consumer landscape and economic dynamics of the nation. One of the most notable shifts is the increased focus on wellness and preventive healthcare. Vietnamese consumers, particularly the growing middle class with higher disposable income, are progressively turning to dietary supplements to enhance their overall health and proactively prevent diseases. This notable change in consumer behavior aligns with the growing awareness of the significance of health and wellness.

Vietnam is currently experiencing rapid growth in its middle-income and affluent classes within Southeast Asia. According to the World Bank, with a GDP per capita of US$2,785 in 2020 and a government target of achieving GDP growth of up to 6.5 percent in 2022, the country’s economy is well-positioned for success. This positive economic outlook is expected to drive consumer spending and create a demand for nutritional products to address dietary deficiencies.

Furthermore, Vietnam’s population of approximately 97 million people, including over 8 million individuals aged 65 and above, has observed a significant increase in the demand for healthcare supplements. The local population is increasingly conscious of health risks and is actively seeking preventive measures to combat diseases such as high blood pressure, diabetes, obesity, and cardiovascular diseases through the utilization of dietary food products.

A crucial demographic trend contributing to the growth of the health supplements market in Vietnam is the aging population. Similar to many other nations, Vietnam is witnessing a rise in its geriatric segment. Older adults are increasingly relying on health supplements to address age-related health concerns and maintain an active lifestyle in their later years, driven by their desire for a longer and healthier life.

The expanding reach of the internet has also played a pivotal role in shaping the market landscape. With increased internet penetration, consumers now have easier access to health and wellness information. Furthermore, the convenience of online purchasing has made health supplements more easily accessible, further bolstering market growth.

Economic development in Vietnam has resulted in higher disposable incomes among consumers, enabling a larger portion of the population to afford health supplements. This economic factor has been a significant driver behind the expansion of the market.

Government initiatives aimed at promoting healthy living and preventive healthcare have become instrumental in shaping market dynamics. These efforts, including regulatory measures and campaigns, play a crucial role in expanding the market by encouraging healthier lifestyles and endorsing the use of health supplements.

The health supplements market in Vietnam is poised for substantial growth due to various converging factors, such as the emphasis on wellness and preventive healthcare, the aging population, increased internet penetration, rising disposable income, and government initiatives. These elements collectively highlight the promising trajectory of the health supplements industry in Vietnam, presenting lucrative opportunities for both domestic and international players in the market.

Design Element 2

Access crucial information at unmatched prices!

Request your free sample report today & start making informed decisions powered by Credence Research!

Download Free Sample
CTA Design Element 3

Key market challenges

Despite the substantial growth potential, the health supplements market in Vietnam encounters several challenges. Firstly, stringent government regulations present a hurdle for market players. While these regulations are necessary to ensure quality and safety, they can impede market entry and restrict product availability. Secondly, the prevalence of counterfeit products in the market remains a serious concern. Counterfeit health supplements, often of inferior quality, can cause harmful side effects and erode consumer trust in genuine products. Lastly, the market also faces challenges related to distribution and logistics. In rural areas, the distribution network may not be sufficiently robust to reach all potential customers. Collectively, these factors pose significant obstacles that must be addressed for the market to realize its full potential.

Key Market Insights:

  • Rising middle-income groups and an aging population propel health supplement demand in Vietnam.
  • Widespread self-medication, driven by lax regulations and high healthcare costs, highlights a potential health crisis and opens avenues for supplement brands.
  • Despite local production growth, Vietnamese consumers exhibit a pronounced trust in foreign health supplement brands, which hold 40% of the market share.
  • Over 70% of the 2021 market preferred herbal and traditional products, with ginseng popular for its perceived safety and health benefits.
  • While domestic products lead with a 70% market share, international companies, leveraging technological and quality advantages, are investing to establish a substantial presence.

Competitive Analysis

The Vietnam health supplements market is replete with key market players that are continuously contributing to its growth.

These leading players include:

  • Trafaco JSC
  • Herbalife
  • Amway Vietnam Ltd.
  • Nu Skin Vietnam Co., Ltd.
  • Hau Giang Pharmaceutical JSC

Shape Your Report to Specific Countries or Regions & Enjoy 30% Off!

Segmentations Analysis

Vietnam Health Supplement Type Outlook

  • Dietary supplement
  • Bodybuilding supplements
  • Eye health supplements
  • Specialty supplements
  • Others

Vietnam Health Supplement Application Outlook

  • Cardiology
  • Rheumatic disorders
  • Allergy
  • Others

Vietnam Health Supplement Ingredients Outlook

  • Cardiology
  • Vitamins and minerals
  • Amino acids
  • Botanicals
  • Enzymes
  • Others

Vietnam Health Supplements End-Users Outlook

  • Hospitals
  • Clinics
  • Research centers
  • Other

1. Introduction
1.1. Overview
1.2. Objective
1.3. Assumptions
1.4. Limitations

2. Market Overview
2.1. Definition
2.2. Scope of Study

3. Research Approach
3.1. Methodology
3.2. Primary & Secondary Research
3.3. Market Size Estimation

4. Market Influencers
4.1. Drivers & Restraints
4.2. Opportunities & Challenges
4.3. Macro Indicators
4.4. Technological Assessment

5. Market Analysis
5.1. Porters Five Forces
5.2. Value Chain
5.3. Investment Feasibility
5.4. Pricing Analysis

6. Market Breakdown: Type
6.1. Dietary Supplements
6.2. Body Building Supplements
6.3. Eye Health Supplements
6.4. Specialty Supplements
6.5. Others

7. Market Breakdown: Application
7.1. Cardiology
7.2. Rheumatic Disorders
7.3. Allergy
7.4. Others

8. Market Breakdown: Ingredients
8.1. Vitamins & Minerals
8.2. Amino Acids
8.3. Botanicals
8.4. Enzymes
8.5. Others

9. Market Breakdown: End-Users
9.1. Hospitals
9.2. Clinics
9.3. Research Centers
9.4. Others

10. Regional Analysis

11. Competitive Landscape
11.1. Introduction
11.2. Market Positioning
11.3. Strategic Initiatives

12. Company Profiles
12.1. Trafaco JSC
12.2. Herbalife
12.3. Amway Vietnam Ltd.
12.4. Nu Skin Vietnam Co., Ltd.
12.5. Hau Giang Pharmaceutical JSC

13. Conclusion & Future Trends
13.1. Key Findings
13.2. Strategic Recommendations
13.3. Future Outlook

14. Appendix

What drives the demand for health supplements in Vietnam?

A growing aging population and increasing middle-income groups significantly boost demand in Vietnam’s health supplement market.

Why is self-medication common in Vietnam?

Lenient over-the-counter medication regulations and high healthcare costs contribute to prevalent self-medication, ranging from 40% to 76%.

How do Vietnamese consumers perceive foreign versus local health supplement brands?

Vietnamese consumers often trust foreign brands more, allocating them 40% of the market share, despite robust local production.

North America Cancer Diagnostics Market

Published:
Report ID: 36532

Aspergillosis Treatment Market

Published:
Report ID: 2106

Middle East And Africa Female Hygiene Products Market

Published:
Report ID: 8484

Therapeutic Monoclonal Antibodies Market

Published:
Report ID: 11175

United States Human Papillomavirus Vaccines Market

Published:
Report ID: 36384

White Canes Market

Published:
Report ID: 36378

Cancer Profiling Market

Published:
Report ID: 36289

Flowable Hemostats Market

Published:
Report ID: 36279

Fibrin Sealants Market

Published:
Report ID: 36276

Prostate Cancer Market

Published:
Report ID: 36273

ECG Telemetry Devices Market

Published:
Report ID: 36237

Blotting Systems Market

Published:
Report ID: 36233

Purchase Options

$999
Delivery Format: Excel.
$1999
Designed for the individual purchaser.
$2999
Users located at a single corporate site or regional office.
$3999
Allowed for unlimited sharing globally within one company.
Smallform of Sample request

Have a question?

User Profile

Don’t settle for less – trust Mitul to help you find the best solution.

Report delivery within 24 to 48 hours

– Other Info –

What people say?-

User Review

I am very impressed with the information in this report. The author clearly did their research when they came up with this product and it has already given me a lot of ideas.

Jana Schmidt
CEDAR CX Technologies

– Connect with us –

Phone

+91 6232 49 3207


support

24/7 Research Support


sales@credenceresearch.com

– Research Methodology –

Going beyond the basics: advanced techniques in research methodology

– Trusted By –

Pepshi, LG, Nestle
Motorola, Honeywell, Johnson and johnson
LG Chem, SIEMENS, Pfizer
Unilever, Samsonite, QIAGEN