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.
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.
Access crucial information at unmatched prices!
Request your sample report today & start making informed decisions powered by Credence Research Inc.!
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!
Dietary Fiber Gummies Market size was valued USD 5.75 billion in 2024 and is anticipated to reach USD 13.44 billion by 2032, at a CAGR of 11.2% during the forecast period.
Conjunctivitis Treatment Market size was valued USD 4.19 billion in 2024 and is anticipated to reach USD 7.99 billion by 2032, at a CAGR of 8.4% during the forecast period.
Congestive Heart Failure Treatment Devices Market size was valued at USD 2.79 Billion in 2024 and is anticipated to reach USD 6.07 Billion by 2032, at a CAGR of 10.2% during the forecast period.
The UK Pharmaceutical Water Market was valued at USD 299.29 million in 2018, increased to USD 550.93 million in 2024, and is projected to reach USD 1,087.93 million by 2032, expanding at a CAGR of 8.27% during the forecast period.
The U.S. Pharmaceutical Water Market was valued at USD 5,673.65 million in 2018, increased to USD 11,018.40 million in 2024, and is projected to reach USD 23,471.03 million by 2032, expanding at a CAGR of 9.23% during the forecast period.
The Italy Pharmaceutical Water Market was valued at USD 460.92 million in 2018, grew to USD 817.32 million in 2024, and is projected to reach USD 1,534.50 million by 2032, expanding at a CAGR of 7.63% during the forecast period.
Germany Pharmaceutical Water Market size was valued at USD 658.32 million in 2018 to USD 1,223.46 million in 2024 and is anticipated to reach USD 2,448.13 million by 2032, at a CAGR of 8.44 % during the forecast period.
The France Pharmaceutical Water Market was valued at USD 728.61 million in 2018, grew to USD 1,310.01 million in 2024, and is projected to reach USD 2,505.44 million by 2032, expanding at a CAGR of 7.86% during the forecast period.
The Cosmetovigilance Market was valued at USD 11.71 billion in 2024 and is projected to reach USD 16.51 billion by 2032, registering a CAGR of 4.39% during the forecast period.
The Comprehensive Metabolic Panel (CMP) Testing Market was valued at USD 12.57 billion in 2024 and is projected to reach USD 25.6 billion by 2032, growing at a CAGR of 9.3% during the forecast period.
The Connected Health and Wellness Solutions Market was valued at USD 12.29 billion in 2024 and is projected to reach USD 38.12 billion by 2032, registering a CAGR of 15.2% during the forecast period.
Cough Remedies Market size was valued at USD 9.73 Billion in 2024 and is anticipated to reach USD 15.41 Billion by 2032, at a CAGR of 5.91% during the forecast period.
Licence Option
The report comes as a view-only PDF document, optimized for individual clients. This version is recommended for personal digital use and does not allow printing. Use restricted to one purchaser only.
$2999
To meet the needs of modern corporate teams, our report comes in two formats: a printable PDF and a data-rich Excel sheet. This package is optimized for internal analysis. Unlimited users allowed within one corporate location (e.g., regional office).
$4999
The report will be delivered in printable PDF format along with the report’s data Excel sheet. This license offers 100 Free Analyst hours where the client can utilize Credence Research Inc. research team. Permitted for unlimited global use by all users within the purchasing corporation, such as all employees of a single company.
Thank you for the data! The numbers are exactly what we asked for and what we need to build our business case.
Materials Scientist (privacy requested)
The report was an excellent overview of the Industrial Burners market. This report does a great job of breaking everything down into manageable chunks.
