Vietnam Nutritional Supplements Market Report 2022 to 2030

Vietnam Nutritional Supplements Market Analysis

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By 2030, it is anticipated that the Vietnam nutrition and supplements market will reach a value of $3.2 Bn from $1.91 Bn in 2022, growing at a CAGR of 6.53% during 2022-30. The market is primarily dominated by local players such as DHA Group, Vina Pharma, and Greenlife Nutrition. The market for nutrition and supplements in Vietnam is primarily driven by an inclination towards imported products and increasing consumer awareness of health and lifestyle. This market is segmented by type, product, application, and distribution channel.

ID: IN10VNON002 CATEGORY: OTC & Nutraceuticals GEOGRAPHY: Vietnam AUTHOR: Dr. Vishwa Modhia

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Vietnam Nutritional and Supplements Market Analysis Summary

By 2030, it is anticipated that the Vietnam Nutrition and Supplements market will reach a value of $3.2 Bn from $1.91 Bn in 2022, growing at a CAGR of 6.53% during 2022-30.

Increased imports of baby products, probiotic supplements, and health supplements point to a rise in Vietnam's appetite for nutrition supplement items. Vietnam possesses one of the fastest-growing middle-income and affluent classes in Southeast Asia. Vietnam's GDP per capita was $2,785 in 2020, according to the World Bank, and the government plans to aim for GDP growth of up to 6.5% in 2022. This represents a substantial increase from prior years and reflects the rising priority that the Vietnamese government and people attach to healthcare.

This is anticipated to boost consumer spending and increase demand for goods that can make up for the nutritional shortfall. In Vietnam, herbal, conventional, and curing supplement products dominated the market in 2021 with a share of more than 70%. The market for health supplements is expected to remain dominated by herbal supplements.

Market Dynamics

Market Growth Drivers

The demand for nutritional supplements in Vietnam, which has a population of about 97 Mn people and more than 8 Mn people over the age of 65, has grown significantly in recent years. The local populace is becoming more aware of health risks and ways to prevent them by using dietary food products to treat rising cases of conditions like high blood pressure, diabetes, obesity, and cardiovascular diseases.

Because people tend to trust imported brands more than domestic ones, the demand for health supplements has led to an increase in their use. 40% of the market is made up of imported goods, which shows that locals are more willing to try out foreign brands. Foreign brands typically target the mid- to high-end market by positioning themselves in the premium segment, while local brands typically target the mass market. Due to this, there will be a rise in the number of foreign companies entering the Vietnam nutrition and supplement market.

Market Restraints

In comparison to many other nations in the world, the cost of paying for medical examination and treatment services out of pocket is 43%, which is quite high. This is due to the limited financial coverage and the fact that health insurance funds do not yet fully cover all healthcare requirements and services.

Competitive Landscape

Key Players

DHA Group (VNM)
Vina Pharma (VNM)
Greenlife Nutrition (VNM)
Natures Craft (VNM)
Bio Pharma (VNM)
Vissan JSC (VNM)
GNC
GlaxoSmithKline
Nestlé

Healthcare Policies and Reimbursement Scenarios

The Laws of Food Safety (LoFS) are put into effect with assistance from the Ministries of Health (MOH), Agriculture and Rural Development (MARD), and Industry and Trade (MOIT). According to the Vietnam Food Regulation, producers or businesses that produce or trade in goods, including foods, are required to submit declarations of (or) specifications (or) conformity and compliance with food safety regulations to the Vietnam Food Administration (VFA, an agency of the MOH) or Department of Health (DOH).

In Vietnam, national health insurance and reimbursement programs do not typically cover dietary supplements. Customers typically have to pay for these products out of their own pockets as a result. Although it is not very common, some private health insurance plans might cover particular categories of dietary supplements.

1. Executive Summary
1.1 Product Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Government Regulation in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel and Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation

6. Methodology and Scope

Vietnam Nutritional Supplements Market Segmentation

By Product (Revenue, USD Billion):

Sports Nutrition
- Sports Food
- Sports Drinks
- Sports Supplements

Fat Burners
- Green Tea
- Fiber
- Protein
- Green Coffee
- Others (Turmeric, Ginseng, Cranberry, Garcinia Cambogia)

Dietary Supplements
- Vitamins
- Minerals
- Enzymes
- Amino Acids
- Conjugated Linoleic Acids

Functional Foods
- Probiotics
- Omega-3
- Others

By Consumer Group (Revenue, USD Billion):

Infant
Children
Adults
Pregnant
Geriatric

By Formulation (Revenue, USD Billion):

Tablets
Capsules
Powder
Softgels
Liquid
Others

By Delivery Channel (Revenue, USD Billion):

Chemists/Pharmacists
Direct-to-Consumer Sales
E-commerce

Methodology for Database Creation

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Analyzing historical proprietary data collected from multiple projects.
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Searching through academic conferences, published research, citations, and social media platforms
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Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
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Combining Secondary and Primary Research

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Merging historical data from secondary research with real-time data from primary research.
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