Vietnam Nutritional Supplements Market Size Set to Touch USD 128.4 Million by 2029

Published | 31 August 2023

Vietnam nutritional supplements market is flourishing because of the growing awareness about health and wellness and rising sports and fitness trends.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam nutritional supplements market size at USD 73.16 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Vietnam nutritional supplements market size to grow at a significant CAGR of 9.86% reaching a value of USD 128.42 million by 2029. Major growth drivers for the Vietnam nutritional supplements market include an increasing consumer health awareness and a focus on preventive healthcare. People recognize the benefits of balanced diets supplemented with vitamins and minerals. Rising disposable income enables consumers to invest in their well-being, contributing to the market's expansion. Urbanization and modernization have altered dietary habits, leading to a higher demand for nutritional supplements to bridge nutrient gaps. The growth of modern retail channels, such as supermarkets and e-commerce platforms, has made supplements more accessible. Also, government initiatives and regulations promoting public health have fostered a conducive market environment. Ensuring product safety and quality enhances consumer trust, further fueling market growth. However, the high cost of nutritional supplements is anticipated to act as a limiting factor for some consumers, potentially discouraging regular usage and creating affordability challenges for certain products. This aspect, in turn, may restrain the overall growth of the market.

Vietnam Nutritional Supplements Market – Overview

The Vietnam nutritional supplements market refers to the industry that encompasses the manufacturing, distribution, and sale of dietary supplements, which are products intended to supplement the diet with essential nutrients, vitamins, minerals, amino acids, herbal extracts, or other beneficial substances. These supplements are available in various forms such as tablets, capsules, powders, liquids, and more, and are designed to enhance overall health, support specific health needs, or address nutritional deficiencies. The market in Vietnam experiences growth due to increasing health awareness, rising disposable incomes, and changing lifestyle preferences. The industry is regulated to ensure product safety and quality while catering to the diverse health and wellness needs of the Vietnamese population.

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Impact of COVID-19 on Vietnam Nutritional Supplements Market

COVID-19 pandemic had a mixed impact on the Vietnam nutritional supplements market. Initially, the market faced disruptions due to supply chain challenges and temporary closures of retail outlets. However, increased health awareness during the pandemic led to a surge in demand for immunity-boosting supplements. Online sales channels witnessed significant growth as consumers preferred contactless shopping. The pandemic accelerated the shift towards preventive healthcare, boosting the adoption of nutritional supplements. While certain segments experienced growth, overall market growth was affected by economic uncertainties and reduced consumer spending. Despite challenges, the market demonstrated resilience, adapting to changing consumer needs and emerging opportunities amid the pandemic.

Vietnam Nutritional Supplements Market – By Ingredient

On the basis of ingredient, the Vietnam nutritional supplements market is divided into Vitamin, Protein, Fatty Acids, and Minerals segments. The vitamin segment holds the highest share in the Vietnam nutritional supplements market by ingredient due to its essential role in promoting overall health and well-being. Vitamins are vital micronutrients that support various bodily functions and help prevent deficiencies. They are widely consumed by individuals of all age groups, including infants, children, adults, and the elderly. The rising health awareness among Vietnamese consumers has driven the demand for vitamin supplements to address nutritional gaps and support immunity, particularly during the COVID-19 pandemic. The versatility and efficacy of vitamins in addressing diverse health needs have contributed to their dominant position in the market.

Competitive Landscape

Major players operating in the Vietnam nutritional supplements market include Abbott Nutrition, Nestle, Herbalife International, Glanbia plc, PepsiCo, and Cliff Bar & Company. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Vietnam Nutritional Supplements Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam Nutritional Supplements Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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