Report Overview

The growing awareness of health and wellness and rising sports and fitness trends are projected to propel the expansion of the Vietnam nutritional supplements market during the forecast period between 2023 and 2029.

Vietnam Nutritional Supplements Market - Industry Trends & Forecast Report, 2029

Vietnam nutritional supplements market size was estimated at USD 73.16 million in 2022. During the forecast period between 2023 and 2029, the size of Vietnam nutritional supplements market is projected to grow at a 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 awareness of health and wellness, rising disposable incomes, and changing lifestyle preferences. Rising health consciousness and a growing focus on preventive healthcare have led to an increased demand for nutritional supplements among Vietnamese consumers. People are becoming more aware of the benefits of maintaining a balanced diet and supplementing it with vitamins, minerals, and other nutrients. Urbanization and modernization have brought about changes in the dietary habits of the Vietnamese population. Busy and hectic lifestyles often result in inadequate nutrient intake, leading to an increased willingness to use nutritional supplements to bridge the nutritional gap. As disposable income has been increasing, consumers have become more willing to spend on health and wellness products, including nutritional supplements. A higher disposable income enables them to afford a better quality of life and invest in their well-being. Also, the growth of modern retail channels, such as supermarkets, hypermarkets, and e-commerce platforms, has made nutritional supplements more accessible to a broader consumer base. The convenience of purchasing supplements through these channels has contributed to market growth. Another driving force is the Vietnamese government's initiatives to promote public health and wellness and establish regulations for the supplement industry have created a conducive environment for market growth. Regulations ensure product safety and quality, enhancing consumer trust.

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, and liquids, and are designed to enhance overall health, support specific health needs, or address nutritional deficiencies. The market in Vietnam experiences growth due to factors like 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.

Vietnam Nutritional Supplements Market

Growth Drivers

Growing Health and Wellness Awareness in Vietnam

Vietnam's middle-income and affluent classes have been rapidly expanding in Southeast Asia. As reported by the World Bank, Vietnam's GDP per capita reached USD 2,785 in 2020, with the government aiming for GDP growth of up to 6.5% in 2022. This economic growth is expected to positively impact consumer spending and drive the demand for products that address nutritional deficiencies. Moreover, Vietnam's population, comprising approximately 97 million people, with over 8 million individuals aged 65 and above, has witnessed a significant increase in demand for healthcare supplements. The local populace is increasingly conscious of health risks and is embracing preventive measures through the use of dietary products to combat ailments like high blood pressure, diabetes, obesity, and cardiovascular diseases. This awareness has led to a surge in the adoption of dietary food products for improving overall health and wellness in the country.

Restraints

High Price of Nutritional Supplements

The growth of the Vietnam nutritional supplements market is restrained by the high price of nutritional supplements. The elevated cost of these products acts as a limiting factor for some consumers, deterring them from regular usage or making it difficult for them to afford certain supplements. As a result, the demand for nutritional supplements may be impacted, particularly among price-sensitive consumers or in regions with lower income levels. Manufacturers and suppliers in the market may face challenges in finding a balance between product quality and affordability to cater to a broader consumer base. Addressing the issue of high prices while maintaining product efficacy becomes crucial for fostering market growth.

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

Segmental Coverage

Vietnam Nutritional Supplements Market – By Form

By form, the Vietnam nutritional supplements market is divided into Tablets, Capsules, Powder, and Liquids segments. The powder form held the highest market share and is expected to maintain its dominance throughout the forecast period by form. This is attributed to its convenience and versatility, as powder supplements can be easily mixed with various beverages and foods, appealing to diverse consumer preferences. Additionally, their longer shelf life and ease of transportation and storage further contribute to their popularity in the market. Meanwhile, the capsules segment is expected to witness fastest growth rate during the forecast period due to its ease of consumption and convenience. Capsules offer a convenient and portable way to take supplements, eliminating the need for measuring or mixing. They are preferred by consumers who dislike the taste or texture of powdered supplements. Moreover, capsules can encapsulate a wide range of ingredients, including vitamins, minerals, and herbal extracts, making them suitable for various health needs. This versatility and consumer preference for easy-to-take supplements contribute to the projected rapid growth of the capsule segment.

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.

Vietnam Nutritional Supplements Market – By Classification

Based on classification, the Vietnam nutritional supplements market is bifurcated into Over-the-counter (OTC) and Prescription segments.

Vietnam Nutritional Supplements Market – By Distribution Channel

Based on distribution channel, the Vietnam nutritional supplements market is segmented into Hypermarkets & Supermarkets, Pharmacy Stores, and Online Channels segments. The hypermarkets & supermarkets segment holds the highest share in the Vietnam nutritional supplements market by distribution channel during the forecast period. Meanwhile, the online channels segment is expected to witness the fastest growth rate during the forecast period due to the increasing popularity of e-commerce and digital platforms. Online channels offer consumers the convenience of shopping from the comfort of their homes and provide a wide selection of products. Additionally, the COVID-19 pandemic accelerated the adoption of online shopping, and consumers are increasingly turning to online platforms for purchasing nutritional supplements. This trend is expected to continue, driving the rapid growth of the online channels segment in the market.

Vietnam Nutritional Supplements Market – By End User

On the basis of end user, the Vietnam nutritional supplements market is segmented into Infants, Children, Adults, Pregnant Women, and Old-aged segments. The adults segment holds the highest share in the Vietnam nutritional supplements market during the forecast period by end user. The adult population comprises a significant portion of the overall demographic, creating a large consumer base. As adults become increasingly health-conscious, they seek preventive measures and wellness solutions, leading to a rising demand for nutritional supplements to support their overall health and address specific health needs. Also, busy lifestyles, work-related stress, and the desire for improved immunity and vitality contribute to the preference for supplements among adults. The increasing awareness of the importance of self-care and a proactive approach to health further drive the segment's dominance in the market. Meanwhile, the infants segment is expected to witness the fastest growth rate during the forecast period due to the focus on early childhood nutrition and health. Parents and caregivers prioritize providing essential nutrients to support infants' growth and development. Increasing awareness of the significance of proper nutrition during the early stages of life and the availability of specialized infant nutritional supplements contribute to the segment's dominance 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.

Scope of the Report

By Form

• Tablets

• Capsules

• Powder

• Liquids

By Ingredient

• Vitamin

• Protein

• Fatty Acids

• Minerals

By Classification

• Over-the-counter (OTC)

• Prescription

By Distribution Channel

• Hypermarkets & Supermarkets

• Pharmacy Stores

• Online Channels

By End User

• Infants

• Children

• Adults

• Pregnant Women

• Old-aged