The report titled “Vietnam Nutraceuticals Market Outlook to 2022 – Rising Demand For Infant Products and Probiotic Supplements to Foster Future Growth” focuses on overall market size for Vietnam nutraceuticals market, market segmentations on the bases of dietary supplements, functional food & beverages and distribution channels, dietary supplements sub-segmentation by type of supplements, functional foods and beverages sub-segmentation by product category.
The report also covers Government regulations for nutritional and dietary supplements in Vietnam, import and export scenarios of nutritional and dietary supplements in Vietnam, trends & developments in the market and competitive landscape of major players in Vietnam Nutraceuticals Market. The report concludes with market projection for future and analyst recommendation highlighting the major opportunities and cautions.
Vietnam Nutraceuticals Market Size
In 2017, revenues of Vietnam nutraceuticals industry including dietary supplements and functional foods and beverages collectively, accounted to USD ~ million. The market recorded the growth at a CAGR of ~%, from USD ~ million generated in the year 2012. The rising awareness and knowledge about health and fitness is one of the major drivers for nutraceuticals market in Vietnam. The Vietnamese population strongly believes that diet has a major role to play in health aspects. Increase in the purchasing power has also helped the Vietnamese population in spending high amount towards good quality nutritional supplements in order to adopt a healthy living lifestyle.
By Dietary Supplements, and Functional Foods and Beverages
Functional foods and beverages segment dominated the Vietnam nutraceuticals market with revenue share of ~% in 2017. The growing health consciousness and self health conscious attitude among Vietnamese population is the major factor responsible behind such high share of the segment in the country. Additionally, the growing demand for functional foods in the country has resulted in increased usage of imported products as people tend to trust these brands more than domestic brands. However, dietary supplements segment has grown over a CAGR of ~% in the estimated period of six years from 2012 to 2017 due to growing awareness among customers about the benefits of nutraceuticals which have been spread via word-of-mouth, rising education levels and advertising.
By Distribution Channel
The independent small grocers segment dominated Vietnam nutraceuticals distribution channel by grabbing largest share of ~%, thus generating revenue worth USD ~ million in the year 2017. Vietnamese population demands for both new and wide product offerings. Multi-channel strategies adopted by independent small grocers are gradually more focused on synergies between stores and online selling of nutraceuticals products, by boosting their sales through click and collect delivery options, including drive-through locations. Other major distribution channels include convenience stores, hypermarkets, supermarkets, pharmacies, and direct selling.
Dietary Supplements Segmentation by Type of Supplements
Herbal supplements dominated the market with revenue share of ~% in 2017. High prevalence of herbal supplements has been witnessed in beauty and personal care section which have driven the dietary supplements market in Vietnam. Ginseng was the most popular herbal dietary supplement used in Vietnam. The segment grew at the highest CAGR of ~% in the estimated period of six years from 2012 to 2017. Omega 3 fatty acid segment is gaining popularity in the country with growing number of patients suffering from cardiac disorders. The highest selling omega 3 fatty acids supplements in Vietnam are fish oil supplements.
Functional Foods and Beverages Market Segmentation by Food Category
Health segment dominated the functional food and beverages market with a revenue share worth ~% in Vietnam functional foods and beverages market in year 2017. In Vietnam, health supplements are consumed for growing concern towards anti-aging, strengthen resistance, reducing risk towards diseases, developing abundant health, support human beauty and health treatments. Digestive segment followed health segment with revenue share worth ~% in Vietnam functional foods and beverages market in 2017. The major reason behind this share is the strong demand in Vietnam for digestive products to deal with diarrhea.
16Competitive Landscape
Amway dominated the Vietnam dietary supplements market by grabbing maximum revenue share of ~% in 2017 majorly by providing the specific products which could satisfy the growing demand of health concerns against strengthen resistance, helps in beautification and health treatment, decrease the risk of diseases and concerns of anti-aging. Tienz and Forever Living products are other major players operating in the market with revenue shares in decreasing order.
Vinamilk had revenues from the fortified food segment worth USD ~ million with a market share of ~% in the year 2016. The enhancement of livelihood among the consumers in the Vietnam is a major growth driver in the industry. The increase in the number of health conscious people and the increase in the standard of living will drive growth in the future. The other companies in the segment are of Royal Friesland Campina NV and Abbott Laboratories.
Pepsi Co had a market share of ~% in 2016 with revenues of USD ~ million. The company has the maximum market share in the Vietnam in the functional Beverages segment. The drivers for growth of Pepsi co is the brand value they have created over the years. It is one of the biggest brands in the Vietnam and is the number one company in the beverages space in the Vietnam. The other companies in this segment are Nestlé SA and TC Pharmaceutical Industry Co Ltd.
Future Outlook and Projections
Vietnam nutraceuticals market is estimated to display a growth with a rising standard of living and health consciousness among the Vietnamese population. They believe nutraceuticals products provide good health benefits. The growing investments by the international players like Amway and Yakult Honsha are expected to further increase the awareness about the nutraceuticals in the market, which would fuel the market during the forecast period. Moreover, the growing number of domestic players in the market is further expected to accentuate the growth during the forecast year. Companies such as TH Group and Vietnam Food are continuously engaged in developing new and innovative products for the market. The market for nutraceuticals in Vietnam is estimated to experience a growing demand at a CAGR of ~% during the forecast period 2018-2022.
Source: https://www.kenresearch.com/
