Vietnam Dietary Supplements Market Trends 2023- Industry Share, Revenue, Growth Drivers, Business Challenges and Future Outlook Till 2033: SPER Market Research
Products known as nutritional supplements are meant to be used in addition to a regular diet to supply nutrients that may be lacking or insufficiently obtained from meals. These supplements are available as tablets, capsules, powders, liquids, and candies, among other forms. Vitamins, minerals, amino acids, herbs, enzymes, and other materials may be present in them.
According to SPER market research, ‘Vietnam Nutritional Supplements Market Size – By Form, By Ingredient, By Classification, By Distribution Channel, By End User– Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Vietnam Dietary Supplements Market is predicted to reach USD 0.19 billion by 2033 with a CAGR of 10.07%.
Growing consumer health consciousness and an aging population are driving the robust expansion of the health supplement industry in Vietnam. There is a significant need for a broad variety of products in the market, such as vitamins, herbal products, and nutritional supplements. The use of health supplements has increased as a proactive approach in response to a notable shift in consumer behaviour toward preventative healthcare. Furthermore, more people can now buy these products because to the nation’s economic growth and increased disposable income. The increasing awareness of the advantages of these products is another factor contributing to the rise in demand for health supplements. Customers are introducing health supplements into their daily routines at an increasing rate as a result of easier access to information and education on the value of leading a healthy lifestyle.
Despite the quick development of the health supplement business, authorities nevertheless face difficulties in controlling illicit items. Local and foreign businesses face competition from illicit and subpar goods, which may be more alluring because of their lower costs. In addition, a lot of advertisements on websites like Zalo, Facebook, and YouTube make false claims. When a product is in high demand, buyers frequently don’t bother to check claims or don’t know where it came from. Additionally, government authorities have not been able to keep up with campaigns of deceptive advertising. Other issues include market participants facing a barrier due to strict government rules. Although these rules are essential to guarantee quality and safety, they may make it difficult for new products to enter the market and limit product availability. Finally, the market encounters difficulties with logistics and distribution
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Impact of COVID-19 on Vietnam Nutritional Supplements Market
The COVID-19 pandemic had a mixed impact on Vietnam’s dietary supplement industry. Initially, problems with the supply chain and temporary store closures caused market disruptions. On the other hand, the epidemic increased people’s awareness of health issues, which fuelled the demand for supplements that increase immunity. Consumer preference for contactless purchases propelled significant advancements in online sales channels. The pandemic encouraged the use of dietary supplements and accelerated the shift to preventative healthcare. Although several market segments experienced growth, consumer spending falls and economic uncertainties hindered the overall development of the market. In spite of these challenges, the market was flexible, reacting to changing consumer demands and opportunities brought about by the pandemic.
Vietnam Dietary Supplements Market Key Players:
Vietnam is one of the countries in Southeast Asia where the middle-class and upper-class populations are growing at a very rapid pace. Due to the greater trust that consumers have in foreign brands over domestic ones, the growing demand for health supplements has led to a rise in the use of these goods. Foreign ones are imported from popular markets including the US, Germany, Canada, South Korea, Japan, and so on. Additionally, some of the market key players are Abbott Nutrition, Cliff Bar & Company, Glanbia plc, Herbalife International, Nestle, PepsiCo and various others.
Vietnam Nutritional Supplements Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Form: Based on the Form, Vietnam Nutritional Supplements Market is segmented as; Capsules, Liquids, Powder, Tablets.
By Ingredient: Based on the Ingredient, Vietnam Nutritional Supplements Market is segmented as; Fatty Acids, Minerals, Protein, Vitamin.
By Classification: Based on the Classification, Vietnam Nutritional Supplements Market is segmented as; Over-the-counter (OTC), Prescription.
By Distribution Channel: Based on the Distribution Channel, Vietnam Nutritional Supplements Market is segmented as; Hypermarkets & Supermarkets, Online Channels, Pharmacy Stores.
By End User: Based on the End User, Vietnam Nutritional Supplements Market is segmented as; Adults, Children, Infants, Old-aged, Pregnant Women.
By Region: This research also includes data for East Vietnam, North Vietnam, South Vietnam, West Vietnam.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Vietnam Nutritional Supplements Market Challenges
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