Vietnam Food Supplement Market - 2024-2027

Overview

Vietnam Food Supplement Market reached US$ 1,947.99 million in 2023 and is expected to reach US$ 2,455.28 million by 2027, growing with a CAGR of 6.20% during the forecast period 2024-2027.

The Vietnam food supplement market has experienced significant growth over the past few years, driven by increasing health consciousness, changing lifestyles, and a growing demand for preventive healthcare solutions. For instance, in 2024, Vietnam hopes to get further support from the World Health Organization (WHO) to restructure and consolidate its preventive healthcare system.

The rise of e-commerce has also transformed the distribution landscape of food supplements in Vietnam. With the increasing penetration of the internet and mobile devices, consumers are turning to online platforms for their health product purchases. For instance, a recent report by Vietnam Ministry of Industry and Trade's E-Commerce and Digital Economy Department shows that Vietnam's e-commerce market recorded an estimated value of US$ 13.7 billion in 2021, accounting for approximately 6.5% of total retail revenue.

This represents a growth of 16% against 2020. The market is also forecast to grow at an annual rate of 30% between 2021 and 2025. The Vietnam food supplement market presents a dynamic landscape with robust growth potential driven by evolving consumer behaviors and increasing health awareness. While challenges such as regulatory compliance and cultural preferences exist, opportunities abound for innovative products and effective marketing strategies.

Drivers

Rising Health Consciousness

Rising health consciousness is a key driver of the Vietnam food supplement market, as consumers increasingly prioritize preventive healthcare and wellness. The shift towards healthier lifestyles has led to greater awareness of the benefits of supplements, such as vitamins, minerals, probiotics, and herbal extracts, to support overall well-being.

For instance, in 2021, Public opinion research conducted by GlobeScan and supported by Visa, the world's leader in digital payments, shows Vietnam ahead of the global average when it comes to adopting healthier and more sustainable lifestyle choices. According to the survey, people in Vietnam are already taking proactive steps towards healthier and more sustainable lifestyles. 90% said they had made changes to their lifestyles to be more environmentally friendly in the past year, along with 87 % who made changes to be healthier.

As more individuals prioritize their well-being, there is an increasing demand for products that promote better health, enhance nutrition, and prevent diseases. The growing awareness of lifestyle-related health issues, such as obesity and chronic diseases, has led many to seek dietary supplements that support their health goals. Additionally, the influence of social media and wellness trends has contributed to the popularity of vitamins, minerals, and herbal products. Consumers are increasingly opting for natural and organic supplements, reflecting a shift towards holistic health approaches.

Strategies Activities Adopted by the Companies

Strategic activities like product launches and partnerships are critical drivers in the food supplement market, helping companies increase visibility, expand their market presence, and meet evolving consumer demands. Product launches often feature new ingredients like probiotics, adaptogens, or superfoods, which can boost market interest.

For instance, in 2022, Monteloeder introduced a new product called Nutroxsun in Vietnam, designed for skin beauty and whitening. Manufactured by Nature Pharma as the OEM partner, the product is marketed by GHB Corp. Nutroxsun comes in a unique format with Day and Night capsules, addressing skin care needs around the clock. This dual approach targets Vietnam's growing demand for skin-lightening products, especially among consumers who prioritize radiant, flawless skin.

Additionally, in 2021, New Zealand-based company Pamu Food and its local partner, Ciels Group, signed an agreement to introduce a new range of premium New Zealand-made nutritional supplements in Vietnam. This type of partnership highlights the growing demand for high-quality, health-focused products in Vietnam and strengthens the food supplement market in Vietnam.

Restraints

Competition from Natural Foods and Diet Trends

Competition from natural foods and emerging diet trends significantly restrains the Vietnam food supplement market by offering consumers alternative ways to meet their nutritional needs. Many Vietnamese consumers prefer obtaining essential nutrients directly from fresh, natural foods like fruits, vegetables, seafood, and grains, which are abundant in the country. The popularity of traditional Vietnamese diets, which are naturally rich in vitamins, minerals, and antioxidants, reduces the perceived need for additional supplementation.

For instance, foods like dragon fruit, mangoes, leafy greens, and rice-based dishes provide a substantial portion of daily nutrients, making supplements seem unnecessary for many. Moreover, rising diet trends such as plant-based diets, clean eating, and organic food consumption are gaining momentum, particularly among health-conscious urban populations. These trends encourage people to prioritize whole, unprocessed foods as natural sources of nutrition over synthetic or processed supplements.

Segment Analysis

The Vietnam food supplement market is segmented based on ingredient, dosage, application, age and distribution channel.

Rising Consumer Awareness and Demand for Gastrointestinal Health Drives the Segment Growth

Gastrointestinal health holds a significant share in the Vietnam food supplement market, reflecting a growing awareness of digestive wellness among consumers. According to CarePlus, an associate of Singapore Medical Group, IBS is highly prevalent, with Ministry of Health statistics showing a significant incidence rate, affecting 10-15% of the global population. In Vietnam, it's estimated that over 14 million people suffer from IBS, yet only 30% of them seek medical attention.

With increasing incidences of gastrointestinal disorders and a rising focus on gut health, many individuals are turning to dietary supplements that promote digestive function and overall gut microbiome balance. Probiotics, prebiotics, and digestive enzymes are among the most sought-after products, as they are known to alleviate issues like bloating, constipation, and irritable bowel syndrome. The cultural emphasis on traditional remedies, combined with modern health trends, has further propelled the demand for supplements targeting digestive health.

Sustainability Analysis

As awareness of health and wellness increases, companies are focusing on sustainable sourcing of raw materials, emphasizing organic and natural ingredients that minimize environmental impact. Many brands are adopting eco-friendly packaging solutions to reduce plastic waste and enhance recyclability. Additionally, there is a notable shift towards local sourcing, which supports the economy and reduces carbon footprints associated with transportation.

The demand for transparency in ingredient sourcing is driving companies to provide detailed information about their supply chains, fostering trust with consumers. Furthermore, regulatory frameworks are evolving to encourage sustainable practices in manufacturing and distribution. Consumer education campaigns are promoting the importance of sustainability, influencing purchasing decisions, and encouraging brands to prioritize ethical practices.

Unmet Needs

One of the most pressing unmet needs is the assurance of quality and safety in food supplements. The market has seen a proliferation of low-quality products and misleading advertisements, particularly through social media platforms like Facebook and Zalo. Consumers are increasingly wary of supplements that do not provide transparent ingredient lists or reliable efficacy.

There is also a gap in the availability of supplements tailored to specific demographics or health conditions. For example, the aging population, which is increasing rapidly, requires products that address age-related health issues such as osteoporosis and cognitive decline. Similarly, younger consumers are looking for energy-boosting or beauty-enhancing supplements.

Many consumers lack sufficient knowledge about the benefits and proper use of dietary supplements. This gap in understanding leads to underutilization of available products and a preference for traditional remedies over modern supplements. There is a significant opportunity for companies to invest in consumer education campaigns that promote the health benefits of their products and provide guidance on proper usage.

Competitive Landscape

The major global players in the Vietnam market include TRAPHACO JOINT STOCK COMPANY, MERACINE PHARMACEUTICAL JOINT STOCK COMPANY, Medipharco Pharmaceutical Joint Stock Company, VitaDairy Vietnam Joint Stock Company, Nam Duoc Joint Stock Company, THIEN Y PHARMA PHARMACEUTICAL JOINT STOCK COMPANY, Huro Biotechnology Joint Stock Company, LiveSpo and KENUBIO International etc.

By Ingredient

• Vitamins
• Botanicals
• Minerals
• Protein & Amino Acids
• Omega Fatty Acids
• Probiotics
• Others

By Dosage

• Tablet
• Capsules
• Liquid
• Powder
• Chewables & Gummies
• Soft Gels
• Others

By Application

• Gastrointestinal Health
  • Gut Microbiota/Microbiome Balance
  • Digestion
  • Constipation
  • Bloating
  • Diarrhea
  • Leaky Gut
  • Inflammation
  • Others
• Gluten sensitivity
• Abdominal Pain
• GERD/Helicobacter Pylori
• Antibiotic-Associated Diarrhea/Post-Antibiotic Treatment
• Gut Flora/Gut Microbiome Restoration
• Others
• Vaginal Health
• Urinary Tract Health
  • Kidney Stones
  • UTIs
  • Others
• Oral Health
• Anti/Healthy Ageing
• Allergies/Asthma
• Bone & Joint Health
  • Osteoarthritis
  • Osteoporosis/Low Mineral Bone Density
  • Inflammation
• Brain/Mental Health
  • Sleep
  • Cognition
  • Mood
  • Depression
  • Focus
• Cardiovascular Health
• Circulation
• Energy/Fatigue Reduction
• Metabolic Syndrome/Blood Glucose
• Liver Health
• Energy
• Immunity/Respiratory Infections
• Nutrient Absorption
• Skin-Hair-Nails
  • Atopic Dermatitis & Eczema
  • Acne
  • Rosacea
  • Hair Growth/Hair Loss
  • Skin Microbiome
  • Others
• Sports
• Women's Health
  • Fertility
  • Menopause
  • Pregnancy
  • PCOS
  • Vaginal Health & Health Vaginal Microbiome
  • Vaginal Infections (BV/VVC)
  • Pregnancy Outcomes
  • Others
• Men's Health & Men's Fertility
• Weight Management
• Pediatric Health
  • Colic
  • Constipation
  • Regurgitation
  • Atopic Dermatitis
  • Others
• Others

By Age

• Infant
• Children
• Adults
• Seniors

By Distribution Channel

• Supermarkets/Hypermarkets
• Pharmacies and Drug Stores
• Convenience Stores
• Online Retailers
• Other Distribution Channels

Key Developments

• In March 2021, the Vitamin Shoppe has launched its first retail store in Vietnam, located in Hanoi, offering a range of vitamins, supplements, and sports nutrition products. The retailer has partnered with the Kim Lien Group for retail and wholesale distribution in the country. This expansion marks a significant milestone for The Vitamin Shoppe in the growing Vietnamese market.
• In May 2024, Malaysia-based GK Bio International, known for its expertise in fungi and probiotic supplements, announced to expand into Southeast Asian markets, including Vietnam.

Why Purchase the Report?

• To visualize the Vietnam food supplement market segmentation based on ingredient, dosage, application, age and distribution channel, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of Vietnam food supplement market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The Vietnam food supplement market report would provide approximately 42 tables, 62 figures and 217 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies