Vietnam Dietary Supplements Market By Product Type, By Form, By Distribution Channel, By Application, By End User, By Region, Competition, Forecast and Opportunities, 2020-2030F

Vietnam Dietary Supplements Market was valued at USD 325.47 Million in 2024 and is expected to reach USD 471.73 Million by 2030 with a CAGR of 6.58% during the forecast period. A major driver for the growth of the dietary supplements market in Vietnam is the rising awareness among consumers about the importance of maintaining good health and preventing diseases. As Vietnamese consumers become more educated about the role of nutrition in promoting health and preventing diseases, they are increasingly seeking dietary supplements to fulfill their nutritional needs. Additionally, Vietnam's rapidly aging population is another key factor contributing to the growth of this market. With the aging process, individuals often require additional nutritional support to maintain their health, which further drives the demand for dietary supplements.

In this highly competitive market, both domestic and international players are vying for market share. Leading companies such as Amway, Herbalife, and Nu Skin Enterprises offer a wide range of dietary supplements, including vitamins, minerals, herbal supplements, and probiotics, catering to the diverse needs of consumers. Despite the competition, the dietary supplements market in Vietnam presents ample opportunities for growth. The increasing consumer preference for natural and organic products creates a lucrative opportunity for manufacturers to develop new and innovative dietary supplements that align with these preferences. By capitalizing on this trend, companies can tap into the growing demand and establish a strong foothold in the market.

Key Market Drivers

Rise in Health Awareness

In recent years, Vietnamese consumers have become increasingly health-conscious, with a growing understanding of the vital role nutrition plays in maintaining good health and preventing diseases. This heightened awareness has led to a surge in demand for dietary supplements in Vietnam. The global health and wellness movement, which emphasizes the significance of a balanced diet and regular exercise, has further propelled this trend.

As Vietnamese consumers become more informed about health and nutrition, they are seeking dietary supplements that can help fill nutritional gaps, boost immunity, enhance physical performance, and improve overall health. Vitamins, minerals, probiotics, and herbal supplements are witnessing a significant increase in demand as consumers recognize their potential benefits.

According to the International Monetary Fund (IMF) World Economic Outlook, Vietnam's GDP reached 406.45 billion U.S. dollars in 2022, making it the fifth-largest economy in Southeast Asia and the 37th largest globally. The World Bank forecasts that by 2030, the middle and affluent classes will experience rapid growth, representing 20% of the country's population. Additionally, the Economist Intelligence Unit (EIU) reports that Vietnam's healthcare expenditure was approximately USD 18.5 billion in 2022, accounting for 4.6% of the nation's GDP. As disposable incomes rise and the middle class expands, there is a noticeable increase in health awareness among Vietnamese consumers. This growing focus on health and wellness is significantly driving the demand for dietary supplements, as more individuals seek to improve their overall well-being and invest in products that support healthier lifestyles. This trend, coupled with the country's rising healthcare expenditure, is expected to further fuel the growth of the dietary supplements market in Vietnam. To raise health awareness among Vietnamese consumers, manufacturers and health organizations have launched marketing campaigns and educational initiatives. These efforts not only educate consumers on the advantages of dietary supplements but also promote the importance of maintaining a balanced diet and engaging in regular exercise.

With the growing emphasis on health and wellness, the market for dietary supplements in Vietnam is experiencing a considerable impact. Consumers are actively seeking ways to improve their overall health and well-being, and dietary supplements have emerged as a popular choice. This trend is expected to continue as Vietnamese consumers prioritize their health and make conscious choices to support their well-being.

Surge in Disposable Income

Vietnam's robust economic growth has not only led to an increase in disposable income but has also fueled a notable shift in consumer behavior. With the rising affluence, Vietnamese citizens are placing a greater emphasis on health and wellness, resulting in significant changes in their purchasing patterns. As people have more money to spend, they are actively investing in their well-being, leading to a surge in demand for dietary supplements.

This surge in disposable income has directly impacted the dietary supplements market in Vietnam. Consumers are not only buying more supplements but are also willing to pay a premium for high-quality products. This consumer behavior trend has created an expansive market and introduced a wider variety of dietary supplements to cater to diverse needs. According to the Ministry of Construction's online portal, Vietnam is one of the fastest-growing urban centers in East Asia. As of September 2022, there are an estimated 888 urban areas in the country, with an urbanization rate of approximately 41.5%. This rapid urbanization, coupled with a growing consumer class, has driven a surge in demand for high-quality food products. As disposable incomes rise, consumers are increasingly prioritizing safer, more nutritious food options that meet international standards. This shift has contributed to a growing preference for organic, natural, and premium food items, including dietary supplements. The surge in disposable income is significantly boosting the dietary supplements market, as consumers are now more willing to invest in health and wellness products that align with their evolving lifestyle preferences.

Moreover, the increase in disposable income has triggered a notable surge in the demand for natural and organic products. As Vietnamese consumers become more discerning, there is a growing preference for clean-label, natural, and organic dietary supplements. This shift reflects a desire for healthier and more sustainable choices. The remarkable rise in disposable income among Vietnamese consumers serves as a pivotal driver for the country's thriving dietary supplements market. As Vietnam continues to experience sustained economic prosperity, this trend is expected to persist, presenting lucrative opportunities for manufacturers in the dietary supplements industry. By understanding and meeting the evolving consumer preferences, businesses can position themselves for success in this dynamic market.

Key Market Challenges

Surge in Regulatory Compliance

In recent years, the Vietnamese government has implemented stringent regulations to address the labeling, advertising, and quality control of dietary supplements. These regulations have been put in place to ensure the safety and efficacy of these products, protect consumers from potential harm, and prevent the circulation of counterfeit supplements in the market. The government's intention is to create an environment where consumers can have confidence in the quality and authenticity of the dietary supplements they purchase.

However, due to the complexity of the regulatory landscape and the ambiguity surrounding product classifications, manufacturers face significant challenges in navigating the regulatory requirements. The process of ensuring compliance with all relevant regulations can be time-consuming, requiring extensive testing and documentation. This not only slows down the launch of new products in the market but also adds to the operational costs for manufacturers.

Non-compliance with these regulations can have serious consequences for manufacturers. It not only exposes them to financial penalties and product recalls but also poses a risk to their reputation. The trust and credibility of a company can be severely damaged if it is found to be non-compliant with the regulations, leading to a loss of consumer confidence.

Moreover, the surge in regulatory compliance has led to an increase in operational costs for manufacturers. From conducting extensive testing to hiring regulatory experts, manufacturers need to allocate significant resources to meet the stringent requirements. These additional costs can ultimately affect the profitability of companies and may result in higher prices for consumers.

Overall, while the Vietnamese government's efforts to regulate the dietary supplement industry are commendable, the challenges posed by the complex regulatory landscape need to be addressed. Balancing the need for safety and quality control with the ease of doing business is crucial to ensure the continued growth and success of the industry.

Key Market Trends

Rising Focus on Natural and Herbal Supplements

Natural and herbal supplements are rapidly gaining traction among Vietnamese consumers. Derived from carefully extracted plant-based ingredients and other natural sources, these products are seen as healthier and safer alternatives to synthetic supplements. This shift towards natural and herbal supplements aligns with the global trend favoring organic and natural products. For instance, the Vietnam Medipharm Expo 2024, scheduled for December 5-7 in Hanoi, will feature around 100 booths from eight countries and territories, attracting approximately 9,000 visitors. The event will provide foreign companies with valuable insights into Vietnam's distribution channels and competitive landscape, presenting new opportunities in this dynamic market. Key domestic brands like Vi Dieu Nam Medicine and Pharmacy Limited Company, which specializes in natural products and traditional Vietnamese herbal remedies, and Nature Gift Pharma JSC, known for its U.S.-imported health supplements, will also be showcased.

Traditional medicine continues to have a strong presence in Vietnam, with many consumers preferring natural treatments over synthetic drugs. Herbal supplements, seen as an extension of traditional medicine, have naturally gained popularity, reflecting the value placed on the country's rich heritage. Vietnam, home to over 5,100 medical plant species, has significant potential to capitalize on its herbal medicine sector, even for export, according to Nguyen The Thinh, Head of the Traditional Medicine Management Department under the Health Ministry. The growing body of scientific research highlighting the health benefits of specific herbs and natural ingredients has further bolstered the popularity of these supplements. As more evidence supports their efficacy, consumers are becoming increasingly confident in their use. This rising demand for natural and herbal supplements is driving a transformation in Vietnam's dietary supplements market. In response, manufacturers are focusing on developing innovative products that feature a broader array of natural ingredients while eliminating artificial additives, thereby reinforcing the position of natural and herbal supplements within the market.

Segmental Insights

Product Type Insights

Based on Product Type, the Vitamin emerged as the dominating segment in the Vietnam Dietary Supplements market in 2024. Vietnam's robust economic growth has not only brought about an increase in personal disposable income but has also paved the way for an upsurge in spending on health and wellness products, with dietary supplements taking center stage. As Vietnamese consumers find themselves with more financial resources at their disposal, they are increasingly investing in their well-being, resulting in a heightened demand for vitamin supplements.

Accompanying this rise in disposable income is a noteworthy shift in consumer behavior towards health consciousness among the Vietnamese population. This demographic is actively seeking holistic wellness solutions and placing a premium on cultivating a healthy lifestyle. Consequently, incorporating dietary supplements, including vitamins, into their daily routines has become a key aspect of their wellness regimen.

The prominence of vitamins in Vietnam's dietary supplements market can be attributed to various factors, one of which is the prevalence of vitamin deficiencies, particularly vitamin D deficiency. Limited sunlight exposure and inadequate vitamin intake from food sources contribute to this widespread deficiency. Consequently, an increasing number of individuals are of individuals are turning to vitamin supplements as a means to bridge the nutrient gap and fulfill their dietary requirements, thereby fueling the demand for these products.

The convergence of Vietnam's economic growth, heightened health consciousness among consumers, and the prevalence of vitamin deficiencies has created a favorable environment for the flourishing dietary supplements market in the country. As the Vietnamese population continues to prioritize their health and well-being, the demand for vitamin supplements is expected to soar, driving further growth in this dynamic industry.

Form Insights

Based on Form, capsules emerged as the fastest growing segment in the Vietnam Dietary Supplements market during the forecast period. Vietnamese consumers strongly believe in the health benefits of natural and organic products, as they prioritize their well-being and seek products that align with their values. Capsules, with their ability to deliver natural supplements in an easy-to-consume format, have gained popularity among health-conscious individuals in Vietnam. These capsules are meticulously formulated without any artificial or additional additives, ensuring that consumers can enjoy the benefits of the natural ingredients without compromising their health.

The convenience of capsules cannot be overstated. Their small size, portability, and ease of swallowing make them a preferred option for many people in Vietnam. With busy schedules and increasing health awareness, incorporating capsules into daily routines has become a seamless process for individuals striving to maintain their well-being.

Furthermore, capsules offer immense versatility in terms of ingredients. From essential vitamins and minerals to potent herbal extracts, a wide range of beneficial components can be incorporated into these capsules. This versatility caters to the diverse needs of consumers in the dietary supplements market, where there is a growing demand for various supplement options that can address specific health concerns.

Regional Insights

Based on Region, Northern Vietnam emerged as the dominant region in the Vietnam Dietary Supplements market in 2024. The northern region of Vietnam, particularly Hanoi, is the country's political and economic center. With a high concentration of businesses, government institutions, and a growing affluent population, northern Vietnam experiences a strong demand for health and wellness products, including dietary supplements. The Northern Key Economic Region (KER) encompasses seven cities and provinces: Hanoi, Hai Phong, Quang Ninh, Vinh Phuc, Bac Ninh, Hai Duong, and Hung Yen. Together, this region contributes over 32% of the national GDP (ranking second after the Southern KER) and accounts for 26% of Vietnam's total foreign direct investment (FDI). The region benefits from robust infrastructure and connectivity, which supports the efficient distribution of supplements.

Northern Vietnam also has deep cultural ties to traditional medicine, including the use of herbal remedies and natural health products. This cultural preference for natural treatments drives the demand for dietary supplements that align with these practices. Consequently, the region is more open to herbal and natural supplement options, which are gaining popularity across the country. Additionally, health awareness in northern urban areas like Hanoi has risen significantly, with consumers becoming more informed about nutrition and wellness.

The region's strategic location, close to international markets like China, facilitates the import and trade of health products, enhancing the availability of global dietary supplement brands and fostering market competition. Furthermore, the presence of a wide range of pharmacies, health stores, and modern retail outlets in northern Vietnam makes it easier for consumers to access various health products.

Key Market Players

• Herbalife Vietnam Ltd.
• Traphaco JSC
• Bayer Vietnam Ltd.
• DHG Pharmaceuticals Joint Stock Company
• Amway Vietnam Ltd.
• Nestle Vietnam Ltd.
• Forever Living Vietnam Ltd.
• Tiens Vietnam Co Ltd.
• Life Extension Vietnam
• Nu Skin
• Mega Lifesciences Public Company Limited

Report Scope:

In this report, the Vietnam Dietary Supplements Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Vietnam Dietary Supplements Market, By Product Type:

• Vitamin
• Combination Dietary Supplement
• Protein
• Herbal Supplement
• Fish Oil & Omega Fatty Acid
• Others

Vietnam Dietary Supplements Market, By Form:

• Capsules
• Tablets
• Powder
• Soft Gels
• Liquid

Vietnam Dietary Supplements Market, By Distribution Channel:

• Pharmacies and Drug Stores
• Online
• Supermarkets and Hypermarkets
• Others

Vietnam Dietary Supplements Market, By Application:

• Immunity
• General Health
• Energy & Weight Management
• Bone & Joint Health
• Others

Vietnam Dietary Supplements Market, By End User:

• Adults
• Geriatric
• Pregnant Females
• Children
• Infants

Vietnam Dietary Supplements Market, By Region:

• Northern
• Central
• Southern

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Vietnam Dietary Supplements Market.

Available Customizations:

Vietnam Dietary Supplements Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).