Herbal supplements dominated the market with revenue share of ~% in 2016. High prevalence of herbal supplements has been witnessed in beauty and personal care section which have driven the dietary supplements market in Vietnam. The consumers believe that herbal or traditional products have fewer or no side effects in comparison with standard products constituting natural ingredients. 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 2011 to 2016. 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 2016. 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. The growing health concerns among the people in the country have resulted in investments by international players in the market who are launching innovative drinks in the market which are aimed to improve health in the market. Digestive segment followed health segment with revenue share worth ~% in Vietnam functional foods and beverages market in 2016. The major reason behind this share is the strong demand in Vietnam for digestive products to deal with diarrhea.
Amway dominated the Vietnam dietary supplements market by grabbing maximum revenue share of ~% in 2016 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. Additionally, the company’s strategic expansion of its business operations by investing in USD ~ million manufacturing plant in Ho Chi Minh City, Vietnam in 2015 for the production of their Nutrilite brand helped the company in providing products in affordable cost, thus generating revenues for Amway in dietary supplements category. Tienz followed Amway with revenue share of ~% in 2016. Tiens has carefully established itself in three branches namely Hanoi, Ho Chi Minh and Danang branch, Vietnam, carrying a wide range of nutritional product line. Herbalife was able to generate revenue share worth ~% in Vietnam dietary supplements market in 2016.
Vietnam Nutraceuticals Market Future Outlook & Projections
Vietnam nutraceuticals market is estimated to display a growth with a rising standard of living and health consciousness among the Vietnamese population. 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. For instance, the functional drink launched by TH Group with the local flavor is expected to record high sales during the forecast period, hence driving the market. The market for nutraceuticals in Vietnam is estimated to experience a growing demand at a CAGR of ~% during the forecast period.
Topics Covered in the Report
- Dietary Supplements Market Trends,
- Vietnam Functional Beverage Market,
- AntiOxidants Food Category Growth Vietnam,
- Vitamins and Dietary Supplements in Vietnam
- Probiotic Nutrition Market Vietnam,
- Ginseng Sales in Vietnam,
- Amway Share in Vietnam,
- Herbal life Performance in Vietnam,
- Omega 3 Fatty Acid Industry Size in Vietnam,
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Ankur Gupta, Head Marketing & Communications