Vitamins, minerals, herbs, and amino acids are frequently included in nutritional supplements, which are goods used to complement the diet. The most common forms of these supplements are gummies, capsules, pills, tablets, powders, and liquids. They frequently include a combination of minerals, vitamins, amino acids, healing plants, and other botanical components. Nutritional supplements come in a variety of forms, including minerals and vitamins, sports nutrition, botanical and herbal nutrients, meal replacements, and specialised supplements, depending on their intended use. Each type serves a different purpose and is tailored to specific consumer needs.
Vietnam Nutritional Supplements Market Driving Factors and Challenges
The market for nutritional supplements in Vietnam is being driven primarily by rising disposable incomes, shifting lifestyle preferences, and consumer awareness of health and wellbeing. Vietnamese customers now seek more nutritional supplements as a result of greater health consciousness and an emphasis on preventative healthcare. The advantages of maintaining a balanced diet and adding vitamins, minerals, and other nutrients are becoming more widely recognised. The Vietnamese population's eating habits have changed as a result of urbanisation and industrialization. Inadequate nutrient consumption is frequently caused by hurried lifestyles, which increases people's inclination to utilise nutritional supplements to fill the dietary gap.
Consumer spending on nutritional supplements and other products for health and wellbeing has increased along with disposable income. They may afford a better quality of life and make investments in their well-being thanks to having more spare income. Additionally, the expansion of contemporary retail outlets like supermarkets, hypermarkets, and e-commerce websites has increased the availability of nutritional supplements to a wider consumer base. These distribution methods make it convenient to buy supplements, which has helped the market expand. Also, the Vietnamese government's measures to promote public health and wellbeing and set laws for the supplement business have produced an atmosphere favourable for market expansion, which is another motivating factor.
However, the high cost of nutritional supplements is a hindrance to the market's expansion in Vietnam. For some customers, the high cost of these goods serves as a barrier, preventing them from regular consumption or making it impossible for them to buy specific supplements. The demand for nutritional supplements may be affected as a result, especially among consumers who are price sensitive or in areas with lower income levels. To appeal to a wider customer base, manufacturers and suppliers in the market may find it difficult to strike a balance between product quality and pricing. For the market to expand, the issue of high prices must be addressed while preserving product effectiveness.
Impact of COVID-19 on Vietnam Nutritional Supplements Market
The COVID-19 epidemic had a conflicting effect on the nutritional supplement business in Vietnam. Market disruptions were initially experienced as a result of supply chain issues and temporary store closures. However, the epidemic caused a rise in health consciousness that fuelled a market for immunity-boosting supplements. Customers preferring contactless buying drove considerable development in online sales channels. The pandemic hastened the transition to preventative healthcare and promoted the uptake of nutritional supplements. Even while some market segments saw increase, overall market development was hampered by consumer spending declines and economic uncertainty. Despite obstacles, the market was adaptable, adjusting to shifting customer wants and openings created by the pandemic.
Vietnam Nutritional Supplements Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Abbott Nutrition, Cliff Bar & Company, Glanbia plc, Herbalife International, Nestle, PepsiCo, Others.
Vietnam Nutritional Supplements Market Segmentation:
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.