Vietnam Health Supplements Market Outlook to 2028

Vietnam Health Supplements Market Overview

The Vietnam health supplements market reached a valuation of USD 708 billion in 2023, driven by increasing consumer awareness regarding preventive healthcare and the growing demand for dietary supplements. The markets expansion is fueled by the increasing incidence of lifestyle diseases and a growing preference for immunity-boosting products such as vitamins, minerals, and herbal supplements.

Major players dominating the Vietnam health supplements market include Amway Vietnam, Herbalife Vietnam, Abbott Laboratories, Nutrilite, and Mega Lifesciences. These companies have captured significant market shares by offering a diverse range of health supplements that target various health concerns, including immunity, digestive health, and chronic disease management. Their extensive distribution networks and aggressive marketing strategies have further bolstered their dominance.

Cities like Ho Chi Minh City and Hanoi dominate the health supplements market in Vietnam due to the concentration of middle- to high-income consumers, increased urbanization, and higher disposable incomes. For example, in 2023, Ho Chi Minh City alone accounted for 35% of the markets sales, owing to the higher penetration of modern retail chains and e-commerce platforms that offer easy access to health supplements.

Herbalife Vietnam has been recognized with the Golden Product for Public Health Award 2023, awarded by the Vietnam Association of Functional Food (VAFF). This marks the eighth consecutive year that Herbalife has received this honor, which acknowledges the quality and efficacy of its nutritional products. A total of 17 Herbalife products, including those for special dietary uses and health supplements, were recognized for their high standards

Vietnam Health Supplements Market Segmentation

By Product Type: The Vietnam health supplements market is segmented by product type into vitamins and minerals, herbal supplements, and protein supplements. In 2023, vitamins and minerals dominated the market due to their extensive use in preventing deficiencies and boosting immunity. This category continues to be popular across all age groups, especially post-pandemic, as consumers become more health-conscious.

By Distribution Channel: The market is segmented by distribution channel into pharmacies, e-commerce platforms, and specialty stores. E-commerce platforms dominated the market in 2023, as Vietnamese consumers increasingly prefer the convenience of online shopping for health supplements. The trend has been accelerated by the pandemic, and platforms like Tiki and Shopee have expanded their health product offerings.

By Region: Vietnam is geographically segmented into North, South, East, and West. The South region, particularly Ho Chi Minh City, dominated the market in 2023 due to its higher population density, urbanization, and higher disposable income. This region also benefits from a well-established retail infrastructure, making health supplements more accessible.

Vietnam Health Supplements Market Competitive Landscape

Company Name

Year of Establishment

Headquarters

Amway Vietnam

1995

Ho Chi Minh City, VN

Herbalife Vietnam

1980

Los Angeles, USA

Abbott Laboratories

1888

Chicago, USA

Nutrilite

1934

Michigan, USA

Mega Lifesciences

1982

Bangkok, Thailand

Nutrilite: In 2023, Amway Vietnam's Nutrilite brand was honored among the Top 5 Outstanding Brands in the Asia-Pacific Outstanding Brand awards. This recognition highlights Nutrilite's commitment to health protection and its significant market presence in the region. The brand is noted for its innovative approach to nutritional supplements, which aligns with the growing health and wellness trends in Vietnam.

Mega Lifesciences:In 2023, Mega Lifesciences continued to solidify its position in the Vietnam health supplements market by focusing on high-quality and innovative products. The company reported significant growth, with a revenue of THB 8,005 million for the year, reflecting its robust presence in the healthcare sector.

Vietnam Health Supplements Industry Analysis

Vietnam Health Supplements Market Growth Drivers

Government Support for Preventive Healthcare: The Vietnamese governments National Strategy on Nutrition 2021-2030 emphasizes the importance of preventive healthcare, encouraging the use of fortified foods and health supplements. In 2023, USD 500 million was allocated to promoting nutrition awareness programs that include the use of dietary supplements in schools and public health campaigns.

Increase in Non-Communicable Diseases: Vietnam has witnessed a sharp rise in non-communicable diseases (NCDs) such as diabetes and hypertension, which affect more than 12 million people as of 2023. This has resulted in a heightened demand for health supplements aimed at managing these conditions. For instance, the demand for Omega-3 supplements has increased significantly due to their heart-health benefits, with sales growing by 18% in urban areas during 2023

Aging Population: Vietnams population is aging rapidly, with individuals aged 60 and above accounting for over 11 million in 2023, and this number is expected to rise to 21 million by 2035United Nations Population Fund, 2023. The aging demographic is driving the consumption of health supplements, especially those targeting bone health, cognitive function, and immunity. Products like calcium and vitamin D supplements have gained traction as older consumers seek to maintain their quality of life and prevent age-related health issues.

Vietnam Health Supplements Market Challenges

Counterfeit Products: One of the significant challenges in Vietnam's health supplements market is the proliferation of counterfeit products. This issue is particularly prevalent in the e-commerce space, where regulatory oversight is more difficult, making it hard for consumers to differentiate between authentic and counterfeit goods. This challenge affects both consumer trust and the sales of legitimate products.

Lack of Consumer Education: Despite growing health consciousness, many Vietnamese consumers still lack adequate knowledge about health supplements, leading to misuse or overconsumption. This lack of awareness is a key challenge for both manufacturers and regulatory bodies as it can lead to potential health risks such as vitamin toxicity or nutrient imbalances.

Vietnam Health Supplements Market Government Initiatives

National Strategy on Nutrition (2021-2030) Launched in 2021, this strategy focuses on improving the nutritional status of the Vietnamese population. It highlights the role of fortified foods and dietary supplements in combating malnutrition, particularly in rural and low-income areas. By 2023, the initiative had expanded to include over 500,000 children in school nutrition programs.

Circular No. 18/2022/TT-BYT (2022): Issued by the Ministry of Health in December 2022, this circular amends and supplements Circular No. 56/2017/TT-BYT, which relates to the implementation of the Law on Social Insurance and the Law on Occupational Safety and Health in the health sector. It does not establish a regulatory framework for health supplements

Vietnam Health Supplements Market Future Outlook

The Vietnam health supplements market is poised for significant growth over the next five years, driven by the rising awareness of preventive healthcare and the increasing prevalence of lifestyle diseases. As more Vietnamese consumers prioritize their health and wellness, the demand for dietary supplements such as vitamins, minerals, and herbal products is expected to surge.

Future Market Trends

Rise of Personalized Nutrition: The future of the Vietnam health supplements market will be shaped by the growing trend of personalized nutrition. Companies are expected to increasingly adopt technologies such as genetic testing and artificial intelligence to develop personalized supplement plans tailored to an individual's health needs. This trend will cater to consumers seeking more targeted and effective solutions for their health and wellness goals

Growth in E-Commerce Sales: E-commerce will play an increasingly important role in the distribution of health supplements in Vietnam. With the rapid growth of digital infrastructure and online retail platforms, more consumers are expected to purchase supplements online. Companies will invest in enhancing their online presence and optimizing their supply chain to cater to the growing demand from tech-savvy, urban consumers.
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