Vietnam Nutritional Supplements Market challenges Archives

Vietnam Nutritional Supplements Market Share, Trends, Industry Size, Revenue, Growth Drivers, Challenges, CAGR Status and Future Investment Strategies till 2023-2033: SPER Market Research

admin October 1, 2024 Business, Healthcare, News, Nutraceuticals

Market Insights & Projections: Vietnam Nutritional Supplements Market (2023-33)

Nutritional supplements are products that are used to complement a diet. Various types of these supplements include liquids, pills, capsules, gummies, and powders. These products are meant to augment a person’s diet. Herbal medicines, vitamins, and minerals, as well as homeopathic remedies, are the primary categories of nutritional supplements. Certain supplements may be very beneficial to health. Calcium and vitamin D are necessary to maintain strong bones whereas, folic acid is a vitamin that expectant mothers can take to help shield their unborn child from some birth abnormalities. In addition to helping satisfy daily needs for vital nutrients, dietary supplements can assist, maintain, or improve general health. It is important to speak with a medical professional about the advantages and disadvantages of any dietary supplement before purchasing or using it.

According to SPER Market Research, the report titled “Vietnam Nutritional Supplements Market Size – By Form, Ingredient, Classification, Distribution Channel, and End User – Regional Outlook, Competitive Strategies, and Segment Forecast to 2033,” the Vietnam Nutritional Supplements Market is projected to reach USD 0.19 billion by 2032, with a compound annual growth rate (CAGR) of 10.07%.

Market Drivers and Challenges:

Drivers – Southeast Asia’s middle-class and affluent inhabitants have been rapidly expanding in Vietnam. This economic expansion is expected to drive up consumer spending and raise demand for products that address nutritional deficiencies. There has been a noticeable increase in the need for healthcare supplements among Vietnamese citizens. The demand for dietary supplements has also expanded as a result of marketing campaigns launched by manufacturers and several health organizations. As people become more aware of health risks, they are taking preventative action by employing dietary products to combat ailments including high blood pressure, diabetes, obesity, and cardiovascular illnesses. This knowledge has led to a significant growth in the usage of dietary food products, which will improve the overall health and wellness of the country.

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Challenges – The growth of the market in Vietnam is impeded by the high cost of nutritional supplements. Some consumers find that the high price of these products acts as a deterrent, prohibiting them from using them frequently or from being able to purchase particular supplements. This could have an impact on the demand for nutritional supplements, particularly from consumers who are budget conscious or live in low-income areas. It could be challenging for producers and suppliers in the market to balance product quality and cost to appeal to a larger consumer base. Additionally, the authorities face difficulties in controlling unlawful products. Local and foreign businesses face competition from illegal and substandard products, which may be more alluring because of their lower costs.

COVID-19 Impact on Vietnam Nutritional Supplements Market:

The COVID-19 pandemic in Vietnam affected the dietary supplement market in a variety of ways. At first, supply chain issues and short-term store closures disrupted the market. Conversely, the pandemic raised people’s consciousness about health concerns, which fuelled the market for immune-boosting supplements. Consumer preference for contactless purchases propelled advancements in online sales channels. The pandemic encouraged the use of dietary supplements and accelerated the shift to preventative healthcare. On the other hand, consumer spending falls and economic uncertainties hindered the overall development of the market. Despite these challenges, the market was flexible, reacting to changing consumer demands and opportunities brought about by the pandemic.

Market Competitive Landscape:

The largest market shares for Vietnam Nutritional Supplements Market are held by Herbalife Nutrition due to strict quality control process and customer focused approach. Abbott Nutrition, Cliff Bar & Company, Glanbia plc, Nestle and PepsiCo are a few of the major names in the market.

Key Target Audience:

Drug Stores and Pharmacies Chain
Functional Beverages Companies
Functional Foods Companies
Government Agencies
Hypermarkets and Supermarkets
Nutraceuticals Distributors
Nutritional Supplements Distributors
Nutritional Supplements Manufacturers
Online Sales and Retailing Agencies
Vitamins and Dietary Supplements Companies
Others

Vietnam Nutritional Supplements Market Segmentation:

By Form:

Capsules
Liquids
Powder
Tablets

By Ingredient:

Fatty Acids
Minerals
Protein
Vitamin

By Classification:

Over-the-counter (OTC)
Prescription

By Distribution Channel:

Hypermarkets & Supermarkets
Online Channels
Pharmacy Stores

By End User:

Adults
Children
Infants
Old-aged
Pregnant Women

By Region:

East Vietnam
North Vietnam
South Vietnam
West Vietnam

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Vietnam Nutritional Supplements Market Share 2024-Revenue, Upcoming Trends, Growing CAGR, Demand, Challenges, Business Opportunities and Forecast Analysis 2033: SPER Market Research

admin July 9, 2024 Nutraceuticals

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Nutritional Supplements are items intended to enhance an individual’s eating regimen with explicit supplements, nutrients, minerals, spices, or different substances that might be deficient in their standard food consumption. They come in different structures, like pills, capsules, powders, and fluids, and are expected to give fundamental supplements that may not be obtained in that frame of mind from food alone. These supplements fill different needs, including filling nutrient gaps, supporting by and large wellbeing, and tending to explicit wellbeing concerns. People with lacks of nutrient might take enhancements to guarantee they meet their day-to-day healthful necessities. A few generally nutritional supplements incorporate multivitamins, calcium, iron, vitamin D, fish oil, and home-grown items, like ginseng or echinacea.

According to SPER Market Research, ‘Vietnam Nutritional Supplements Market Size-By Form, By Ingredient, By Classification, By Distribution Channel, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Vietnam Nutritional Supplements Market is estimated to reach USD 0.19 billion by 2033 with a CAGR of 10.07%.

Lately, Vietnamese customers have become progressively wellbeing cognizant, with a developing comprehension of the crucial job nourishment plays in keeping up with great wellbeing and forestalling illnesses. This elevated mindfulness has prompted a flood sought after for nutritional supplements in Vietnam. With the developing accentuation on wellbeing and health, the market for nutritional supplements in Vietnam is encountering an extensive effect, consumers are effectively looking for ways of working on their general wellbeing and prosperity, and dietary enhancements have arisen as a famous decision. This pattern is supposed to go on as Vietnamese consumers focus on their wellbeing and go with cognizant decisions to help their well-being.

As of late, the Vietnamese government has executed severe guidelines to address the marking, publicizing, and quality control of nutritional supplements. These guidelines have been set up to guarantee the security and adequacy of these items, shield customers from likely damage, and forestall the course of fake enhancements on the lookout. The public’s authority will probably establish a climate where shoppers can really trust the quality and genuineness of the dietary enhancements they purchase.Moreover, the flood in administrative consistence has prompted an expansion in functional expenses for producers. From directing broad testing to employing administrative specialists, producers need to assign critical assets to meet the severe necessities.

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Impact of COVID-19 on Vietnam Nutritional Supplements Market

The Coronavirus pandemic fundamentally supported Vietnam’s nutritional supplement market. With rising wellbeing mindfulness and an emphasis on invulnerability, interest for nutrients, minerals, and home- grown supplements flooded. Web based business stages saw expanded deals as customers favoured internet shopping during lockdowns. Also, the pandemic sped up the pattern of preventive medical services, provoking more individuals to put resources into enhancements to improve their general prosperity and strength against diseases.

Vietnam Nutritional Supplements Market Key Players:

The Southern Region of Vietnam accounts for the largest market share in terms of Vietnam Nutritional Supplements Market. The region was dominant due to higher income levels and purchasing power, high rates of urbanisation, well- developed retail infrastructure and higher level of health awareness . Some of the major players in the Vietnam Nutritional Supplements Market are Abbott Nutrition, Nestle, Herbalife International, Glanbia plc, PepsiCo, others.

Vietnam Nutritional Supplements Market Segmentation:

The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.

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.

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Vietnam Nutritional Supplements Market Future Opportunity

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Vietnam Nutritional Supplements Market Trends 2023- Industry Share, Revenue, Growth Drivers, Business Challenges and Future Outlook Till 2033: SPER Market Research

admin December 7, 2023 Business, News, Nutraceuticals

Products known as nutritional supplements are meant to be used in addition to a regular diet to supply nutrients that may be lacking or insufficiently obtained from meals. These supplements are available as tablets, capsules, powders, liquids, and candies, among other forms. Vitamins, minerals, amino acids, herbs, enzymes, and other materials may be present in them.

According to SPER market research, ‘Vietnam Nutritional Supplements Market Size – By Form, By Ingredient, By Classification, By Distribution Channel, By End User– Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Vietnam Dietary Supplements Market is predicted to reach USD 0.19 billion by 2033 with a CAGR of 10.07%.

Growing consumer health consciousness and an aging population are driving the robust expansion of the health supplement industry in Vietnam. There is a significant need for a broad variety of products in the market, such as vitamins, herbal products, and nutritional supplements. The use of health supplements has increased as a proactive approach in response to a notable shift in consumer behaviour toward preventative healthcare. Furthermore, more people can now buy these products because to the nation’s economic growth and increased disposable income. The increasing awareness of the advantages of these products is another factor contributing to the rise in demand for health supplements. Customers are introducing health supplements into their daily routines at an increasing rate as a result of easier access to information and education on the value of leading a healthy lifestyle.

Despite the quick development of the health supplement business, authorities nevertheless face difficulties in controlling illicit items. Local and foreign businesses face competition from illicit and subpar goods, which may be more alluring because of their lower costs. In addition, a lot of advertisements on websites like Zalo, Facebook, and YouTube make false claims. When a product is in high demand, buyers frequently don’t bother to check claims or don’t know where it came from. Additionally, government authorities have not been able to keep up with campaigns of deceptive advertising. Other issues include market participants facing a barrier due to strict government rules. Although these rules are essential to guarantee quality and safety, they may make it difficult for new products to enter the market and limit product availability. Finally, the market encounters difficulties with logistics and distribution

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Impact of COVID-19 on Vietnam Nutritional Supplements Market

The COVID-19 pandemic had a mixed impact on Vietnam’s dietary supplement industry. Initially, problems with the supply chain and temporary store closures caused market disruptions. On the other hand, the epidemic increased people’s awareness of health issues, which fuelled the demand for supplements that increase immunity. Consumer preference for contactless purchases propelled significant advancements in online sales channels. The pandemic encouraged the use of dietary supplements and accelerated the shift to preventative healthcare. Although several market segments experienced growth, consumer spending falls and economic uncertainties hindered the overall development of the market. In spite of these challenges, the market was flexible, reacting to changing consumer demands and opportunities brought about by the pandemic.

Vietnam Dietary Supplements Market Key Players:

Vietnam is one of the countries in Southeast Asia where the middle-class and upper-class populations are growing at a very rapid pace. Due to the greater trust that consumers have in foreign brands over domestic ones, the growing demand for health supplements has led to a rise in the use of these goods. Foreign ones are imported from popular markets including the US, Germany, Canada, South Korea, Japan, and so on. Additionally, some of the market key players are Abbott Nutrition, Cliff Bar & Company, Glanbia plc, Herbalife International, Nestle, PepsiCo and various others.

Vietnam Nutritional Supplements Market Segmentation: