Vietnam has a population of over 97 million, with over 8 million people over the age of 65, and is the country with the fastest-growing average income in Southeast Asia. Along with economic development, health issues such as hypertension, diabetes, obesity, and cardiovascular diseases are on the rise. As a result, the supplement industry is experiencing rapid growth due to the increasing focus on health care.
The total value of the supplement market reached $562.9 billion, with a growth rate of 13% as of August 2021, according to the British Chamber of Commerce. It is expected to grow by 20% annually in the next 10 years.
Not only the elderly but also the percentage of users over 18 years old using supplements has increased by 58.5% thanks to marketing campaigns. The health supplement market is considered promising as the Vietnam Association of Functional Food (VAFF) has not only signed agreements with domestic agencies such as the Ministry of Health and the Ministry of Industry and Trade but also become a member of international associations on dietary supplements. This will help Vietnam attract investment and research for market development.
Despite the growth opportunities, the supplement market in Vietnam also faces challenges. There are many low-quality supplement products with misleading advertisements spreading on Zalo, Facebook, and Youtube, luring consumers with attractive prices. This is one of the major challenges that reputable supplement companies must face in terms of price competition. The government has not taken timely measures to review false advertisements of dietary supplements.
In general, the supplement market in Vietnam still has great potential to attract major players in the industry for investment. To have a proper market penetration strategy, GCOMM will work with its customers to explore consumer insights and market trends of the supplement industry in Vietnam.
For more information and professional consultation, please contact GCOMM via hotline: 0869 069 488 or email: support@gcomm-global.com
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