Vietnam's Growing Dietary Supplements Market Driven by Herbal and Functional Food Demand

KIRKLAND, Wash. - May 9, 2023 - PRLog -- The Vietnam dietary supplements market has witnessed significant growth in recent years, with the demand for herbal supplements leading the way. The market is expected to continue its growth trajectory due to various factors, including government initiatives, emerging players, the rise of functional foods, and the dominance of herbal supplements.

Dominance of Herbal Supplements
Vietnamese consumers have a strong belief in herbal medication and natural remedies, leading to herbal supplements accounting for the largest market share in the country. Ginseng, in particular, has been widely utilized in Vietnam.

Government Initiatives
The Vietnamese government has prioritized healthcare and wellness awareness, focusing on initiatives such as healthcare for children and students, reducing tobacco and alcohol dependence, and community-based healthcare provision. The government has also signed free trade agreements to reduce manufacturing costs.

Emerging New Players
The dietary supplement market in Vietnam is evolving as new players enter the market, including an increase in pharmacy chains and the growth of online channels for sales. Recent online healthcare platforms in the country include eDoctor, Mosia, Jio Health, Buy Med, and Bsgiadinh.

Functional Foods Gaining Importance
Vietnamese consumers are willing to spend more on better healthcare, leading to the rise of nutraceutical products, particularly functional foods. The market is projected to grow as people become more health-conscious and their standard of living rises.

Challenges
Around 90% of drug API are imported to Vietnam, with China accounting for half of the total imports. Shutdowns of Chinese factories due to COVID-19 have led to rising raw material prices and reduced profit margins for Vietnamese pharmaceutical companies, but the situation is expected to be temporary.

Find Out More:-
Vietnam Dietary Supplements Market and Outlook to 2027- Deficiency of Vitamin D will Spur the Growth (https://www.makreo.com/report/vietnam-dietary-supplements...)

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