This is the guide to Vietnam health products market in 2022. By selling Nattokinase, Eiffel Biotech has the chance to know the trend of dietary supplements in different countries. Today we are going to talk about Vietnam. With the rapid take-off of Vietnam’s economy, people’s spending power has risen, and the demand for personal health care has also increased. Based on Vietnam’s huge population (96 million), the health food industry is in its infancy, and business opportunities in the local market continue to emerge. The Taiwanese Chamber of Commerce in Vietnam pointed out that the annual growth rate of the Vietnamese health food market will reach 20%. Taiwanese manufacturers who want to enter the Vietnamese market dominated by American brands with great growth potential can refer to the research of our cross-border industry analysis report.
Economic activity stagnated for a while, unblocking drove a rebound
The overall popularity of health food products in Vietnam averages over 3,000 items per month, and health products related discussions are very hot. The volume of sound once showed a downward trend in the first half of 2021, and later entered a U-shaped reversal. As the second imported case in Southeast Asia appeared in Vietnam, the local government quickly initiated epidemic prevention and quarantine measures, resulting in a significant reduction in economic activity from February to early April. There were no new cases until mid-April. After the blockade was lifted, the popularity of healthy foods picked up as the economy restarted.
Guide to Vietnam Health Products Market in 2022: Consumers value “bone health care” and “hydrolyzed collagen” is the most popular
Observing the popular items and products of health food in Vietnam, we can find that the Vietnamese people value “bone health care” and “dietary supplements” most. The International Osteoporosis Foundation pointed out that the per capita daily calcium intake in Vietnam is less than 400 mg, which is not conducive to bone health. This stems from the Vietnamese diet, which is dominated by soy products and lacks dairy products. In addition, the low fertility rate and the prolonged life expectancy have made Vietnam the fastest-aging country in the world.
In Vietnamese society under the influence of Confucian culture, young people often buy health care products to honor the elderly, and “bone health care” products have become their first choice. The new crown epidemic has also accelerated the demand for “dietary supplements” among Vietnamese people. The people pay more attention to self-care than ever before, avoiding going to the hospital during the epidemic to avoid contracting the COVID-19.
Observing the Top 10 popular health foods, we can find that “hydrolyzed collagen” and “multi-vitamins” have the highest volume. The composition of hydrolyzed collagen is similar to that of ordinary collagen, which is converted into small molecular amino acids by hydrolysis, which is easier to be absorbed by the body than the latter. The medical website Healthline pointed out that hydrolyzed collagen has three major functions-relieve joint pain, treat osteoporosis, and elimination of wrinkles, which are of great help to the elderly and female groups in Vietnam. In addition, like the Indonesian medical system, Vietnamese hospitals are outdated and lack medical staff. Therefore, locals generally consume comprehensive vitamins to strengthen their resistance to new coronary pneumonia.
American and Japanese brands are very popular in Vietnam
According to the popularity of Top 10 health food brands and our Guide to Vietnam Health Products Market in 2022 in Vietnam, there are as many as six health food brands in the United States, and other brands are arranged by Japan, Australia, and Germany. American manufacturers entered the Vietnamese market as early as the 1990s, with the most diverse products. Different from the “Sing, Ma Thai, and Indian” market, there are still no local brands on the list in the Vietnamese market, and Korean and Taiwanese brands are not popular.
The characteristics of the American health care brands are their star products for all manufacturers. The Made focuses on fish oil rich in Omega-3 (DHA and EPA), and Tru Nature, a subsidiary of Costco, has launched a Chinese herbal medicine product called Ginkgo biloba, which is also known as ginkgo (bạch quả) in Vietnam. Quaker, familiar to Taiwanese, mainly sells oat dietary fiber. Small manufacturers NeoCell and Youtheory are targeting customer bases and focusing on collagen products.
The popular Japanese health care brands in Vietnam have various styles. Shiseido and DHC cross-domain from beauty products to health products, not only selling hydrolyzed collagen but also launching a variety of vitamin products. Orihiro spotted the “Kazakh-Japanese complex” of Vietnamese consumers and introduced Japanese-style weight-reducing tea to the local area.
Based on the above analysis, there are three main ways for Taiwanese brands to enter the Vietnamese market. First, large manufacturers can focus on a star product to drive sales of other products; second, small manufacturers can target a niche market and lock in a hot product; 3. Manufacturers can follow the Vietnamese “Hatai boom” and introduce healthy foods with Taiwanese characteristics (such as Antrodia cinnamomea, clam essence, and red yeast capsules) into Vietnam.
Precursors of aging society Anti-aging and alleviating chronic diseases are key motivations
Consumers have the most enthusiastic discussions on “ingredients, efficacy, and purchase motivation”. The motivation of Vietnamese people to buy healthy food is mainly anti-aging and alleviating chronic diseases. Given that Vietnam is about to enter an aging society, the people’s demand for combating aging has greatly increased.
They hope to improve their health and prevent potential diseases through the self-control of their diet. Products with “anti-aging, anti-oxidation, and detoxification” functions can help delay the aging process. In addition, due to the low efficiency of public hospitals in Vietnam and the high fees of private clinics, Vietnamese tend to use personal health care to relieve chronic diseases. Products with the functions of lowering blood sugar, lowering blood pressure, clearing the intestines, and restoring sleep can help relieve the troubles caused by diabetes, high blood pressure, constipation, and insomnia.
As you can see in Guide to Vietnam Health Products Market in 2022, from the perspective of efficacy, Vietnamese consumers pay attention to the two major effects of improving skin health and improving physical fitness. Vietnam is located in a tropical region with a hot climate. Women who are often exposed to the sun tend to dry and wrinkle their skin. Therefore, consumers need health products with three major functions: “moisturize the skin, rejuvenate the skin, and promote skin growth.” In terms of improving physical fitness, different age groups have different needs. Because Vietnamese people often eat beef and pork, two high-cholesterol and high-fat meats, middle-aged people want to control cholesterol and lose weight through healthy foods. The elderly want to achieve anti-cancer, anti-inflammatory, and pain relief effects.
Diversified demand in Vietnam’s healthcare industry
We analyzed the actual situation of the Vietnamese market from various aspects and found that the local people’s demand for health products is more than that of the “Sing, Malaysia, Thailand, and India” four countries. As Vietnam’s health food is still in its infancy, the needs of all age groups have not been met. This makes Vietnam not only have needs similar to Singapore’s “anti-aging for the elderly” and Indonesia’s “preventive health care” needs but also groups in need of Malaysia’s “function-oriented” and Thailand’s “beauty skin” products. Therefore, Taiwanese manufacturers can be divided according to age groups (old, middle-aged, young, and young), and gender, to provide corresponding products for different groups, and expand the market layout of health products.
Since our nattokinase has the function of lowering blood pressure which just can fit in the Vietnam market if you are a local distributor in Vietnam, welcome to contact us for the corporation! And after reading this Guide to Vietnam Health Products Market in 2022 if you have any questions, you can also discuss them with us!