Rising Demand for Infant Products coupled with Market Players launching Novel Products in this Category to Drive Nutraceuticals Market in Vietnam: Ken Research
High Presence of Geriatric, Obese, and Undernourished Population in the Country to Drive Nutraceuticals Market in Vietnam
In accordance with Vietnam’s culture and with the growing standard of living, parents are becoming more concerned about their child’s growth and nutrition and are willing to spend any amount of significant money over necessity products for babies. Features or characteristics such as brand name, quality of the product and packaging for safety issues are given a priority over the price of product. Baby food generally comes under the category of pediatric nutrition. It has been witnessed that 7.0% of infants are born with low birth weight leading to increase in supplementation for undernourishment among infants. In addition, Vietnam has achieved high rates of supplementation for Vitamin A deficiency among children between 6 to 59 months of age.
The NIN, (National Institute of Nutrition in Vietnam) produces two products namely a multi-nutrient powder and a ready-to-use supplementary food adapted to local taste among the Vietnamese population. Both of these products cater to the needs of pregnant and lactating women, infants, and young children, thus improving the status of Vietnam nutraceuticals sector. The trend has also resulted in high sales of the domestic as well as imported products in Vietnam. A dairy company in Binh Duong Province near Ho Chi Minh City imports formula at VND119,000 for a 900-gram can, and sells at VND308,000, which clearly explains the high demand and margin involved in the infant products in Vietnam.
The revenues of Vietnam nutraceuticals market are observed to continuously increase at a steady pace during the historical period. Health and wellness trends in Vietnam acted as major driver for the nutraceuticals market in the country. The rising awareness and knowledge about health and fitness is one of the major drivers for nutraceuticals market in Vietnam. The Vietnamese population strongly believes that diet has a major role to play in health aspects. Increase in the purchasing power has also helped the Vietnamese population in spending high amount towards good quality nutritional supplements in order to adopt a healthy living lifestyle.
The report titled “Vietnam Nutraceuticals Market Outlook to 2021 — Rising Demand For Infant Products and Probiotic Supplements to Foster Future Growth” by Ken Research suggested that nutraceuticals market in Vietnam would showcase high growth during the forecast period with a rising standard of living and health consciousness among the Vietnamese population. They believe nutraceuticals products provide good health benefits. The growing investments by the international players like Amway and Yakult Honsha are expected to further increase the awareness about the nutraceuticals in the market, which would fuel the market during the forecast period. Moreover, the growing number of domestic players in the market is further expected to accentuate the growth during the forecast year. Companies such as TH Group and Vietnam Food are continuously engaged in developing new and innovative products for the market.
Topics Covered in The Report
- Vietnam Vitamin Supplement Market
- Vietnam Functional Food Industry
- Vietnam Functional Beverage Market
- Vietnam Nutraceutical Market
- Vitamins and Dietary Supplements in Vietnam
- Nutritional Supplement Drinks Vietnam
- vitamins and supplements industry Vietnam
- Imported Nutraceutical Products Vietnam
- Herbal Supplements Market in Vietnam
- Omega 3 Fatty Acid Industry Size in Vietnam
- Protein and Amino Acid Supplements Sales in Vietnam
- Ginseng Sales in Vietnam
- Amway Share in Vietnam
- Tiens Nutritional Supplements in Vietnam
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Ankur Gupta, Head Marketing & Communications