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Learn moreOct 2019
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Demand for herbal/traditional products continued to increase in 2019, especially within dietary supplements, cough, cold and hay fever remedies and sleep aids. People in Vietnam, like many people in other Asia Pacific countries, feel that herbal/traditional and/or natural remedies of all kinds are safer, healthier, more sustainable and have fewer possible side effects than products made with synthetic ingredients.
Herbal/traditional dietary supplements experienced the fastest value growth in 2019. Indeed, since the percentage of Vietnam’s aging population has started to rise, dietary supplements companies see this category as fertile ground.
Based on article 32 of the circular 15/2018/TT-BYT, a company wishing to offer a new combination of ingredients must provide a quantitative list of ingredients for each one contained in the composition or formula in order to register the product. However, it is not easy to provide the formulas for herbal/traditional ingredients as they are pretty complex and to do so takes a longer time.
Herbal/traditional products comprises a highly fragmented competitive landscape, which includes many domestic players. Haugiang Pharmaceutical and Korea Ginseng are the leading players, and neither has a value share that exceeds 5%.
Following product trends set by major brands, local companies launched several herbal/traditional products at the end of the review period. One of them was Diabetna, a new dietary supplement launched by Ich Nhan Pharma in 2018.
As herbal/traditional products have become more attractive to both consumers and companies, more and more companies have begun to invest in improving product quality and launching new products aiming to achieve different effects. Haugiang Pharmaceutical, Traphaco and Nam Duoc Pharmaceutical have all been increasingly active in this arena.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Herbal/Traditional Products industry in Vietnam with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Herbal/Traditional Products industry in Vietnam, our research will save you time and money while empowering you to make informed, profitable decisions.
The Herbal/Traditional Products in Vietnam market research report includes:
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This industry report originates from Passport, our Consumer Health market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.