Herbal/Traditional Products in Vietnam

PROSPECTS

Herbal/traditional products becoming a more attractive category to both manufacturers and consumers

In 2018, herbal/traditional products continued to record strong current value growth as many Vietnamese consumers opted for these solutions due to seeing them as safer alternatives to synthetic offerings, for example due to having fewer or no side-effects. Over the review period local companies such as Haugiang Pharmaceutical, Traphaco and Nam Ha Pharmaceutical launched various new products made from herbal ingredients, often to meet the needs of consumers at risk of developing diseases such as diabetes, vestibular disorders and kidney or heart failure.

Herbal/traditional dietary supplements the best performing category

Herbal/traditional dietary supplements remained the best performing category in 2018, while also continuing to account for the vast majority of value sales in herbal/traditional products as a whole. In Vietnam, many people tend to use herbal/traditional dietary supplements to help treat chronic diseases, particularly middle-aged and elderly consumers.

COMPETITIVE LANDSCAPE

Herbal/traditional products remains a highly fragmented category

In 2018, there were no clear leaders, either local or international, in herbal/traditional products. This can be attributed to the fact that herbal/traditional products are widely sold by doctors and clinics specialising in traditional medicine, with these having significant experience of working with various herbal remedies.

New players starting to invest in herbal/traditional products

As herbal/traditional products has become a more attractive category for both consumers and manufacturers, more companies are starting to invest in improving the quality of their existing products and launching new ones. Over the review period manufacturers such as Traphaco and Haugiang Pharmaceutical expanded the scale of their business in Vietnam in response to rising demand from local consumers.

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