Consumers in Vietnam, like many people in other countries in Asia Pacific, feel that herbal/traditional and/or natural remedies of all kinds are safer, healthier, more sustainable and have fewer potential side-effects than products made with synthetic ingredients. Demand for these products is further driven in Vietnam by consumers’ increasing use of the internet to learn about the benefits and risks of the consumer health remedies they want to take.
In 2021, herbal/traditional products remained a highly fragmented category with a strong presence of small domestic players, and no player holding a double-digit value share. Indeed, traditional Vietnamese medicine is highly influenced by Chinese medicine, including acupuncture, Chinese herbs and some basic products.
In 2021, herbal/traditional cough, cold and allergy (hay fever) remedies continued to receive considerable attention from Vietnamese consumers as they believe that it is safe and has fewer side effects. Indeed, Nam Ha Pharmaceutical JSC with its key herbal/traditional cough remedy named Ich Nhi was one of few pharmaceutical companies to register strong growth in its revenue in 2021.
Herbal/traditional products is expected to see a slight slowing rate of growth over the forecast period. However, again performances are expected to vary between categories.
Over the forecast period, herbal/traditional dietary supplements is expected to account for the largest share of category sales due to high demand from Vietnamese consumers and large number of brands available on the market. By the end of the review period, local companies such as Duoc Hau Giang, OPC, Traphaco, Nam Ha or Nam Duoc focused heavily on launching new herbal/traditional dietary supplements as a sustainable strategy to compete with international players such as Sanofi or GSK.
More stringent government regulation may impact the willingness of companies to launch new products in the forecast period. Based on article 32 of the circular 15/2018/TT-BYT, a company wishing to offer a new combination of herbal ingredients must now provide a quantitative list of the ingredients contained in the composition or formula in order to register the product.
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Understand the latest market trends and future growth opportunities for the Herbal/Traditional Products industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Herbal/Traditional Products research and analysis database.
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