In 2020, sleep aids is expected to see only an insignificant rise in its current value growth rate from the previous year. This is mainly due to rising prices, since the volume growth rate is expected to slow.
Nevertheless, growth is expected to remain solid in 2020. Busier and more stressful lifestyles are the two main factors contributing to the growth of sleep aids in Vietnam.
In 2020, Sanofi-Aventis Vietnam is expected to maintain its leading position in sleep aids, due to its strong brand reputation, wide distribution network and good relationship with chemists/pharmacies and drugstores/ parapharmacies. The company’s Stilinox brand is familiar to Vietnamese consumers.
Sleep aids is expected to see a rising rate of growth in both volume and current value terms in the forecast period, with the CAGRs for the forecast period overall being similar to those seen in the review period. The increasing pace of modern life and additional pressure on companies and employees to successfully compete in the marketplace is leading levels of stress and anxiety to increase sharply, which will in turn impact the ability of Vietnamese consumers to relax and get enough sleep.
Although more people are expected to experience insomnia and other sleep disorders, competition is expected from other products. For instance, at one end of the spectrum some consumers will turn to prescription medicines via their healthcare providers; these are stronger or are available in larger quantities than OTC products.
Despite the strength of the international player Sanofi-Aventis, domestic manufacturers such as Traphaco, Central Pharmaceutical JSC No 2 and a plethora of smaller local producers accounted for the majority of sales of sleep aids in Vietnam at the end of the review period, thanks to their offer of affordable herbal/traditional products that can achieve results. In the forecast period, such local players are expected to increase their shares in sleep aids due to stronger consumer awareness about the potential side-effects of standard, non-herbal/traditional sleep aids, resulting from wide exposure to media coverage on the subject.
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Understand the latest market trends and future growth opportunities for the Sleep Aids industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Sleep Aids research and analysis database.
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