Despite already seeing strong double-digit current value growth rates for most of the review period, in 2020 vitamins is expected to see an almost doubling of its growth rate. Due to the COVID-19 pandemic, in the first half of the year there was a dramatic increase in demand for vitamins, as many people believed that their consumption could help them maintain their immunity and good health, and help prevent them contracting the virus.
Due to the COVID-19 pandemic, demand for vitamin C is expected to see the strongest increase in current value terms in 2020. The government encouraged people to take vitamins daily to strengthen their immune system, and vitamin C is believed to build immunity to help fight colds and the flu, and consumers hoped it would also help to protect them from COVID-19.
In 2020, Tradewind Asia is expected to continue to lead vitamins in value terms. In Vietnam, the company’s brand Plusssz, which has a presence in multivitamins and vitamin C, is well-known for its high quality, reasonable pricing and wide distribution network.
After the expectation of a peak in current value and volume growth in 2020, vitamins is expected to see a slowdown in the growth rate in 2021, with a continuing slowdown over the course of the forecast period. Nevertheless, the growth rates are expected to remain far above the annual growth rates seen in the review period, except for 2020, and the forecast period current value CAGR is expected to be far higher than the review period CAGR.
Over the forecast period the consumption patterns expected to be witnessed in 2020 are likely to continue, along with increasing interest amongst consumers in improving their health, due mainly to COVID-19, and to a lesser extent maintaining their beauty. Vitamin C and multivitamins are therefore expected to expected to see the most dynamic current value growth rates, as consumers continue to try and boost their immunity to prevent health problems.
Vietnam’s population was approaching 100 million people in 2020, and the population is ageing, because the country has a declining fertility rate along with rising life expectancy. Ageing is expected to be an important factor driving increased interest in healthy living and contributing to the fast value growth expected for vitamins, minerals and nutritional and herbal dietary supplements, as older people are increasingly conscious of the impact that an unbalanced diet can have on their health.
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Understand the latest market trends and future growth opportunities for the Vitamins 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 Vitamins research and analysis database.
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