In the review period, there was an increasing awareness of fitness and body image amongst Vietnamese consumers, especially amongst the younger generation living in big cities such as Hanoi and Ho Chi Minh City, due to peer pressure stemming from engaging in social media. This was an outcome of various actions carried out by the government.
Within weight management and wellbeing, meal replacement experienced steady growth in value sales in 2021. Although the unit price of meal replacement products is considered high in relation to the average income in Vietnam, more people are proving willing to spend on these goods as they are convenient and provide the right nutrition in each meal.
In 2021, Abbott Vietnam maintained the lead in weight management and wellbeing in value terms, thanks to its dominant value share within supplement nutrition drinks. The key reasons for the success of the company are its strong brand reputation, dynamic marketing activity and wide distribution network across Vietnam.
After several months of having to stay indoors since the onset of the pandemic, many people will be keen to return to fitness over the forecast period once COVID-19 comes under control. Thus, the demand for weight management and wellbeing is also predicted to grow strongly over the forecast period.
After many warnings from the Ministry of Health about the side effects of taking weight management pills, more consumers will aim to adopt safer and healthier methods of losing weight over the long term such as eating healthy meals. However, as life becomes increasingly hectic, meal replacement is expected to gain more attention and be more appealing to Vietnamese consumers as people will often have little time to prepare a healthy meal.
Over the forecast period, a number of new and small brands will gradually enter this category, many of which will be celebrities or famous people living in Vietnam. These products will mainly retail and be advertised via social networks such as Facebook.
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