Weight Management and Wellbeing in Vietnam

PROSPECTS

Rising obesity levels and higher concern with physical appearance drive increased demand for weight management and wellbeing products

Weight management and wellbeing experienced strong value and volume growth in 2019, mainly due to the rise of obesity and to higher concern among Vietnamese consumers about their physical appearance brought about by real and imagined peer pressure stemming from engaging in social media. The rise in obesity can be attributed to Vietnamese consumers’ penchant for fast food and a general lack of exercise, often due to increasingly busy and stressful lifestyles.

Consumers wary of side effects of some weight management products but choose not to improve their diet and exercise opt for meal replacement products instead

With consumers putting on weight due to eating more meals away from home and while on the go, as well as from leading more sedentary lives due to the nature of their work, particularly in urban environments, many are opting for solutions that claim to help them lose weight quickly while also providing the right balance of nutrients. However since the Vietnamese government has issued many warnings about potential side effects of certain weight loss management products, more people are tending to go back to eating healthier meals and taking more physical exercise or using meal replacement for weight loss instead of taking pills.

Supplement nutrition drinks are increasingly popular with aging population

Supplement nutrition drinks is expected to see higher value growth over the forecast period than the already strong growth it posed between 2014 and 2019, boosted by the predicted growth of the Vietnamese aging population. Since these drinks not only offer supplemental nutrition for people seeking to lose weight but also for people experiencing unwanted weight loss due to sparse diets or effects of the aging process, and because they have the added benefit of convenience when sold in ready-to-drink formats, demand is expected to increase, unabated.

COMPETITIVE LANDSCAPE

Dominant in supplement nutrition drinks, Abbott Vietnam maintains the lead in weight management and wellbeing overall

In 2019, Abbott Vietnam maintained its leading position within weight management and wellbeing, based on its dominant value share within supplement nutrition drinks. The company’s key strengths are its strong brand reputation, dynamic marketing activity and its wide distribution network across Vietnam.

Herbalife’s meal replacement brand Herbalife Nutrition sees the fastest growth

Herbalife Vietnam’s popular Herbalife Nutrition brand with its meal replacement package called named “Healthy Meal” witnessed the fastest growth rate in sales value by far in 2019. The company performs exceptionally well in Vietnam on the strength of its strong brand reputation, high product quality and its wide distribution network across the country.

Having less financial resources and narrow distribution, local brands continue to struggle in this category

Local brands have a difficult time competing in this category due to having narrower distribution and less financial capacity to promote their products. Over the review period, while local companies strove to expand their product distribution in areas outside the city hubs – in other words, in rural and suburban areas – they have generally been unable to gain much sales traction compared to international brands.

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