Vietnam Collagen Supplements is projected to grow at a CAGR of 4.61% during the forecast period (2020-2025).
- The growing desire among consumers to prevent premature aging is escalating the demand for collagen peptide-infused nutricosmetics across Vietnam, driving the market studied. - The growing preference for supplements to control healthcare costs is also likely to improve market growth. The introduction of new delivery forms, the presence of scientific evidence to support the claims put forth by manufacturers, and consumer interest toward product recognition is expected to fuel the sale of collagen supplements.? - However, factors such as the lack of product information, awareness, and dosage formats still prevail. This is hampering the growth of animal- and marine-sourced collagen supplements across the country. - As an impact of COVID-19 there is a growing importance of health as a lifestyle choice attracted many companies to enter the beauty and health segments of the market studied. Thus, the extreme focus on the preventive healthcare systems, coupled with tough endorsements and marketing efforts of lifestyle enhancement products, is boosting the collagen supplements market in Vietnam.
Key Market Trends Surge In Consumer Spending On Personal Healthcare
Vietnam is currently undergoing economic and demographic transformations that could provide great potential for its healthcare industry. In 2019, Vietnam’s healthcare expenditure was over USD 17 billion, accounting for 6.6% of its GDP. It is expected that healthcare spending will reach USD 23 billion in 2022. The high expenditure on healthcare indicates the rising concerns and the extended focus on healthcare by the Vietnamese population and the government. Due to the benefits of collagen supplements, their consumption may provide some resistance against the diseases affecting the Vietnamese population. This will have an assured impact on the sales of collagen supplements and help it grow. Geriatrics comprise a share of 9.55% (55-64 years) and 6.91% (65+ years) of the population of Vietnam, with females being more in number. The growth of the collagen supplements market across different segments is speculated to be driven by its applications in beauty, healthy aging and bone and joint issues.
Powdered Supplements Held The Major Share
Collagen in the form of powdered supplements has witnessed a growing share of acceptance among consumers. In-line with its ease of use, and convenience, the category is likely to register growth percentage that is more than the capsule category. Multinationals entering in the market are facilitating the availability of collagen led products mostly in the powdered form. For instance, Vital Proteins, a company owned by Nestle, has made strides in the Vietnamese market through products under collagen powdered (unflavored) form. Characteristics related to collagen that includes beautifying capabilities and showcasing anti-ageing properties have led consumers to consume products in these easy-to-use format. Effective marketing of products is also a key factor in instigating consumer belief, as most of the collagen demand in the market is advanced by word-of-mouth marketing.
Competitive Landscape Vietnam Collagen Supplements Market is a fragmented market. The major players in the market includes Vital Protein, Meiji Holdings, Neocell, and Fujifilm holdings, among others. The key players of the market are progressively relying on product innovation as the most adopted strategy with 60% share in 2019. The extensive investment in R&D has been witnessed in the past years, which led to the introduction of numerous new products to hit the market.
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