Vietnam Collagen Supplements was valued at USD 116.74 million in 2020 and is projected to witness a CAGR of 6.20 % during the forecast period (2021 - 2026).
The population in Vietnam is aging, which is prompting consumers to seek a range of dietary supplements, such as collagen drinks and capsules, for maintaining and enhancing the overall health and well-being. The healthcare cost is considerably high in emerging economies, owing to the elevated per-capita out-of-pocket spending on healthcare, amid the burden of diseases. Such trends have encouraged the Vietnamese to adopt collagen drinks and capsules, thereby boosting its market growth during the COVID-19 pandemic.
Moreover, the growing importance of health as a lifestyle choice during the pandemic also 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.
COVID-19 has also resulted in the generation of opportunities for many collagen supplements private players to emerge in the Vietnam market to cater to the inflated demand. Also, the demand for innovated collagen supplements products is consistently high in these developing Asian countries because these are directly related to healthy lifestyle and beautification process among individuals particularly females. Furthermore, COVID-19 has led to a major consumer shift as customers are no more brand loyal in developing countries and are trying new brands in the low-stock environment.
There is a rise in the demand for free-from solutions in collagen supplements due to the increase in the number of launches of new products with clean labels and non-GMO, sugar-free, and natural ingredients infused with hydrolyzed collagen. This has proved the consumer shift toward natural products, thereby declining the market for synthetically-derived collagen supplements.
Marine-derived collagen peptide is more prevalent among manufacturers, as it utilizes unused fish cuts, thereby encouraging environmental sustainability. It also provides enhanced functional benefits, thus, gaining consumer traction and making it an emerging opportunity segment in the market.
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.
Reasons to Purchase this report: - The market estimate (ME) sheet in Excel format - 3 months of analyst support
Our reports have been used by over 10K customers, including:
The beta-glucan market is estimated at USD 403.8 million in 2020 and is projected to grow at a CAGR of 7.6%, to reach USD 628.3 million by 2026. The ongoing health and wellness trend is spreading across the world, with the growing consumer awareness regarding dietary deficiency and the health benefits of consuming fiber. Nowadays, consumers...
Opportunities in the Global Hot Drinks Sector
The global hot drinks sector was valued at US$218.7 billion in 2020 and is forecast to record a CAGR of 5.82% during 2020-2025 to reach US$290.2 billion by 2025. Asia-Pacific represented the largest region for the global hot drinks sector,...
The cooler box market is estimated to be valued at USD 4.6 billion in 2020 and is projected to reach USD 8.1 billion by 2025, at a CAGR of 12.1% from 2020 to 2025 Growth in the pharmaceutical industry, ongoing COVID-19 vaccination drives, transportation of processed and fresh fruits, vegetables, dairy products, and other perishable food products...
The water soluble polymer market is expected to register a CAGR of over 4% during the forecast period. The factors driving the growth of the market studied are the growing shale gas industry in North America and the water treatment industry in the Asia-Pacific region. - On the flip side, other than the impact of COVID-19 pandemic on...
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...
The peracetic acid market is projected to grow from USD 813 million in 2020 to USD 1,685 million by 2030, at a CAGR of 7.6%. New applications and product concentrations are expected to develop in biocides industry. The key manufacturers are working on various niche and emerging applications and sample trials are being undertaken to test the...
In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Commercial Beverage Dispenser Market Report The commercial beverage dispenser market by revenue is expected to grow at a CAGR of over 5% during the period 2019–2025. The global commercial beverage dispenser market is one...
Hot Drinks in Taiwan - Top Growth Opportunities
Taiwan’s hot drinks sector ranked fifth among the world’s top ten hot drinks markets in terms of per capita expenditure in US dollar terms. The Taiwanese hot drinks sector is extremely likely to offer good growth opportunities moving forward
The global industrial centrifuges market is expected to grow at a CAGR of approximately 4.52% during the forecast period. Factors such as increasing demand for water treatment, in cities worldwide, has been driving the demand for industrial centrifuges market. There is an increasing need for efficient processing of wastewater and sludge, combined...
Executive Summary The Plant-Based Food & Beverage market was valued at USD 42258.97 million in the year 2019. Over the recent years, Plant-Based Food & Beverage market has been witnessing considerable growth driven by growing urbanization, promptly improving healthcare services, growing vegan populace globally and increasing...
Gross Domestic Product
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.