Vietnam Collagen Supplements Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Vietnam Collagen Supplements Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Vietnamese collagen supplements market is projected to witness a CAGR of 6.54% during the forecast period (2022 - 2027).

The population in Vietnam is aging, which is prompting consumers to seek a range of dietary supplements, such as collagen drinks and capsules, to maintain and enhance their overall health and well-being. COVID-19 has also resulted in the generation of opportunities for many private collagen supplement players to emerge in the Vietnamese market to cater to the inflated demand. Also, the demand for innovative collagen supplement products is consistently high in these developing Asian countries because these are directly related to a healthy lifestyle and beautification processes 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 proven the consumer shift toward natural products. 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.

Vietnam is currently undergoing economic and demographic transformations that could provide great potential for its healthcare industry. 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 to the diseases affecting the Vietnamese population. This will have an assured impact on the sales of collagen supplements and help them 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 their applications in beauty, healthy aging, and bone and joint issues.

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 a growth percentage that is more than the capsule category. Multinationals entering the market are facilitating the availability of collagen products, mostly in powdered form. For instance, Vital Proteins, a company owned by Nestle, has made strides in the Vietnamese market through collagen products in the powdered (unflavored) form. Characteristics related to collagen that include beautifying capabilities and anti-aging properties have led consumers to consume collagen products in this 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.

The Vietnamese collagen supplements market is a fragmented market. The major players in the market include 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 a 60% share in 2019. Extensive investment in R&D has been witnessed in the past years, which led to the introduction of numerous new products in the market. 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. 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.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support