More and more people are choosing functional foods to supplement nutrition, improve health and prevent disease. With an increasingly vibrant market, how to choose safe and quality products? Let’s find out!
Market overview
The functional food market in Vietnam is experiencing a period of strong development with an average growth rate of about 10-15% per year. The boom of this industry stems from increasing awareness of proactive health care, the aging population, along with people’s constantly improving living standards. However, this market is also facing many challenges that need to be overcome for sustainable development.
Current status of functional foods use
According to a report by the Vietnam Association of Functional Foods (VAFF), currently about 70% of the urban population uses functional foods at least once in their life, and about 50% of the population uses them regularly. The most popular products include vitamins and minerals, products to support weight loss, enhance immunity, beautify the skin, and products to protect heart and joint health. In particular, after the COVID-19 pandemic, people are paying more attention to strengthening their resistance and improving their overall health, leading to a strong increase in the demand for dietary supplements.
Market driving factors
The development of the functional food market in Vietnam is driven by a number of main factors:
- The awareness that prevention is better than cure is increasingly spreading widely.
- The participation of many large domestic and foreign enterprises has contributed to creating a healthy competitive market with diverse products and reasonable prices.
- The open-door policy and support from the government in encouraging research and production of domestic functional food products is also an important driving force.
Market challenges
However, Vietnam’s functional food market also faces many challenges:
- The problem of fake, counterfeit and poor quality goods is still a serious problem that causes loss of consumer trust.
- The lack of transparency in product information and false advertising, exaggerating uses, make the market chaotic.
- The fierce competition between domestic and foreign brands poses a difficult problem for domestic businesses in terms of building trust and affirming product quality..
- The legal corridor for dietary supplements in Vietnam still has many shortcomings, with lax enforcement and supervision.
Development potential
However, the development potential of Vietnam’s functional food market is still very large. With a population of more than 100 million people, including a growing middle class, the functional food market will certainly expand further. For sustainable development, businesses need to focus on:
- Research and develop high quality products with clear origins.
- Raise consumer awareness through transparent and accurate communication campaigns.
- Combining traditional medicine and modern technology in functional food production.
Products from Vietnamese natural herbs such as ginseng, lingzhi mushroom, turmeric, and cordyceps have proven effective and received great attention from both domestic and international markets.
Change the ending
- Society is changing. More people are proactively taking care of their health than ever before. They look for safe, effective and convenient solutions to protect themselves and their families. Dietary supplements and OTC products are no longer a luxury option – they have become an essential part of modern life.
- If a business does not transform itself today, and does not seriously invest in quality, brand and innovation, tomorrow it will no longer have a place. This market waits for no one. Pioneering businesses that dare to think and do will be the ones who lead the trend and achieve sustainable success.
- The opportunity is right before your eyes. Act now to not only keep up but stay ahead of the booming healthcare wave. This is the time to make a difference – not just for businesses, but for communities!
Act today to lead tomorrow – Health doesn’t wait, neither does the market
