New York, May 12, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vietnam Collagen Supplements Market - Growth, Trends, Covid-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06067817/?utm_source=GNW
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.
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Read the full report: https://www.reportlinker.com/p06067817/?utm_source=GNW
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Vietnam Collagen Supplements Market - Growth, Trends, Covid-19 Impact, and Forecasts (2021 - 2026)
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.
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