Vietnam OTC Consumer Health Products Market Valuation to Surpass USD 5,253.69 Million By 2032 | Astute Analytica

The OTC consumer health products market in Vietnam is poised for significant growth due to an expanding middle class, increasing health consciousness, and an aging population. The rise of e-commerce and favorable regulatory conditions further enhance market potential, making it a lucrative opportunity for competitors.

New Delhi, June 10, 2024 (GLOBE NEWSWIRE) — According to the latest Astute Analytica research study, the Vietnam OTC consumer health products market is poised to attain valuation of US$ 5,253.69 million by 2032 from US$ 2,539.68 million in 2023 by growing at aggressive a CAGR of 8.67% during the forecast period 2024–2032.

Vietnam has experienced significant growth in the consumption of over-the-counter (OTC) consumer health products, driven by robust economic expansion and rising disposable incomes. This economic upturn has empowered consumers to prioritize healthcare products. The COVID-19 pandemic further catalyzed this shift, heightening health awareness and leading many to opt for OTC medications for minor ailments to avoid healthcare facilities. The trend is particularly evident in the elderly population, who increasingly prefer the convenience of non-prescription medications.

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A notable transition from prescription to OTC medications, especially allergy drugs, underscores the market’s evolution. Consumers are drawn to the affordability and accessibility of OTC products, marking a significant shift in healthcare consumption patterns in the OTC consumer health products market. E-commerce platforms have played a pivotal role in this growth, offering consumers the convenience of purchasing health products online. This digital expansion has made a wide range of OTC products readily available, further propelling market growth. The introduction of new OTC products and regulatory approvals has also spurred innovation, meeting the diverse needs of health-conscious consumers.

Major healthcare companies like Johnson & Johnson, Pfizer Inc., and Taisho Pharmaceutical Holdings Co., Ltd. are leveraging strategic partnerships to enhance their market presence. Collaborations, such as the one between Zuellig Pharma and Karo Healthcare, have strengthened the distribution and accessibility of OTC products. This strategic maneuvering, coupled with heightened health awareness and product innovation, is expected to sustain the market’s upward trajectory. As the global consumer healthcare market grows, the Vietnamese market is poised to follow suit, driven by these compelling dynamics and a favorable economic landscape.

Key Findings in Vietnam OTC Consumer Health Products Market

Market Forecast (2032) US$ 5,253.69 Million
CAGR 8.67%
By Products  Vitamins and Dietary Supplements (22.46%)
By Distribution Chanel Offline (68.46%)
Top Trends
  • Increasing Demand for Dietary Supplements and Functional Foods
  • Rapid Growth of E-Commerce and Online Retail Platforms
  • Preference for Self-Medication and Self-Care
Top Drivers
  • Rising Middle Class and Increasing Healthcare Awareness
  • Increasing Product Launches by Market Players
Top Challenges
  • Policing of Illegal Products and Misleading Claims
  • High Competition and Brand Trust

Vietnam’s OTC Consumer Health Products Market: Vitamins and Dietary Supplement is Leading the Charge by Generating Over 22% Market Revenue

Vietnam has emerged as a significant consumer of vitamins and dietary supplements within the OTC (over-the-counter) consumer health products market. This trend is deeply rooted in the country’s cultural practices and historical reliance on herbal and traditional medicine for health maintenance and disease prevention. Vietnamese consumers have a long-standing familiarity with using traditional herbs to treat common ailments such as coughs, colds, and high blood pressure. This cultural inclination towards natural remedies has naturally extended to an increased consumption of modern vitamins and dietary supplements, bridging the gap between traditional and contemporary health practices.

Market dynamics further underscore Vietnam’s leading position in this sector. There is a notable preference among Vietnamese consumers for imported vitamin and dietary supplement products, driven by the perceived higher quality and trustworthiness of foreign brands compared to domestic ones.

The country’s aging population, with over 8 million people aged 65 and above, further drives the demand for dietary supplements aimed at maintaining and enhancing overall health in the OTC consumer health products market. Rising consumer spending on health and wellness products underscores a strong trend towards preventive health measures. Consumer insights reveal that Vietnamese consumers are increasingly seeking personalized health solutions and are influenced by social media and digital forums, which shape their purchasing decisions and preferences. Additionally, 42% of consumers are millennials who prioritize health and fitness, 60% of urban dwellers purchase vitamins regularly, 55% of consumers prefer products with natural ingredients, and 48% of parents buy supplements for their children. Furthermore, 70% of high-income earners purchase premium brands, 65% of consumers rely on pharmacist recommendations, 50% of gym-goers use supplements, 30% of office workers take vitamins for stress reduction, and 75% of women aged 30-50 use beauty supplements. Collectively, these factors contribute to Vietnam’s prominent consumption of vitamins and dietary supplements in the OTC consumer health products market.

Pharmacies and Convenience Stores: The Pillars of OTC Health Product Sales in Vietnam, Generates Over 68% Market Revenue

In Vietnam, the dominance of offline channels, particularly pharmacies and convenience stores, in the sale of over-the-counter (OTC) consumer health products is unmistakable. These outlets are incredibly accessible, especially in urban areas, providing consumers with easy and convenient access to a wide range of health products without the need for prescriptions. The trust in pharmacies is a significant factor, as consumers value the professional advice and reliability offered by pharmacists. This trust is further bolstered by cultural beliefs in the efficacy of natural and herbal remedies, which are often stocked alongside modern health products in these pharmacies. Convenience stores, on the other hand, cater to the fast-paced lifestyle of urban dwellers, providing quick and easy access to essential OTC products.

Economic factors also play a crucial role in the dominance of offline channels in the OTC consumer health products market. Vietnam’s growing middle class, with higher disposable incomes, is driving the demand for healthcare products, including OTC medications. This demographic shift is supported by the country’s stable economic growth and rising GDP per capita, which have increased consumer spending on health and wellness. Offline channels, particularly pharmacies, are well-positioned to capitalize on this trend, given their established presence and the trust they command among consumers. The offline segment’s significant share in the distribution of OTC products is evident as pharmacies remain the go-to places for prescribed dietary supplements addressing various health issues.

The regulatory environment in Vietnam further solidifies the dominance of offline channels. Despite efforts to control the dispensing of prescription-only drugs, compliance remains low, particularly in rural areas, allowing for a more flexible distribution of OTC products. This regulatory framework supports the continued preference for pharmacies and convenience stores as primary sales channels. The personal interaction and trust associated with in-person sales at these outlets greatly benefit the sales of vitamins and dietary supplements, making them the preferred choice for consumers seeking OTC health products. In conclusion, the interplay of accessibility, cultural preferences, economic factors, and regulatory support underscores the dominance of offline channels in Vietnam’s OTC consumer health products market.

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Top 10 Players Control More than 63% Market Share of Vietnam OTC Consumer Health Products Market

Sanofi is the 5th largest player in Vietnam’s OTC consumer health products market with market share of more than 6.8%, which can be largely attributed to its strong brand presence and trust. The company has established itself as a global leader in the pharmaceutical industry, and this reputation translates effectively into the Vietnamese market. Consumers in Vietnam recognize and trust Sanofi’s extensive portfolio of well-known OTC products, such as Doliprane for pain relief and Enterogermina for digestive health. In a market where brand recognition significantly influences purchasing decisions, Sanofi’s established reputation provides a considerable competitive advantage, reinforcing its market leadership.

Sanofi’s strategic acquisitions and investments have also played a crucial role in bolstering its presence in Vietnam’s OTC market. For instance, the acquisition of Chattem, Inc. in 2010 expanded its consumer healthcare portfolio significantly, allowing Sanofi to introduce a diverse range of OTC products to the Vietnamese market. These acquisitions have enabled Sanofi to leverage existing distribution networks, ensuring its products are widely available across the country. This strategic expansion has not only increased its market share but also solidified its position as a dominant player in the competitive landscape of Vietnam’s OTC consumer health products industry.

Innovation and product development are at the core of Sanofi’s strategy in Vietnam OTC consumer health products market. The company invests heavily in research and development to create new and effective OTC products that meet the evolving needs of Vietnamese consumers. By leveraging scientific research and local market insights, Sanofi has been able to introduce innovative products tailored to the specific health concerns prevalent in Vietnam, such as respiratory issues and common infections. This continuous innovation ensures that Sanofi remains at the forefront of the market, maintaining its competitive edge and reinforcing its dominance.

Vietnam OTC Consumer Health Products Market Key Players

  • Abbott Laboratories
  • Bayer AG
  • Danone
  • GSK plc
  • Johnson and Johnson
  • Pfizer Inc.
  • Reckitt Benckiser Group PLC
  • Sanofi SA
  • Taisho Pharmaceutical Holdings Co., Ltd.
  • The Procter & Gamble Company
  • Other Prominent Players

Key Segmentation:

By Type

  • Wound Care Products
  • Dermatological Products
  • Contraceptives
  • Vitamins & Dietary Supplements
  • Ophthalmology Products
  • Gastrointestinal Products
  • Others

By Distribution Channel

  • Online
  • Offline
    • Pharmacies
    • Convenience Stores

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