Sports Nutrition in Vietnam

Euromonitor International
September 2023
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LIST OF CONTENTS AND TABLES

KEY DATA FINDINGS.................................................................................................................. 1
2023 DEVELOPMENTS ............................................................................................................... 1
Increasing Demand For Sports Nutrition In Line With Greater Participation In Exercise .......... 1
Sports Nutrition Remains Small Category In Local Consumer Health Industry ........................ 1
Lower Presence Of Local Players In Sports Nutrition ............................................................... 2
PROSPECTS AND OPPORTUNITIES......................................................................................... 2
Increase In Physical Activity In Vietnam To Support Further Demand For Sports Nutrition ...... 2
Sports Nutrition Set To Expand With Increasingly Sophisticated Products ............................... 2
Non Store-based Channels Expected To Dominate Distribution Of Sports Nutrition ................ 2
CATEGORY DATA ....................................................................................................................... 3
Table 1 Sales of Sports Nutrition by Category: Value 2018-2023 ............................. 3
Table 2 Sales of Sports Nutrition by Category: % Value Growth 2018-2023 ............ 3
Table 3 NBO Company Shares of Sports Nutrition: % Value 2019-2023 .................. 3
Table 4 LBN Brand Shares of Sports Nutrition: % Value 2020-2023 ........................ 3
Table 5 Forecast Sales of Sports Nutrition by Category: Value 2023-2028 .............. 4
Table 6 Forecast Sales of Sports Nutrition by Category: % Value Growth
2023-2028 .................................................................................................... 4

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SPORTS NUTRITION IN VIETNAM

KEY DATA FINDINGS
▪ Retail value sales increase by 18% in current terms in 2023 to VND564 billion
▪ Sports protein products is the best performing category in 2023, with retail value sales rising
by 18% in current terms to VND564 billion
▪ Herbalife Vietnam LLC is the leading player in 2023, with a retail value share of 45%
▪ Retail sales are set to grow at a current value CAGR of 14% (2023 constant value CAGR of
9%) over the forecast period to VND1.1 trillion

2023 DEVELOPMENTS

Increasing Demand For Sports Nutrition In Line With Greater

Participation In Exercise
In 2023, further consumer interest in sports nutrition is being driven by the growing health and
wellness trend, particularly in terms of looks and fitness. Traditionally, the category’s main
customers are young people who like to work out and care about their appearance; they tend to
be middle- or high-income earners living in large cities. However, demand is generally low as
many Vietnamese people tend to eat meat as a protein source, and consumers overall remain
unfamiliar with these products unless they go to a gym, participate in sports or learn about
sports nutrition online.
Nevertheless, participation in sports and fitness activities is becoming increasingly popular in
Vietnam, especially since the pandemic and heightened health awareness in addition to weight
gain for some consumers. Due to the influence of social media and rising living standards,
increasing numbers of Vietnamese consumers value their health, strength, and physical beauty.
An improving economic situation and increasing product knowledge are other factors supporting
category growth. Consumers' willingness to invest in these items is anticipated to increase as
they have higher disposable incomes and a greater understanding of the benefits of sports
nutrition.

Sports Nutrition Remains Small Category In Local Consumer Health

Industry
Despite dynamic growth in 2023, sports nutrition remains a relatively small category within
consumer health in Vietnam, due to the high prices of such products and comparatively low
demand. The only category registering notable sales and growth is sports protein powder, due
to wide availability and marketing by players to highlight their benefits for those seeking to build
muscle.
Furthermore, sports protein powder can easily be found via various distribution channels,
including gyms, pharmacies and via retail e-commerce retailers, such as Lazada, Tiki or Sendo.
Sales of other sports nutrition formats remain insignificant in Vietnam, as many consumers are
still not aware of these products, their usage or benefits, due to limited distribution and a lack of
marketing in general.

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Lower Presence Of Local Players In Sports Nutrition

Compared to multinationals, there is a low presence of local players in sports nutrition. In
general, Vietnamese consumers favour international brands of sports nutrition, even though
they tend to be significantly more expensive than the offerings of local companies. This is
because they perceive the quality of well-known global brands as higher compared to local
options. In addition, domestic players do not have profound knowledge in producing sports
nutrition since this category remains quite new in Vietnam. As such, sports nutrition is led by
international brands such as Herbalife Nutrition, On, and MuscleTech. Overall leader, Herbalife
Vietnam, benefits from wide distribution, and a strong reputation for quality.

PROSPECTS AND OPPORTUNITIES

Increase In Physical Activity In Vietnam To Support Further Demand For

Sports Nutrition
Over the forecast period, a further interest in participating in physical activity in Vietnam will
boost the demand for sports nutrition. In fact, in 2023, Vietnam is seeing the organisation of an
increasing number of marathons, including VnExpress Marathon and Lazada Marathon, with
this trend expected to continue over the forecast period. Together with the rising trend of health
and wellness, an increasing number of local consumers will likely participate in sporting
activities such as running, cycling, and going to the gym. As such, they are likely to search for
products that they perceive as supporting their sporting or exercise endeavours, whilst
becoming increasingly educated by discussing their needs with gym consultants, conducting
online research or by word of mouth.
However, sports protein powder is likely to remain the dominant format, driven by the shift
away from traditionally limiting carbohydrates and calories to consuming protein, lactobacilli,
fibre, and other nutrients for health and dietary benefits whilst focusing on building and
maintaining muscle.

Sports Nutrition Set To Expand With Increasingly Sophisticated

Products
The pandemic encouraged local consumers to adopt healthier lifestyles, and this trend is
projected to continue over the forecast period, supporting further growth of sports nutrition. As
such, the category is expected to see the entry of more sophisticated products such as sports
non-protein products, as well as more convenient protein formats, such as sports protein RTD
and the expansion of protein/energy bars. Since the target audience of sports nutrition is
traditionally the younger generation, these consumers are able to easily learn about new
products through social media and other internet platforms.

Non Store-based Channels Expected To Dominate Distribution Of

Sports Nutrition
Over the forecast period, non store-based channels, namely direct selling and retail e-
commerce, are expected to dominant the distribution of sports nutrition in Vietnam due to the
low interest of local players in the category (typically, local players use store-based channels to
distribute their products). With strong sales representatives, direct selling is likely to remain a
popular channel of distribution for sports nutrition in the country.
Young consumers, on the other hand, are turning away from direct selling and towards
acquiring sports nutrition from retail e-commerce platforms such as Lazada or ordering online

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through brand websites or Facebook pages. E-commerce platforms offer reasonable prices,
with players such as Whey Store and The Gioi Whey frequently offering 20-30% discounts.
Young and affluent urban males are likely to remain the target audience for sports nutrition
players, despite a general rising interest in exercise among the local population.

CATEGORY DATA
Table 1 Sales of Sports Nutrition by Category: Value 2018-2023

VND billion
2018 2019 2020 2021 2022 2023

Sports Protein Products 472.3 580.9 411.8 376.7 480.0 564.0

- Protein/Energy Bars 19.4 37.4 36.2 27.4 33.6 38.1
- Sports Protein Powder 452.9 543.5 375.6 349.3 446.4 525.8
- Sports Protein RTD - - - - - -
Sports Non-Protein - - - - - -
Products
Sports Nutrition 472.3 580.9 411.8 376.7 480.0 564.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Note: 2023 data is provisional and based on part-year estimates

Table 2 Sales of Sports Nutrition by Category: % Value Growth 2018-2023

% current value growth

2022/23 2018-23 CAGR 2018/23 Total

Sports Protein Products 17.5 3.6 19.4

- Protein/Energy Bars 13.4 14.5 96.9
- Sports Protein Powder 17.8 3.0 16.1
- Sports Protein RTD - - -
Sports Non-Protein Products - - -
Sports Nutrition 17.5 3.6 19.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Note: 2023 data is provisional and based on part-year estimates

Table 3 NBO Company Shares of Sports Nutrition: % Value 2019-2023

% retail value rsp

Company 2019 2020 2021 2022 2023

Herbalife Vietnam LLC 24.9 45.6 57.3 48.2 44.6

Optinum Nutrition Inc 18.1 15.4 16.0 16.0 15.8
TC Sport Food Co Ltd 2.2 2.0 2.0 2.1 2.0
Others 54.8 37.1 24.6 33.7 37.7
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 4 LBN Brand Shares of Sports Nutrition: % Value 2020-2023

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% retail value rsp

Brand (GBO) Company (NBO) 2020 2021 2022 2023

Herbalife Nutrition Herbalife Vietnam LLC 45.6 57.3 48.2 44.6

(Herbalife Nutrition
Ltd)
On (Glanbia Plc) Optinum Nutrition Inc 15.4 16.0 16.0 15.8
MuscleTech (Xiwang TC Sport Food Co Ltd 2.0 2.0 2.1 2.0
Foodstuffs Co Ltd)
Herbalife Nutrition Herbalife Vietnam LLC - - - -
(Herbalife Ltd)
MuscleTech (Iovate TC Sport Food Co Ltd - - - -
Health Sciences
International Inc)
Others Others 37.1 24.6 33.7 37.7
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 5 Forecast Sales of Sports Nutrition by Category: Value 2023-2028

VND billion
2023 2024 2025 2026 2027 2028

Sports Protein Products 564.0 625.1 687.2 750.7 817.7 885.0

- Protein/Energy Bars 38.1 41.4 45.2 49.6 54.9 61.2
- Sports Protein Powder 525.8 583.7 642.0 701.1 762.8 823.8
- Sports Protein RTD - - - - - -
Sports Non-Protein - - - - - -
Products
Sports Nutrition 564.0 625.1 687.2 750.7 817.7 885.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: 2023 data is provisional and based on part-year estimates

Table 6 Forecast Sales of Sports Nutrition by Category: % Value Growth 2023-2028

% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total

Sports Protein Products 10.8 9.4 56.9

- Protein/Energy Bars 8.6 9.9 60.5
- Sports Protein Powder 11.0 9.4 56.7
- Sports Protein RTD - - -
Sports Non-Protein Products - - -
Sports Nutrition 10.8 9.4 56.9
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: 2023 data is provisional and based on part-year estimates

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