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The market for functional food is one of the fastest growing markets. According to a report published in 2019 by Grand View Research, the global scale was worth USD 161.49 billion in 2018. The global market size is projected to reach USD 275.77 billion by 2025 and is anticipated to expand at a CAGR of 7.9% during the forecast period. In South East Asia, since 2011, functional food markets have experienced rapid growth, worth USD 17.4 billion in 2016 and 9% CAGR is forecast between 2015 and 2020 (L.E.K. Research & Analysis, 2018). The market size for functional food in Vietnam was worth USD 1,792 million in 2015, ranked 3rd among ASEAN countries. However, its’ growth rate from 2015-2020 was highest among all countries in the region.Read More “The rapid development of Vietnam’s functional food market”
According to Vietnam Association of Functional Food (VAFF), Vietnam functional food market reached 650 million USD, ranked 3rd in the ASEAN market. The y-o-y average growth rate of the market is expected to be 20% in the next 10 years. Due to the easy procedures for registration and import, in 2013, the market has nearly 7,000 types of products doubling from 2011, the number of players in the industry also doubled from 2012 to 3,500 companies.