Packaged Food in Vietnam
Euromonitor International
November 2019
PACKAGED FOOD IN VIETNAM
LIST OF CONTENTS AND TABLES
Packaged Food in Vietnam - Industry Overview ........................................................................... 1
Executive Summary ..................................................................................................................... 1
Food Safety Concerns, Expanded Distribution, and Improved Disposable Income Are Among
A Host of Reasons Why Packaged Food Sales Were Thriving in 2019 .................................... 1
Premium Products Not Only Perform Well, But Often Drive Growth of Entire Categories ........ 1
in A Highly Fragmented Market, the Top 15 Players and the Artisanal Value Shares Account
for the Lion’s Share of Market Value Sales ............................................................................... 2
Convenience Store Expansion Beyond Major Urban Areas Continues To Boost Demand for
Packaged Food Brands and Products Given More Exposure ................................................... 2
There Are Myriad Reasons To Be Optimistic About Continued Strong Value Growth .............. 2
Foodservice .................................................................................................................................. 3
Sales To Foodservice ............................................................................................................... 3
Consumer Foodservice............................................................................................................. 4
Category Data .......................................................................................................................... 5
Table 1
Table 2
Table 3
Table 4
Foodservice Sales of Packaged Food by Category: Volume 20142019 ............................................................................................................. 5
Foodservice Sales of Packaged Food by Category: % Volume Growth
2014-2019 .................................................................................................... 5
Forecast Foodservice Sales of Packaged Food by Category: Volume
2019-2024 .................................................................................................... 6
Forecast Foodservice Sales of Packaged Food by Category: %
Volume Growth 2019-2024 .......................................................................... 6
Market Data .................................................................................................................................. 7
Table 5
Table 6
Table 7
Table 8
Table 9
Table 10
Table 11
Table 12
Table 13
Table 14
Table 15
Table 16
Table 17
Table 18
Sales of Packaged Food by Category: Volume 2014-2019 .......................... 7
Sales of Packaged Food by Category: Value 2014-2019 ............................. 8
Sales of Packaged Food by Category: % Volume Growth 2014-2019 ......... 8
Sales of Packaged Food by Category: % Value Growth 2014-2019 ............ 9
GBO Company Shares of Packaged Food: % Value 2015-2019 ................. 9
NBO Company Shares of Packaged Food: % Value 2015-2019 ............... 10
LBN Brand Shares of Packaged Food: % Value 2016-2019 ...................... 11
Penetration of Private Label by Category: % Value 2014-2019 ................. 12
Distribution of Packaged Food by Format: % Value 2014-2019 ................. 12
Distribution of Packaged Food by Format and Category: % Value
2019 ........................................................................................................... 13
Forecast Sales of Packaged Food by Category: Volume 2019-2024 ......... 15
Forecast Sales of Packaged Food by Category: Value 2019-2024 ............ 15
Forecast Sales of Packaged Food by Category: % Volume Growth
2019-2024 .................................................................................................. 16
Forecast Sales of Packaged Food by Category: % Value Growth
2019-2024 .................................................................................................. 16
Sources ...................................................................................................................................... 17
Summary 1
Research Sources ...................................................................................... 17
Edible Oils in Vietnam - Category analysis ................................................................................. 21
Headlines ................................................................................................................................... 21
Prospects ................................................................................................................................... 21
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Premiumisation Trend Is Driving New Development, As Reflected by the Top Three Brands 21
Distribution and Pricing Are the Most Important Ways To Successfully Compete in Edible Oils,
As There Is Little Else To Distinguish One Brand of Oil From Another ................................... 21
Demand for Healthy Foods Affects Product Development in Edible Oils ................................ 22
Competitive Landscape .............................................................................................................. 22
Kido Group’s M&a Activity Changes the Shape of the Edible Oils Landscape ....................... 22
With Four of the Five Leading Brands, Cai Lan Oils & Fats Maintains Its Near Domination
Within Edible Oils .................................................................................................................... 22
Calofic Strengthens the Brand Image and Consumption of Simply by Using An Effective
Marketing Message ................................................................................................................ 23
Category Data ............................................................................................................................ 23
Table 19
Table 20
Table 21
Table 22
Table 23
Table 24
Table 25
Table 26
Table 27
Table 28
Table 29
Sales of Edible Oils by Category: Volume 2014-2019 ................................ 23
Sales of Edible Oils by Category: Value 2014-2019 ................................... 23
Sales of Edible Oils by Category: % Volume Growth 2014-2019 ............... 23
Sales of Edible Oils by Category: % Value Growth 2014-2019 .................. 24
NBO Company Shares of Edible Oils: % Value 2015-2019 ....................... 24
LBN Brand Shares of Edible Oils: % Value 2016-2019 .............................. 25
Distribution of Edible Oils by Format: % Value 2014-2019 ......................... 25
Forecast Sales of Edible Oils by Category: Volume 2019-2024 ................. 26
Forecast Sales of Edible Oils by Category: Value 2019-2024 .................... 26
Forecast Sales of Edible Oils by Category: % Volume Growth 20192024 ........................................................................................................... 26
Forecast Sales of Edible Oils by Category: % Value Growth 20192024 ........................................................................................................... 27
Ready Meals in Vietnam - Category analysis ............................................................................. 28
Headlines ................................................................................................................................... 28
Prospects ................................................................................................................................... 28
Convenience Is the Key Driver of Ready Meals Growth, As Busier Consumers Seek Quicker
Meal Solutions ........................................................................................................................ 28
Expansion of Modern Trade Channel Moderately Affects Ready Meals ................................. 28
Domestic Consumers Embrace Traditional Food Wherever They Can Find It, and Local
Players in Frozen Ready Meals Offer Plenty of Traditional Options ....................................... 29
Competitive Landscape .............................................................................................................. 29
Vissan Maintains Its Lead, But Continues To Lose Value Share To Other Competitors......... 29
Cj Cau Tre Foods Strongly Expands Its Footprint and Posts the Highest Gains .................... 29
Local Players Reinforce Their Presence With New Products and Packaging, Taking
Advantage of Their Knowledge of Vietnamese Food and Taste Preferences ......................... 29
Category Data ............................................................................................................................ 30
Table 30
Table 31
Table 32
Table 33
Table 34
Table 35
Table 36
Table 37
Table 38
Table 39
Sales of Ready Meals by Category: Volume 2014-2019 ............................ 30
Sales of Ready Meals by Category: Value 2014-2019 ............................... 30
Sales of Ready Meals by Category: % Volume Growth 2014-2019 ........... 30
Sales of Ready Meals by Category: % Value Growth 2014-2019 .............. 31
Sales of Chilled Ready Meals by Ethnicity: % Value 2014-2019 ................ 31
NBO Company Shares of Ready Meals: % Value 2015-2019.................... 32
LBN Brand Shares of Ready Meals: % Value 2016-2019 .......................... 32
Distribution of Ready Meals by Format: % Value 2014-2019 ..................... 33
Forecast Sales of Ready Meals by Category: Volume 2019-2024 ............. 34
Forecast Sales of Ready Meals by Category: Value 2019-2024 ................ 34
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Table 40
Table 41
Forecast Sales of Ready Meals by Category: % Volume Growth
2019-2024 .................................................................................................. 34
Forecast Sales of Ready Meals by Category: % Value Growth 20192024 ........................................................................................................... 35
Sauces, Dressings and Condiments in Vietnam - Category analysis ......................................... 36
Headlines ................................................................................................................................... 36
Prospects ................................................................................................................................... 36
Latest in A Series of Food Safety Crises Dampens Growth Prospects for Table Sauces ....... 36
Back-to-tradition Trend Impacts Consumer Behaviour, Boosting Sales of Dry Sauces for
Traditional Vietnamese Food .................................................................................................. 37
Increased Demand for Premium Products Is Reflected in New Products and Higher
Anticipated Value Growth ....................................................................................................... 37
Competitive Landscape .............................................................................................................. 37
Domestic Players Have the Greater Strength Due To Their Deeper Understanding of the
Local Cuisine and Consumers’ Cooking Habits ...................................................................... 37
Makers of Traditional Fish Sauce Appear To Be Fighting A Losing Battle Against Industrial
Fish Sauce .............................................................................................................................. 38
New Products and Flavours Boost Prospects for Stock Cubes and Powders ........................ 38
Category Data ............................................................................................................................ 38
Table 42
Table 43
Table 44
Table 45
Table 46
Table 47
Table 48
Table 49
Table 50
Table 51
Table 52
Table 53
Sales of Sauces, Dressings and Condiments by Category: Volume
2014-2019 .................................................................................................. 38
Sales of Sauces, Dressings and Condiments by Category: Value
2014-2019 .................................................................................................. 39
Sales of Sauces, Dressings and Condiments by Category: % Volume
Growth 2014-2019 ..................................................................................... 40
Sales of Sauces, Dressings and Condiments by Category: % Value
Growth 2014-2019 ..................................................................................... 40
Sales of Cooking Sauces by Type: % Value 2014-2019 ............................ 41
NBO Company Shares of Sauces, Dressings and Condiments: %
Value 2015-2019 ........................................................................................ 41
LBN Brand Shares of Sauces, Dressings and Condiments: % Value
2016-2019 .................................................................................................. 42
Distribution of Sauces, Dressings and Condiments by Format: %
Value 2014-2019 ........................................................................................ 43
Forecast Sales of Sauces, Dressings and Condiments by Category:
Volume 2019-2024 ..................................................................................... 44
Forecast Sales of Sauces, Dressings and Condiments by Category:
Value 2019-2024 ........................................................................................ 45
Forecast Sales of Sauces, Dressings and Condiments by Category:
% Volume Growth 2019-2024 .................................................................... 45
Forecast Sales of Sauces, Dressings and Condiments by Category:
% Value Growth 2019-2024 ....................................................................... 46
Soup in Vietnam - Category analysis ......................................................................................... 47
Prospects ................................................................................................................................... 47
Sweet Spreads in Vietnam - Category analysis.......................................................................... 48
Headlines ................................................................................................................................... 48
Prospects ................................................................................................................................... 48
Westernisation Has the Strongest Influence on Growth of Jams and Preserves, Which
Continue To Be Used in A Variety of Ways ............................................................................ 48
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PACKAGED FOOD IN VIETNAM
Young Consumers Are the Greatest Consumers of Sweet Spreads ...................................... 48
Increased Exposure To Western Culture Through Travel and Easier Entry for Imported Goods
Also Boost Interest and Demand for Sweet Spreads .............................................................. 49
Competitive Landscape .............................................................................................................. 49
Golden Farm Surpasses Angel Camacho Alimentacion To Take the Lead in Sweet Spreads 49
Honey’s Fragmented Landscape Is Characterised by Many Unpackaged and Unbranded
Products and A Plethora of Small Local Brands and Players ................................................. 49
in Lieu of More Active Marketing, Demand Depends on Expanding Distribution .................... 50
Category Data ............................................................................................................................ 50
Table 54
Table 55
Table 56
Table 57
Table 58
Table 59
Table 60
Table 61
Table 62
Table 63
Table 64
Table 65
Sales of Sweet Spreads by Category: Volume 2014-2019......................... 50
Sales of Sweet Spreads by Category: Value 2014-2019............................ 50
Sales of Sweet Spreads by Category: % Volume Growth 2014-2019 ........ 51
Sales of Sweet Spreads by Category: % Value Growth 2014-2019 ........... 51
Sales of Jams and Preserves by Leading Flavours: Rankings 20142019 ........................................................................................................... 51
NBO Company Shares of Sweet Spreads: % Value 2015-2019 ................ 51
LBN Brand Shares of Sweet Spreads: % Value 2016-2019 ....................... 52
Distribution of Sweet Spreads by Format: % Value 2014-2019 .................. 52
Forecast Sales of Sweet Spreads by Category: Volume 2019-2024 .......... 53
Forecast Sales of Sweet Spreads by Category: Value 2019-2024 ............. 53
Forecast Sales of Sweet Spreads by Category: % Volume Growth
2019-2024 .................................................................................................. 54
Forecast Sales of Sweet Spreads by Category: % Value Growth
2019-2024 .................................................................................................. 54
Baby Food in Vietnam - Category analysis................................................................................. 55
Headlines ................................................................................................................................... 55
Prospects ................................................................................................................................... 55
Changing Consumer Habits Have A Dampening Effect on All Baby Food Categories ........... 55
Advertising Restrictions Move Manufacturers To Try New Strategies .................................... 55
Packaged Fresh Porridge Gains More Traction Within Prepared Baby Food Every Year ...... 56
Competitive Landscape .............................................................................................................. 56
Saigon Food Gains Value Share on the Strength of Its Pioneer Packaged Porridge ............. 56
Given Lack of Innovation and Investment Resulting From Slower Growth and Less Revenue57
While Organic and Free From Products Are Available, Mothers Prefer Ff Baby Food ........... 57
Category Data ............................................................................................................................ 57
Table 66
Table 67
Table 68
Table 69
Table 70
Table 71
Table 72
Table 73
Table 74
Table 75
Table 76
Sales of Baby Food by Category: Volume 2014-2019................................ 57
Sales of Baby Food by Category: Value 2014-2019 .................................. 58
Sales of Baby Food by Category: % Volume Growth 2014-2019 ............... 58
Sales of Baby Food by Category: % Value Growth 2014-2019 .................. 59
NBO Company Shares of Baby Food: % Value 2015-2019 ....................... 59
LBN Brand Shares of Baby Food: % Value 2016-2019 .............................. 60
Distribution of Baby Food by Format: % Value 2014-2019......................... 61
Forecast Sales of Baby Food by Category: Volume 2019-2024................. 61
Forecast Sales of Baby Food by Category: Value 2019-2024.................... 62
Forecast Sales of Baby Food by Category: % Volume Growth 20192024 ........................................................................................................... 63
Forecast Sales of Baby Food by Category: % Value Growth 20192024 ........................................................................................................... 63
Butter and Spreads in Vietnam - Category analysis ................................................................... 64
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PACKAGED FOOD IN VIETNAM
Headlines ................................................................................................................................... 64
Prospects ................................................................................................................................... 64
Proliferating Use of Butter and Spreads in Foodservice Outlets Serving Western Food
Continues To Boost Both Volume and Value Sales ................................................................ 64
Butter Benefits From Growing Trend of Baking Cakes at Home To Share With Others ......... 64
Growth of Butter Remains Contingent on Intensified Promotion ............................................. 65
Competitive Landscape .............................................................................................................. 65
With Wide Brand Awareness and Little Competition, Tuong An Holds Value Share Within
Margarine and Spreads .......................................................................................................... 65
Due To Insufficient Marketing, Many Consumers Lack Incentive To Give Butter A Try .......... 65
Foodservice Channel Continues To Account for Most Sales of Butter ................................... 66
Category Data ............................................................................................................................ 66
Table 77
Table 78
Table 79
Table 80
Table 81
Table 82
Table 83
Table 84
Table 85
Table 86
Table 87
Sales of Butter and Spreads by Category: Volume 2014-2019 .................. 66
Sales of Butter and Spreads by Category: Value 2014-2019 ..................... 66
Sales of Butter and Spreads by Category: % Volume Growth 20142019 ........................................................................................................... 66
Sales of Butter and Spreads by Category: % Value Growth 20142019 ........................................................................................................... 67
NBO Company Shares of Butter and Spreads: % Value 2015-2019.......... 67
LBN Brand Shares of Butter and Spreads: % Value 2016-2019 ................ 67
Distribution of Butter and Spreads by Format: % Value 2014-2019 ........... 67
Forecast Sales of Butter and Spreads by Category: Volume 20192024 ........................................................................................................... 68
Forecast Sales of Butter and Spreads by Category: Value 2019-2024 ...... 68
Forecast Sales of Butter and Spreads by Category: % Volume Growth
2019-2024 .................................................................................................. 69
Forecast Sales of Butter and Spreads by Category: % Value Growth
2019-2024 .................................................................................................. 69
Cheese in Vietnam - Category analysis ..................................................................................... 70
Headlines ................................................................................................................................... 70
Prospects ................................................................................................................................... 70
Westernisation Generates Demand But Growth Is Contingent Upon Tailoring Marketing To
Vietnamese Interests and Customs ........................................................................................ 70
Online Promotion of Ways of Using Cheese With Traditional Vietnamese Food Attracts
Attention, Especially of Younger Consumers .......................................................................... 70
Spreadable Processed Cheese Remains Most Popular, Particularly Among Children ........... 71
Competitive Landscape .............................................................................................................. 71
Manufacturers Must Invest in Marketing To Grow in Awareness and Demand ...................... 71
Marketing Efforts in Support of Processed Cheese See Positive Results .............................. 71
With Emphasis on Western Food, Foodservice Remains Main Distribution Channel ............. 72
Category Data ............................................................................................................................ 72
Table 88
Table 89
Table 90
Table 91
Table 92
Table 93
Table 94
Table 95
Sales of Cheese by Category: Volume 2014-2019 .................................... 72
Sales of Cheese by Category: Value 2014-2019 ....................................... 72
Sales of Cheese by Category: % Volume Growth 2014-2019 .................... 73
Sales of Cheese by Category: % Value Growth 2014-2019 ....................... 73
Sales of Spreadable Processed Cheese by Type: % Value 2014-2019 ..... 73
Sales of Unprocessed Cheese by Type: % Value 2014-2019 .................... 74
NBO Company Shares of Cheese: % Value 2015-2019 ............................ 74
LBN Brand Shares of Cheese: % Value 2016-2019 ................................... 74
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PACKAGED FOOD IN VIETNAM
Table 96
Table 97
Table 98
Table 99
Table 100
Distribution of Cheese by Format: % Value 2014-2019.............................. 75
Forecast Sales of Cheese by Category: Volume 2019-2024...................... 76
Forecast Sales of Cheese by Category: Value 2019-2024......................... 76
Forecast Sales of Cheese by Category: % Volume Growth 2019-2024 ..... 76
Forecast Sales of Cheese by Category: % Value Growth 2019-2024 ........ 76
Drinking Milk Products in Vietnam - Category analysis .............................................................. 78
Headlines ................................................................................................................................... 78
Prospects ................................................................................................................................... 78
Flourishing Economy Enables Health-conscious Consumers To Buy High-quality, Nutritious
Food, Including Drinking Milk Products ................................................................................... 78
Increased Awareness and Affluence Creates Demand for Greater Variety of Healthy
Functional Products and Invites Expansion Into Rural Communities ...................................... 78
Th Group and Vinamilk Expand Domestic Milk Production To Meet Demand ........................ 79
Competitive Landscape .............................................................................................................. 79
Messaging Controversy Concerning Milo and Ovaltine Ends Up Boosting Both .................... 79
Th Group Launches Major Campaign To Support Its First Line of Nut Milks .......................... 79
Leading Players Add Organic Shelf-stable Milk To Health and Wellness Lines ..................... 80
Category Data ............................................................................................................................ 80
Table 101
Table 102
Table 103
Table 104
Table 105
Table 106
Table 107
Table 108
Table 109
Table 110
Table 111
Sales of Drinking Milk Products by Category: Volume 2014-2019 ............. 80
Sales of Drinking Milk Products by Category: Value 2014-2019 ................ 81
Sales of Drinking Milk Products by Category: % Volume Growth 20142019 ........................................................................................................... 81
Sales of Drinking Milk Products by Category: % Value Growth 20142019 ........................................................................................................... 82
NBO Company Shares of Drinking Milk Products: % Value 2015-2019 ..... 82
LBN Brand Shares of Drinking Milk Products: % Value 2016-2019 ........... 83
Distribution of Drinking Milk Products by Format: % Value 2014-2019 ...... 84
Forecast Sales of Drinking Milk Products Products by Category:
Volume 2019-2024 ..................................................................................... 85
Forecast Sales of Drinking Milk Products Products by Category:
Value 2019-2024 ........................................................................................ 85
Forecast Sales of Drinking Milk Products Products by Category: %
Volume Growth 2019-2024 ........................................................................ 86
Forecast Sales of Drinking Milk Products Products by Category: %
Value Growth 2019-2024 ........................................................................... 86
Yoghurt and Sour Milk Products in Vietnam - Category analysis ............................................... 88
Headlines ................................................................................................................................... 88
Prospects ................................................................................................................................... 88
Yoghurt Set To See Unabated Growth As Consumers Increasingly Recognise Its Benefits .. 88
Vinamilk Reinforces Perception That Yoghurt Has Many Uses for Beauty Care .................... 89
Yoghurt’s Versatility Inspires Cooks and Consumers To Invent New Serving Methods ......... 89
Competitive Landscape .............................................................................................................. 89
Vinamilk Garnishes Reputation for Innovation With Sticky Rice/yoghurt Blend ...................... 89
Frieslandcampina, Th Food Chain and Other Players Encroach on Vinamilk’s Territory........ 90
Popularity of Drinking Yoghurt Reflected in A Plethora of New Product Offers ...................... 90
Category Data ............................................................................................................................ 90
Table 112
Sales of Yoghurt and Sour Milk Products by Category: Volume 20142019 ........................................................................................................... 90
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Table 113
Table 114
Table 115
Table 116
Table 117
Table 118
Table 119
Table 120
Table 121
Table 122
Table 123
Sales of Yoghurt and Sour Milk Products by Category: Value 20142019 ........................................................................................................... 91
Sales of Yoghurt and Sour Milk Products by Category: % Volume
Growth 2014-2019 ..................................................................................... 91
Sales of Yoghurt and Sour Milk Products by Category: % Value
Growth 2014-2019 ..................................................................................... 91
Sales of Flavoured Yoghurt by Flavour: Rankings 2014-2019 ................... 91
NBO Company Shares of Yoghurt and Sour Milk Products: % Value
2015-2019 .................................................................................................. 92
LBN Brand Shares of Yoghurt and Sour Milk Products: % Value 20162019 ........................................................................................................... 92
Distribution of Yoghurt and Sour Milk Products by Format: % Value
2014-2019 .................................................................................................. 93
Forecast Sales of Yoghurt and Sour Milk Products by Category:
Volume 2019-2024 ..................................................................................... 93
Forecast Sales of Yoghurt and Sour Milk Products by Category: Value
2019-2024 .................................................................................................. 94
Forecast Sales of Yoghurt and Sour Milk Products by Category: %
Volume Growth 2019-2024 ........................................................................ 94
Forecast Sales of Yoghurt and Sour Milk Products by Category: %
Value Growth 2019-2024 ........................................................................... 94
Other Dairy in Vietnam - Category analysis................................................................................ 95
Headlines ................................................................................................................................... 95
Prospects ................................................................................................................................... 95
Increased Domestic Consumption of Coffee and Tea Boosts Sales ...................................... 95
Traditional Use, High Awareness and Wide Distribution Account for Significantly High Volume
Share of Condensed Milk........................................................................................................ 95
Lack of Competition and Familiarity Constrains Growth of Cream and Coffee Whiteners ...... 96
Competitive Landscape .............................................................................................................. 96
Vinamilk Benefits From Ability To Adapt and Change ............................................................ 96
Lacking Competition in Coffee Whiteners, Nestlé Expands Its Distribution Rather Than
Investing in Innovation ............................................................................................................ 96
While Traditional Retailers Lead, Modern Grocery Retailers Are Rapidly Gaining Ground .... 97
Category Data ............................................................................................................................ 97
Table 124
Table 125
Table 126
Table 127
Table 128
Table 129
Table 130
Table 131
Table 132
Table 133
Table 134
Table 135
Sales of Other Dairy by Category: Volume 2014-2019............................... 97
Sales of Other Dairy by Category: Value 2014-2019.................................. 97
Sales of Other Dairy by Category: % Volume Growth 2014-2019 .............. 98
Sales of Other Dairy by Category: % Value Growth 2014-2019 ................. 98
Sales of Cream by Type: % Value 2014-2019 ........................................... 99
NBO Company Shares of Other Dairy: % Value 2015-2019 ...................... 99
LBN Brand Shares of Other Dairy: % Value 2016-2019 ............................. 99
Distribution of Other Dairy by Format: % Value 2014-2019...................... 100
Forecast Sales of Other Dairy by Category: Volume 2019-2024.............. 100
Forecast Sales of Other Dairy by Category: Value 2019-2024................. 101
Forecast Sales of Other Dairy by Category: % Volume Growth 20192024 ......................................................................................................... 101
Forecast Sales of Other Dairy by Category: % Value Growth 20192024 ......................................................................................................... 101
Chocolate Confectionery in Vietnam - Category analysis ......................................................... 103
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PACKAGED FOOD IN VIETNAM
Headlines ................................................................................................................................. 103
Prospects ................................................................................................................................. 103
Recently Entered Players Offering Affordably Priced Quality Give Tablets Traction ............ 103
Higher Disposable Incomes Boost Sales of Premium Products ........................................... 103
Chocolate Confectionery Players Go All Out To Capitalise on Valentine Day ...................... 104
Competitive Landscape ............................................................................................................ 104
International Brands May Lose An Advantage, As Local Players Make Headway ............... 104
With Improved Quality and Image, Domestic Brands Like Marou Are Gaining Traction ....... 105
Distributors Have Wide Leeway To Determine What Products To Carry and Promote ........ 105
Summary 2
Other Chocolate Confectionery by Product Type: 2019 ........................... 105
Category Data .......................................................................................................................... 105
Table 136
Table 137
Table 138
Table 139
Table 140
Table 141
Table 142
Table 143
Table 144
Table 145
Table 146
Table 147
Sales of Chocolate Confectionery by Category: Volume 2014-2019 ........ 105
Sales of Chocolate Confectionery by Category: Value 2014-2019 ........... 106
Sales of Chocolate Confectionery by Category: % Volume Growth
2014-2019 ................................................................................................ 106
Sales of Chocolate Confectionery by Category: % Value Growth
2014-2019 ................................................................................................ 106
Sales of Chocolate Tablets by Type: % Value 2014-2019 ....................... 107
NBO Company Shares of Chocolate Confectionery: % Value 20152019 ......................................................................................................... 107
LBN Brand Shares of Chocolate Confectionery: % Value 2016-2019 ...... 108
Distribution of Chocolate Confectionery by Format: % Value 20142019 ......................................................................................................... 109
Forecast Sales of Chocolate Confectionery by Category: Volume
2019-2024 ................................................................................................ 109
Forecast Sales of Chocolate Confectionery by Category: Value 20192024 ......................................................................................................... 110
Forecast Sales of Chocolate Confectionery by Category: % Volume
Growth 2019-2024 ................................................................................... 110
Forecast Sales of Chocolate Confectionery by Category: % Value
Growth 2019-2024 ................................................................................... 110
Gum in Vietnam - Category analysis ........................................................................................ 111
Headlines ................................................................................................................................. 111
Prospects ................................................................................................................................. 111
Lack of Innovation Or New Incentives To Chew Gum Limits Growth Opportunities ............. 111
As Adults Account for Most Sales, Players Enhance Products To Keep Their Interest ........ 111
Lacking Other Means for Innovation, Players Create New Flavours To Generate Sales...... 112
Competitive Landscape ............................................................................................................ 112
Lotte Gains Value Share After Sugar-free Gum, Its Focus Area, Posts Highest Growth ...... 112
Demand for Convenience Drives Rapid Growth of Convenience Stores .............................. 112
Leaders and Modern Grocery Retailers Set To Strengthen at Expense of Others ............... 113
Category Data .......................................................................................................................... 113
Table 148
Table 149
Table 150
Table 151
Table 152
Table 153
Table 154
Sales of Gum by Category: Volume 2014-2019 ....................................... 113
Sales of Gum by Category: Value 2014-2019 .......................................... 113
Sales of Gum by Category: % Volume Growth 2014-2019 ...................... 113
Sales of Gum by Category: % Value Growth 2014-2019 ......................... 114
Sales of Gum by Flavour: Rankings 2014-2019 ....................................... 114
NBO Company Shares of Gum: % Value 2015-2019 ............................... 114
LBN Brand Shares of Gum: % Value 2016-2019 ..................................... 114
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Table 155
Table 156
Table 157
Table 158
Table 159
Distribution of Gum by Format: % Value 2014-2019 ................................ 115
Forecast Sales of Gum by Category: Volume 2019-2024 ........................ 115
Forecast Sales of Gum by Category: Value 2019-2024 ........................... 116
Forecast Sales of Gum by Category: % Volume Growth 2019-2024 ....... 116
Forecast Sales of Gum by Category: % Value Growth 2019-2024 .......... 116
Sugar Confectionery in Vietnam - Category analysis ............................................................... 117
Headlines ................................................................................................................................. 117
Prospects ................................................................................................................................. 117
Expanded Distribution Set To Further Boost Sales of Highly Popular Jelly Products ........... 117
Medicated Confectionery Benefitting From Demand for Healthier Products ......................... 117
Emerging and Attractive Mints Expected To Attract New Players in the Forecast Period ..... 118
Competitive Landscape ............................................................................................................ 118
Still Leading, Perfetti Is Challenged by Competition and Cannibalisation ............................. 118
Domestic Players Develop Advantages That Suggest Stronger Growth in 2019-2024......... 119
Expanded Distribution and Selling by Weight Put Competitive Advantages in Flux ............. 119
Summary 3
Other Sugar Confectionery by Product Type: 2019 .................................. 119
Category Data .......................................................................................................................... 120
Table 160
Table 161
Table 162
Table 163
Table 164
Table 165
Table 166
Table 167
Table 168
Table 169
Table 170
Table 171
Sales of Sugar Confectionery by Category: Volume 2014-2019 .............. 120
Sales of Sugar Confectionery by Category: Value 2014-2019 ................. 120
Sales of Sugar Confectionery by Category: % Volume Growth 20142019 ......................................................................................................... 120
Sales of Sugar Confectionery by Category: % Value Growth 20142019 ......................................................................................................... 121
Sales of Pastilles, Gums, Jellies and Chews by Type: % Value 20142019 ......................................................................................................... 121
NBO Company Shares of Sugar Confectionery: % Value 2015-2019 ...... 121
LBN Brand Shares of Sugar Confectionery: % Value 2016-2019 ............ 122
Distribution of Sugar Confectionery by Format: % Value 2014-2019 ....... 123
Forecast Sales of Sugar Confectionery by Category: Volume 20192024 ......................................................................................................... 123
Forecast Sales of Sugar Confectionery by Category: Value 20192024 ......................................................................................................... 124
Forecast Sales of Sugar Confectionery by Category: % Volume
Growth 2019-2024 ................................................................................... 124
Forecast Sales of Sugar Confectionery by Category: % Value Growth
2019-2024 ................................................................................................ 124
Ice Cream and Frozen Desserts in Vietnam - Category analysis ............................................. 126
Headlines ................................................................................................................................. 126
Prospects ................................................................................................................................. 126
Higher Income Increases Demand for Higher Quality and Take-home Ice Cream ............... 126
Interest in Water Ice Cream Being Low, Players Focus Almost Entirely on Dairy Products . 126
While Many Factors Will Boost Sales, Expansion Will Rely on Widening Freezer Penetration127
Competitive Landscape ............................................................................................................ 127
Innovation, Brand Recognition and Loyalty Keeps Kido Ahead in Mature Category ............ 127
High Demand for Multi-pack Ice Cream Boosts Wall’s Growth for Yet Another Year ........... 127
Domestic and International Brands Distinguish Themselves With Diversity ......................... 128
Category Data .......................................................................................................................... 128
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Table 172
Table 173
Table 174
Table 175
Table 176
Table 177
Table 178
Table 179
Table 180
Table 181
Table 182
Table 183
Table 184
Table 185
Table 186
Table 187
Table 188
Table 189
Table 190
Table 191
Sales of Ice Cream and Frozen Desserts by Category: Volume 20142019 ......................................................................................................... 128
Sales of Ice Cream and Frozen Desserts by Category: Value 20142019 ......................................................................................................... 129
Sales of Ice Cream and Frozen Desserts by Category: % Volume
Growth 2014-2019 ................................................................................... 129
Sales of Ice Cream and Frozen Desserts by Category: % Value
Growth 2014-2019 ................................................................................... 130
Sales of Ice Cream by Leading Flavours: Rankings 2014-2019............... 130
Sales of Impulse Ice Cream by Format: % Value 2016-2019 ................... 130
NBO Company Shares of Ice Cream and Frozen Desserts: % Value
2015-2019 ................................................................................................ 131
LBN Brand Shares of Ice Cream and Frozen Desserts: % Value
2016-2019 ................................................................................................ 131
NBO Company Shares of Ice Cream: % Value 2015-2019 ...................... 132
LBN Brand Shares of Ice Cream: % Value 2016-2019............................. 132
NBO Company Shares of Impulse Ice Cream: % Value 2015-2019 ........ 132
LBN Brand Shares of Impulse Ice Cream: % Value 2016-2019 ............... 133
NBO Company Shares of Take-home Ice Cream: % Value 2015-2019 ... 133
LBN Brand Shares of Take-home Ice Cream: % Value 2016-2019 ......... 134
Distribution of Ice Cream and Frozen Desserts by Format: % Value
2014-2019 ................................................................................................ 134
Distribution of Ice Cream by Format: % Value 2014-2019 ....................... 135
Forecast Sales of Ice Cream and Frozen Desserts by Category:
Volume 2019-2024 ................................................................................... 135
Forecast Sales of Ice Cream and Frozen Desserts by Category:
Value 2019-2024 ...................................................................................... 136
Forecast Sales of Ice Cream and Frozen Desserts by Category: %
Volume Growth 2019-2024 ...................................................................... 137
Forecast Sales of Ice Cream and Frozen Desserts by Category: %
Value Growth 2019-2024 ......................................................................... 137
Savoury Snacks in Vietnam - Category analysis ...................................................................... 138
Headlines ................................................................................................................................. 138
Prospects ................................................................................................................................. 138
Packaged Versions of Previously Unbranded Unpackaged Snacks Gaining Favour ........... 138
Natural Ingredients of Local Origin Appeal To Consumers Seeking Healthier Options ........ 138
Gifting Versions of Savoury Snacks Gain Traction, Increasingly Appearing in Gift Baskets . 139
Competitive Landscape ............................................................................................................ 139
Long and Wide Experience and Top-of-mind Brands Keep International Players Dominant 139
Tan Tan Regains Strength With More Cautious Approach and Wider Nuts Portfolio ........... 140
Potato Chips and Puffed Snacks Players Focus on Diversification and Aggressive Marketing140
Summary 4
Other Savoury Snacks by Product Type: 2019 ........................................ 140
Category Data .......................................................................................................................... 141
Table 192
Table 193
Table 194
Table 195
Table 196
Table 197
Sales of Savoury Snacks by Category: Volume 2014-2019 ..................... 141
Sales of Savoury Snacks by Category: Value 2014-2019 ........................ 141
Sales of Savoury Snacks by Category: % Volume Growth 2014-2019 .... 141
Sales of Savoury Snacks by Category: % Value Growth 2014-2019 ....... 142
NBO Company Shares of Savoury Snacks: % Value 2015-2019 ............. 142
LBN Brand Shares of Savoury Snacks: % Value 2016-2019 ................... 143
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Table 198
Table 199
Table 200
Table 201
Table 202
Distribution of Savoury Snacks by Format: % Value 2014-2019 .............. 144
Forecast Sales of Savoury Snacks by Category: Volume 2019-2024 ...... 144
Forecast Sales of Savoury Snacks by Category: Value 2019-2024 ......... 145
Forecast Sales of Savoury Snacks by Category: % Volume Growth
2019-2024 ................................................................................................ 145
Forecast Sales of Savoury Snacks by Category: % Value Growth
2019-2024 ................................................................................................ 145
Sweet Biscuits, Snack Bars and Fruit Snacks in Vietnam - Category analysis......................... 147
Headlines ................................................................................................................................. 147
Prospects ................................................................................................................................. 147
New Flavours and Health Benefits Set the Tone .................................................................. 147
Vietnamese Favour Plain Biscuits for Gifting, So Players Are Most Active There ................ 147
Despite Lacking Innovation, Wafers Continue Seeing Double-digit Growth ......................... 148
Competitive Landscape ............................................................................................................ 148
Mondelez’s Lead Strengthened by Partnership With Kinh Do in Sweet Biscuits .................. 148
Strong Agricultural Industry Gives Domestic Players Big Advantages in Fruit Snacks ......... 149
Government Steps Against Smuggling and Fraud During Tet Benefits Sweet Biscuits ........ 149
Category Data .......................................................................................................................... 149
Table 203
Table 204
Table 205
Table 206
Table 207
Table 208
Table 209
Table 210
Table 211
Table 212
Table 213
Table 214
Table 215
Table 216
Table 217
Table 218
Table 219
Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category:
Volume 2014-2019 ................................................................................... 149
Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category:
Value 2014-2019 ...................................................................................... 150
Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: %
Volume Growth 2014-2019 ...................................................................... 150
Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: %
Value Growth 2014-2019 ......................................................................... 151
NBO Company Shares of Sweet Biscuits, Snack Bars and Fruit
Snacks: % Value 2015-2019 .................................................................... 151
LBN Brand Shares of Sweet Biscuits, Snack Bars and Fruit Snacks:
% Value 2016-2019.................................................................................. 152
NBO Company Shares of Sweet Biscuits: % Value 2015-2019 ............... 153
LBN Brand Shares of Sweet Biscuits: % Value 2016-2019 ...................... 153
NBO Company Shares of Fruit Snacks: % Value 2015-2019................... 154
LBN Brand Shares of Fruit Snacks: % Value 2016-2019 ......................... 154
Distribution of Sweet Biscuits, Snack Bars and Fruit Snacks by
Format: % Value 2014-2019 .................................................................... 155
Distribution of Sweet Biscuits by Format: % Value 2014-2019 ................. 155
Distribution of Fruit Snacks by Format: % Value 2014-2019 .................... 156
Forecast Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by
Category: Volume 2019-2024 .................................................................. 157
Forecast Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by
Category: Value 2019-2024 ..................................................................... 157
Forecast Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by
Category: % Volume Growth 2019-2024.................................................. 157
Forecast Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by
Category: % Value Growth 2019-2024..................................................... 158
Baked Goods in Vietnam - Category analysis .......................................................................... 159
Headlines ................................................................................................................................. 159
Prospects ................................................................................................................................. 159
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Improved Economy and Income Positively Impacts Baked Goods in 2019 .......................... 159
Development of Bakery Shops Offering Freshness Gives Unpackaged Products An
Advantage............................................................................................................................. 159
Convenient Access Drives Sales of Baked Goods That Offer for Temporary Satisfaction ... 160
Competitive Landscape ............................................................................................................ 160
Baked Goods Landscape Is Crowded With Domestic Players ............................................. 160
High Value Growth of Packaged Cakes Can Be Attributed To Significant Promotional
Activities and Premiumisation ............................................................................................... 160
“fresh Bread” Appears More Frequently on Packaged Bread Packaging As Competition With
Artisanal Products Intensifies ................................................................................................ 161
Category Data .......................................................................................................................... 161
Table 220
Table 221
Table 222
Table 223
Table 224
Table 225
Table 226
Table 227
Table 228
Table 229
Table 230
Sales of Baked Goods by Category: Volume 2014-2019 ......................... 161
Sales of Baked Goods by Category: Value 2014-2019 ............................ 161
Sales of Baked Goods by Category: % Volume Growth 2014-2019 ........ 162
Sales of Baked Goods by Category: % Value Growth 2014-2019 ........... 162
NBO Company Shares of Baked Goods: % Value 2015-2019 ................. 163
LBN Brand Shares of Baked Goods: % Value 2016-2019 ....................... 163
Distribution of Baked Goods by Format: % Value 2014-2019 .................. 164
Forecast Sales of Baked Goods by Category: Volume 2019-2024 .......... 165
Forecast Sales of Baked Goods by Category: Value 2019-2024 ............. 165
Forecast Sales of Baked Goods by Category: % Volume Growth
2019-2024 ................................................................................................ 166
Forecast Sales of Baked Goods by Category: % Value Growth 20192024 ......................................................................................................... 166
Breakfast Cereals in Vietnam - Category analysis ................................................................... 167
Headlines ................................................................................................................................. 167
Prospects ................................................................................................................................. 167
Vietnamese Prefer Traditional Breakfast Food Over Breakfast Cereals, But Westernisation Is
Creating More Demand......................................................................................................... 167
Children Are the Target Consumers for Breakfast Cereals ................................................... 167
Health Consciousness and Higher Income Are Set To Drive Overall Growth ....................... 168
Competitive Landscape ............................................................................................................ 168
International Players Nestlé and Kellogg Maintain Dominance But Switch Ranks ............... 168
Hot Cereals Gaining Traction With Active Promotion, Wider Distribution and Positive
Perception of the Benefits ..................................................................................................... 168
Above-the-line Marketing Is Limited Due To Lack of Competition, and the Category
Penetration Remains Low for the Same Reason .................................................................. 169
Category Data .......................................................................................................................... 169
Table 231
Table 232
Table 233
Table 234
Table 235
Table 236
Table 237
Table 238
Table 239
Sales of Breakfast Cereals by Category: Volume 2014-2019 .................. 169
Sales of Breakfast Cereals by Category: Value 2014-2019 ..................... 169
Sales of Breakfast Cereals by Category: % Volume Growth 20142019 ......................................................................................................... 169
Sales of Breakfast Cereals by Category: % Value Growth 2014-2019 ..... 170
NBO Company Shares of Breakfast Cereals: % Value 2015-2019 .......... 170
LBN Brand Shares of Breakfast Cereals: % Value 2016-2019................. 170
Distribution of Breakfast Cereals by Format: % Value 2014-2019 ........... 171
Forecast Sales of Breakfast Cereals by Category: Volume 2019-2024.... 171
Forecast Sales of Breakfast Cereals by Category: Value 2019-2024 ...... 172
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Table 240
Table 241
Forecast Sales of Breakfast Cereals by Category: % Volume Growth
2019-2024 ................................................................................................ 172
Forecast Sales of Breakfast Cereals by Category: % Value Growth
2019-2024 ................................................................................................ 172
Processed Fruit and Vegetables in Vietnam - Category analysis ............................................. 174
Headlines ................................................................................................................................. 174
Prospects ................................................................................................................................. 174
Convenience and Year-round Availability Sustain Category Growth .................................... 174
Improved Income Generates Increased Demand for More Costly Processed Products ....... 174
Trade Agreements Enable Consumers To Enjoy A Greater Variety of Fruit and Vegetables 175
Competitive Landscape ............................................................................................................ 175
Imported Products and International Brands Generate the Highest Demand ....................... 175
Distribution Is Difficult To Expand in View of Limited Atl Promotion...................................... 175
Improved Safety Standards for Fresh Foods Ensures That They Will Continue To Strongly
Compete With Processed Fruit and Vegetables ................................................................... 175
Category Data .......................................................................................................................... 176
Table 242
Table 243
Table 244
Table 245
Table 246
Table 247
Table 248
Table 249
Table 250
Table 251
Table 252
Sales of Processed Fruit and Vegetables by Category: Volume 20142019 ......................................................................................................... 176
Sales of Processed Fruit and Vegetables by Category: Value 20142019 ......................................................................................................... 176
Sales of Processed Fruit and Vegetables by Category: % Volume
Growth 2014-2019 ................................................................................... 177
Sales of Processed Fruit and Vegetables by Category: % Value
Growth 2014-2019 ................................................................................... 177
NBO Company Shares of Processed Fruit and Vegetables: % Value
2015-2019 ................................................................................................ 177
LBN Brand Shares of Processed Fruit and Vegetables: % Value
2016-2019 ................................................................................................ 178
Distribution of Processed Fruit and Vegetables by Format: % Value
2014-2019 ................................................................................................ 178
Forecast Sales of Processed Fruit and Vegetables by Category:
Volume 2019-2024 ................................................................................... 179
Forecast Sales of Processed Fruit and Vegetables by Category:
Value 2019-2024 ...................................................................................... 179
Forecast Sales of Processed Fruit and Vegetables by Category: %
Volume Growth 2019-2024 ...................................................................... 180
Forecast Sales of Processed Fruit and Vegetables by Category: %
Value Growth 2019-2024 ......................................................................... 180
Processed Meat and Seafood in Vietnam - Category analysis ................................................. 181
Headlines ................................................................................................................................. 181
Prospects ................................................................................................................................. 181
Vietnamese Officials Take Proactive Measures To Keep Hog Disease From Spreading ..... 181
Increased Income, Higher Living Standards and Appealing Taste Help Drive Sales ............ 181
Expansion of Chillers and Freezers Enables Wider Distribution of Chilled and Frozen
Processed Food .................................................................................................................... 182
Competitive Landscape ............................................................................................................ 182
Vissan Introduces New Products and Refreshes Packaging To Maintain Its Lead ............... 182
Competition Intensifies Among New and Existing Players After Major Acquisitions and As
Everyone Competes To Satisfy Demand for South Korean Food ......................................... 182
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Chilled Meat Substitutes Are Popular, With Tofu Generating Especially High Demand ....... 183
Category Data .......................................................................................................................... 183
Table 253
Table 254
Table 255
Table 256
Table 257
Table 258
Table 259
Table 260
Table 261
Table 262
Table 263
Table 264
Table 265
Table 266
Table 267
Sales of Processed Meat and Seafood by Category: Volume 20142019 ......................................................................................................... 183
Sales of Processed Meat and Seafood by Category: Value 2014-2019 ... 184
Sales of Processed Meat and Seafood by Category: % Volume
Growth 2014-2019 ................................................................................... 184
Sales of Processed Meat and Seafood by Category: % Value Growth
2014-2019 ................................................................................................ 185
Sales of Shelf Stable Processed Red Meat by Type: % Volume
Breakdown 2014-2019 ............................................................................. 185
Sales of Chilled Processed Red Meat by Type: % Volume Breakdown
2014-2019 ................................................................................................ 186
Sales of Frozen Processed Red Meat by Type: % Volume Breakdown
2014-2019 ................................................................................................ 186
Sales of Frozen Processed Seafood by Type: % Value Breakdown
2014-2019 ................................................................................................ 186
NBO Company Shares of Processed Meat and Seafood: % Value
2015-2019 ................................................................................................ 186
LBN Brand Shares of Processed Meat and Seafood: % Value 20162019 ......................................................................................................... 187
Distribution of Processed Meat and Seafood by Format: % Value
2014-2019 ................................................................................................ 188
Forecast Sales of Processed Meat and Seafood by Category: Volume
2019-2024 ................................................................................................ 189
Forecast Sales of Processed Meat and Seafood by Category: Value
2019-2024 ................................................................................................ 189
Forecast Sales of Processed Meat and Seafood by Category: %
Volume Growth 2019-2024 ...................................................................... 190
Forecast Sales of Processed Meat and Seafood by Category: %
Value Growth 2019-2024 ......................................................................... 191
Rice, Pasta and Noodles in Vietnam - Category analysis......................................................... 192
Headlines ................................................................................................................................. 192
Prospects ................................................................................................................................. 192
Exploiting Distribution Networks and Pricing Strategies Are the Most Effective Ways To Grow
Sales of Rice, Pasta and Noodles ........................................................................................ 192
Government Is Exercising More Control Over Rice Production To Ensure Food Security and
Improve the Quality of Packaged Rice .................................................................................. 192
Premiumisation Is Driving Category Value Growth ............................................................... 193
Competitive Landscape ............................................................................................................ 193
Loc Troi Wins the Top Prize in A Global Competition, Then Agrees To Help Rice Producers
Build Strong National Rice Brands Domestically and Internationally .................................... 193
Domestic Players Hold Leading Positions in All Categories, Benefiting From Advantages That
Make It Difficult for International Players To Penetrate ......................................................... 193
Acecook Maintains Its Lead But Loses Value Share As Competition Within Instant Noodles
Intensifies.............................................................................................................................. 194
Category Data .......................................................................................................................... 194
Table 268
Table 269
Sales of Rice, Pasta and Noodles by Category: Volume 2014-2019 ....... 194
Sales of Rice, Pasta and Noodles by Category: Value 2014-2019 .......... 194
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Table 270
Table 271
Table 272
Table 273
Table 274
Table 275
Table 276
Table 277
Table 278
Table 279
Table 280
Table 281
Table 282
Table 283
Table 284
Table 285
Table 286
Table 287
Table 288
Sales of Rice, Pasta and Noodles by Category: % Volume Growth
2014-2019 ................................................................................................ 195
Sales of Rice, Pasta and Noodles by Category: % Value Growth
2014-2019 ................................................................................................ 195
Sales of Instant Noodles by Leading Flavours: Rankings 2014-2019 ...... 196
NBO Company Shares of Rice, Pasta and Noodles: % Value 20152019 ......................................................................................................... 196
LBN Brand Shares of Rice, Pasta and Noodles: % Value 2016-2019 ...... 197
NBO Company Shares of Rice: % Value 2015-2019 ............................... 198
LBN Brand Shares of Rice: % Value 2016-2019 ...................................... 198
NBO Company Shares of Pasta: % Value 2015-2019 ............................. 199
LBN Brand Shares of Pasta: % Value 2016-2019 .................................... 199
NBO Company Shares of Noodles: % Value 2015-2019 ......................... 199
LBN Brand Shares of Noodles: % Value 2016-2019 ................................ 200
Distribution of Rice, Pasta and Noodles by Format: % Value 20142019 ......................................................................................................... 201
Distribution of Rice by Format: % Value 2014-2019 ................................. 202
Distribution of Pasta by Format: % Value 2014-2019 ............................... 202
Distribution of Noodles by Format: % Value 2014-2019 ........................... 203
Forecast Sales of Rice, Pasta and Noodles by Category: Volume
2019-2024 ................................................................................................ 204
Forecast Sales of Rice, Pasta and Noodles by Category: Value 20192024 ......................................................................................................... 204
Forecast Sales of Rice, Pasta and Noodles by Category: % Volume
Growth 2019-2024 ................................................................................... 204
Forecast Sales of Rice, Pasta and Noodles by Category: % Value
Growth 2019-2024 ................................................................................... 205
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PACKAGED FOOD IN VIETNAM INDUSTRY OVERVIEW
EXECUTIVE SUMMARY
Food Safety Concerns, Expanded Distribution, and Improved
Disposable Income Are Among A Host of Reasons Why Packaged Food
Sales Were Thriving in 2019
In 2019, packaged food value and volume growth rates in retail and foodservice channels
exceeded that of the previous year, as Vietnam’s economy continued to strengthen and
Vietnamese consumers enjoyed more disposable income. Demand for packaged food increased
for a host of reasons, among them the deeper penetration of convenience stores into the
countryside in tandem with a far wider offer of both imported and domestically produced
packaged food – especially those appealing to traditional tastes, which Vietnamese highly value.
Another, less direct reason has to do with food safety concerns, which became a major issue
with the recall of contaminated fish sauces and chili sauces earlier in the decade. While
consumer confidence improved after government agencies and industry players took strong
action to improve production and inspection standards, confidence was further eroded when
schoolchildren in Bac Ninh province suffered a tapeworm outbreak in 2019. Even though the
government quickly stopped and investigated a suspect pork supply and took effective steps to
reassure consumers that safety measures were well in place, food safety concerns remain.
That issue, along with increased health and environmental consciousness stemming from
wider exposure to information through the internet and social media, has led many consumers
to seek safety in packaged food produced under more rigid standards. There also is a trend
towards demanding more premium, natural and sustainably produced products. In all, the
packaged food market improved in 2019 because Vietnamese not only had the desire for better
products, but also better means with which to afford them.
Premium Products Not Only Perform Well, But Often Drive Growth of
Entire Categories
From snacks, dairy and cooking ingredients to staples, premium products and entire premium
ranges are performing well in Vietnam; in some cases, premiumisation helped drive growth of
entire categories such as sweet biscuits, packaged cakes, fish sauces and instant noodles in
2018-2019. Premiumisation is reflected in flashier, more eye-catching images, evocative brand
names (eg, Cung Dinh’s Hanoi Imperial Palace line of instant noodles in cups, packs and
pouches) on packaging and/or higher-quality packaging materials such as Orion Crispy Sesame
Crackers, which appeared during the Lunar New Year 2019 in a brightly coloured tin box with a
handle on top. Premiumisation also is seen in launches of more organic products such as
Organic Dutch Lady milk and of products touting their natural qualities such as the lack of
additives or artificial colours; the Knorr Natural line of seasoning packs launched in 2019
exemplifies this approach. Where penetration in larger categories such as fish sauces and
instant noodles is already significantly high, players use premiumisation to generate more
interest. To serve this purpose, Masan launched Chinsu Vi Man Ma premium fish sauce and
Chinsu Huong Ca Hoi, a concentrated premium fish sauce in salmon flavour, in 2018; both
achieved good results.
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in A Highly Fragmented Market, the Top 15 Players and the Artisanal
Value Shares Account for the Lion’s Share of Market Value Sales
Multiple players offer a diverse array of brands that are competing across Vietnam’s
packaged food market. The gap between the leading player, Vietnam Dairy, and the rest of
players in the highly fragmented market remained large in 2019, with that company, the next 14
companies and artisanal players accounting for the lion’s share of retail current value sales.
Whether this gap widens or shrinks over the forecast period will depend on how successful
leading companies are in adapting to changing consumer needs and diversifying into new
categories.
Trade agreements that the country has entered into with the ASEAN and EU have made it
easier for imported brands to enter the country, and at lower costs than before. Aside from
increasing demand from the country’s large population, strong economic growth and increasing
openness to foreign investment attracted both new local and international companies into the
market over the review period. Moreover, Vietnamese consumers have differing needs arising
from demographic or socioeconomic segmentation. For example, urban consumers tend to be
more health conscious while rural consumers primarily seek more affordable packaged food
products that meet their basic physiological needs. This allows several manufacturers targeting
different consumer groups to compete in individual categories.
Convenience Store Expansion Beyond Major Urban Areas Continues To
Boost Demand for Packaged Food Brands and Products Given More
Exposure
Traditional grocery retailers – primarily independent small grocers – continue to account for
the majority of value sales, but modern grocery retailers keep gaining value share, having seen
double-digit value growth throughout the review period and again in 2019. Convenience stores
saw outstanding growth in current value sales and outlet numbers in Vietnam during the review
period. Traditional grocery retailers have lost ground due to hygiene issues and increased
concern among consumers about the origins of the products being sold, and convenience stores
have expanded to fill the space that the traditional retailers historically occupied. In 2019,
convenience stores chains were present not only in major urban centres like Hanoi and Ho Chi
Minh City, but also in smaller cities such as Vung Tau and Binh Duong. The rapid expansion of
convenience stores has had a positive impact on packaged food distribution, with wider
availability helping to increase demand for many brands and product types. Products that are
convenient for people on the go, such as snacks, instant noodles and dairy products, have
particularly benefited from this trend. Aside from teenagers and office workers, convenience
stores operators also increasingly seek to attract housekeepers. Outlets targeting this latter
group tend to be larger, located in residential areas and offer vegetables, fresh meat and
cooking ingredients.
There Are Myriad Reasons To Be Optimistic About Continued Strong
Value Growth
There are many reasons to be optimistic about growth prospects for packaged food in
Vietnam. Certainly continued economic growth is one of them. In line with this, the trade
agreements the government entered into with the EU and ASEAN has been creating stronger
economic and cultural ties between Vietnam and other countries around the world. They already
have made it easier to import and sell packaged food products for lower prices than before, and
they should continue to attract larger numbers of Vietnamese consumers. Intensified
competition across the market resulting from these trade movements can only benefit the
Vietnamese consumer, as it will motivate both established players and new entrants to focus
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harder on innovation, marketing and pricing strategies in order to sustain and/or gain a greater
market share.
Over the forecast period, packaged food companies in Vietnam are expected to develop new
products in response to the rising disposable incomes, increasing health and environmental
awareness and continuing concern about food safety among local consumers. In particular,
manufacturers are expected to introduce products containing more added-value ingredients to
meet the changing demands of consumers while continuing to offer new products appealing to
traditional Vietnamese tastes.
FOODSERVICE
Sales To Foodservice
In an intensely competitive environment packaged food players strive to increase volume sales
and brand image
Due to rising disposable incomes and the growing desire for new experiences, foodservice
outlets have become increasingly popular places for Vietnamese consumers to socialise, as
opposed to simply being places where they go to eat. Many consumers are starting to visit
foodservice outlets more frequently, and spending more time in such outlets per visit. This trend
continued to increase the importance of foodservice as a channel for packaged food players to
increase sales in 2019. Because packaged food products are quite similar among brands
operating in the same segments, competition for sales to foodservice is quite intense. Thus,
aside from hoping to make higher profits, what competing packaged food players look to
achieve from their sales to foodservice are large volume sales and improved brand images.
High volume sales are necessary as profit margins for products sold to foodservice are lower in
comparison with profit margins on packaged food sold through retailing. Insofar as brand
images are concerned, providing products for large chained foodservice operators provide
players a chance to prove their products’ quality and their capability in logistics and production.
Therefore, players look to this as a way to improve their brand image.
Over the forecast period, packaged food companies are expected to cooperate more closely
with foodservice players in an effort to increase volume sales and strengthen brand awareness
among consumers. Closer cooperation will make it easier for both packaged food manufacturers
and foodservice operators to identify and respond to changing consumer demands and
emerging trends such as the growing shift from mixed oils to edible oils.
International packaged food providers to foodservice, especially to major chains, have
advantages by having global partnerships and in view of concerns over food safety and demand
for higher-quality ingredients
Vietnam’s price-sensitive foodservice operators have been moving away from sourcing their
ingredients from local packaged food companies, which can supply ingredients at lower prices
and help ensure that their menus remain affordable to consumers, towards international
packaged food brands. International brands have especially gained popularity among chained
foodservice operators amidst growing concerns over food safety and rising demand for higherquality ingredients. Foodservice chains often have greater trust in international packaged food
brands, as they have the necessary certifications and documentation to prove product quality
and country of origin. Moreover, many international producers have global contracts to supply
large foodservice chains, and such contracts can also extend to Vietnam if this is feasible and
desired by both parties. The McDonald’s food chain, for example, chooses cheese suppliers that
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have global partnerships over others. In terms of logistics and supply capability, large and/or
international players have advantages too.
Another advantage enjoyed by international players is that they are often better positioned to
supply foodservice operators with the ingredients required to achieve different flavours or
prepare specific types of cuisine, particularly ethnic dishes. For example, in recent years
international packaged food companies have benefited from the increasing popularity of
foodservice outlets serving Korean and Western-style dishes in Vietnam, an advantage that is
further strengthened by the fact that local packaged food companies have a relatively weak
presence in certain categories, such as cheese and butter. Over the forecast period,
international players are expected continue to leverage their advantages to win over new
foodservice clients.
Smaller independent foodservice players such as street stall operators tend to purchase their
cooking ingredients from retailers/wholesalers rather than from manufacturers
A large number of foodservice outlets in Vietnam are small and independent outlets such as
street stalls/kiosks. They are found in every corner across the country, often where
manufacturers’ sales teams and distribution systems that provide packaged food products have
not yet reached. For this reason they buy their cooking ingredients from local retailers or
wholesalers. A second reason why independent foodservice outlets, wherever they may be
located, prefer to buy from retail channels is that they are convenient: retailers are open for
service every day while manufacturers do not have the flexibility to deliver every day. Another
reason is that the prices that local retailers, and especially wholesalers, charge can often be
lower than what the manufacturers charge.
Consumer Foodservice
Improved economy and societal/lifestyle changes drive Vietnamese to eat out more often
Due to Vietnam’s improved economy, people have money to spend on dining out and due to
changes in Vietnamese society and lifestyles women – especially working women – now no
longer feel obliged to take the time to cook every day or even at night. They too, are more
frequently eating outside the home. There are different reasons and occasions for eating out.
Consumers are increasingly interested in enjoying the experience of eating different kinds of
food available at foodservice outlets, ranging from traditional food to food from Western and
other Southeast Asia/Asia Pacific countries. Another is that consumers patronise foodservice
outlets in order to socialise with colleagues and relax with their friends while also enjoying the
opportunity to experience more new food or new recipes. Moreover, consumers eat out for
business purposes and single people in general prefer to spend time engaging with friends over
a meal than cooking at home. All of these factors point to continued growth for consumer
foodservice sales over the forecast period.
Street food is a popular tradition that continues to attract locals as well as tourists, driven by
articles on the internet touting its many delights and delicacies
Although food safety is indeed one of Vietnamese consumers’ top concerns, street food is
quite popular in the country, and Vietnamese street food is also popular with visitors to Vietnam.
Increased visibility of and interest in street food has not only been driven by local demand and
tradition but also by articles touting street food on the internet with titles like “Street food is hard
to resist in Saigon” that insist one cannot ignore the snails, rice paper and beef offered in these
venues. Street food is culture in Vietnam, an eating-out adventure that has been a tradition in
Vietnam for generations. Therefore, street food is still preferred and consumed by a large
© Euromonitor International
Passport
4
PACKAGED FOOD IN VIETNAM
Passport
portion of the population as well as by the tourists. Moreover, street food has the advantage of
being convenient, cheap and very tasty.
Foodservice restaurants entice younger, more adventurous consumers with various decorations
and themes
Experiencing more is a trend among younger generations, including those in Vietnam; they
love to travel more, try new food and understand more about other cultures. Their open
mindedness and hunger for adventure is reflected in Vietnam’s foodservice, in various ways.
First, there has been an explosion in outlet decoration and themes, shaped by the target
consumers and the food style as well. For example, restaurants offering traditional Vietnamese
food will have a traditional set of utensils to serve diners that order such classic dishes as Bún
d?u m?m tôm (shrimp noodles with shrimp sauce) dishes, which are usually displayed in
bamboo-woven flat baskets. They typically offer a full product range to satisfy demand for a
traditional dining experience. For another example, in the Korean food restaurants, which are
proliferating in Vietnam, signature Korean food offered to diners, like Kimchi (seasoned, salted
fermented vegetables such as napa cabbage and Korean radish) and soju wine are not only
served in the restaurant but available for sale on the premises for those wanting to enjoy the
Korean style of eating food at home.
Category Data
Table 1
Foodservice Sales of Packaged Food by Category: Volume 2014-2019
'000 tonnes
Edible Oils
Ready Meals
Sauces, Dressings and
Condiments
Soup
Sweet Spreads
Baby Food
Dairy
Confectionery
Ice Cream and Frozen
Desserts
Savoury Snacks
Sweet Biscuits, Snack
Bars and Fruit Snacks
Baked Goods
Breakfast Cereals
Processed Fruit and
Vegetables
Processed Meat and
Seafood
Rice, Pasta and Noodles
Packaged Food
Source:
Table 2
2019
2014
2015
2016
2017
2018
2019
60.6
0.9
201.9
64.1
1.0
206.0
67.8
1.1
203.4
71.7
1.2
202.2
75.9
1.3
202.5
80.3
1.4
203.2
0.8
79.5
0.2
12.1
0.9
84.1
0.2
12.6
0.9
89.5
0.2
13.2
1.0
96.1
0.2
13.8
1.0
104.2
0.2
14.4
1.1
114.3
0.2
15.0
4.9
4.3
5.3
4.4
5.6
4.6
6.0
4.8
6.3
5.0
6.7
5.1
51.0
0.0
10.1
53.9
0.0
10.5
56.8
0.0
10.8
59.7
0.0
11.2
62.8
0.0
11.6
65.9
0.0
12.1
16.0
17.2
18.1
18.9
19.9
21.0
128.0
570.3
133.1
593.4
139.1
611.3
145.9
632.7
153.8
658.9
162.9
689.2
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Foodservice Sales of Packaged Food by Category: % Volume Growth 2014-
© Euromonitor International
5
PACKAGED FOOD IN VIETNAM
Passport
% volume growth
Edible Oils
Ready Meals
Sauces, Dressings and Condiments
Soup
Sweet Spreads
Baby Food
Dairy
Confectionery
Ice Cream and Frozen Desserts
Savoury Snacks
Sweet Biscuits, Snack Bars and Fruit
Snacks
Baked Goods
Breakfast Cereals
Processed Fruit and Vegetables
Processed Meat and Seafood
Rice, Pasta and Noodles
Packaged Food
Source:
2018/19
2014-19 CAGR
2014/19 Total
5.8
8.9
0.3
5.7
9.7
2.4
4.5
5.9
3.6
5.8
8.6
0.1
5.3
7.5
2.8
4.5
6.3
3.8
32.5
51.0
0.7
29.5
43.8
14.6
24.4
35.5
20.5
5.0
4.2
4.2
5.4
5.9
4.6
5.3
5.0
3.7
5.6
4.9
3.9
29.3
27.9
20.1
31.0
27.2
20.9
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 3
Forecast Foodservice Sales of Packaged Food by Category: Volume 2019-2024
'000 tonnes
Edible Oils
Ready Meals
Sauces, Dressings and
Condiments
Soup
Sweet Spreads
Baby Food
Dairy
Confectionery
Ice Cream and Frozen
Desserts
Savoury Snacks
Sweet Biscuits, Snack
Bars and Fruit Snacks
Baked Goods
Breakfast Cereals
Processed Fruit and
Vegetables
Processed Meat and
Seafood
Rice, Pasta and Noodles
Packaged Food
Source:
2019
2020
2021
2022
2023
2024
80.3
1.4
203.2
85.0
1.5
206.8
90.0
1.7
212.2
95.3
1.9
219.5
101.0
2.1
228.4
107.1
2.3
238.0
1.1
114.3
0.2
15.0
1.2
125.9
0.2
15.7
1.2
139.1
0.2
16.5
1.3
153.5
0.2
17.3
1.4
168.6
0.2
18.2
1.5
185.1
0.2
19.2
6.7
5.1
7.1
5.3
7.5
5.5
7.9
5.7
8.3
5.9
8.8
6.0
65.9
0.0
12.1
69.2
0.0
12.7
72.6
0.0
13.3
76.2
0.0
13.9
80.1
0.0
14.7
84.3
0.0
15.5
21.0
22.2
23.5
25.0
26.7
28.6
162.9
689.2
173.3
726.0
185.2
768.4
198.9
816.7
214.7
870.2
232.8
929.4
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 4
2019-2024
Forecast Foodservice Sales of Packaged Food by Category: % Volume Growth
© Euromonitor International
6
PACKAGED FOOD IN VIETNAM
Passport
% volume growth
Edible Oils
Ready Meals
Sauces, Dressings and Condiments
Soup
Sweet Spreads
Baby Food
Dairy
Confectionery
Ice Cream and Frozen Desserts
Savoury Snacks
Sweet Biscuits, Snack Bars and Fruit
Snacks
Baked Goods
Breakfast Cereals
Processed Fruit and Vegetables
Processed Meat and Seafood
Rice, Pasta and Noodles
Packaged Food
Source:
2019/20
2019-24 CAGR
2019/24 Total
5.8
9.3
1.7
6.0
10.2
2.1
4.7
5.7
3.5
5.9
10.1
3.2
6.6
10.1
1.6
5.0
5.5
3.3
33.5
61.9
17.1
37.6
62.0
8.5
27.6
30.9
17.7
5.0
3.7
4.5
5.7
6.4
5.3
5.0
2.7
5.0
6.4
7.4
6.2
27.9
14.2
27.7
36.2
43.0
34.9
Euromonitor International from trade associations, trade press, company research, trade interviews,
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MARKET DATA
Table 5
Sales of Packaged Food by Category: Volume 2014-2019
'000 tonnes
Edible Oils
Ready Meals
Sauces, Dressings and
Condiments
Soup
Sweet Spreads
Baby Food
Dairy
Confectionery
Ice Cream and Frozen
Desserts
Savoury Snacks
Sweet Biscuits, Snack
Bars and Fruit Snacks
Baked Goods
Breakfast Cereals
Processed Fruit and
Vegetables
Processed Meat and
Seafood
Rice, Pasta and Noodles
Packaged Food
Source:
2014
2015
2016
2017
2018
2019
475.3
15.8
482.5
502.6
17.5
504.5
528.7
19.2
524.8
555.0
21.0
549.1
581.2
23.0
575.2
607.4
25.1
602.5
1.4
91.0
1,161.4
97.0
21.6
1.5
100.8
1,281.9
101.5
23.2
1.6
108.7
1,397.1
105.3
24.9
1.7
115.1
1,517.3
109.1
26.6
1.8
120.3
1,654.5
113.7
28.4
1.9
123.8
1,813.5
118.9
30.0
61.5
79.5
65.6
86.0
69.5
92.4
73.6
98.9
78.0
105.4
82.7
112.0
178.4
0.3
3.8
188.1
0.4
3.9
197.8
0.5
4.0
207.6
0.5
4.1
218.3
0.6
4.3
230.7
0.6
4.4
73.0
77.0
79.6
83.0
87.4
92.5
799.5
3,542.2
877.5
3,832.2
958.6
4,112.7
1,055.4
4,417.9
1,169.8
4,761.7
1,308.0
5,154.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
7
PACKAGED FOOD IN VIETNAM
Table 6
Passport
Sales of Packaged Food by Category: Value 2014-2019
VND billion
Edible Oils
Ready Meals
Sauces, Dressings and
Condiments
Soup
Sweet Spreads
Baby Food
Dairy
Confectionery
Ice Cream and Frozen
Desserts
Savoury Snacks
Sweet Biscuits, Snack
Bars and Fruit Snacks
Baked Goods
Breakfast Cereals
Processed Fruit and
Vegetables
Processed Meat and
Seafood
Rice, Pasta and Noodles
Packaged Food
2014
2015
2016
2017
2018
2019
24,238.1
1,393.2
22,061.2
25,109.3
1,554.9
23,654.7
26,289.2
1,683.2
25,163.2
27,730.6
1,853.7
27,060.7
29,292.5
2,075.1
29,147.6
30,974.4
2,311.7
31,474.0
170.5
29,246.9
49,298.0
9,192.2
2,063.9
183.3
31,195.1
55,937.4
9,703.1
2,320.3
196.0
33,122.6
61,404.0
10,274.8
2,643.6
211.0
34,791.5
67,637.6
10,992.6
2,980.2
228.9
36,356.7
74,964.0
11,860.5
3,338.6
251.1
37,669.0
83,527.7
12,882.7
3,723.8
9,161.8
6,134.7
10,040.0
6,660.9
11,018.0
7,328.1
12,122.3
8,162.6
13,349.9
9,122.1
14,799.0
10,236.7
13,827.6
100.5
278.7
14,947.4
113.4
289.2
16,292.8
133.4
300.3
17,747.3
155.8
313.8
19,476.6
177.2
327.8
21,696.6
197.7
342.5
6,814.0
7,180.7
7,400.0
7,770.0
8,335.8
9,085.3
29,073.2
203,054.6
30,262.1
219,152.0
32,127.8
235,377.0
34,601.1
254,130.8
38,292.4
276,345.8
43,178.7
302,350.9
Source:
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 7
Sales of Packaged Food by Category: % Volume Growth 2014-2019
% volume growth
Edible Oils
Ready Meals
Sauces, Dressings and Condiments
Soup
Sweet Spreads
Baby Food
Dairy
Confectionery
Ice Cream and Frozen Desserts
Savoury Snacks
Sweet Biscuits, Snack Bars and Fruit
Snacks
Baked Goods
Breakfast Cereals
Processed Fruit and Vegetables
Processed Meat and Seafood
Rice, Pasta and Noodles
Packaged Food
Source:
2018/19
2014-19 CAGR
2014/19 Total
4.5
9.3
4.8
5.8
2.8
9.6
4.6
5.9
6.0
6.3
5.0
9.7
4.5
5.3
6.3
9.3
4.2
6.8
6.1
7.1
27.8
58.9
24.9
29.6
35.9
56.1
22.6
38.8
34.4
41.0
5.7
9.2
2.4
5.8
11.8
8.2
5.3
13.0
2.8
4.8
10.3
7.8
29.3
84.2
14.8
26.7
63.6
45.5
Euromonitor International from official statistics, trade associations, trade press, company research,
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© Euromonitor International
8
PACKAGED FOOD IN VIETNAM
Table 8
Passport
Sales of Packaged Food by Category: % Value Growth 2014-2019
% current value growth
Edible Oils
Ready Meals
Sauces, Dressings and Condiments
Soup
Sweet Spreads
Baby Food
Dairy
Confectionery
Ice Cream and Frozen Desserts
Savoury Snacks
Sweet Biscuits, Snack Bars and Fruit
Snacks
Baked Goods
Breakfast Cereals
Processed Fruit and Vegetables
Processed Meat and Seafood
Rice, Pasta and Noodles
Packaged Food
Source:
Table 9
2018/19
2014-19 CAGR
2014/19 Total
5.7
11.4
8.0
9.7
3.6
11.4
8.6
11.5
10.9
12.2
5.0
10.7
7.4
8.0
5.2
11.1
7.0
12.5
10.1
10.8
27.8
65.9
42.7
47.3
28.8
69.4
40.1
80.4
61.5
66.9
11.4
11.6
4.5
9.0
12.8
9.4
9.4
14.5
4.2
5.9
8.2
8.3
56.9
96.7
22.9
33.3
48.5
48.9
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
GBO Company Shares of Packaged Food: % Value 2015-2019
% retail value rsp
Company
Vietnam Dairy Products
JSC (Vinamilk)
Royal FrieslandCampina NV
Masan Group Corp
Wilmar International Ltd
Ace Cook Co Ltd
Nestlé SA
Mondelez International
Inc
Nutifood Nutrition Food
JSC
Kido Group
TH Food Chain JSC
Abbott Laboratories Inc
Orion Group
Ajinomoto Co Inc
Quang Ngai Sugar JSC
PPB Group Bhd
Uniben JSC
Reckitt Benckiser Group
Plc (RB)
Saigon Trading Group
(SATRA)
Unilever Group
Mars Inc
International Dairy
Products JSC (IDP)
Asia Foods Corp
© Euromonitor International
2015
2016
2017
2018
2019
15.6
16.1
16.6
16.8
17.0
6.1
6.0
3.9
3.8
2.7
2.8
6.1
5.4
4.0
3.5
2.8
2.8
6.1
5.1
4.1
3.2
2.8
2.7
6.1
4.9
3.9
3.0
2.8
2.8
6.2
4.9
3.7
2.9
2.8
2.8
2.9
2.9
3.0
2.9
2.8
1.1
2.1
2.3
1.7
2.1
1.7
1.9
0.8
-
1.1
2.1
2.4
1.8
2.0
1.6
1.8
1.1
-
2.7
2.1
2.4
2.0
1.9
1.6
1.7
1.2
1.5
2.5
2.2
2.3
2.1
1.8
1.6
1.6
1.3
1.4
2.3
2.3
2.2
2.1
1.7
1.5
1.4
1.4
1.3
1.1
1.0
1.0
1.0
1.0
0.7
0.8
0.6
0.8
0.8
0.7
0.8
0.8
0.7
0.8
0.7
0.7
0.9
0.7
0.7
0.8
0.8
0.7
0.7
0.6
9
PACKAGED FOOD IN VIETNAM
PepsiCo Inc
Bien Hoa Confectionery
Corp (Bibica)
Liwayway Marketing Corp
Bel, Groupe
Huu Nghi Food JSC
Royal Food Co Ltd
Perfetti Van Melle Group
Ve Wong Corp
Artisanal
Others
Total
Source:
Table 10
Passport
0.6
0.7
0.6
0.7
0.6
0.6
0.6
0.6
0.6
0.6
0.5
0.5
0.4
0.5
0.5
0.6
3.3
30.7
100.0
0.5
0.5
0.5
0.5
0.5
0.6
3.3
30.8
100.0
0.5
0.5
0.5
0.5
0.5
0.5
3.4
27.7
100.0
0.6
0.5
0.5
0.5
0.5
0.5
3.4
28.2
100.0
0.6
0.5
0.5
0.5
0.5
0.4
3.5
29.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
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NBO Company Shares of Packaged Food: % Value 2015-2019
% retail value rsp
Company
Vietnam Dairy Products
JSC (Vinamilk)
FrieslandCampina
Vietnam Co Ltd
Cai Lan Oils & Fats
Industries Co Ltd
Masan Consumer Corp
Acecook Vietnam JSC
Nestlé Vietnam Ltd
Nutifood Nutrition Food
JSC
Mondelez Kinh Do
Vietnam JSC
TH Food Chain JSC
Abbott Vietnam Co Ltd
Orion Food Vina Co Ltd
Ajinomoto Vietnam Co Ltd
Tuong An Vegetable Oil
JSC
Vietnam Soy Milk Co Ltd
(Vinasoy)
Uniben JSC
Mead Johnson Nutrition
(Vietnam) Co Ltd
Vissan Co Ltd
Unilever Vietnam
International Co Ltd
International Dairy
Products JSC (IDP)
Asia Foods Corp
PepsiCo Vietnam (PIVN)
Bien Hoa Confectionery
Corp (Bibica)
Liwayway Food Industry
Co Ltd
Wrigley Vietnam Ltd
Bel Vietnam Ltd
Huu Nghi Food JSC
Royal Food Co Ltd
© Euromonitor International
2015
2016
2017
2018
2019
15.6
16.1
16.6
16.8
17.0
6.3
6.3
6.3
6.3
6.4
5.8
5.8
5.8
5.5
5.1
6.0
3.8
2.8
2.9
5.4
3.5
2.8
2.9
5.1
3.2
2.8
3.0
4.9
3.0
2.9
2.9
4.9
2.9
2.9
2.8
2.3
2.3
2.4
2.4
2.5
2.1
2.3
1.7
2.1
1.7
2.1
2.4
1.8
2.0
1.7
2.1
2.4
2.0
1.9
1.7
2.2
2.3
2.1
1.8
1.7
2.3
2.2
2.1
1.7
1.5
1.6
1.5
1.5
1.5
1.4
0.8
1.7
1.1
1.6
1.2
1.5
1.3
1.4
1.4
1.3
1.1
0.7
1.0
0.8
0.9
0.8
0.9
0.8
0.9
0.9
0.6
0.7
0.7
0.7
0.7
0.8
0.6
0.7
0.8
0.6
0.7
0.7
0.6
0.6
0.7
0.6
0.6
0.6
0.6
0.6
0.5
0.5
0.5
0.6
0.6
0.7
0.5
0.4
0.5
0.7
0.5
0.5
0.5
0.7
0.5
0.5
0.5
0.6
0.5
0.5
0.5
0.6
0.5
0.5
0.5
10
PACKAGED FOOD IN VIETNAM
Passport
Kido Group
Perfetti Van Melle
Vietnam Ltd
Saigon Vewong JV Co
Binh An Vegetable Oil JSC
Artisanal
Others
Total
Source:
Table 11
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.6
0.5
3.3
27.9
100.0
0.6
0.2
3.3
28.2
100.0
0.5
3.4
28.5
100.0
0.5
3.4
28.9
100.0
0.4
3.5
29.6
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
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LBN Brand Shares of Packaged Food: % Value 2016-2019
% retail value rsp
Brand (GBO)
Vinamilk
Dutch Lady (Royal
FrieslandCampina NV)
Dielac
Simply (Wilmar
International Ltd)
TH True Milk
Ong Tho
Nam Ngu (Masan
Group Corp)
Tuong an (Kido Group)
Neptune (PPB Group
Bhd)
GrowPLUS+
3 Mien
Milo (Nestlé SA)
Hao Hao (Ace Cook
Co Ltd)
Similac (Abbott
Laboratories Inc)
Fami (Quang Ngai
Sugar JSC)
Friso (Royal
FrieslandCampina NV)
Vissan (Saigon
Trading Group
(SATRA))
Vina Acecook (Ace
Cook Co Ltd)
Ajinomoto
(Ajinomoto Co Inc)
Omachi (Masan Group
Corp)
Orion (Orion Group)
Kinh Do (Mondelez
International Inc)
Kokomi (Masan Group
Corp)
Yomost (Royal
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Vietnam Dairy Products
JSC (Vinamilk)
FrieslandCampina
Vietnam Co Ltd
Vietnam Dairy Products
JSC (Vinamilk)
Cai Lan Oils & Fats
Industries Co Ltd
TH Food Chain JSC
Vietnam Dairy Products
JSC (Vinamilk)
Masan Consumer Corp
8.6
9.0
9.3
9.5
3.8
3.8
3.8
3.8
2.9
2.9
2.8
2.7
2.4
2.5
2.5
2.4
1.9
1.9
1.9
1.9
2.0
1.9
2.0
1.9
1.9
1.8
1.7
1.6
Tuong An Vegetable Oil JSC
Cai Lan Oils & Fats
Industries Co Ltd
Nutifood Nutrition Food
JSC
Uniben JSC
Nestlé Vietnam Ltd
Acecook Vietnam JSC
1.8
1.7
1.7
1.7
1.6
1.5
1.4
1.5
1.5
1.5
1.4
1.1
1.2
1.4
1.2
1.2
1.3
1.3
1.2
1.2
1.4
1.3
1.1
Abbott Vietnam Co Ltd
1.1
1.1
1.1
1.0
Vietnam Soy Milk Co Ltd
(Vinasoy)
FrieslandCampina
Vietnam Co Ltd
Vissan Co Ltd
1.1
1.1
1.0
1.0
1.1
1.1
1.0
0.9
1.0
0.9
0.9
0.9
Acecook Vietnam JSC
1.1
1.0
1.0
0.9
Ajinomoto Vietnam Co Ltd
1.3
1.1
1.0
0.9
Masan Consumer Corp
0.7
0.6
0.8
0.9
Orion Food Vina Co Ltd
Mondelez Kinh Do
Vietnam JSC
Masan Consumer Corp
0.7
0.8
0.8
0.8
0.8
0.8
0.9
0.9
0.7
0.6
0.7
0.8
FrieslandCampina
0.6
0.6
0.7
0.8
11
PACKAGED FOOD IN VIETNAM
FrieslandCampina NV)
Ridielac
Knorr (Unilever
Group)
Aji-ngon (Ajinomoto
Co Inc)
Cai Lan Vegetable
Oil (Wilmar
International Ltd)
PediaSure (Abbott
Laboratories Inc)
Gau Do
Tuong an (Vocarimex
- National Co for
Vegetable Oils,
Cosmetics & Aromas
of Vietnam)
Enfagrow (Mead
Johnson Nutrition Co)
Artisanal
Others
Total
Source:
Table 12
Passport
Vietnam Co Ltd
Vietnam Dairy Products
JSC (Vinamilk)
Unilever Vietnam
International Co Ltd
Ajinomoto Vietnam Co Ltd
0.7
0.8
0.8
0.8
0.7
0.7
0.7
0.8
0.7
0.7
0.7
0.8
Cai Lan Oils & Fats
Industries Co Ltd
1.0
0.9
0.8
0.7
Abbott Vietnam Co Ltd
0.8
0.8
0.7
0.7
Asia Foods Corp
Tuong An Vegetable Oil
JSC
0.8
1.7
0.7
-
0.7
-
0.6
-
Mead Johnson Nutrition
(Vietnam) Co Ltd
Artisanal
Others
Total
0.7
-
-
-
3.3
49.1
100.0
3.4
49.7
100.0
3.4
49.7
100.0
3.5
50.2
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Penetration of Private Label by Category: % Value 2014-2019
% retail value rsp
Rice, Pasta and Noodles
Source:
Table 13
2014
2015
2016
2017
2018
2019
0.1
0.1
0.2
0.2
0.2
0.2
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Distribution of Packaged Food by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
© Euromonitor International
2014
2015
2016
2017
2018
2019
100.0
94.3
11.5
100.0
94.4
12.3
100.0
94.3
13.1
99.9
94.4
13.6
99.9
94.7
14.5
99.9
95.1
14.9
0.3
3.5
7.7
82.8
0.5
3.8
7.9
82.1
0.8
4.0
8.2
81.3
0.9
4.2
8.5
80.8
1.1
4.5
8.9
80.2
1.2
4.6
9.0
80.2
6.2
6.2
6.3
6.3
6.3
6.5
60.3
59.2
58.1
57.5
56.6
56.0
16.3
16.6
16.9
17.1
17.3
17.8
12
PACKAGED FOOD IN VIETNAM
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
Table 14
Passport
5.7
0.9
5.6
0.8
5.6
0.7
5.5
0.6
5.2
0.5
4.8
0.4
4.8
4.8
4.9
4.9
4.7
4.3
0.0
0.0
100.0
0.0
0.0
0.0
100.0
0.0
0.0
0.0
100.0
0.1
0.0
0.1
100.0
0.1
0.0
0.1
100.0
0.1
0.0
0.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Distribution of Packaged Food by Format and Category: % Value 2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
© Euromonitor International
EO
RM
SDC
SOU
SSP
BF
99.9
99.9
9.7
100.0
100.0
51.0
99.8
99.8
9.1
0.0
0.0
0.0
100.0
100.0
31.1
99.8
61.6
23.2
0.1
0.0
0.0
4.4
5.2
90.2
1.5
0.0
0.0
11.9
37.6
49.0
0.1
0.0
0.0
2.1
6.9
90.7
0.0
0.0
0.0
0.0
0.0
0.0
2.2
0.0
0.0
7.0
21.9
68.9
0.4
0.0
0.0
8.8
14.0
38.4
0.0
3.0
0.0
0.0
0.0
0.0
85.8
46.0
65.1
0.0
66.3
38.4
4.5
0.0
25.6
0.0
2.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
38.2
3.3
0.0
0.0
0.0
0.0
0.0
34.9
0.0
0.1
0.0
0.0
0.1
0.0
100.0
0.0
0.0
0.0
0.0
0.0
0.0
100.0
0.0
0.2
0.0
0.0
0.2
0.0
100.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
100.0
0.0
0.2
0.0
0.0
0.2
0.0
100.0
DY
CF
ICF
SS
SSF
BG
100.0
99.9
17.1
99.9
99.7
21.0
100.0
100.0
14.3
99.9
99.9
6.6
99.9
99.9
11.1
99.8
99.8
9.9
2.7
0.0
0.0
1.0
0.0
0.0
1.8
0.0
0.0
0.8
0.0
0.0
2.0
0.0
0.0
1.2
0.0
0.0
13
PACKAGED FOOD IN VIETNAM
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
Key:
Passport
5.0
9.4
82.8
6.2
13.8
78.6
4.0
8.5
85.7
2.4
3.4
93.3
3.7
5.4
88.7
3.5
5.2
89.9
6.8
16.4
0.0
4.2
9.4
37.5
55.1
58.1
77.3
66.6
63.7
30.4
20.9
4.2
8.4
22.6
15.7
22.0
0.0
0.0
0.2
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
100.0
0.0
0.1
0.0
0.0
0.1
0.0
100.0
0.0
0.0
0.0
0.0
0.0
0.0
100.0
0.0
0.1
0.0
0.0
0.1
0.0
100.0
0.0
0.1
0.0
0.0
0.1
0.0
100.0
0.0
0.2
0.0
0.0
0.2
0.0
100.0
BC
PFV
PMS
RPN
99.5
99.5
90.8
100.0
100.0
18.8
99.8
99.8
16.1
99.9
99.9
12.9
1.2
0.0
0.0
7.7
82.0
8.6
2.9
0.0
0.0
6.8
9.2
81.2
0.5
0.0
0.0
6.2
9.4
83.7
0.9
0.0
0.0
2.5
9.6
87.0
0.0
8.7
8.6
2.9
7.4
65.6
66.2
48.5
1.2
6.9
8.9
35.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.5
0.0
0.0
0.5
0.0
100.0
0.0
0.0
0.0
0.0
0.0
0.0
100.0
0.0
0.2
0.0
0.0
0.2
0.0
100.0
0.0
0.1
0.0
0.0
0.1
0.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
EO = edible oils; RM = ready meals; SDC = sauces, dressings and condiments; SOU = soup; SSP =
sweet spreads; BF = baby food; DY = dairy; CF = confectionery; ICF = ice cream and frozen desserts;
SS = savoury snacks; SSF = sweet biscuits, snack bars and fruit snacks; BG = baked goods; BC =
breakfast cereals; PFV = processed frozen vegetables; PMS = processed meat and seafood; RPN =
rice, pasta and noodles
© Euromonitor International
14
PACKAGED FOOD IN VIETNAM
Table 15
Passport
Forecast Sales of Packaged Food by Category: Volume 2019-2024
'000 tonnes
Edible Oils
Ready Meals
Sauces, Dressings and
Condiments
Soup
Sweet Spreads
Baby Food
Dairy
Confectionery
Ice Cream and Frozen
Desserts
Savoury Snacks
Sweet Biscuits, Snack
Bars and Fruit Snacks
Baked Goods
Breakfast Cereals
Processed Fruit and
Vegetables
Processed Meat and
Seafood
Rice, Pasta and Noodles
Packaged Food
Source:
2019
2020
2021
2022
2023
2024
607.4
25.1
602.5
633.8
27.4
629.8
660.7
29.8
657.0
687.9
32.3
684.3
715.7
35.0
711.8
744.1
37.8
739.3
1.9
123.8
1,813.5
118.9
30.0
2.0
128.7
1,982.5
125.0
31.7
2.1
134.4
2,169.5
131.8
33.2
2.3
139.7
2,376.8
139.4
34.5
2.5
144.6
2,607.0
148.0
35.7
2.7
145.7
2,863.2
157.6
36.7
82.7
112.0
87.7
118.9
93.1
125.9
99.0
133.1
105.3
140.8
112.2
148.9
230.7
0.6
4.4
244.8
0.7
4.5
260.8
0.7
4.6
279.0
0.8
4.7
299.6
0.8
4.8
322.8
0.8
5.0
92.5
98.4
105.0
112.5
121.1
130.7
1,308.0
5,154.0
1,471.2
5,586.9
1,663.9
6,072.6
1,891.9
6,618.3
2,162.1
7,234.7
2,482.7
7,930.3
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 16
Forecast Sales of Packaged Food by Category: Value 2019-2024
VND billion
Edible Oils
Ready Meals
Sauces, Dressings and
Condiments
Soup
Sweet Spreads
Baby Food
Dairy
Confectionery
Ice Cream and Frozen
Desserts
Savoury Snacks
Sweet Biscuits, Snack
Bars and Fruit Snacks
Baked Goods
Breakfast Cereals
Processed Fruit and
Vegetables
Processed Meat and
Seafood
Rice, Pasta and Noodles
© Euromonitor International
2019
2020
2021
2022
2023
2024
30,974.4
2,311.7
31,474.0
31,719.8
2,504.2
32,950.5
32,490.8
2,726.0
34,520.0
33,295.5
2,980.6
36,252.2
34,144.0
3,272.7
38,179.2
35,048.4
3,607.0
40,350.6
251.1
37,669.0
83,527.7
12,882.7
3,723.8
268.3
37,982.5
90,362.4
13,603.0
4,015.3
288.0
38,084.2
97,937.9
14,421.6
4,322.6
310.5
38,160.5
106,409.9
15,337.5
4,645.1
336.6
38,214.2
115,910.3
16,361.9
4,982.3
366.7
38,267.0
126,583.4
17,508.7
5,333.8
14,799.0
10,236.7
15,903.4
11,129.0
17,097.2
12,094.7
18,392.3
13,143.1
19,805.1
14,280.0
21,365.1
15,516.1
21,696.6
197.7
342.5
23,487.8
213.9
346.4
25,528.8
230.6
351.4
27,872.7
247.2
357.6
30,577.8
263.9
366.1
33,733.5
280.5
376.8
9,085.3
9,629.0
10,260.4
10,991.9
11,838.6
12,818.4
43,178.7
47,599.2
52,908.4
59,295.9
66,999.3
76,317.4
15
PACKAGED FOOD IN VIETNAM
Packaged Food
Source:
Table 17
Passport
302,350.9
321,714.8
343,262.5
367,692.7
395,531.9
427,473.4
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Forecast Sales of Packaged Food by Category: % Volume Growth 2019-2024
% volume growth
Edible Oils
Ready Meals
Sauces, Dressings and Condiments
Soup
Sweet Spreads
Baby Food
Dairy
Confectionery
Ice Cream and Frozen Desserts
Savoury Snacks
Sweet Biscuits, Snack Bars and Fruit
Snacks
Baked Goods
Breakfast Cereals
Processed Fruit and Vegetables
Processed Meat and Seafood
Rice, Pasta and Noodles
Packaged Food
Source:
Table 18
2019/20
2019-24 CAGR
2019/24 Total
4.4
9.1
4.5
6.5
4.0
9.3
5.1
5.4
6.1
6.1
4.1
8.6
4.2
7.4
3.3
9.6
5.8
4.1
6.3
5.9
22.5
50.8
22.7
42.7
17.8
57.9
32.5
22.3
35.7
32.9
6.1
7.4
2.3
6.3
12.5
8.4
7.0
4.8
2.7
7.2
13.7
9.0
40.0
26.5
14.2
41.3
89.8
53.9
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Forecast Sales of Packaged Food by Category: % Value Growth 2019-2024
% constant value growth
Edible Oils
Ready Meals
Sauces, Dressings and Condiments
Soup
Sweet Spreads
Baby Food
Dairy
Confectionery
Ice Cream and Frozen Desserts
Savoury Snacks
Sweet Biscuits, Snack Bars and Fruit
Snacks
Baked Goods
Breakfast Cereals
Processed Fruit and Vegetables
Processed Meat and Seafood
Rice, Pasta and Noodles
Packaged Food
Source:
2019/2020
2019-24 CAGR
2019/24 Total
2.4
8.3
4.7
6.9
0.8
8.2
5.6
7.8
7.5
8.7
2.5
9.3
5.1
7.9
0.3
8.7
6.3
7.5
7.6
8.7
13.2
56.0
28.2
46.0
1.6
51.5
35.9
43.2
44.4
51.6
8.3
8.2
1.2
6.0
10.2
6.4
9.2
7.2
1.9
7.1
12.1
7.2
55.5
41.9
10.0
41.1
76.7
41.4
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
16
PACKAGED FOOD IN VIETNAM
Passport
SOURCES
Sources used during the research included the following:
Summary 1
Research Sources
Official Sources
Agriculture & Agri-Food Canada
agro.gov.vn
Department General of Vietnam Customer
General Customs Department
Hanoi Commerce Department
Institute of Economics
Ken Ken Vietnam
Ministry of Agriculture & Rural Development
Ministry of Industry & Trade (VITIC)
National Institute of Nutrition
National Stock Exchange Committee
New Zealand Trade & Enterprise
US Commercial Service
US Department of Commerce
Vietnam Custom
Trade Associations
American Chamber of Commerce (Vietnam)
Fisheries Scientific Technological Economic
Information Centre (FICEN)
Food & FoodStuff Association of Ho Chi Minh
City
Phan Thiet Fish Sauce Association
Vietnam Association of Seafood Exporters &
Producers (VASEP)
Vietnam Chamber of Commerce & Industry
Vietnam Dairy Association
Vietnam High Quality Goods Association
Trade Press
24/7 News
24h.com
2sao.vn
A family
AgroInfo
© Euromonitor International
17
PACKAGED FOOD IN VIETNAM
Passport
AmThuc365
Bao Moi News
Bao Thuong Mai
Bao Viet Nam
Bentre Industry
Bharatbook
Binh Dinh
Business News
Café Biz
CaféF
CAND Online
Cao Su Viet Nam Net
Communist Party of Vietnam Online
Newspaper
Cong An Ho Chi Minh News
Cong An Nhan Dan
CongThuong
Dan Tri News
Dau Tu News
Dien Dan Doanh Nghiep
Dien Dan Thuong Mai Dich Vu
Doanh Nhan Saigon Online
Dunghangviet.vn
Economic Times, The
Food Development Lab
Foodworld.com
FTA
giaoduc.net.vn
Hanoi Industrial & Trade Portal
Hanoimoi Online
Ho Chi Minh City Law
Infonet
Information Center for Agriculture & Rural
Development
© Euromonitor International
18
PACKAGED FOOD IN VIETNAM
Passport
IP Media JSC
Just Food Online Magazine
Kinh Te 24h
Lao Dong News
Marketing Online
Massosurvey
Newspaper of Industry & Trade
Nguoi Lao Dong
Nhip Cau Dau Tu
Phan Nghiem Lawyer
Phap Luat TPHCM
Phu Quoc explorer
Quang Ngai
Retailer
Saigon Economic Times
Saigon Giai Phong
Saigon Marketing
Saigon News
Saigon Tiep Thi
Saigon Times
Sao vang dat Viet
SGGP Online
SGGPOnline
Sieu Thi Hang Chat Luong
Sieu Viet Marketing JSC
Song Moi Online
Thanh Nien Online
Thi Truong Tai Chinh Online
Thoi Bao Kinh Te Saigon
Thuc Pham Che Bien
Thucphamdonglanh.com
Thuong hieu Viet
Thuongmai.vn
Tien Phong News
© Euromonitor International
19
PACKAGED FOOD IN VIETNAM
Passport
Tin 247
Tuoi Tre Online
Vatgia.com
Viet Bao
Viet Stock
Vietnam Branding
Vietnam Business News
Vietnam Economic Times
VIetnam Law
Vietnam News
Vietnam+
Vietnambranding.com
Vietnamnet
VietnamPlus News
VietTime
Vnanet.vn
VnEconomy
Vnexpress
VnTrades
Voice of Vietnam News
VTC News
Source:
Euromonitor International
© Euromonitor International
20
PACKAGED FOOD IN VIETNAM
EDIBLE OILS IN VIETNAM CATEGORY ANALYSIS
HEADLINES
▪ Current retail value and volume sales of edible oils rise by 6% and 5%, respectively to reach
VND30.1 trillion and 660 million litres in 2019
▪ Premiumisation of edible oils is a growing trend, reflected by the brands that hold the top
three value shares
▪ Olive oil sees the highest value growth of 12% to reach VND281.9 billion in 2019
▪ Unit prices increase by 2-3% in 2019
▪ Cai Lan Oils & Fats Industries dominates edible oils with a 50% value share
▪ Value sales of edible oils are expected to rise at a current value CAGR of 7% (3% 2019
constant value CAGR) over the forecast period to reach VND43.3 trillion in 2024
PROSPECTS
Premiumisation Trend Is Driving New Development, As Reflected by the
Top Three Brands
Leading brands of edible oils offered in the Vietnamese market, namely Simply, Neptune and
Tuong An Cooking oil, respectively are brands in medium and premium segments, and their
leading value shares were set at quite a distance from the rest in 2019. Moreover, the main
players plan to premiumise their product ranges by upgrading existing products, both in terms of
packaging and by launching new products in premium segments. Tuong An touts a high-end
range that includes extra-virgin olive oil, oil made from five grains (Dau Xao Ngu Hat), Tuong An
Gold (good for cardiovascular health) and Tuong An sunflower oil. All of these are good
examples of the new product offerings that reflect this trend.
Distribution and Pricing Are the Most Important Ways To Successfully
Compete in Edible Oils, As There Is Little Else To Distinguish One
Brand of Oil From Another
In the edible oils industry, it is hard for consumers to differentiate between products, as they
cannot taste and feel the differences from looking at advertising and other public
communications. Thus, the major players such as Cai Lan Oils & Fats Industries and Tuong An
Vegetable Oil) use ATL marketing activities buttressed by huge marketing budgets to maintain
their leading market positions. Distribution is the key to winning customers. Indeed, distribution
differs by region, which requires players to offer different products to meet different demands in
particular regions. Moreover, an effective distribution system helps to save costs and becomes
an advantage in the pricing competition. Pricing is a key element to compete with other players
in edible oils because there is often little else with which to differentiate one player’s brands from
another’s. Good pricing policy helps companies gain both retailers’ and consumers’ support.
Happi Koki (An Long Food), a blended 100% vegetable oil, is a typical example of a brand with
good pricing and an effective distribution policy, with its wide distribution network (in both
© Euromonitor International
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PACKAGED FOOD IN VIETNAM
modern and traditional grocery retailing channels), it was able to both gain value share and
improve its position over the review period.
Demand for Healthy Foods Affects Product Development in Edible Oils
In response to consumers’ rising concerns about food safety (additives and preservatives
used in processing), more manufacturers are developing and launching pure oil products, which
are preferred over products containing mixed oil. Among the edible oils that are gaining ground
in the category are Simply Rice bran oil, and Tuong An Sunflower oil. However, after olive oil,
soy oil saw the highest value growth in 2019, and soy oil also remains the largest category. Soy
oil is becoming even more popular with health-conscious consumers thanks to its benefits for
cardiovascular health. Indeed, Tuong An Soy oil has seen the strongest growth among brands
of Tuong An Vegetable Oil, according to a trade interview with representatives of Kido Group,
the GBO of Tuong An’s brands. Soy oil also enjoys the most shelf space and regular promotion
in stores as well.
COMPETITIVE LANDSCAPE
Kido Group’s M&a Activity Changes the Shape of the Edible Oils
Landscape
In November 2018, Kido Group acquired Golden Hope Nha Be Edible Oils; thus, to date, Kido
Group has (direct and/or indirect) ownership of most of the main category players, including
Vocarimex (Tuong An Vegetable Oil) and Tan Binh Vegetable Oil as well as Golden Hope Nha
Be Edible Oils. Indeed, through its M&A activities over the review period the group more than
doubled its value share among the GBOs operating within edible oils in Vietnam, ranking
second after Wilmar International, which owns the Cai Lan Oils & Fats brands. Kido Group plays
an important role in setting the strategy for its companies so that they do not conflict and
compete with each other. Thus, according to the Kido Group’s most recent annual report,
Vocarimex is targeted to import oil materials, providing material oils and oil distribution; Golden
Hope is targeted to industrial customers and Tuong An is focused on packaged oil for retailing.
With Four of the Five Leading Brands, Cai Lan Oils & Fats Maintains Its
Near Domination Within Edible Oils
Cai Lan Oils & Fats Industries (Calofic) maintained its near domination within edible oils in
2019, thanks to owning four of the five top edible oil brands in Vietnam: Simply, Neptune, Cai
Lan and Meizan. Calofic maintains its position by proactively and quickly responding to
consumer trends with new product developments catering to different consumer groups. For
example, Neptune Gold is positioned in the premium segment, while Meizan is a mass brand
and Simply targets health-conscious consumers in general. Calofic has the advantage of
material cost savings thanks to support from Wilmar Industries, the GBO of all of its brands
except Neptune. Moreover, the company invests in regular advertisements and other marketing
activities to maintain consumer awareness of its brands and benefits from an extensive
distribution network thanks to subsidiaries in both the north and south of Vietnam, which help
the company to produce and deliver edible oils at competitive prices.
© Euromonitor International
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PACKAGED FOOD IN VIETNAM
Passport
Calofic Strengthens the Brand Image and Consumption of Simply by
Using An Effective Marketing Message
Although it is very challenging to market edible oil brands so that they stand out from others,
Calofic has very successfully met that challenge and strengthened the brand image of its Simply
brand. The brand taps into the trend of preferring pure oil (made from one type of oil instead of
mixed oil) by using a clear and bold message: “Good for cardiovascular health” (“T?t cho s?c
kh?e tim m?ch”). This message has certainly attracted health-conscious consumers, a segment
of the Vietnamese population that is quickly growing. Moreover, the specificity of Simply’s
message helps consumers easily remember and distinguish it from the company’s other brands,
which have messages that are more general and similar to one another. Examples are Meizan’s
message, “Having Meizan, cooking better right away (“Có Meizan, n?u mê ngay”), Tuong An
Cooking Oil’s message, “Really delicious, really crunchy” (“Ngon th?t ngon, giòn th?t giòn”) and
Neptune Gold’s message, “High quality” (“Ði?m 10 cho ch?t lu?ng”). The approach the company
took to marketing Simply brand appears to have paid off in 2019, as it was the only one of four
brands that saw positive value growth in 2019.
CATEGORY DATA
Table 19
Sales of Edible Oils by Category: Volume 2014-2019
'000 tonnes
Olive Oil
Corn Oil
Palm Oil
Rapeseed Oil
Soy Oil
Sunflower Oil
Other Edible Oil
Edible Oils
Source:
2014
2015
2016
2017
2018
2019
0.5
1.6
61.7
15.5
70.1
9.7
316.2
475.3
0.6
1.6
63.8
16.3
75.4
10.3
334.6
502.6
0.6
1.7
65.7
17.2
80.9
10.9
351.6
528.7
0.7
1.7
67.5
18.1
87.0
11.5
368.5
555.0
0.7
1.7
69.1
19.0
93.3
12.2
385.1
581.2
0.8
1.8
70.6
20.1
99.8
13.0
401.3
607.4
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 20
Sales of Edible Oils by Category: Value 2014-2019
VND billion
Olive Oil
Corn Oil
Palm Oil
Rapeseed Oil
Soy Oil
Sunflower Oil
Other Edible Oil
Edible Oils
Source:
Table 21
2014
2015
2016
2017
2018
2019
172.4
91.1
3,035.0
778.1
3,606.1
518.1
16,037.3
24,238.1
188.6
95.6
3,113.9
824.8
3,833.3
550.7
16,502.4
25,109.3
207.0
100.9
3,213.5
877.6
4,124.7
586.5
17,179.0
26,289.2
227.8
106.3
3,342.1
935.5
4,454.6
626.4
18,037.9
27,730.6
251.7
111.6
3,492.5
1,001.0
4,855.5
676.5
18,903.7
29,292.5
281.9
116.7
3,639.2
1,076.1
5,365.4
740.8
19,754.4
30,974.4
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Sales of Edible Oils by Category: % Volume Growth 2014-2019
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PACKAGED FOOD IN VIETNAM
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% volume growth
Olive Oil
Corn Oil
Palm Oil
Rapeseed Oil
Soy Oil
Sunflower Oil
Other Edible Oil
Edible Oils
Source:
2018/19
2014-19 CAGR
2014/19 Total
8.1
1.6
2.1
5.6
7.0
6.5
4.2
4.5
8.4
2.5
2.7
5.3
7.3
6.1
4.9
5.0
49.9
12.9
14.4
29.6
42.4
34.3
26.9
27.8
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 22
Sales of Edible Oils by Category: % Value Growth 2014-2019
% current value growth
Olive Oil
Corn Oil
Palm Oil
Rapeseed Oil
Soy Oil
Sunflower Oil
Other Edible Oil
Edible Oils
Source:
Table 23
2014-19 CAGR
2014/19 Total
12.0
4.6
4.2
7.5
10.5
9.5
4.5
5.7
10.3
5.1
3.7
6.7
8.3
7.4
4.3
5.0
63.5
28.1
19.9
38.3
48.8
43.0
23.2
27.8
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
NBO Company Shares of Edible Oils: % Value 2015-2019
% retail value rsp
Company
Cai Lan Oils & Fats
Industries Co Ltd
Tuong An Vegetable Oil
JSC
Golden Hope Nha Be
Edible Oils Co Ltd
Tan Binh Vegetable Oil
JSC
An Long Food Jont Stock
Corp
Angel Camacho
Alimentacion SL
Binh An Vegetable Oil JSC
Acecook Vietnam JSC
Others
Total
Source:
2018/19
2015
2016
2017
2018
2019
50.1
51.9
52.6
51.8
49.7
13.5
14.3
14.6
14.2
13.5
6.2
6.0
4.2
2.8
2.7
2.7
2.6
2.6
2.6
2.6
1.2
1.4
1.4
1.7
2.0
0.5
0.5
0.5
0.5
0.6
4.8
21.1
100.0
2.2
21.1
100.0
24.2
100.0
26.4
100.0
28.9
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
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PACKAGED FOOD IN VIETNAM
Table 24
LBN Brand Shares of Edible Oils: % Value 2016-2019
% retail value rsp
Brand (GBO)
Simply (Wilmar
International Ltd)
Neptune (PPB Group
Bhd)
Tuong an (Kido Group)
Cai Lan Vegetable
Oil (Wilmar
International Ltd)
Meizan (Wilmar
International Ltd)
Nakydaco (Vocarimex
- National Co for
Vegetable Oils,
Cosmetics & Aromas
of Vietnam)
Happi Koki
Marvela (Kido Group)
Ong Tao (Kido Group)
Fragata
Tuong an (Vocarimex
- National Co for
Vegetable Oils,
Cosmetics & Aromas
of Vietnam)
Binh An (Viet Nam
Daso Group)
Ogold (Viet Nam
Daso Group)
De Nhat (Ace Cook
Co Ltd)
Others
Total
Source:
Table 25
Passport
Company (NBO)
2016
2017
2018
2019
Cai Lan Oils & Fats
Industries Co Ltd
Cai Lan Oils & Fats
Industries Co Ltd
Tuong An Vegetable Oil JSC
Cai Lan Oils & Fats
Industries Co Ltd
21.5
22.8
23.8
23.9
16.2
15.6
14.9
14.0
8.6
14.6
8.5
14.2
7.9
13.5
7.1
Cai Lan Oils & Fats
Industries Co Ltd
Tan Binh Vegetable Oil
JSC
5.6
5.6
5.2
4.7
2.6
2.6
2.6
2.6
An Long Food Jont Stock
Corp
Golden Hope Nha Be
Edible Oils Co Ltd
Golden Hope Nha Be
Edible Oils Co Ltd
Angel Camacho
Alimentacion SL
Tuong An Vegetable Oil
JSC
1.4
1.4
1.7
2.0
4.5
3.1
2.1
2.0
1.6
1.1
0.8
0.7
0.5
0.5
0.5
0.6
14.3
-
-
-
Binh An Vegetable Oil JSC
1.3
-
-
-
Binh An Vegetable Oil JSC
0.9
-
-
-
-
-
-
-
21.1
100.0
24.2
100.0
26.4
100.0
28.9
100.0
Acecook Vietnam JSC
Others
Total
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Distribution of Edible Oils by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
© Euromonitor International
2014
2015
2016
2017
2018
2019
100.0
100.0
6.9
100.0
100.0
7.4
100.0
100.0
7.8
99.9
99.9
8.2
99.9
99.9
9.3
99.9
99.9
9.7
0.1
2.8
4.1
93.1
0.1
3.1
4.2
92.6
0.1
3.3
4.4
92.1
0.1
3.4
4.6
91.7
0.1
4.2
5.0
90.7
0.1
4.4
5.2
90.2
25
PACKAGED FOOD IN VIETNAM
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
Passport
-
-
-
-
-
-
89.4
88.9
88.4
88.3
86.4
85.8
3.7
3.7
3.7
3.4
4.3
4.5
-
-
-
-
-
-
-
-
-
-
-
-
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 26
Forecast Sales of Edible Oils by Category: Volume 2019-2024
'000 tonnes
Olive Oil
Corn Oil
Palm Oil
Rapeseed Oil
Soy Oil
Sunflower Oil
Other Edible Oil
Edible Oils
Source:
2019
2020
2021
2022
2023
2024
0.8
1.8
70.6
20.1
99.8
13.0
401.3
607.4
0.8
1.8
71.8
21.3
107.2
13.9
416.9
633.8
0.9
1.8
72.9
22.6
115.6
14.9
431.9
660.7
1.0
1.8
73.8
24.1
125.1
16.0
446.2
687.9
1.1
1.8
74.5
25.7
135.8
17.2
459.6
715.7
1.2
1.8
74.9
27.5
148.1
18.6
472.0
744.1
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 27
Forecast Sales of Edible Oils by Category: Value 2019-2024
VND billion
Olive Oil
Corn Oil
Palm Oil
Rapeseed Oil
Soy Oil
Sunflower Oil
Other Edible Oil
Edible Oils
Source:
Table 28
2019
2020
2021
2022
2023
2024
281.9
116.7
3,639.2
1,076.1
5,365.4
740.8
19,754.4
30,974.4
307.2
118.0
3,668.3
1,124.5
5,762.4
787.4
19,952.0
31,719.8
336.4
119.0
3,693.9
1,178.5
6,211.9
839.4
20,111.6
32,490.8
370.1
119.9
3,716.1
1,238.6
6,721.3
897.3
20,232.2
33,295.5
408.9
120.5
3,734.7
1,305.5
7,299.3
961.9
20,313.2
34,144.0
453.9
120.8
3,749.6
1,379.9
7,956.2
1,034.1
20,353.8
35,048.4
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Forecast Sales of Edible Oils by Category: % Volume Growth 2019-2024
© Euromonitor International
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PACKAGED FOOD IN VIETNAM
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% volume growth
Olive Oil
Corn Oil
Palm Oil
Rapeseed Oil
Soy Oil
Sunflower Oil
Other Edible Oil
Edible Oils
Source:
2019/20
2019-24 CAGR
2019/24 Total
8.3
1.3
1.8
5.9
7.4
6.8
3.9
4.4
8.7
0.8
1.2
6.5
8.2
7.4
3.3
4.1
51.8
4.2
6.1
37.0
48.3
42.9
17.6
22.5
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 29
Forecast Sales of Edible Oils by Category: % Value Growth 2019-2024
% constant value growth
Olive Oil
Corn Oil
Palm Oil
Rapeseed Oil
Soy Oil
Sunflower Oil
Other Edible Oil
Edible Oils
Source:
2019/2020
2019-24 CAGR
2019/24 Total
9.0
1.1
0.8
4.5
7.4
6.3
1.0
2.4
10.0
0.7
0.6
5.1
8.2
6.9
0.6
2.5
61.0
3.5
3.0
28.2
48.3
39.6
3.0
13.2
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
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PACKAGED FOOD IN VIETNAM
READY MEALS IN VIETNAM CATEGORY ANALYSIS
HEADLINES
▪ Value and volume sales rise by 11% and 9%, respectively to reach VND2.3 trillion and 25,100
tonnes in 2019
▪ Wide penetration of modern grocery retailers in urban areas especially boosts sales of frozen
ready meals
▪ Frozen ready meals sees the highest value growth of 13% to reach VND1 trillion in 2019
▪ Average unit price rises by 2%, or below inflation in 2019
▪ Vissan holds the leading value share of 33%
▪ Value sales of ready meals are expected to rise at a current value CAGR of 14% (9% 2019
constant value CAGR) over the forecast period to reach VND4.5 trillion in 2024
PROSPECTS
Convenience Is the Key Driver of Ready Meals Growth, As Busier
Consumers Seek Quicker Meal Solutions
Ready meals in Vietnam come in different kinds of formats and offer different kinds of food for
different occasions. For example, Chao sen Bat Bao (a lotus congee bowl) in shelf-stable ready
meals is consumed as a way to quickly recover from sickness, My Huong chilled mantou (buns)
are popular for a quick breakfast and Cau Tre frozen spring rolls are popular choices for quick
meals. They all offer consumers the gift of convenience. While it is true that the Vietnamese
generally appreciate family meals, in which food is freshly cooked and served hot, it is also true
that as they become increasingly busy they are more apt to value ready meals that can be
quickly prepared. Therefore, even though ready meals may cost a little more than it costs to
assemble fresh food ingredients, they are willing to pay more for the convenience of saving time
and energy. This trend is noted among consumers that have longer working hours and
especially among women that want to do other things rather than housework. Convenient food
like packaged ready meals simply meets the needs of many modern, increasingly busy
consumers, who do not just need a quick meal but also one they can rely upon to be safe to eat.
Expansion of Modern Trade Channel Moderately Affects Ready Meals
The expansion of modern grocery retailers has boosted sales of ready meals – particularly of
frozen ready meals, as modern supermarkets, hypermarkets and convenience stores usually
equip freezers that can stock frozen ready meals. Frozen ready meals recorded particularly
strong growth over the review period, and strong penetration of the modern channel in urban
areas contributed the most to this growth. Urban residents generally have busier lifestyles that
leave little time to prepare meals. Thus, modern trade outlets, which are widely located in
Vietnam’s urban areas, bring ready meals and consumers together perfectly.
© Euromonitor International
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PACKAGED FOOD IN VIETNAM
Domestic Consumers Embrace Traditional Food Wherever They Can
Find It, and Local Players in Frozen Ready Meals Offer Plenty of
Traditional Options
The Vietnamese love their traditional food and are eager to consume it wherever they can find
it – anytime and anywhere. They have responded particularly well to new offerings in convenient
frozen ready meals, which the leading domestic players CJ Cau Tre and Vissan continue to
provide. Both companies offer wide varieties of spring rolls, the most popular food in frozen
ready meals, in many flavours. Among the products CJ Cau Tre has on offer are spring rolls
made with shrimp and crab as well as with meat and other seafood, shrimp balls and dumplings.
In addition to these, Vissan offers such local favourites as fried sticky rice and braised basa fish.
Both companies also offer popular ready meals from other Asia Pacific countries such as kimchi
and Thai hot pots, for example.
COMPETITIVE LANDSCAPE
Vissan Maintains Its Lead, But Continues To Lose Value Share To Other
Competitors
Vissan maintained its clear leadership in ready meals in 2019, as the long-established player
has successfully used its knowledge and experience of the local market to extend its product
portfolio with Vietnamese consumers’ preferences in mind. It also retains the benefit of having a
wide distribution, not only its own stores but also in traditional and modern grocery outlets.
However, Vissan continues to lose value share to other competitors as an increasing number of
supermarkets and convenience stores offer products from different brands, thus enabling
consumers to be more selective as they compare the benefits and prices of different brands.
Moreover, it lost its leading position and continues to lose value share in frozen ready meals to
its aggressive competitor CJ Cau Tre Foods, which has been quicker to react to consumption
trends and thus poses an additional threat to Vissan’s leadership.
While Vissan is expected to continue leading the category on the strength of its position in
shelf-stable ready meals as well as frozen ready meals, the extent of its lead will be heavily
dependent on its ability to innovate and maintain consumer interest.
Cj Cau Tre Foods Strongly Expands Its Footprint and Posts the Highest
Gains
CJ Cau Tre Foods has been strongly expanding its footprint within ready meals; it posted the
highest value growth in 2019 and has gained more than four percentage points in value share
since its entry in 2017. It has expanded its product range, especially with new imports from
Korea. Moreover, its marketing activities and packaging are more polished, more eye-catching
and more professional than that of most other players. Many Vietnamese favour Korean-style
ready meals and this has inspired CJ Cau Tre to conduct marketing activities and provide
packaging designed to attract an even wider consumer base. The company even has a Cau Tre
fan page on Facebook.
Local Players Reinforce Their Presence With New Products and
Packaging, Taking Advantage of Their Knowledge of Vietnamese Food
and Taste Preferences
The main players in ready meals are making great efforts to reinforce their market positions in
Vietnam with new packaging and more flavours. However, local players such as Vissan,
© Euromonitor International
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29
PACKAGED FOOD IN VIETNAM
Passport
Cholimex and, recently, LC Foods are the ones that are making the most of their greater
understanding of Vietnamese consumers’ preferences and tastes. Thanks to the entrance of
more new players such as LC Foods, the category is seeing more investment and more
frequent new product launches. For example, LC entered the arena with a range of spring rolls
featuring shrimp, squid, taro, pork and/or a mixture of these. There also are more marketing
activities visible in stores, such as samplings, displays and discount promotion from Vissan and
CJ Cau Tre Foods, both of which companies saw value share increases in the categories in
which they respectively lead – shelf-stable ready meals and frozen ready meals – in 2019.
CATEGORY DATA
Table 30
Sales of Ready Meals by Category: Volume 2014-2019
'000 tonnes
Shelf Stable Ready Meals
Chilled Lunch Kits
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
Source:
2014
2015
2016
2017
2018
2019
9.4
0.9
1.6
3.9
15.8
10.2
1.0
1.8
4.5
17.5
11.0
1.1
2.1
5.0
19.2
11.8
1.2
2.3
5.7
21.0
12.7
1.3
2.6
6.3
23.0
13.7
1.4
2.9
7.0
25.1
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 31
Sales of Ready Meals by Category: Value 2014-2019
VND billion
Shelf Stable Ready Meals
Chilled Lunch Kits
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
Source:
Table 32
2014
2015
2016
2017
2018
2019
630.6
69.0
96.6
597.0
1,393.2
693.6
76.6
114.0
670.7
1,554.9
747.0
85.5
131.3
719.4
1,683.2
803.8
95.7
151.0
803.1
1,853.7
872.1
106.9
172.4
923.6
2,075.1
955.9
118.2
194.0
1,043.7
2,311.7
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Sales of Ready Meals by Category: % Volume Growth 2014-2019
% volume growth
Shelf Stable Ready Meals
© Euromonitor International
2018/19
2014-19 CAGR
2014/19 Total
8.2
8.0
46.9
30
PACKAGED FOOD IN VIETNAM
Passport
Chilled Lunch Kits
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
Source:
Table 33
8.2
11.0
11.0
9.3
9.0
12.5
12.4
9.7
53.8
80.2
79.7
58.9
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Sales of Ready Meals by Category: % Value Growth 2014-2019
% current value growth
Shelf Stable Ready Meals
Chilled Lunch Kits
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
Source:
Table 34
2018/19
2014-19 CAGR
2014/19 Total
9.6
10.5
12.5
13.0
11.4
8.7
11.4
15.0
11.8
10.7
51.6
71.2
100.8
74.8
65.9
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Sales of Chilled Ready Meals by Ethnicity: % Value 2014-2019
% retail value rsp
Chinese
Chinese
French
French
Indian
Indian
Italian
Italian
Japanese
Japanese
Mexican
Mexican
Thai
Thai
Other Ethnicities
Other Ethnicities
Total
Total
Source:
2014
2015
2016
2017
2018
2019
81.8
81.8
1.2
1.2
0.3
0.3
0.8
0.8
2.5
2.5
0.3
0.3
2.6
2.6
10.6
10.6
100.0
100.0
80.5
80.5
1.3
1.3
0.3
0.3
0.9
0.9
2.6
2.6
0.3
0.3
2.7
2.7
11.4
11.4
100.0
100.0
79.2
79.2
1.4
1.4
0.3
0.3
0.9
0.9
2.7
2.7
0.3
0.3
2.8
2.8
12.4
12.4
100.0
100.0
78.1
78.1
1.5
1.5
0.3
0.3
1.0
1.0
2.8
2.8
0.3
0.3
2.9
2.9
13.1
13.1
100.0
100.0
78.4
78.4
1.6
1.6
0.2
0.2
1.1
1.1
3.0
3.0
0.1
0.1
3.0
3.0
12.6
12.6
100.0
100.0
80.0
80.0
2.0
2.0
0.2
0.2
0.7
0.7
2.5
2.5
3.2
3.2
11.4
11.4
100.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
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© Euromonitor International
31
PACKAGED FOOD IN VIETNAM
Table 35
Passport
NBO Company Shares of Ready Meals: % Value 2015-2019
% retail value rsp
Company
Vissan Co Ltd
CJ Cau Tre Foods JSC
Minh Trung Ltd Co
Cholon Investment &
Import-Export Co
(CHOLIMEX)
Halong Canned Food JSC
Asia Foods Corp
Tuyen Ky Co Ltd
VIFON - Vietnam Food
Industries JSC
Malai Bakery
Masan Consumer Corp
Special Aquatic Jointstock Co (SEASPIMEXVIETNAM)
Viet Quan Co Ltd
My Huong Co Ltd
Nhat Viet Co Ltd
Pataya Food Industries
Ltd
Cau Tre Export Goods
Processing JSC
Saigon Vewong JV Co
Binh Tien Co Ltd
Tan A Chau Production
Co Ltd
Others
Total
Source:
2015
2016
2017
2018
2019
38.5
9.8
7.1
36.2
10.1
7.3
34.6
11.7
10.3
7.2
33.6
14.2
10.1
6.9
33.0
16.0
9.9
6.6
7.8
2.5
3.2
1.6
7.5
2.7
3.0
1.7
7.1
2.8
2.8
1.8
6.8
2.9
2.6
1.8
6.5
2.8
2.4
1.7
1.7
1.3
1.1
1.7
1.3
1.2
1.6
1.3
1.2
1.6
1.4
1.1
1.5
1.4
1.1
1.2
0.6
0.4
0.2
1.2
0.6
0.4
0.2
1.1
0.6
0.4
0.2
1.1
0.7
0.4
0.2
1.1
0.7
0.4
0.2
9.7
10.3
-
-
-
-
-
-
-
-
13.4
100.0
14.6
100.0
15.1
100.0
14.8
100.0
14.7
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 36
LBN Brand Shares of Ready Meals: % Value 2016-2019
% retail value rsp
Brand (GBO)
Vissan (Saigon
Trading Group
(SATRA))
Cau Tre (CJ Corp)
Chao sen Bat Bao
Cholimex
Ha Long
Gau Do
Tuyen Ky
Vifon
Banh Bao Malai
(Malaysian Dumpling)
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Vissan Co Ltd
36.2
34.6
33.6
33.0
CJ Cau Tre Foods JSC
Minh Trung Ltd Co
Cholon Investment &
Import-Export Co
(CHOLIMEX)
Halong Canned Food JSC
Asia Foods Corp
Tuyen Ky Co Ltd
VIFON - Vietnam Food
Industries JSC
Malai Bakery
10.1
7.3
11.7
10.3
7.2
14.2
10.1
6.9
16.0
9.9
6.6
7.5
2.7
3.0
1.7
7.1
2.8
2.8
1.8
6.8
2.9
2.6
1.8
6.5
2.8
2.4
1.7
1.7
1.6
1.6
1.5
32
PACKAGED FOOD IN VIETNAM
Komi (Masan Group
Corp)
Seaspimex
Banh Bao Viet Quan
(Viet Quan Dumpling)
My Huong
Nhat Viet
Nautilus Sea Crown
Cau Tre
Binh Tien
B'fast (Masan Group
Corp)
A-One (Ve Wong Corp)
Tan A Chau
Others
Total
Source:
Table 37
Passport
Masan Consumer Corp
1.3
1.3
1.4
1.4
Special Aquatic Jointstock Co (SEASPIMEXVIETNAM)
Viet Quan Co Ltd
1.2
1.2
1.1
1.1
1.2
1.1
1.1
1.1
0.6
0.4
0.2
10.3
0.6
0.4
0.2
-
0.7
0.4
0.2
-
0.7
0.4
0.2
-
-
-
-
-
-
-
-
-
14.6
100.0
15.1
100.0
14.8
100.0
14.7
100.0
My Huong Co Ltd
Nhat Viet Co Ltd
Pataya Food Industries Ltd
Cau Tre Export Goods
Processing JSC
Binh Tien Co Ltd
Masan Consumer Corp
Saigon Vewong JV Co
Tan A Chau Production
Co Ltd
Others
Total
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Distribution of Ready Meals by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
100.0
100.0
48.4
100.0
100.0
48.8
100.0
100.0
50.0
100.0
100.0
50.6
100.0
100.0
50.8
100.0
100.0
51.0
0.9
11.0
36.5
51.6
0.9
11.2
36.6
51.2
1.0
11.5
37.5
49.9
1.1
11.8
37.7
49.4
1.2
11.9
37.8
49.1
1.5
11.9
37.6
49.0
2.4
2.5
2.6
2.7
2.8
3.0
49.2
48.7
47.3
46.7
46.3
46.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
33
PACKAGED FOOD IN VIETNAM
Table 38
Passport
Forecast Sales of Ready Meals by Category: Volume 2019-2024
'000 tonnes
Shelf Stable Ready Meals
Chilled Lunch Kits
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
Source:
2019
2020
2021
2022
2023
2024
13.7
1.4
2.9
7.0
25.1
14.9
1.5
3.2
7.8
27.4
16.2
1.6
3.5
8.4
29.8
17.7
1.7
3.8
9.1
32.3
19.4
1.8
4.0
9.8
35.0
21.2
2.0
4.3
10.3
37.8
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 39
Forecast Sales of Ready Meals by Category: Value 2019-2024
VND billion
Shelf Stable Ready Meals
Chilled Lunch Kits
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
Source:
Table 40
2019
2020
2021
2022
2023
2024
955.9
118.2
194.0
1,043.7
2,311.7
1,017.0
126.2
210.9
1,150.1
2,504.2
1,086.2
134.5
228.6
1,276.6
2,726.0
1,164.4
143.2
247.1
1,426.0
2,980.6
1,252.9
152.0
266.4
1,601.4
3,272.7
1,353.1
161.2
286.4
1,806.4
3,607.0
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Forecast Sales of Ready Meals by Category: % Volume Growth 2019-2024
% volume growth
Shelf Stable Ready Meals
Chilled Lunch Kits
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
Source:
2019/20
2019-24 CAGR
2019/24 Total
8.5
7.9
10.0
10.0
9.1
9.1
7.3
8.0
8.0
8.6
54.6
42.2
46.9
46.9
50.8
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
34
PACKAGED FOOD IN VIETNAM
Table 41
Passport
Forecast Sales of Ready Meals by Category: % Value Growth 2019-2024
% constant value growth
Shelf Stable Ready Meals
Chilled Lunch Kits
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
Source:
2019/2020
2019-24 CAGR
2019/24 Total
6.4
6.8
8.7
10.2
8.3
7.2
6.4
8.1
11.6
9.3
41.6
36.4
47.6
73.1
56.0
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
35
PACKAGED FOOD IN VIETNAM
SAUCES, DRESSINGS AND
CONDIMENTS IN VIETNAM CATEGORY ANALYSIS
HEADLINES
▪ Value and volume sales of sauces, dressings and condiments rise by 8% and 5%,
respectively reach VND31.5 and 602,500 tonnes
▪ Latest in a series of food safety issues further undermines consumer confidence in table
sauces
▪ Salad dressings continues to see the highest value growth, up by 22% to reach VND100
billion in 2019
▪ Average unit price rises by 3%, in line with inflation in 2019
▪ Masan Consumer holds the leading value share of 31%
▪ Value sales are expected to rise at a current value CAGR of 10% (5% 2019 constant value
CAGR) over the forecast period to reach VND49.8 trillion in 2024
PROSPECTS
Latest in A Series of Food Safety Crises Dampens Growth Prospects for
Table Sauces
A series of food safety scandals and crises has undermined Vietnamese consumers’
confidence in consuming certain table sauces – namely, soy sauce, fish sauce and – more
recently, chili sauce produced in Vietnam. An industry crisis that widely affected consumer
behaviour occurred in 2007, when the potentially carcinogenic 3-MCPD in excess of reporting
requirements for product recall, disposal and disposal was found in soy sauces. When
manufacturers attempted to lower the level of 3-MCPD in their soy sauces using new production
technology they said that domestic consumers did not like the taste and so they resumed their
old production processes for domestic product consumption and retained the advance
processes for exports. This forced agencies to strengthen their control over the market and
adopt confiscation and penalty policies for anyone trading in soy sauce that did not meet
Department of Health requirements. However, the discovery of urea in fish sauces in 2015-2016
and low levels of arsenic in fish sauces in 2016-2017 further undermined consumer confidence
in a popular type of table sauce.
Moreover, in 2019, Japan recalled 18,000 bottles of Vietnamese Chinsu chili sauce containing
benzoic acid, a preservative that Japan does not allow chili sauce to contain but which Vietnam
does. This latest safety issue further eroded consumer trust in food processing and food safety
for table sauces produced in the country, as the Vietnamese are increasingly health conscious
and very sensitive to any news related to food safety. For this reason, current value CAGRs for
table sauces overall as well as for the three types of table sauces mentioned here are expected
to be lower over the forecast period than they were in the historic period.
© Euromonitor International
Passport
36
PACKAGED FOOD IN VIETNAM
Back-to-tradition Trend Impacts Consumer Behaviour, Boosting Sales of
Dry Sauces for Traditional Vietnamese Food
In the food industry in general, back to tradition and back to nature are rising trends among
Vietnamese consumers. Those trends originate from pride in traditional values and traditional
customs, which means that natural food is increasingly preferred over processed food. In fish
sauce, traditional fish sauces easily generate consumer support, especially since the fish sauce
crisis over the review period inspired doubts about the quality of industrially made fish sauces
and prompted stricter investigation. However, other types of traditional Vietnamese sauces,
dressings and condiments are gaining traction as well, notably in traditional powdered spice
combinations and dry sauces for Vietnamese dishes. An example of the latter is dry sauces
offered by Knorr under its Gia vi Hoan Chinh range, which includes Thit kho tau (for meaty
dishes), Cá Kho (complete seasoning for fish stew) and Gà Chiên Gion (for fried chicken). Dry
sauces saw high value growth in 2019 and is expected to post even higher current value growth
over the forecast period.
Increased Demand for Premium Products Is Reflected in New Products
and Higher Anticipated Value Growth
On the consumer side, both the average income and the general education level have
improved in Vietnam. Thus, people are increasingly aware of and demanding products of higher
quality and are better able to afford to their often higher prices. In terms of manufacturers, major
players such as Masan Consumer Corp, Chomimex and Unilever Vietnam are responding to the
higher demand by introducing more premium products, as reflected in packaging (glass instead
of plastic, such as Nam Ngu in glass bottles), flashier materials and eye-catching images, and in
ingredients (such as Knorr Natural, a seasoning powder that combines nine groups of raw
materials of what it calls “completely natural origin” using yeast extract in harmony with the other
natural ingredients to enhance the flavours). This trend is expected to contribute to the higher
current value CAGR that sauces, dressings and condiments is set to see over the forecast
period.
COMPETITIVE LANDSCAPE
Domestic Players Have the Greater Strength Due To Their Deeper
Understanding of the Local Cuisine and Consumers’ Cooking Habits
Three domestic companies are leading players in sauces, dressings and condiments, as they
have such advantages as a deep understanding of Vietnamese cuisine and consumers’ cooking
habits. Masan Consumer holds the leading value share in the entire category on the strength of
its leading positions in the most popular fish sauces, soy sauces and chili sauces. Cholon
Investment & Import-Export Co (CHOLIMEX) ranks first in cooking sauces; it also ranks second
in chili sauces and has a strong presence in dry sauces. Vianco JV Enterprise is the leading
player in herbs and spice and ranks fourth in dry sauces. Fish sauces is the biggest category in
this industry and it is hard to find imported fish sauce brands on the store shelves. In fish sauce
and in cooking ingredients in general, traditional taste is most highly appreciated. Domestic
players like Masan and CHOLIMEX dominate not just the mass market but also niche markets
for specific dishes or specific regions, such as Song Huong Cà Pháo ngâm chua ng?t and Ki?u
ngâm chua ng?t (pickles) and M?m Ru?c Hu? – a speciality sauce (shrimp paste) of Hue,
Vietnam.
© Euromonitor International
Passport
37
PACKAGED FOOD IN VIETNAM
Passport
Makers of Traditional Fish Sauce Appear To Be Fighting A Losing Battle
Against Industrial Fish Sauce
Back in 2002, demand for fish sauce globally as well as in Vietnam was so strong that
Unilever inaugurated a production/bottling factory in Phu Quoc. It quickly became the biggest
fish sauce production and bottling factory in the island. This marks the birth of industrial fish
sauce and the genesis of a “war” between domestic producers of traditional fish sauce made
with fish and salt and industrial fish sauce, which can also include, water, sugar, food additives
and can be adjusted for colour and smell. While Unilever’s entry did not have a significant
impact on traditional producers, the landscape drastically changed when the leading domestic
company Masan entered with fish sauce produced according to the industrial model, but with
lowered protein that had a more palatable taste and for half the price of traditional fish sauce
products, which are incubated for years and manually processed. A number of other players
have since entered this arena, with Nestlé Vietnam’s Maggi brand being among the latest.
Today, Vietnam's fish sauce market is estimated to be worth USD4.5 billion with an annual
growth rate of 5%, and it is estimated that today industrial fish sauce accounts for approximately
70% of the fish sauce market value. In recent years the Vietnam Traditional Fish Sauce
Association has been fighting to preserve a 200+-year history that is closely associated with the
“culture, homeland and soul” of Vietnam, some of which battle is associated with intellectual
property protection, collective trademark registration and whether producers of industrial fish
sauce can rightfully call their products “traditional fish sauce”.
New Products and Flavours Boost Prospects for Stock Cubes and
Powders
Stock cubes and powders witnessed more new players joining in, among them Cai Lan Oils &
Fats Industries with Meizan and Neptune products. Masan Consumer Corp launched a new
Chinsu Sweet Seasoning pack in 2019 and Vissan introduced Vissan Chuan vi thit, a powdered
bone extract from pork marrow. Those manufacturers are strong players in terms of market
understanding, strong capability of new product development, wide distribution networks in
cooking ingredients and large marketing budgets. The category is expected to well grow in the
forecast period thanks to players’ effort to recruit new consumers and introduce more new
flavours beyond mushroom and meat extracts, to include shrimp flavours and products with
natural herbs.
CATEGORY DATA
Table 42
Sales of Sauces, Dressings and Condiments by Category: Volume 2014-2019
'000 tonnes
Cooking Ingredients
- Bouillon
-- Gravy Cubes and
Powders
-- Liquid Stocks and
Fonds
-- Stock Cubes and
Powders
- Dry Sauces
- Herbs and Spices
- Monosodium Glutamate
© Euromonitor International
2014
2015
2016
2017
2018
2019
127.7
41.1
-
128.2
45.3
-
126.3
49.6
-
125.9
54.0
-
128.7
58.6
-
132.5
63.7
-
-
-
-
-
-
-
41.1
45.3
49.6
54.0
58.6
63.7
3.6
0.2
81.2
4.1
0.2
76.7
4.7
0.2
69.6
5.4
0.3
63.8
6.2
0.3
60.8
7.1
0.3
58.1
38
PACKAGED FOOD IN VIETNAM
- Pasta Sauces
- Cooking Sauces
Dips
Pickled Products
Table Sauces
- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
- Other Table Sauces
Tomato Pastes and Purées
Yeast-based Spreads
Other Sauces, Dressings
and Condiments
Sauces, Dressings and
Condiments
Source:
Passport
0.3
1.3
4.2
350.6
241.0
2.1
1.4
0.1
3.3
0.1
78.7
24.0
-
0.4
1.5
4.6
371.8
255.7
2.3
1.5
0.1
3.5
0.1
82.5
26.0
-
0.4
1.7
4.9
393.6
270.8
2.6
1.7
0.1
3.8
0.2
86.2
28.3
-
0.5
2.0
5.3
417.9
287.3
2.8
1.9
0.1
4.0
0.2
90.5
31.0
-
0.6
2.3
5.7
440.8
302.2
3.1
2.1
0.1
4.3
0.2
94.6
34.1
-
0.6
2.6
6.1
463.9
317.3
3.4
2.4
0.1
4.6
0.3
98.4
37.4
-
482.5
504.5
524.8
549.1
575.2
602.5
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 43
Sales of Sauces, Dressings and Condiments by Category: Value 2014-2019
VND billion
Cooking Ingredients
- Bouillon
-- Gravy Cubes and
Powders
-- Liquid Stocks and
Fonds
-- Stock Cubes and
Powders
- Dry Sauces
- Herbs and Spices
- Monosodium Glutamate
- Pasta Sauces
- Cooking Sauces
Dips
Pickled Products
Table Sauces
- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
- Other Table Sauces
Tomato Pastes and Purées
Yeast-based Spreads
Other Sauces, Dressings
and Condiments
© Euromonitor International
2014
2015
2016
2017
2018
2019
8,378.2
2,954.1
-
8,728.3
3,352.9
-
8,900.9
3,788.8
-
9,243.1
4,307.9
-
9,818.7
4,876.5
-
10,547.9
5,559.2
-
-
-
-
-
-
-
2,954.1
3,352.9
3,788.8
4,307.9
4,876.5
5,559.2
294.0
110.1
4,884.1
31.7
104.2
264.9
13,418.2
10,035.2
128.4
146.6
8.5
178.6
36.8
1,909.9
974.1
-
352.8
125.5
4,737.6
38.6
120.8
288.7
14,637.7
10,838.1
145.1
167.1
9.8
200.0
46.0
2,062.7
1,168.9
-
402.2
141.8
4,384.5
45.8
137.9
312.7
15,949.6
11,640.1
160.5
188.0
11.4
222.8
56.6
2,209.2
1,461.1
-
462.5
159.6
4,101.5
53.1
158.6
340.2
17,477.3
12,594.6
177.1
213.0
13.3
247.3
68.1
2,381.5
1,782.5
-
535.1
178.7
3,984.7
60.5
183.1
372.5
18,956.3
13,526.2
194.2
243.9
15.5
278.2
82.3
2,548.2
2,067.7
-
623.4
198.7
3,884.7
69.4
212.4
410.5
20,515.6
14,519.3
211.7
282.9
18.2
317.2
100.0
2,688.4
2,377.9
-
39
PACKAGED FOOD IN VIETNAM
Sauces, Dressings and
Condiments
Source:
Passport
22,061.2
23,654.7
25,163.2
27,060.7
29,147.6
31,474.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 44
2014-2019
Sales of Sauces, Dressings and Condiments by Category: % Volume Growth
% volume growth
Cooking Ingredients
- Bouillon
-- Gravy Cubes and Powders
-- Liquid Stocks and Fonds
-- Stock Cubes and Powders
- Dry Sauces
- Herbs and Spices
- Monosodium Glutamate
- Pasta Sauces
- Cooking Sauces
Dips
Pickled Products
Table Sauces
- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
- Other Table Sauces
Tomato Pastes and Purées
Yeast-based Spreads
Other Sauces, Dressings and Condiments
Sauces, Dressings and Condiments
Source:
2018/19
2014-19 CAGR
2014/19 Total
2.9
8.7
8.7
15.2
8.0
-4.4
12.2
15.4
8.0
5.2
5.0
9.4
12.2
11.8
7.7
17.7
4.0
9.7
4.8
0.7
9.2
9.2
14.8
8.7
-6.5
14.5
14.5
7.6
5.8
5.7
10.5
11.9
11.4
7.0
19.0
4.6
9.3
4.5
3.8
55.1
55.1
99.0
51.6
-28.4
97.0
96.6
44.4
32.3
31.7
64.6
75.6
71.7
40.3
138.8
25.0
56.1
24.9
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 45
2014-2019
Sales of Sauces, Dressings and Condiments by Category: % Value Growth
% current value growth
Cooking Ingredients
- Bouillon
-- Gravy Cubes and Powders
-- Liquid Stocks and Fonds
-- Stock Cubes and Powders
- Dry Sauces
- Herbs and Spices
- Monosodium Glutamate
- Pasta Sauces
- Cooking Sauces
© Euromonitor International
2018/19
2014-19 CAGR
2014/19 Total
7.4
14.0
14.0
16.5
11.2
-2.5
14.7
16.0
4.7
13.5
13.5
16.2
12.5
-4.5
17.0
15.3
25.9
88.2
88.2
112.1
80.5
-20.5
119.3
103.9
40
PACKAGED FOOD IN VIETNAM
Passport
Dips
Pickled Products
Table Sauces
- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
- Other Table Sauces
Tomato Pastes and Purées
Yeast-based Spreads
Other Sauces, Dressings and Condiments
Sauces, Dressings and Condiments
Source:
Table 46
10.2
8.2
7.3
9.0
16.0
17.5
14.0
21.5
5.5
15.0
8.0
9.2
8.9
7.7
10.5
14.1
16.4
12.2
22.1
7.1
19.5
7.4
55.0
52.9
44.7
64.8
93.0
113.8
77.6
171.7
40.8
144.1
42.7
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Sales of Cooking Sauces by Type: % Value 2014-2019
% retail value rsp
Caramel Sauce (Nuoc mau)
Fine Shrimp Sauce (Mam
Ruoc)
Stew Sauce (Nuoc uop
thit ca)
Others
Total
Source:
Table 47
2019
2014
2015
2016
2017
2018
2019
34.0
24.5
33.2
24.3
32.0
24.0
31.0
23.8
31.5
23.5
25.0
28.0
29.5
30.5
31.5
31.9
33.0
37.0
12.0
100.0
12.0
100.0
12.5
100.0
13.3
100.0
12.0
100.0
10.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
NBO Company Shares of Sauces, Dressings and Condiments: % Value 2015-
% retail value rsp
Company
Masan Consumer Corp
Ajinomoto Vietnam Co Ltd
Unilever Vietnam
International Co Ltd
Nestlé Vietnam Ltd
Cholon Investment &
Import-Export Co
(CHOLIMEX)
Trung Thanh Co Ltd
Hung Thinh Co Ltd
Nam Phuong VN Co Ltd
Asia Food Technology Co
Ltd
Uniben JSC
Lien Thanh Co Ltd
Vedan (Vietnam)
© Euromonitor International
2015
2016
2017
2018
2019
35.2
19.8
5.9
34.1
18.5
6.3
32.8
17.5
6.6
31.8
17.0
7.0
31.4
16.4
7.4
3.1
2.8
3.4
2.9
3.5
3.0
3.7
3.1
3.7
3.3
2.6
2.6
2.3
1.9
2.8
2.7
2.4
1.9
2.9
2.9
2.4
1.9
2.9
2.7
2.4
1.9
2.9
2.4
2.4
1.9
1.4
2.2
1.5
1.9
0.8
1.6
1.6
1.6
1.7
1.5
1.8
1.7
1.4
41
PACKAGED FOOD IN VIETNAM
Passport
Enterprise Corp Ltd
Miwon Vietnam Co Ltd
Bay Hong Hanh
Production Trading
Service Co Ltd
Hanh Phuc Co Ltd
Saigon Vewong JV Co
Thuan Phat Food
Processing & Trading Co
Vianco JV Enterprise Co
Ltd
Song Huong Co Ltd
Nam Duong Sauce
Enterprise
Viet Huong Co Ltd
Thanh Thien Loc JSC
Kewpie Vietnam Co Ltd
Muoi Thu Fish Sauce Co
Ltd
VIFON - Vietnam Food
Industries JSC
Saigon Aquatic Products
Trading JSC
Remia CV
Kraft Heinz Co
Viet San Food Co Ltd
Ngoc Lien Co Ltd
Long Hai Fish Sauce
Enterprise Ltd
Others
Total
Source:
1.9
1.0
1.6
1.0
1.4
1.1
1.3
1.2
1.2
1.2
0.9
1.8
0.6
1.0
1.6
0.6
1.0
1.3
0.6
1.1
1.2
0.6
1.1
1.0
0.6
0.4
0.4
0.4
0.5
0.5
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.3
0.3
0.1
0.2
0.3
0.3
0.2
0.2
0.3
0.3
0.2
0.2
0.3
0.3
0.2
0.2
0.3
0.3
0.3
0.2
0.2
0.2
0.2
0.2
0.2
0.3
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.3
0.1
0.1
0.1
0.1
0.3
0.1
0.1
0.1
0.1
0.2
0.1
0.1
0.1
0.1
0.1
0.2
0.1
0.1
0.1
-
10.4
100.0
12.3
100.0
13.5
100.0
13.9
100.0
14.7
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 48
LBN Brand Shares of Sauces, Dressings and Condiments: % Value 2016-2019
% retail value rsp
Brand (GBO)
Nam Ngu (Masan
Group Corp)
Ajinomoto
(Ajinomoto Co Inc)
Knorr (Unilever
Group)
Aji-ngon (Ajinomoto
Co Inc)
Nam Ngu II (Masan
Group Corp)
Chin-Su (Masan
Group Corp)
Tam Thai Tu (Masan
Group Corp)
Maggi (Nestlé SA)
Trung Thanh
Cholimex
Hung Thinh
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Masan Consumer Corp
17.7
16.7
15.9
15.6
Ajinomoto Vietnam Co Ltd
11.8
10.3
9.3
8.3
Unilever Vietnam
International Co Ltd
Ajinomoto Vietnam Co Ltd
6.3
6.6
7.0
7.4
6.1
6.5
6.9
7.3
Masan Consumer Corp
6.4
6.0
5.7
5.6
Masan Consumer Corp
5.0
5.2
5.4
5.6
Masan Consumer Corp
4.8
4.7
4.6
4.5
Nestlé Vietnam Ltd
Trung Thanh Co Ltd
Cholon Investment &
Import-Export Co
(CHOLIMEX)
Hung Thinh Co Ltd
3.4
2.8
2.5
3.5
2.9
2.6
3.7
2.9
2.8
3.7
2.9
2.9
2.7
2.9
2.7
2.4
42
PACKAGED FOOD IN VIETNAM
Barona
Ong Tay
3 Mien
Lien Thanh Con Voi Do
Vedan (Vedan
International
(Holdings) Ltd)
Miwon (Daesang Corp)
Hong Hanh
Hanh Phuc
A-One (Ve Wong Corp)
Thuan Phat
Aji-Mayo (Ajinomoto
Co Inc)
Song Huong
Nam Duong
Aji-Quick
(Ajinomoto Co Inc)
Huong Viet
Viet Huong
Ong Ky
Vianco
Kewpie (Kewpie Corp)
Long Hai
Others
Total
Source:
Table 49
2019
Passport
Nam Phuong VN Co Ltd
Asia Food Technology Co
Ltd
Uniben JSC
Lien Thanh Co Ltd
Vedan (Vietnam)
Enterprise Corp Ltd
2.4
1.9
2.4
1.9
2.4
1.9
2.4
1.9
1.5
1.9
0.8
1.6
1.6
1.6
1.7
1.5
1.8
1.7
1.4
Miwon Vietnam Co Ltd
Bay Hong Hanh
Production Trading
Service Co Ltd
Hanh Phuc Co Ltd
Saigon Vewong JV Co
Thuan Phat Food
Processing & Trading Co
Ajinomoto Vietnam Co Ltd
1.6
1.0
1.4
1.1
1.3
1.2
1.2
1.2
1.0
1.6
0.6
1.0
1.3
0.6
1.1
1.2
0.6
1.1
1.0
0.6
0.4
0.4
0.4
0.5
Song Huong Co Ltd
Nam Duong Sauce Enterprise
Ajinomoto Vietnam Co Ltd
0.4
0.4
0.2
0.4
0.4
0.3
0.4
0.4
0.3
0.4
0.4
0.4
Cholon Investment &
Import-Export Co
(CHOLIMEX)
Viet Huong Co Ltd
Thanh Thien Loc JSC
Vianco JV Enterprise Co
Ltd
Kewpie Vietnam Co Ltd
Long Hai Fish Sauce
Enterprise Ltd
Others
Total
0.3
0.3
0.3
0.3
0.3
0.3
0.2
0.3
0.3
0.2
0.3
0.3
0.2
0.3
0.3
0.3
0.2
0.3
0.2
0.2
0.2
0.1
0.3
-
13.9
100.0
15.1
100.0
15.4
100.0
16.3
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Distribution of Sauces, Dressings and Condiments by Format: % Value 2014-
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
© Euromonitor International
2014
2015
2016
2017
2018
2019
100.0
100.0
7.0
100.0
100.0
7.3
100.0
100.0
7.6
99.9
99.9
7.9
99.9
99.9
8.5
99.8
99.8
9.1
0.0
1.0
6.0
93.0
0.0
1.2
6.1
92.7
0.0
1.3
6.3
92.4
0.0
1.4
6.4
92.0
0.0
1.8
6.7
91.4
0.1
2.1
6.9
90.7
-
-
-
-
-
-
66.0
66.0
65.6
65.5
64.9
65.1
27.0
26.7
26.7
26.6
26.5
25.6
43
PACKAGED FOOD IN VIETNAM
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
Passport
-
-
-
-
-
-
-
-
-
-
-
-
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.2
0.2
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 50
2019-2024
Forecast Sales of Sauces, Dressings and Condiments by Category: Volume
'000 tonnes
Cooking Ingredients
- Bouillon
-- Gravy Cubes and
Powders
-- Liquid Stocks and
Fonds
-- Stock Cubes and
Powders
- Dry Sauces
- Herbs and Spices
- Monosodium Glutamate
- Pasta Sauces
- Cooking Sauces
Dips
Pickled Products
Table Sauces
- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
- Other Table Sauces
Tomato Pastes and Purées
Yeast-based Spreads
Other Sauces, Dressings
and Condiments
Sauces, Dressings and
Condiments
Source:
2019
2020
2021
2022
2023
2024
132.5
63.7
-
137.4
69.4
-
144.0
75.7
-
152.2
82.8
-
162.4
90.9
-
174.6
100.3
-
-
-
-
-
-
-
63.7
69.4
75.7
82.8
90.9
100.3
7.1
0.3
58.1
0.6
2.6
6.1
463.9
317.3
3.4
2.4
0.1
4.6
0.3
98.4
37.4
-
8.2
0.3
55.8
0.7
3.0
6.6
485.7
330.9
3.7
2.7
0.1
5.0
0.3
102.0
41.0
-
9.5
0.3
54.1
0.8
3.5
7.2
505.9
342.9
4.0
3.0
0.2
5.4
0.4
105.2
44.7
-
11.0
0.4
53.0
0.9
4.1
7.8
524.3
353.6
4.3
3.4
0.2
5.9
0.5
107.8
48.6
-
12.8
0.4
52.5
1.0
4.8
8.5
540.8
362.7
4.6
3.9
0.2
6.5
0.6
109.6
52.7
-
14.8
0.4
52.3
1.2
5.6
9.3
555.3
370.0
4.9
4.5
0.2
7.2
0.7
110.9
57.1
-
602.5
629.8
657.0
684.3
711.8
739.3
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
44
PACKAGED FOOD IN VIETNAM
Table 51
2019-2024
Passport
Forecast Sales of Sauces, Dressings and Condiments by Category: Value
VND billion
Cooking Ingredients
- Bouillon
-- Gravy Cubes and
Powders
-- Liquid Stocks and
Fonds
-- Stock Cubes and
Powders
- Dry Sauces
- Herbs and Spices
- Monosodium Glutamate
- Pasta Sauces
- Cooking Sauces
Dips
Pickled Products
Table Sauces
- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
- Other Table Sauces
Tomato Pastes and Purées
Yeast-based Spreads
Other Sauces, Dressings
and Condiments
Sauces, Dressings and
Condiments
Source:
2019
2020
2021
2022
2023
2024
10,547.9
5,559.2
-
11,074.5
6,148.5
-
11,726.1
6,812.6
-
12,556.6
7,568.8
-
13,579.8
8,431.6
-
14,812.5
9,426.5
-
-
-
-
-
-
-
5,559.2
6,148.5
6,812.6
7,568.8
8,431.6
9,426.5
623.4
198.7
3,884.7
69.4
212.4
410.5
20,515.6
14,519.3
211.7
282.9
18.2
317.2
100.0
2,688.4
2,377.9
-
704.5
213.6
3,690.4
77.4
240.1
439.2
21,436.8
15,017.5
222.7
319.7
20.8
350.5
118.2
2,748.0
2,639.5
-
799.6
229.2
3,524.4
86.7
273.7
472.2
22,321.8
15,457.6
233.4
362.8
23.8
389.0
140.1
2,798.4
2,916.6
-
911.5
245.5
3,418.6
97.4
314.7
509.9
23,185.7
15,858.1
243.7
413.6
27.2
433.8
166.6
2,834.5
3,208.3
-
1,043.7
262.2
3,367.4
109.9
365.1
553.3
24,046.1
16,233.4
253.7
473.6
31.3
484.5
198.5
2,858.1
3,513.0
-
1,200.3
279.2
3,354.9
124.4
427.1
603.1
24,935.0
16,609.1
263.3
544.6
36.0
545.1
237.3
2,870.4
3,829.2
-
31,474.0
32,950.5
34,520.0
36,252.2
38,179.2
40,350.6
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 52
Forecast Sales of Sauces, Dressings and Condiments by Category: % Volume
Growth 2019-2024
% volume growth
Cooking Ingredients
- Bouillon
-- Gravy Cubes and Powders
-- Liquid Stocks and Fonds
-- Stock Cubes and Powders
- Dry Sauces
- Herbs and Spices
- Monosodium Glutamate
- Pasta Sauces
- Cooking Sauces
Dips
Pickled Products
© Euromonitor International
2019/20
2019-24 CAGR
2019/24 Total
3.7
8.9
8.9
15.4
7.7
-4.0
12.4
15.8
8.3
5.7
9.5
9.5
15.8
6.9
-2.1
12.8
16.6
8.7
31.8
57.4
57.4
108.2
39.5
-10.0
82.6
115.7
51.8
45
PACKAGED FOOD IN VIETNAM
Table Sauces
- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
- Other Table Sauces
Tomato Pastes and Purées
Yeast-based Spreads
Other Sauces, Dressings and Condiments
Sauces, Dressings and Condiments
Source:
Passport
4.7
4.3
8.7
12.7
12.0
8.3
18.0
3.7
9.4
4.5
3.7
3.1
7.5
13.6
12.4
9.2
18.7
2.4
8.8
4.2
19.7
16.6
43.8
89.0
79.4
55.1
135.8
12.7
52.5
22.7
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 53
Forecast Sales of Sauces, Dressings and Condiments by Category: % Value
Growth 2019-2024
% constant value growth
Cooking Ingredients
- Bouillon
-- Gravy Cubes and Powders
-- Liquid Stocks and Fonds
-- Stock Cubes and Powders
- Dry Sauces
- Herbs and Spices
- Monosodium Glutamate
- Pasta Sauces
- Cooking Sauces
Dips
Pickled Products
Table Sauces
- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
- Other Table Sauces
Tomato Pastes and Purées
Yeast-based Spreads
Other Sauces, Dressings and Condiments
Sauces, Dressings and Condiments
Source:
2019/2020
2019-24 CAGR
2019/24 Total
5.0
10.6
10.6
13.0
7.5
-5.0
11.5
13.0
7.0
4.5
3.4
5.2
13.0
14.0
10.5
18.2
2.2
11.0
4.7
7.0
11.1
11.1
14.0
7.0
-2.9
12.4
15.0
8.0
4.0
2.7
4.5
14.0
14.6
11.4
18.9
1.3
10.0
5.1
40.4
69.6
69.6
92.5
40.5
-13.6
79.2
101.1
46.9
21.5
14.4
24.4
92.5
97.7
71.9
137.2
6.8
61.0
28.2
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
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46
PACKAGED FOOD IN VIETNAM
SOUP IN VIETNAM - CATEGORY
ANALYSIS
PROSPECTS
▪ Fresh soup is extremely popular in Vietnam, where it is widely available in foodservice outlets,
street vendors and in the country’s abundant noodle shops. Freshly prepared soup is also
easy to find in modern grocery channels such as supermarkets and hypermarkets and it can
be found in a variety of flavours appealing to regional tastes for affordable prices. While there
are a few packaged products on the market (such as Cau Tre Bun Bo Hue, a beef noodle
bowl), packaged soup distribution is very limited, and in any case Vietnamese prefer fresh
and original tastes more than packaged products. Thus, as a result of a lack of consumer
interest and the access to strong substitutes in the form of fresh soups, packaged soup
remained negligible in the country in 2019.
▪ Although packaged soup is expected to remain a negligible category over the forecast period,
sales and distribution could pick up as consumers become more aware of food safety and if
manufacturers invest heavily in marketing packaged soup to consumers. However,
consumers from different regions have different taste preferences. For example, in central
Vietnam they prefer spicy foods, in the north they like stronger flavours and in the south they
have a preference for sweet foods. Thus, manufacturers must be mindful of the different taste
preferences in Vietnam as demand for packaged soup is low and they may not have the
luxury of relying solely on demand from one region to keep their business afloat.
© Euromonitor International
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PACKAGED FOOD IN VIETNAM
SWEET SPREADS IN VIETNAM CATEGORY ANALYSIS
HEADLINES
▪ Value and volume sales of sweet spreads rise by 10% and 6% to reach VND251.1 billion and
1,900 tonnes in 2019
▪ Westernisation and younger consumers’ interest in trying new tastes and products continue
driving growth of jams and preserves
▪ Jams and spreads sees the highest value growth of 11% to reach VND131 billion in 2019
▪ Average unit price rises by 4%, slightly above inflation in 2019
▪ Golden Farm increases its lead over Angel Camacho Alimentacion with a 19% value share
▪ Value sales of sweet spreads are expected to rise at a current value CAGR of 13% (8% 2019
constant value CAGR) over the forecast period to reach VND252 billion in 2024
PROSPECTS
Westernisation Has the Strongest Influence on Growth of Jams and
Preserves, Which Continue To Be Used in A Variety of Ways
In 2019, the two largest sweet spreads categories, jams and preserves and honey, continued
to post the highest value growth, respectively. Honey continues to benefit from its widespread
traditional use and availability in both branded and unbranded versions, and jams and preserves
continues to benefit from offering a wide range of products responding to consumer demand
resulting from their exposure to Western culture, including Western food and consumption
patterns. More often than before, jams and preserves are not only consumed as a topping on
bread, but also are used in drinks and baked goods, which foodservice and bakery outlets have
been influential in popularising in terms of both usage and the flavours available. Over the
forecast period, all sweet spreads are expected to see double-digit current value CAGRs expect
for chocolate spreads, which is not traditionally consumed and has not gained as much traction
in the country.
Jams and preserves is set to see the highest growth as consumers – especially younger
consumers seeking new taste experiences – increasingly use the products in both traditional
and new ways inspired by westernisation. Moreover, Vietnam is home to numerous tropical
fruits, which provide an abundant supply of raw materials for domestic manufacturers such as
Golden Farm as well as others, and increased product availability is expected to boost demand
as well. To benefit from the great potential manufacturers are expected to focus harder on
communicating the various ways their products can be used in order to attract more consumers
and generate higher sales.
Young Consumers Are the Greatest Consumers of Sweet Spreads
Westernisation is the main growth driver for sweet spreads in Vietnam, as Western food of all
kinds has penetrated both the foodservice and retailing channels in the country, especially in the
urban areas and other parts of Vietnam that attract significant numbers of Western tourists.
Young Vietnamese consumers with modern attitudes and lifestyles are especially attracted to
© Euromonitor International
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PACKAGED FOOD IN VIETNAM
Western culture, as it promotes privacy and personal freedom. For this reason it is easier to
introduce new products to them, and thus young people are the greatest consumers of sweet
spreads in Vietnam. However, the Vietnamese in general associate Western culture with images
of developed countries, state-of-the-art technology and high standards of product quality.
Because they believe that Western packaged food is of high quality and can be assured of
being safe to eat, this too has contributed to the higher sales of sweet spreads – a trend that is
expected to continue.
Increased Exposure To Western Culture Through Travel and Easier
Entry for Imported Goods Also Boost Interest and Demand for Sweet
Spreads
Two other factors have been contributing to growth of sweet spreads in Vietnam, and these
are related to fact that the government and the people are more open to and connected with the
wider world. For instance, in terms of the people, today it is much easier for Vietnamese at all
income levels to travel abroad, which is another way that they learn more about Western food.
The novelty of it attracts them and urges them to spread word about the food to other
Vietnamese when they get home. Perhaps more significantly, in terms of the government, the
country has joined in many trade agreements that have made it easier for imported products to
enter the Vietnamese market. Moreover, those products are more price competitive within the
Vietnamese market thanks to agreements that have lowered import taxes. This last
development will undoubtedly invite more international players to introduce their sweet spreads
to Vietnam consumers over the forecast period.
COMPETITIVE LANDSCAPE
Golden Farm Surpasses Angel Camacho Alimentacion To Take the Lead
in Sweet Spreads
The domestic player Golden Farm surpassed the leading sweet spreads player Angel
Camacho Alimentacion in 2019 as the latter player lost value share in jams and spreads and in
honey to other competitors, whereas Golden Farm gained strength in jams and preserves and
nut- and seed-based spreads, both of which categories it continues to lead. As a domestic
manufacturer, Golden Farm has established a strong distribution network and is able to
reassure consumers about the quality of its products as well as offer more competitive prices
than imported spreads. As jams and preserves, the largest sweet spreads category, saw the
fastest growth over the year, Golden Farm was the biggest beneficiary.
Honey’s Fragmented Landscape Is Characterised by Many Unpackaged
and Unbranded Products and A Plethora of Small Local Brands and
Players
Honey has a very fragmented competitive landscape, characterised by many local brands and
a significant supply of unbranded honey. While the leading players Vietnam National Apiculture
and Bao Loc Bee Enterprise each hold double-digit value shares in the category, smaller
players listed under “others” accounted for more than half of the total sales in 2019. Depending
on channels and regions, there are different brands available on the market. For example,
imported brands are only seen in urban areas while unbranded honey is quite popular in
traditional grocery retailers across the country.
© Euromonitor International
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PACKAGED FOOD IN VIETNAM
Passport
Vietnamese consumers consider honey as a healthy food; moreover, they use honey for
medicine and/or for beauty care as well. Honey in unbranded and unpackaged form has long
been available on the market. Thus, consumers have an instilled habit of using their trusted
local brands (which are only distributed in particular regions/areas) or buy their honey from
trusted local sellers of unpackaged honey, whom they know well.
As consumers prefer natural food in general, they also favour natural honey, especially if they
believe that processed/packaged branded honey contains additives and preservatives. This is a
perception that cannot easily be overcome, unless packaged honey providers create
opportunities to communicate with consumers about food safety. Thus, honey that is said to be
taken from the jungles is preferred, regardless of whether it is branded or unbranded, packaged
or unpackaged.
in Lieu of More Active Marketing, Demand Depends on Expanding
Distribution
Across all categories in sweet spreads, players conduct little above-the-line marketing to
educate consumers about product benefits. Consumers may be aware of these kinds of
products, but they find it hard to recall a particular brand name. Lack of investment from players
in marketing also causes low consumption over the time, and lack of competition (players are
focused on small regional markets or just try to maintain their products’ visibility in the
distribution channels where they are already available) leads to limited innovation that could
attract consumers and increase demand. As marketing activities are limited, widening
distribution is the key to pushing sales on this industry. Manufacturers are encouraged to
develop the kind of distribution policies that are needed to gain retailers’ support and compete
with other brands on shelves. For example, Angel Camacho’s Fragata jams and preserves lost
value share to Golden Farm in 2019, a development that may partially be attributed to the fact
that Fragata is not widely seen in traditional grocery retailers, whereas Golden Farm’s peanut
spreads generate similar sales in both modern and traditional channels.
CATEGORY DATA
Table 54
Sales of Sweet Spreads by Category: Volume 2014-2019
tonnes
Honey
Chocolate Spreads
Jams and Preserves
Nut and Seed Based
Spreads
Sweet Spreads
Source:
2014
2015
2016
2017
2018
2019
677.4
63.7
617.2
90.9
711.3
65.0
656.7
96.1
743.3
66.3
694.8
101.3
774.5
67.5
736.5
107.0
809.4
68.6
784.3
113.2
849.9
69.5
839.2
120.2
1,449.2
1,529.1
1,605.7
1,685.5
1,775.5
1,878.8
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 55
Sales of Sweet Spreads by Category: Value 2014-2019
VND billion
Honey
© Euromonitor International
2014
2015
2016
2017
2018
2019
55.8
60.3
64.5
69.5
75.4
82.6
50
PACKAGED FOOD IN VIETNAM
Chocolate Spreads
Jams and Preserves
Nut and Seed Based
Spreads
Sweet Spreads
Source:
Passport
13.6
88.1
13.0
14.6
94.5
13.9
15.6
101.2
14.8
16.6
109.0
15.8
17.7
118.9
17.0
18.7
131.3
18.5
170.5
183.3
196.0
211.0
228.9
251.1
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 56
Sales of Sweet Spreads by Category: % Volume Growth 2014-2019
% volume growth
Honey
Chocolate Spreads
Jams and Preserves
Nut and Seed Based Spreads
Sweet Spreads
Source:
2018/19
2014-19 CAGR
2014/19 Total
5.0
1.3
7.0
6.2
5.8
4.6
1.8
6.3
5.7
5.3
25.5
9.1
36.0
32.2
29.6
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 57
Sales of Sweet Spreads by Category: % Value Growth 2014-2019
% current value growth
Honey
Chocolate Spreads
Jams and Preserves
Nut and Seed Based Spreads
Sweet Spreads
Source:
2018/19
2014-19 CAGR
2014/19 Total
9.5
5.5
10.5
9.0
9.7
8.2
6.5
8.3
7.3
8.0
48.0
37.1
49.1
42.5
47.3
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 58
Sales of Jams and Preserves by Leading Flavours: Rankings 2014-2019
ranking
Strawberry
Orange
Pineapple
Blueberry
Raspberry
Apricot
Lemon
Mixed Fruits
Source:
Table 59
2014
2015
2016
2017
2018
2019
1
2
6
8
3
4
7
5
1
2
6
8
4
5
7
3
1
2
6
8
4
5
7
3
1
2
6
8
4
5
7
3
1
2
3
5
4
6
7
8
1
2
3
4
5
6
7
8
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
NBO Company Shares of Sweet Spreads: % Value 2015-2019
% retail value rsp
© Euromonitor International
51
PACKAGED FOOD IN VIETNAM
Passport
Company
2015
2016
2017
2018
2019
Golden Farm Co Ltd
Angel Camacho
Alimentacion SL
Vietnam National
Apiculture JSC
Bowman Andros Products
LLC
Bao Loc Bee Enterprise
Ferrero SpA
Crown Confectionery Co
Ltd
Phuong Nam Co Ltd
Diemen Holland
Dan On Food Co Ltd
Krüger GmbH & Co KG
Others
Total
15.6
18.3
16.5
18.3
17.5
18.4
18.3
18.3
19.1
18.2
5.4
5.8
6.0
6.2
6.2
4.5
4.5
4.5
4.5
4.5
4.6
3.5
2.4
4.7
3.6
2.0
4.8
3.8
1.7
4.7
3.9
1.4
4.5
4.0
1.2
3.3
2.9
0.5
0.8
38.2
100.0
2.8
2.2
0.5
0.7
38.4
100.0
2.2
1.8
0.5
0.6
38.3
100.0
1.7
1.4
0.5
0.4
38.7
100.0
1.2
1.0
0.5
0.3
39.2
100.0
Source:
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 60
LBN Brand Shares of Sweet Spreads: % Value 2016-2019
% retail value rsp
Brand (GBO)
Golden Farm
Fragata
Vinabee (Vietnam
National Apiculture
Corp)
Bonne Maman (Andros
SAS)
Bao Loc
Nutella (Ferrero &
related parties)
Crown
Phuong Nam
Queens Garden
Dan D-Pak (Dan-D
Foods Ltd)
Pasta Nussa
Others
Total
Source:
Table 61
Company (NBO)
2016
2017
2018
2019
Golden Farm Co Ltd
Angel Camacho
Alimentacion SL
Vietnam National
Apiculture JSC
16.5
18.3
17.5
18.4
18.3
18.3
19.1
18.2
5.8
6.0
6.2
6.2
Bowman Andros Products
LLC
Bao Loc Bee Enterprise
Ferrero SpA
4.5
4.5
4.5
4.5
4.7
3.6
4.8
3.8
4.7
3.9
4.5
4.0
Crown Confectionery Co Ltd
Phuong Nam Co Ltd
Diemen Holland
Dan On Food Co Ltd
2.0
2.8
2.2
0.5
1.7
2.2
1.8
0.5
1.4
1.7
1.4
0.5
1.2
1.2
1.0
0.5
0.7
38.4
100.0
0.6
38.3
100.0
0.4
38.7
100.0
0.3
39.2
100.0
Krüger GmbH & Co KG
Others
Total
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Distribution of Sweet Spreads by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
© Euromonitor International
2014
2015
2016
2017
2018
2019
100.0
100.0
27.9
100.0
100.0
28.4
100.0
100.0
29.0
100.0
100.0
29.7
100.0
100.0
30.5
100.0
100.0
31.1
52
PACKAGED FOOD IN VIETNAM
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
Passport
1.4
6.0
20.5
72.1
1.6
6.2
20.7
71.6
1.6
6.4
21.0
71.0
1.8
6.7
21.2
70.3
2.0
6.8
21.7
69.5
2.2
7.0
21.9
68.9
-
-
-
-
-
-
69.1
68.6
68.2
67.6
66.9
66.3
3.0
3.0
2.8
2.7
2.6
2.6
-
-
-
-
-
-
-
-
-
-
-
-
100.0
100.0
100.0
100.0
100.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 62
Forecast Sales of Sweet Spreads by Category: Volume 2019-2024
tonnes
Honey
Chocolate Spreads
Jams and Preserves
Nut and Seed Based
Spreads
Sweet Spreads
Source:
2019
2020
2021
2022
2023
2024
849.9
69.5
839.2
120.2
900.0
70.3
902.2
128.1
956.1
70.9
974.4
137.1
1,019.6
71.5
1,057.2
147.2
1,091.9
72.0
1,152.3
158.7
1,174.3
72.4
1,261.8
171.7
1,878.8
2,000.5
2,138.5
2,295.5
2,474.9
2,680.2
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 63
Forecast Sales of Sweet Spreads by Category: Value 2019-2024
VND billion
Honey
Chocolate Spreads
Jams and Preserves
Nut and Seed Based
Spreads
Sweet Spreads
Source:
2019
2020
2021
2022
2023
2024
82.6
18.7
131.3
18.5
88.1
19.0
141.6
19.6
94.1
19.4
153.6
20.9
100.8
19.7
167.7
22.4
108.1
20.0
184.5
24.0
116.3
20.2
204.3
26.0
251.1
268.3
288.0
310.5
336.6
366.7
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
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PACKAGED FOOD IN VIETNAM
Table 64
Passport
Forecast Sales of Sweet Spreads by Category: % Volume Growth 2019-2024
% volume growth
Honey
Chocolate Spreads
Jams and Preserves
Nut and Seed Based Spreads
Sweet Spreads
Source:
Table 65
2019/20
2019-24 CAGR
2019/24 Total
5.9
1.1
7.5
6.6
6.5
6.7
0.8
8.5
7.4
7.4
38.2
4.2
50.3
42.9
42.7
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Forecast Sales of Sweet Spreads by Category: % Value Growth 2019-2024
% constant value growth
Honey
Chocolate Spreads
Jams and Preserves
Nut and Seed Based Spreads
Sweet Spreads
Source:
2019/2020
2019-24 CAGR
2019/24 Total
6.7
2.0
7.8
6.0
6.9
7.1
1.6
9.2
7.0
7.9
40.8
8.3
55.5
40.2
46.0
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
54
PACKAGED FOOD IN VIETNAM
BABY FOOD IN VIETNAM CATEGORY ANALYSIS
HEADLINES
▪ Retail value and volume sales rise by 4% and 3%, respectively to reach VND34.8 trillion and
116,200 tonnes in 2019
▪ Changing consumer habits are having a dampening effect not just on milk formula but on all
categories of baby food, but packaged porridge performs exceptionally well
▪ Prepared baby food sees the highest value growth with sales reach VND336.9 billion in 2019
▪ Average unit price rises by 1% in 2019
▪ Vietnam Dairy Products (Vinamilk) maintains its lead in baby food with a 29% value share
▪ Baby food sales are set to increase at a current value CAGR of 5% (and a marginally positive
2019 constant value CAGR) over the forecast period to reach VD43.5 trillion in 2024
PROSPECTS
Changing Consumer Habits Have A Dampening Effect on All Baby Food
Categories
Consumer habits with regards to baby food continue to change in Vietnam. Aside from
government regulations that prevent advertising of products targeting babies less than two years
old, the years of campaigning by the government and allied groups in favour of breastfeeding
has had a profound effect, as nursing mothers increasingly believe that breastmilk is better for
their babies than other alternatives. In keeping with this trend, there are many groups on social
networks where mothers share information and their experiences with breastfeeding their babies
as well as Facebook groups, for example, where members can arrange to share breastmilk with
new mothers that do not have sufficient breastmilk to feed their babies; at least one of those
groups is located in Ho Chi Minh City. Another notable change in consumer habits has been the
increasing popularity of using fresh milk or shelf-stable milk as occasional substitutes for all
kinds of baby food: In Vietnamese consumers’ minds, fresh milk is more natural than milk
formula or packaged baby food and they prefer to feed their babies food that is “less processed”
than conventional baby food. Furthermore, many busy Vietnamese mothers prefer the
convenience of using fresh milk and shelf-stable milk as it can be instantly prepared, can be
used by the whole family and has the widest distribution. As a result of these trends, value
growth will be lower in all categories of baby food over the forecast period than it was between
2014 and 2019, and the value CAGR of milk formula is expected to see the steepest drop.
Advertising Restrictions Move Manufacturers To Try New Strategies
Since the Vietnamese government requires a clear message to appear on all baby food
packaging in television commercials that reads “Breast milk is the best food for babies’
development”, and in view of its other advertising restrictions, manufacturers of milk formula and
other baby food have had to develop new growth strategies. As a result of the change in focus,
growing-up formula was the only milk formula category that saw positive value growth in 2019.
This is because the main, and essential strategy has been to focus on developing and
© Euromonitor International
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PACKAGED FOOD IN VIETNAM
promoting products aimed at 2- to 4-year-olds, with a secondary goal of keeping their brands in
consumers’ minds. In keeping with this strategy the leading baby food player Vinamilk, for
example, introduced Dielac Alpha with a 3-in-1 nutritional formula that claims to provide
essential nutrients to support brain development, weight gain and height growth, along with
enhancing the child’s immune system. FrieslandCampina introduced Friso Gold Stage 5,
targeting children aged four and older, which emphasises the same benefits. Over the forecast
period, the competition from breastmilk is expected to continue, and it will be difficult for milk
formula to compete directly as a product substitute, as consumers become increasingly
educated, wealthy and aware about health and wellness. Thus, manufacturers are expected to
monitor the perception of milk formula amongst consumers very closely, and will likely be
releasing milk formula that is complimentary to breastmilk in order to suit the needs of
Vietnamese mothers.
Packaged Fresh Porridge Gains More Traction Within Prepared Baby
Food Every Year
Porridge is a very common food in Vietnam. Its presence is ubiquitous in Vietnamese homes,
where it appears in many dishes that are considered nutritious and easy to digest, such as
oyster porridge (cháo hàu), carp porridge (cháo cá chép) and eel porridge (cháo luon).
Vietnamese mothers have traditionally fed porridge to their babies. Porridge is normally cooked
at home or supplied by porridge outlets, which do not just consist of small independent outlets
but now comprise large chained stores such as the Cay Thi branded stores, with 128 franchised
outlets, and the Ngonmely chain with 80 franchised outlets. Yet, however accessible porridge
prepared in outlets may be, it is not convenient enough for busy mothers or available
everywhere or always conducive to taking anywhere. The innovation in new fresh porridge
packaging, pioneered in Vietnam by Saigon Foods with its SG food brand, has made packaged
fresh porridge available to Vietnamese consumers since early in the review period and the
product has gained sales traction annually ever since. Amongst the available brands in the
country, besides SG food, are Cay Thi, Shimaya and Picnic Baby, with the latter imported
brands being the most expensive. Prospects for growth of packaged porridge over the forecast
period appear to be very bright.
COMPETITIVE LANDSCAPE
Saigon Food Gains Value Share on the Strength of Its Pioneer
Packaged Porridge
In prepared baby food, Saigon Food’s SG food brand ranked second on the strength of its
packaged porridge products. In 2019 it gained two percentage points in value share and it was
the only player in prepared baby food to gain value share within the category over the year.
Saigon Foods is not a direct competitor to major players like Hipp, the leading player in this
category, or Kraft Heinz, which is ranked third, because Vietnamese consumers consider
porridge as a daily food while Hipp and Heinz prepared baby food products are positioned as
nutritious supplements to the daily baby diet. SG food porridge is widely available in retail
channels across the country, and it differs from existing domestic porridges on the market,
which are cooked at the outlet and sold to consumers in a particular area. Outside of SG food’s
porridge, most porridge products are imported ones, such as Shimaya and Picnic Baby
Porridge, but they come with much higher prices. For instance, Picnic Baby porridges cost from
VND49,000-59,000 and Shimaya’s line of porridges cost VND72,000. A more affordable Cay Thi
© Euromonitor International
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PACKAGED FOOD IN VIETNAM
Passport
brand was launched in Vietnam in July 2018, but it does not have the advantage that SG food
has for being the pioneer the packaged porridge category.
Given Lack of Innovation and Investment Resulting From Slower
Growth and Less Revenue
The strict governmental control on advertising combined with ongoing efforts to promote
breastfeeding over milk formula has limited innovation and new product development in
Vietnam. In the under-2-year-old segment, it is difficult to see any outstanding recent innovation.
Growing-up milk formula was the only milk formula that did not suffer sales decline in 2019, as
mothers were choosing breastmilk and fresh milk/shelf-stable milk for their babies rather than
milk formula. While growth of prepared baby food, dried baby food and “other” baby food
remained strong; it also slowed down. In other words, changes in consumer behaviour are
causing the market size to shrink, and that is making competition tougher: Meanwhile, surviving
brands have to fight for their share of the smaller market size. In all, manufacturers’ prospects
for success in milk formula are less than optimal, given the lack of innovation and limited
marketing activities. Both of these factors are expected to prevail, not only because of the
government regulations but also to a reduction in investment, as revenue in general continues to
go down.
While Organic and Free From Products Are Available, Mothers Prefer Ff
Baby Food
Some organic baby food is available on the Vietnamese market, but its presence is still
negligible. Amongst the products on offer in this category are organic Hipp Dutch Stage 1 (0-6
months) Combiotic milk formula and organic multigrain cereal with apples and oats, Rafferty's
Garden organic banana porridge and baby rice cereal, Bellamy's organic Toddler Milk Drink and
Baby's Only organic whey and dairy formula. However, distribution of organic baby foods is
limited in the country; they are available in only a few stores in major cities or through online
retailing only. FF baby food is more popular, as Vietnamese mothers prefer plump babies and
prioritise the physical development of their babies above all. Thus, they prefer FF baby food with
clear claims of added benefits over other health and wellness products like free from and
organic.
CATEGORY DATA
Table 66
Sales of Baby Food by Category: Volume 2014-2019
'000 tonnes
Dried Baby Food
Prepared Baby Food
Other Baby Food
Milk Formula
- Standard Milk Formula
-- Liquid Standard Milk
Formula
-- Powder Standard Milk
Formula
- Follow-on Milk Formula
-- Liquid Follow-on
Milk Formula
© Euromonitor International
2014
2015
2016
2017
2018
2019
12.5
0.4
0.0
78.1
7.0
-
13.5
0.5
0.0
86.8
7.1
-
14.5
0.6
0.0
93.6
7.1
-
15.6
0.7
0.0
98.8
7.0
-
16.7
0.7
0.0
102.9
6.9
-
17.8
0.8
0.0
105.1
6.7
-
7.0
7.1
7.1
7.0
6.9
6.7
13.0
-
13.0
-
13.0
-
13.0
-
12.9
-
12.6
-
57
PACKAGED FOOD IN VIETNAM
-- Powder Follow-on
Milk Formula
- Growing-Up Milk Formula
-- Liquid Growing-Up
Milk Formula
-- Powder Growing-Up
Milk Formula
- Special Baby Milk
Formula
-- Liquid Special Baby
Milk Formula
-- Powder Special Baby
Milk Formula
Baby Food
Source:
Passport
13.0
13.0
13.0
13.0
12.9
12.6
58.1
3.1
66.7
7.0
73.5
10.4
78.8
11.8
83.1
13.2
85.8
14.5
55.0
59.6
63.1
67.0
69.9
71.3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
91.0
100.8
108.7
115.1
120.3
123.8
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 67
Sales of Baby Food by Category: Value 2014-2019
VND billion
Dried Baby Food
Prepared Baby Food
Other Baby Food
Milk Formula
- Standard Milk Formula
-- Liquid Standard Milk
Formula
-- Powder Standard Milk
Formula
- Follow-on Milk Formula
-- Liquid Follow-on
Milk Formula
-- Powder Follow-on
Milk Formula
- Growing-Up Milk Formula
-- Liquid Growing-Up
Milk Formula
-- Powder Growing-Up
Milk Formula
- Special Baby Milk
Formula
-- Liquid Special Baby
Milk Formula
-- Powder Special Baby
Milk Formula
Baby Food
Source:
Table 68
2014
2015
2016
2017
2018
2019
3,180.2
123.8
5.8
25,937.2
2,588.3
-
3,641.3
160.4
6.5
27,386.9
2,542.4
-
4,023.7
196.9
7.3
28,894.7
2,532.2
-
4,486.4
237.2
8.2
30,059.7
2,558.4
-
4,935.0
285.8
9.2
31,126.7
2,531.1
-
5,379.2
336.9
10.2
31,942.6
2,477.0
-
2,588.3
2,542.4
2,532.2
2,558.4
2,531.1
2,477.0
4,041.4
-
4,007.3
-
4,019.5
-
4,040.7
-
4,025.7
-
3,985.5
-
4,041.4
4,007.3
4,019.5
4,040.7
4,025.7
3,985.5
19,307.4
552.2
20,837.2
1,270.1
22,343.0
1,905.1
23,460.6
2,190.9
24,569.9
2,475.7
25,480.2
2,748.0
18,755.2
19,567.1
20,437.9
21,269.8
22,094.2
22,732.2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,246.9
31,195.1
33,122.6
34,791.5
36,356.7
37,669.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Sales of Baby Food by Category: % Volume Growth 2014-2019
% volume growth
Dried Baby Food
© Euromonitor International
2018/19
2014-19 CAGR
2014/19 Total
6.5
7.4
42.8
58
PACKAGED FOOD IN VIETNAM
Passport
Prepared Baby Food
Other Baby Food
Milk Formula
- Standard Milk Formula
-- Liquid Standard Milk Formula
-- Powder Standard Milk Formula
- Follow-on Milk Formula
-- Liquid Follow-on Milk Formula
-- Powder Follow-on Milk Formula
- Growing-Up Milk Formula
-- Liquid Growing-Up Milk Formula
-- Powder Growing-Up Milk Formula
- Special Baby Milk Formula
-- Liquid Special Baby Milk Formula
-- Powder Special Baby Milk Formula
Baby Food
Source:
Table 69
9.7
6.3
2.2
-3.1
-3.1
-2.0
-2.0
3.3
10.0
2.0
2.8
14.4
7.0
6.1
-0.9
-0.9
-0.6
-0.6
8.1
36.3
5.3
6.3
96.3
40.1
34.5
-4.6
-4.6
-3.1
-3.1
47.7
370.7
29.5
35.9
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Sales of Baby Food by Category: % Value Growth 2014-2019
% current value growth
Dried Baby Food
Prepared Baby Food
Other Baby Food
Milk Formula
- Standard Milk Formula
-- Liquid Standard Milk Formula
-- Powder Standard Milk Formula
- Follow-on Milk Formula
-- Liquid Follow-on Milk Formula
-- Powder Follow-on Milk Formula
- Growing-Up Milk Formula
-- Liquid Growing-Up Milk Formula
-- Powder Growing-Up Milk Formula
- Special Baby Milk Formula
-- Liquid Special Baby Milk Formula
-- Powder Special Baby Milk Formula
Baby Food
Source:
Table 70
2018/19
2014-19 CAGR
2014/19 Total
9.0
17.9
11.0
2.6
-2.1
-2.1
-1.0
-1.0
3.7
11.0
2.9
3.6
11.1
22.2
12.1
4.3
-0.9
-0.9
-0.3
-0.3
5.7
37.8
3.9
5.2
69.1
172.2
76.8
23.2
-4.3
-4.3
-1.4
-1.4
32.0
397.6
21.2
28.8
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
NBO Company Shares of Baby Food: % Value 2015-2019
% retail value rsp
Company
Vietnam Dairy Products
JSC (Vinamilk)
Nutifood Nutrition Food
JSC
Abbott Vietnam Co Ltd
FrieslandCampina
Vietnam Co Ltd
Mead Johnson Nutrition
© Euromonitor International
2015
2016
2017
2018
2019
24.8
25.2
26.2
26.5
26.9
17.4
17.8
18.3
18.5
18.6
15.8
11.7
16.2
11.4
16.7
11.5
16.8
11.3
16.8
11.1
10.5
10.1
10.0
9.7
9.3
59
PACKAGED FOOD IN VIETNAM
Passport
(Vietnam) Co Ltd
Nestlé Vietnam Ltd
Hipp GmbH & Co Vertrieb
KG
Meiji Holdings Co Ltd
Glico Dairy Products Co
Ltd
Saigon Foods Co
Danone Dumex Vietnam Co
Ltd
Kolinska dd
Others
Total
Source:
8.0
1.2
8.0
1.3
8.2
1.4
8.2
1.5
8.3
1.6
1.1
0.6
1.1
0.7
1.1
0.8
1.1
0.9
1.1
0.9
0.1
2.8
0.1
2.1
0.2
-
0.3
-
0.3
-
5.9
100.0
6.0
100.0
5.6
100.0
5.3
100.0
5.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 71
LBN Brand Shares of Baby Food: % Value 2016-2019
% retail value rsp
Brand (GBO)
Dielac
GrowPLUS+
Similac (Abbott
Laboratories Inc)
Friso (Royal
FrieslandCampina NV)
Ridielac
PediaSure (Abbott
Laboratories Inc)
Enfagrow (Reckitt
Benckiser Group Plc
(RB))
Nan (Nestlé SA)
Cerelac (Nestlé SA)
Grow (Abbott
Laboratories Inc)
Dutch Lady (Royal
FrieslandCampina NV)
Enfa (Reckitt
Benckiser Group Plc
(RB))
Nuti
Hipp
Meiji
Icreo (Ezaki Glico
Co Ltd)
Lactogen (Nestlé SA)
SG food
Dutch Baby (Royal
FrieslandCampina NV)
Enfagrow (Mead
Johnson Nutrition Co)
Enfa (Mead Johnson
Nutrition Co)
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Vietnam Dairy Products
JSC (Vinamilk)
Nutifood Nutrition Food
JSC
Abbott Vietnam Co Ltd
19.9
20.5
20.6
20.6
10.8
11.2
11.4
11.5
7.4
7.6
7.7
7.7
FrieslandCampina
Vietnam Co Ltd
Vietnam Dairy Products
JSC (Vinamilk)
Abbott Vietnam Co Ltd
7.6
7.7
7.6
7.5
5.3
5.6
5.9
6.3
5.4
5.5
5.6
5.6
Mead Johnson Nutrition
(Vietnam) Co Ltd
-
4.7
4.5
4.3
Nestlé Vietnam Ltd
Nestlé Vietnam Ltd
Abbott Vietnam Co Ltd
4.1
3.2
3.4
4.1
3.4
3.5
4.0
3.6
3.5
3.9
3.7
3.5
FrieslandCampina
Vietnam Co Ltd
Mead Johnson Nutrition
(Vietnam) Co Ltd
3.6
3.6
3.6
3.5
-
2.6
2.4
2.3
Nutifood Nutrition Food
JSC
Hipp GmbH & Co Vertrieb KG
Meiji Holdings Co Ltd
Glico Dairy Products Co
Ltd
Nestlé Vietnam Ltd
Saigon Foods Co
FrieslandCampina
Vietnam Co Ltd
Mead Johnson Nutrition
(Vietnam) Co Ltd
Mead Johnson Nutrition
(Vietnam) Co Ltd
1.7
1.8
1.9
2.0
1.3
1.1
0.7
1.4
1.1
0.8
1.5
1.1
0.9
1.6
1.1
0.9
0.6
0.1
0.1
0.6
0.2
0.1
0.6
0.3
0.1
0.6
0.3
0.1
4.7
-
-
-
2.7
-
-
-
60
PACKAGED FOOD IN VIETNAM
Dumex (Danone,
Groupe)
Gain (Abbott
Laboratories Inc)
Bebi (Atlantic
Grupa dd)
Nestlé Gau (Nestlé
SA)
Others
Total
Source:
Passport
Danone Dumex Vietnam Co
Ltd
Abbott Vietnam Co Ltd
2.1
-
-
-
-
-
-
-
Kolinska dd
-
-
-
-
Nestlé Vietnam Ltd
-
-
-
-
14.0
100.0
13.7
100.0
13.2
100.0
12.9
100.0
Others
Total
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 72
Distribution of Baby Food by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
100.0
60.5
20.7
100.0
60.8
21.3
100.0
60.2
21.7
100.0
59.6
22.0
99.9
60.5
22.5
99.8
61.6
23.2
0.2
8.1
12.4
39.8
0.2
8.3
12.8
39.5
0.3
8.4
13.1
38.4
0.4
8.5
13.1
37.6
0.4
8.6
13.5
38.0
0.4
8.8
14.0
38.4
-
-
-
-
-
-
39.8
39.5
38.4
37.6
38.0
38.4
-
-
-
-
-
-
39.5
6.0
39.2
5.4
39.8
4.8
40.4
4.6
39.4
3.5
38.2
3.3
33.5
33.8
35.0
35.8
35.9
34.9
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.1
0.1
100.0
0.2
0.2
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 73
Forecast Sales of Baby Food by Category: Volume 2019-2024
'000 tonnes
Dried Baby Food
Prepared Baby Food
© Euromonitor International
2019
2020
2021
2022
2023
2024
17.8
0.8
18.9
0.9
19.9
0.9
20.9
1.0
21.8
1.1
22.7
1.2
61
PACKAGED FOOD IN VIETNAM
Other Baby Food
Milk Formula
- Standard Milk Formula
-- Liquid Standard Milk
Formula
-- Powder Standard Milk
Formula
- Follow-on Milk Formula
-- Liquid Follow-on
Milk Formula
-- Powder Follow-on
Milk Formula
- Growing-Up Milk Formula
-- Liquid Growing-Up
Milk Formula
-- Powder Growing-Up
Milk Formula
- Special Baby Milk
Formula
-- Liquid Special Baby
Milk Formula
-- Powder Special Baby
Milk Formula
Baby Food
Source:
Passport
0.0
105.1
6.7
-
0.0
109.0
6.4
-
0.0
113.5
6.1
-
0.0
117.7
5.7
-
0.0
121.6
5.3
-
0.0
121.8
4.9
-
6.7
6.4
6.1
5.7
5.3
4.9
12.6
-
12.2
-
11.8
-
11.2
-
10.6
-
9.9
-
12.6
12.2
11.8
11.2
10.6
9.9
85.8
14.5
90.3
15.9
95.7
17.1
100.7
18.3
105.7
19.4
106.9
20.4
71.3
74.5
78.6
82.4
86.2
86.5
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
123.8
128.7
134.4
139.7
144.6
145.7
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 74
Forecast Sales of Baby Food by Category: Value 2019-2024
VND billion
Dried Baby Food
Prepared Baby Food
Other Baby Food
Milk Formula
- Standard Milk Formula
-- Liquid Standard Milk
Formula
-- Powder Standard Milk
Formula
- Follow-on Milk Formula
-- Liquid Follow-on
Milk Formula
-- Powder Follow-on
Milk Formula
- Growing-Up Milk Formula
-- Liquid Growing-Up
Milk Formula
-- Powder Growing-Up
Milk Formula
- Special Baby Milk
Formula
-- Liquid Special Baby
Milk Formula
-- Powder Special Baby
Milk Formula
Baby Food
© Euromonitor International
2019
2020
2021
2022
2023
2024
5,379.2
336.9
10.2
31,942.6
2,477.0
-
5,669.7
384.1
10.9
31,917.8
2,340.8
-
5,970.2
437.1
11.6
31,665.3
2,200.3
-
6,280.6
496.6
12.3
31,371.1
2,057.3
-
6,600.9
563.1
13.0
31,037.2
1,913.3
-
6,931.0
637.4
13.6
30,684.9
1,769.8
-
2,477.0
2,340.8
2,200.3
2,057.3
1,913.3
1,769.8
3,985.5
-
3,806.1
-
3,626.6
-
3,444.9
-
3,260.7
-
3,060.8
-
3,985.5
3,806.1
3,626.6
3,444.9
3,260.7
3,060.8
25,480.2
2,748.0
25,770.9
2,940.3
25,838.4
3,140.3
25,868.9
3,347.5
25,863.2
3,561.8
25,854.3
3,782.6
22,732.2
22,830.6
22,698.1
22,521.3
22,301.4
22,071.7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
37,669.0
37,982.5
38,084.2
38,160.5
38,214.2
38,267.0
62
PACKAGED FOOD IN VIETNAM
Source:
Table 75
Passport
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Forecast Sales of Baby Food by Category: % Volume Growth 2019-2024
% volume growth
Dried Baby Food
Prepared Baby Food
Other Baby Food
Milk Formula
- Standard Milk Formula
-- Liquid Standard Milk Formula
-- Powder Standard Milk Formula
- Follow-on Milk Formula
-- Liquid Follow-on Milk Formula
-- Powder Follow-on Milk Formula
- Growing-Up Milk Formula
-- Liquid Growing-Up Milk Formula
-- Powder Growing-Up Milk Formula
- Special Baby Milk Formula
-- Liquid Special Baby Milk Formula
-- Powder Special Baby Milk Formula
Baby Food
Source:
Table 76
2019/20
2019-24 CAGR
2019/24 Total
6.0
9.4
5.9
3.7
-4.0
-4.0
-3.0
-3.0
5.2
9.0
4.5
4.0
5.0
8.8
5.1
3.0
-6.0
-6.0
-4.6
-4.6
4.5
7.0
3.9
3.3
27.6
52.5
28.5
15.8
-26.7
-26.7
-21.2
-21.2
24.6
40.2
21.4
17.8
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Forecast Sales of Baby Food by Category: % Value Growth 2019-2024
% constant value growth
Dried Baby Food
Prepared Baby Food
Other Baby Food
Milk Formula
- Standard Milk Formula
-- Liquid Standard Milk Formula
-- Powder Standard Milk Formula
- Follow-on Milk Formula
-- Liquid Follow-on Milk Formula
-- Powder Follow-on Milk Formula
- Growing-Up Milk Formula
-- Liquid Growing-Up Milk Formula
-- Powder Growing-Up Milk Formula
- Special Baby Milk Formula
-- Liquid Special Baby Milk Formula
-- Powder Special Baby Milk Formula
Baby Food
Source:
2019/2020
2019-24 CAGR
2019/24 Total
5.4
14.0
7.0
-0.1
-5.5
-5.5
-4.5
-4.5
1.1
7.0
0.4
0.8
5.2
13.6
6.0
-0.8
-6.5
-6.5
-5.1
-5.1
0.3
6.6
-0.6
0.3
28.8
89.2
33.8
-3.9
-28.6
-28.6
-23.2
-23.2
1.5
37.7
-2.9
1.6
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
63
PACKAGED FOOD IN VIETNAM
BUTTER AND SPREADS IN VIETNAM CATEGORY ANALYSIS
HEADLINES
▪ Retail value and volume sales of butter and spreads rise by 11% and 9%, respectively to
reach VND863.3 billion and 5,200 tonnes in 2019
▪ Proliferating bakery chains and interest in baking at home boosts demand, especially for
butter
▪ Butter sees the highest value growth of 13% to reach VND267.3 billion
▪ Average unit price of butter and spreads rises by 5% in 2019
▪ Major margarine player Tuong An Vegetable Oil (Kido Group) dominates the category with a
52% value share
▪ Butter and spreads is expected to register a current value CAGR of 13% (8% 2019 constant
value CAGR) over the forecast period to reach VND1.6 trillion in 2024
PROSPECTS
Proliferating Use of Butter and Spreads in Foodservice Outlets Serving
Western Food Continues To Boost Both Volume and Value Sales
Due to the government’s open stance, Western culture and related products have become
increasingly popular in Vietnam, and as a result so has the use of use of butter and spreads.
Butter and spreads are not traditional food in Vietnam. However, as the Vietnamese economy
grew strongly over the review period, people had more occasions to eat out (for both business
and personal purposes), and many of them gravitated towards restaurants featuring Western
food. As a result of this trend, which continues in the country, consumers have become more
familiar with such Western foods as baguettes and burgers, and as restaurants and other
foodservice outlets featuring Western food have proliferated, so has the demand for butter and
spreads, which are widely used in Western food. This demand has increased in both
foodservice and retail. Thus, whereas over the review period total volume sales and retail value
sales posted double-digit CAGRs in Vietnam, their CAGRs over the forecast period are
expected to be even higher.
Butter Benefits From Growing Trend of Baking Cakes at Home To Share
With Others
Baked food became increasingly popular in Vietnam over the review period, and consequently
bakery chains have been rapidly developing in the country. Amongst these are Tour les Jour, an
Asian-French bakery franchise founded in South Korea; BreadTalk, a Singaporean bakery,
restaurant and food atrium; and ABC Bakery (short for Asia Bakery & Confectionery), a homegrown bakery chain headquartered in Ho Chi Minh City. All three of these chains have
numerous outlets throughout Vietnam. Moreover, there is a growing baking trend amongst
young adults, especially young office workers. Many are enjoying learning cake recipes, baking
their own cakes at home and sharing the results with others. As demand for baked products in
foodservice increases and the trend towards home baking becomes established, demand for
© Euromonitor International
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PACKAGED FOOD IN VIETNAM
butter and spreads, and especially for butter, is expected to increase as well. Indeed, total
volume and retail value sales of butter are expected to post higher CAGRs than margarine and
spreads, which is also expected to perform significantly well over the forecast period.
Growth of Butter Remains Contingent on Intensified Promotion
Even though butter is expected to see a positive performance over the forecast period, as
Western culture becomes more integrated with Vietnamese culture and consumers experience
the pleasure of baking and cooking with butter at home, the rate at which butter will grow will still
depend on how well manufacturers are able to collectively tackle a certain Vietnamese mindset
regarding Western culture and the lack of knowledge about the various uses and benefits of
using butter. Because there is an inherent lack of connection between butter and traditional
Vietnamese food, the application of butter, as well as potential consumption occasions, is still
relatively underdeveloped. Unless manufacturers pursue a promotional strategy specifically
aimed at creating more interest and demand amongst the wider community, the availability of
butter will remain limited to modern retail outlets in key cities and Western foodservice outlets.
COMPETITIVE LANDSCAPE
With Wide Brand Awareness and Little Competition, Tuong An Holds
Value Share Within Margarine and Spreads
Tuong An Vegetable Oil’s Tuong An brand dominates sales of margarine and spreads in
Vietnam. Tuong An’s strength lies in the company’s wide, well-maintained distribution network
nationwide and strong consumer awareness of its products, such as Tuong An margarine in an
80g box, which sells for VND5,800. Although margarine is far more widely consumed in Vietnam
than butter, its use had not been traditional in Vietnam and occasions to use it are relatively
limited in the country. While it is commonly used as a spread on bread, it is mostly used for
sautéing and frying, such as to fry beef or chicken or to sauté prawns). Thus, the market for
margarine in Vietnam is not attractive enough to bring more competitors to Tuong An. Cai Lan
Oils & Fats Industries, which focuses on vegetable oil, shortening and frying fats is its only
substantial competitor, and its value share remains at a distance behind that of the leader.
Due To Insufficient Marketing, Many Consumers Lack Incentive To Give
Butter A Try
Two major multinational companies, Groupe Lactalis and Fonterra Brands (Vietnam) with
Président and Anchor brands, respectively, dominate retail values sales of butter and have been
generating strong value growth in Vietnam; however, the volume growth of butter has remained
relatively stable. This is largely due to a lack of marketing activity to raise consumer awareness
of butter in the country. People know that butter is put to good use as a spread with bread and
as an important ingredient used in cakes, pastries and other baked goods, for example.
However, they have long used margarine and other spreads as satisfactory alternatives to butter
for these purposes. For instance, consumers are perfectly happy to spread margarine on their
bánh mì (Vietnamese baguette) instead of butter. Most Vietnamese do not see a difference, in
terms of nutrition or in the taste, between butter and other alternatives and are thus insufficiently
motivated to give butter a try. Thus, unless the major players engage in further marketing
activities to create more demand, the current growth trend is unlikely to significantly change.
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PACKAGED FOOD IN VIETNAM
Passport
Foodservice Channel Continues To Account for Most Sales of Butter
The foodservice channel remains the key channel for butter in Vietnam. Currently, butter is
now quite popular in restaurants and bakeries, which were the first to introduce butter to
consumers in the country. Although Vietnamese consumers are increasingly aware of and
attracted to butter, they seldom consume it daily at home because they are more accustomed to
using alternatives such as margarine, which is more available and affordable, especially in rural
areas. Butter sold in retail is mostly available in urban areas and modern trade because it needs
to be stored in refrigerated units and because urban citizens, particularly more affluent ones, are
more familiar with butter, having experienced its usage in local restaurants and abroad. Also,
because butter products in Vietnam are mostly imported, its price is not competitive with other
alternatives for cooking and spreads, such as margarine.
CATEGORY DATA
Table 77
Sales of Butter and Spreads by Category: Volume 2014-2019
'000 tonnes
Butter
Cooking Fats
Margarine and Spreads
Butter and Spreads
Source:
2014
2015
2016
2017
2018
2019
0.4
3.7
4.1
0.5
3.8
4.3
0.5
4.0
4.5
0.5
4.2
4.7
0.6
4.4
5.0
0.6
4.6
5.2
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 78
Sales of Butter and Spreads by Category: Value 2014-2019
VND billion
Butter
Cooking Fats
Margarine and Spreads
Butter and Spreads
Source:
Table 79
2014
2015
2016
2017
2018
2019
151.9
382.1
534.0
170.2
416.5
586.6
188.9
453.1
642.0
211.2
494.8
706.0
236.5
541.8
778.3
267.3
596.0
863.3
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Sales of Butter and Spreads by Category: % Volume Growth 2014-2019
% volume growth
Butter
Cooking Fats
Margarine and Spreads
Butter and Spreads
Source:
2018/19
2014-19 CAGR
2014/19 Total
7.5
5.1
5.4
6.7
4.9
5.1
38.4
26.8
28.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
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66
PACKAGED FOOD IN VIETNAM
Table 80
Passport
Sales of Butter and Spreads by Category: % Value Growth 2014-2019
% current value growth
Butter
Cooking Fats
Margarine and Spreads
Butter and Spreads
Source:
Table 81
12.0
9.3
10.1
75.9
56.0
61.7
2015
2016
2017
2018
2019
51.2
51.4
51.9
52.0
51.7
17.1
8.7
17.5
8.7
17.8
8.7
18.2
8.6
18.5
8.5
6.3
6.3
6.3
6.4
6.5
16.8
100.0
16.1
100.0
15.3
100.0
14.8
100.0
14.8
100.0
LBN Brand Shares of Butter and Spreads: % Value 2016-2019
Tuong an (Kido Group)
Président
Meizan (Wilmar
International Ltd)
Anchor (Fonterra
Cooperative Group
Ltd)
Tuong an (Vocarimex
- National Co for
Vegetable Oils,
Cosmetics & Aromas
of Vietnam)
Simply (Wilmar
International Ltd)
Others
Total
Table 83
13.0
10.0
10.9
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
% retail value rsp
Brand (GBO)
Source:
2014/19 Total
NBO Company Shares of Butter and Spreads: % Value 2015-2019
Tuong An Vegetable Oil
JSC
Lactalis, Groupe
Cai Lan Oils & Fats
Industries Co Ltd
Fonterra Brands
(Vietnam) Co Ltd
Others
Total
Table 82
2014-19 CAGR
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
% retail value rsp
Company
Source:
2018/19
Company (NBO)
2016
2017
2018
2019
Tuong An Vegetable Oil JSC
Lactalis, Groupe
Cai Lan Oils & Fats
Industries Co Ltd
Fonterra Brands
(Vietnam) Co Ltd
17.5
8.7
51.9
17.8
8.7
52.0
18.2
8.6
51.7
18.5
8.5
6.3
6.3
6.4
6.5
Tuong An Vegetable Oil
JSC
51.4
-
-
-
-
-
-
-
16.1
100.0
15.3
100.0
14.8
100.0
14.8
100.0
Cai Lan Oils & Fats
Industries Co Ltd
Others
Total
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Distribution of Butter and Spreads by Format: % Value 2014-2019
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PACKAGED FOOD IN VIETNAM
Passport
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
100.0
100.0
34.1
100.0
100.0
36.0
100.0
100.0
38.7
100.0
100.0
39.9
99.9
99.9
40.6
99.9
99.5
41.1
0.4
14.8
18.9
65.9
0.8
15.8
19.4
64.0
1.0
17.0
20.7
61.2
1.2
17.8
20.9
60.1
1.5
18.1
21.1
59.3
1.7
18.2
21.2
58.4
-
-
-
-
-
-
51.7
49.8
47.0
46.3
45.7
45.0
14.2
14.2
14.2
13.8
13.6
13.4
-
-
-
-
-
0.4
-
-
-
-
-
-
0.4
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.1
0.1
100.0
0.1
0.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 84
Forecast Sales of Butter and Spreads by Category: Volume 2019-2024
'000 tonnes
Butter
Cooking Fats
Margarine and Spreads
Butter and Spreads
Source:
2019
2020
2021
2022
2023
2024
0.6
4.6
5.2
0.7
4.9
5.5
0.7
5.2
5.9
0.8
5.5
6.3
0.9
5.8
6.7
0.9
6.2
7.1
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 85
Forecast Sales of Butter and Spreads by Category: Value 2019-2024
VND billion
Butter
Cooking Fats
Margarine and Spreads
Butter and Spreads
© Euromonitor International
2019
2020
2021
2022
2023
2024
267.3
596.0
863.3
293.2
634.7
927.9
322.2
677.2
999.5
354.8
723.3
1,078.1
391.7
773.2
1,164.9
433.6
827.3
1,260.9
68
PACKAGED FOOD IN VIETNAM
Source:
Table 86
2024
Passport
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Forecast Sales of Butter and Spreads by Category: % Volume Growth 2019-
% volume growth
Butter
Cooking Fats
Margarine and Spreads
Butter and Spreads
Source:
Table 87
2019/20
2019-24 CAGR
2019/24 Total
8.0
5.4
5.7
9.0
6.0
6.4
53.8
33.8
36.2
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Forecast Sales of Butter and Spreads by Category: % Value Growth 2019-2024
% constant value growth
Butter
Cooking Fats
Margarine and Spreads
Butter and Spreads
Source:
2019/2020
2019-24 CAGR
2019/24 Total
9.7
6.5
7.5
10.2
6.8
7.9
62.2
38.8
46.1
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
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PACKAGED FOOD IN VIETNAM
CHEESE IN VIETNAM - CATEGORY
ANALYSIS
HEADLINES
▪ Retail value and volume sales rise by 12% and 8%, respectively to reach VND2.1 trillion and
8,000 tonnes in 2019
▪ Online discussion of cheese with traditional food commands attention and increases demand
▪ Soft cheese sees the highest value growth of 13% to reach VND16.1 billion in 2019
▪ Average unit price of cheese rises by 3% in 2019
▪ Bel Vietnam dominates the cheese landscape with a 79% value share in 2019
▪ Cheese is expected to see sales rise at a current value CAGR of 14% (9% 2019 constant
value CAGR) over the forecast period to reach VND3.9 trillion in 2024
PROSPECTS
Westernisation Generates Demand But Growth Is Contingent Upon
Tailoring Marketing To Vietnamese Interests and Customs
Cheese is not a traditional food in Vietnam; it has only appeared in conjunction with increased
interest amongst Vietnamese in Western lifestyles and Western food. Westernisation, which is
linked by many with a free spirit and personal independence, is significantly attractive to
Vietnamese people, especially the youth. Thus, together with expansion of foodservice outlets
such as KFC and Pizza Hut, cheese and dishes with cheese such pizzas and hamburgers are
increasingly popular in the country. However, although cheese is expected to see growing
demand over the forecast period due to Vietnamese consumers becoming accustomed to the
concept of cheese in food, their knowledge of the different varieties of products and brands
available remains limited. Furthermore, although international players dominate various cheese
categories, most of them use distributors to move their products, and their marketing activities
may not be tailored to the interests and customs of Vietnamese consumers. As such,
manufacturers that understand what Vietnamese consumers like to consume and can customise
products to meet their needs are likely to be the most successful in this fast-growing category.
Online Promotion of Ways of Using Cheese With Traditional Vietnamese
Food Attracts Attention, Especially of Younger Consumers
Using spreadable processed cheese and other processed cheese on crackers as a snack has
become very popular in Vietnam. However, in the absence of major efforts on the part of
manufacturers to promote the use of other types of cheese, it has also become common to see
new ways of using cheese with traditional Vietnamese food, with this covered by bloggers on
social media and on various websites devoted to food lovers. Amongst the ways of using
cheese that have been noted online are melting a thin layer of salty and slightly fatty hard
cheddar on top of hot boiled noodles or rice, even fried rice, and sausages rolled with a layer of
cheese and then fried. Melted cheese on snails and melted cheese over fried chicken have also
attracted attention as dishes. The discussion of dishes like these online has been particularly
effective in gaining the attention of consumers and especially that of younger consumers that
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PACKAGED FOOD IN VIETNAM
are increasingly attracted to Western ways with food. Although cheese has not been part of the
traditional Vietnamese diet, it is thus increasingly being incorporated into traditional foods that
are appearing in both street food and in foodservice outlets – such as seafood with cheese
flavour, milk tea with cheese jelly and sweet potato sticks with cheese condiments. Exposure
like this, combined with the recent online coverage of cheese dishes, promises to create a large
potential demand for cheese in Vietnam over the forecast period.
Spreadable Processed Cheese Remains Most Popular, Particularly
Among Children
Spreadable processed cheese continued to account for the majority of value sales of cheese
Vietnam, and international players such as Bel Vietnam and Groupe Lactalis and the local
player Vinamilk maintained their lead in this category in 2019. The fact that consumer
awareness cheese in general is not strong challenges the expansion of other types of cheese in
retailing channels. Indeed, the average Vietnamese is unaware that there are many types of
cheese and some Vietnamese that have been exposed to different kinds of cheese find it hard
to differentiate their taste. Also, because nearly all cheese currently sold in Vietnam is imported,
most consumers cannot afford the price. Nevertheless, Bel Vietnam, the leader in spreadable
processed cheese, continues to employ diverse marketing activities including television
commercials, shelf displays at points of sale and price promotions to help to build consumer
awareness of its cheese in Vietnam, and its products include hard cheese and “other”
processed cheese as well as spreadable processed cheese. Over the forecast period, the
demand for spreadable processed cheese, at the very least, is expected to increase due to
habitual consumption. Furthermore, the habitual consumption of this type of cheese is likely to
increase over time, as the target audience of these manufacturers is children, who will continue
to consume cheese through adolescence and onwards.
COMPETITIVE LANDSCAPE
Manufacturers Must Invest in Marketing To Grow in Awareness and
Demand
Within Vietnam, there has been a lack of marketing activity to build consumer awareness of
cheese in general. Indeed, Vietnamese people know cheese as a Western food, but they do not
know much about its nutritional content and have had little opportunity to taste food that has
been prepared with cheese. On the other hand, Vietnamese do know enough about cheese to
consider it as an unsuitable food to consume if one wants to stay fit. Given the lack of
investment on the part of manufacturers in promoting cheese beyond that of spreadable
processed cheese, either above or below the line, Vietnamese consumers do not have many
reasons to try this kind of product. Over the forecast period, it will be necessary to enhance
consumer awareness in order to expand the market. Given the current – and limited – number
of players in cheese, Groupe Lactalis, Bel Vietnam, Fonterra Brands (Vietnam) and the
domestic company Vinamilk are the only ones likely to have both the resources and the
incentive to attempt this.
Marketing Efforts in Support of Processed Cheese See Positive Results
Only the manufacturers of processed cheese have been investing much in marketing cheese
in Vietnam, in 2019 the efforts of all three leading players in spreadable processed cheese
seem to have paid off as all of them increased their value sales, in both processed and
spreadable processed cheese by double digits over the year. Bel Vietnam promoted La Vache
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PACKAGED FOOD IN VIETNAM
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Qui Rit in television commercial, visible on YouTube, which showed consumers enjoying the
cheese on crackers and with fruit in various settings and Vinamilk has various promotion
programmes including online support of its Phô Mai processed cheese. Moreover, retail
distribution for the products is truly widespread thanks to all the players’ efforts. Thus,
processed cheese, especially spreadable processed cheese products have stronger consumer
awareness than other types of cheese in Vietnam, which is why it accounted for the largest
share of total volume sales of cheese over the year.
With Emphasis on Western Food, Foodservice Remains Main
Distribution Channel
Except for spreadable processed cheese, which is predominantly sold in independent small
grocers and supermarkets, respectively, the foodservice channel is still the key channel for
cheese. The foodservice channel also saw the highest value growth over the review period, as
currently, cheese is most popular in Western food restaurants, cafés and bars and bakeries.
Vietnamese consumers know about cheese, but they seldom consume it at home because they
are not familiar enough with cheese to consider incorporating it into their daily diet. In terms of
distribution, cheese is mostly available in urban areas and, to some extent in modern trade
because, like cream and butter it needs to be kept refrigerated. Just as consumer education
about cheese may help increase demand, effective product distribution will also be key for many
manufacturers to expand their presence in Vietnam. This will especially be true for international
players, as most of them only have dedicated distributors in Vietnam, and they conduct few
marketing activities to boost product awareness.
CATEGORY DATA
Table 88
Sales of Cheese by Category: Volume 2014-2019
tonnes
Processed Cheese
- Spreadable Processed
Cheese
- Other Processed Cheese
Unprocessed Cheese
- Hard Cheese
-- Packaged Hard Cheese
-- Unpackaged Hard Cheese
- Soft Cheese
Cheese
Source:
2014
2015
2016
2017
2018
2019
5,218.8
4,530.4
5,814.1
5,074.0
6,319.6
5,530.7
6,833.8
5,995.3
7,380.0
6,486.9
7,993.9
7,038.3
688.4
30.6
10.9
10.9
19.7
5,249.3
740.0
32.9
11.6
11.6
21.3
5,846.9
788.8
35.2
12.3
12.3
22.9
6,354.8
838.5
37.6
13.1
13.1
24.5
6,871.4
893.0
40.2
13.9
13.9
26.2
7,420.1
955.6
42.8
14.7
14.7
28.2
8,036.7
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 89
Sales of Cheese by Category: Value 2014-2019
VND billion
Processed Cheese
- Spreadable Processed
Cheese
© Euromonitor International
2014
2015
2016
2017
2018
2019
1,234.2
1,043.6
1,378.0
1,165.8
1,507.6
1,276.5
1,663.6
1,410.5
1,844.1
1,565.7
2,062.6
1,753.6
72
PACKAGED FOOD IN VIETNAM
- Other Processed Cheese
Unprocessed Cheese
- Hard Cheese
-- Packaged Hard Cheese
-- Unpackaged Hard Cheese
- Soft Cheese
Cheese
Source:
Table 90
Passport
190.5
12.7
3.5
3.5
9.1
1,246.8
212.2
14.2
4.0
4.0
10.2
1,392.2
231.1
15.8
4.4
4.4
11.3
1,523.4
253.1
17.7
5.0
5.0
12.7
1,681.3
278.4
19.8
5.5
5.5
14.3
1,863.9
309.0
22.2
6.1
6.1
16.1
2,084.7
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Sales of Cheese by Category: % Volume Growth 2014-2019
% volume growth
Processed Cheese
- Spreadable Processed Cheese
- Other Processed Cheese
Unprocessed Cheese
- Hard Cheese
-- Packaged Hard Cheese
-- Unpackaged Hard Cheese
- Soft Cheese
Cheese
Source:
Table 91
2018/19
2014-19 CAGR
2014/19 Total
8.3
8.5
7.0
6.7
5.5
5.5
7.3
8.3
8.9
9.2
6.8
7.0
6.2
6.2
7.4
8.9
53.2
55.4
38.8
40.2
35.0
35.0
43.0
53.1
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Sales of Cheese by Category: % Value Growth 2014-2019
% current value growth
Processed Cheese
- Spreadable Processed Cheese
- Other Processed Cheese
Unprocessed Cheese
- Hard Cheese
-- Packaged Hard Cheese
-- Unpackaged Hard Cheese
- Soft Cheese
Cheese
Source:
Table 92
2018/19
2014-19 CAGR
2014/19 Total
11.8
12.0
11.0
11.9
10.0
10.0
12.7
11.9
10.8
10.9
10.2
11.8
11.5
11.5
12.0
10.8
67.1
68.0
62.2
75.0
72.0
72.0
76.2
67.2
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Sales of Spreadable Processed Cheese by Type: % Value 2014-2019
% retail value rsp
Cream Cheese
Reconstituted Cheese
Total
Source:
2014
2015
2016
2017
2018
2019
3.5
96.5
100.0
3.5
96.4
100.0
3.6
96.4
100.0
3.7
96.3
100.0
4.5
95.5
100.0
4.8
95.2
100.0
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PACKAGED FOOD IN VIETNAM
Table 93
Passport
Sales of Unprocessed Cheese by Type: % Value 2014-2019
% retail value rsp
Brie
Camembert
Edam
Gouda
Parmesan
Others
Total
Source:
Table 94
2014
2015
2016
2017
2018
2019
19.4
17.3
3.2
3.8
13.7
42.6
100.0
19.5
17.2
3.3
3.9
13.8
42.3
100.0
19.6
17.0
3.4
4.0
13.8
42.2
100.0
19.7
16.9
3.5
4.0
13.9
42.0
100.0
20.2
16.8
3.6
4.2
14.0
41.2
100.0
20.5
16.7
3.7
4.5
14.2
40.4
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
NBO Company Shares of Cheese: % Value 2015-2019
% retail value rsp
Company
Bel Vietnam Ltd
Lactalis, Groupe
Fonterra Brands
(Vietnam) Co Ltd
Vietnam Dairy Products
JSC (Vinamilk)
Bega Cheese Trading Co
Pty Ltd
Best Cheese Co for
Dairy Products SAE
Mondelez International
Inc
Danone, Groupe
Kraft Foods Inc
Picon SA
Others
Total
Source:
Table 95
2015
2016
2017
2018
2019
78.2
8.7
5.4
78.4
8.7
5.3
78.6
8.7
5.2
78.8
8.7
5.1
79.0
8.7
5.0
3.1
3.1
3.0
3.0
3.0
1.3
1.2
1.2
1.2
1.1
1.0
1.0
1.0
1.0
1.0
0.3
0.2
0.1
0.1
0.1
2.1
100.0
2.1
100.0
2.0
100.0
2.1
100.0
2.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
LBN Brand Shares of Cheese: % Value 2016-2019
% retail value rsp
Brand (GBO)
La Vache Qui Rit
(Bel, Groupe)
Président
Belcube (Bel, Groupe)
Chesdale (Fonterra
Cooperative Group
Ltd)
Vinamilk
Bega (Bega Cheese
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Bel Vietnam Ltd
69.2
69.6
69.9
70.1
Lactalis, Groupe
Bel Vietnam Ltd
Fonterra Brands
(Vietnam) Co Ltd
8.7
8.4
4.3
8.7
8.3
4.2
8.7
8.2
4.2
8.7
8.1
4.1
Vietnam Dairy Products
JSC (Vinamilk)
Bega Cheese Trading Co
3.1
3.0
3.0
3.0
1.2
1.2
1.2
1.1
74
PACKAGED FOOD IN VIETNAM
Ltd)
Teama (Lactalis,
Groupe)
Anchor (Fonterra
Cooperative Group
Ltd)
Babybel (Bel, Groupe)
Philadelphia (Kraft
Heinz Co)
Coon (Kirin
Holdings Co Ltd)
Philadelphia
Philadelphia (Kraft
Foods Group Inc)
Nouvelle Vache
Others
Total
Source:
Table 96
Passport
Pty Ltd
Best Cheese Co for
Dairy Products SAE
Fonterra Brands
(Vietnam) Co Ltd
1.0
1.0
1.0
1.0
1.0
1.0
0.9
0.9
Bel Vietnam Ltd
Mondelez International
Inc
Danone, Groupe
0.8
0.2
0.8
0.1
0.8
0.1
0.7
0.1
-
-
-
-
Kraft Foods Inc
Mondelez International
Inc
Picon SA
Others
Total
-
-
-
-
2.1
100.0
2.1
100.0
2.1
100.0
2.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Distribution of Cheese by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
100.0
100.0
43.4
100.0
100.0
44.3
100.0
100.0
46.1
100.0
100.0
47.6
100.0
100.0
48.2
100.0
100.0
48.5
1.5
10.9
31.0
56.6
1.8
11.3
31.2
55.7
2.0
11.8
32.3
53.9
2.3
12.8
32.6
52.3
2.5
12.9
32.8
51.7
2.7
13.2
32.7
51.5
-
-
-
-
-
-
56.6
55.7
53.9
52.3
51.7
51.5
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
75
PACKAGED FOOD IN VIETNAM
Table 97
Passport
Forecast Sales of Cheese by Category: Volume 2019-2024
tonnes
Processed Cheese
- Spreadable Processed
Cheese
- Other Processed Cheese
Unprocessed Cheese
- Hard Cheese
-- Packaged Hard Cheese
-- Unpackaged Hard Cheese
- Soft Cheese
Cheese
Source:
2019
2020
2021
2022
2023
2024
7,993.9
7,038.3
8,684.9
7,657.7
9,463.9
8,354.5
10,343.5
9,139.8
11,338.4
10,026.4
12,465.7
11,029.0
955.6
42.8
14.7
14.7
28.2
8,036.7
1,027.2
45.7
15.4
15.4
30.2
8,730.5
1,109.4
48.6
16.1
16.1
32.5
9,512.5
1,203.7
51.7
16.7
16.7
35.0
10,395.3
1,312.0
55.0
17.3
17.3
37.7
11,393.5
1,436.7
58.5
17.8
17.8
40.6
12,524.2
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 98
Forecast Sales of Cheese by Category: Value 2019-2024
VND billion
Processed Cheese
- Spreadable Processed
Cheese
- Other Processed Cheese
Unprocessed Cheese
- Hard Cheese
-- Packaged Hard Cheese
-- Unpackaged Hard Cheese
- Soft Cheese
Cheese
Source:
2019
2020
2021
2022
2023
2024
2,062.6
1,753.6
2,239.2
1,906.1
2,435.9
2,075.8
2,655.0
2,264.7
2,899.6
2,475.3
3,172.9
2,710.4
309.0
22.2
6.1
6.1
16.1
2,084.7
333.1
24.0
6.5
6.5
17.6
2,263.3
360.1
26.1
6.8
6.8
19.2
2,461.9
390.3
28.3
7.2
7.2
21.1
2,683.3
424.3
30.7
7.6
7.6
23.2
2,930.3
462.5
33.4
7.9
7.9
25.5
3,206.3
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 99
Forecast Sales of Cheese by Category: % Volume Growth 2019-2024
% volume growth
Processed Cheese
- Spreadable Processed Cheese
- Other Processed Cheese
Unprocessed Cheese
- Hard Cheese
-- Packaged Hard Cheese
-- Unpackaged Hard Cheese
- Soft Cheese
Cheese
Source:
2019/20
2019-24 CAGR
2019/24 Total
8.6
8.8
7.5
6.6
5.0
5.0
7.4
8.6
9.3
9.4
8.5
6.4
4.0
4.0
7.6
9.3
55.9
56.7
50.3
36.5
21.7
21.7
44.2
55.8
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 100
Forecast Sales of Cheese by Category: % Value Growth 2019-2024
© Euromonitor International
76
PACKAGED FOOD IN VIETNAM
Passport
% constant value growth
Processed Cheese
- Spreadable Processed Cheese
- Other Processed Cheese
Unprocessed Cheese
- Hard Cheese
-- Packaged Hard Cheese
-- Unpackaged Hard Cheese
- Soft Cheese
Cheese
Source:
2019/2020
2019-24 CAGR
2019/24 Total
8.6
8.7
7.8
8.4
6.1
6.1
9.3
8.6
9.0
9.1
8.4
8.6
5.3
5.3
9.7
9.0
53.8
54.6
49.7
50.8
29.5
29.5
58.9
53.8
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
77
PACKAGED FOOD IN VIETNAM
DRINKING MILK PRODUCTS IN
VIETNAM - CATEGORY ANALYSIS
HEADLINES
▪ Retail value and volume sales rise by 10% and 9%, respectively to reach VND55.5 trillion and
1.3 million tonnes
▪ Strong economy and high demand for milk prompt expansion of domestic raw milk production
▪ Fresh milk see the highest value growth of 13% to reach VND2.2 trillion in 2019
▪ Average unit price of drinking milk products rises by 1-2% but the price of milk alternatives
declines by 2% 2019
▪ Vietnam Dairy Products (Vinamilk) maintains its lead with a 42% value share in 2019
▪ Value sales are expected to rise at a current value CAGR of 12% (7%2019 constant value
CAGR) over the forecast period to reach VND96.3 trillion in 2024
PROSPECTS
Flourishing Economy Enables Health-conscious Consumers To Buy
High-quality, Nutritious Food, Including Drinking Milk Products
Vietnam’s GDP growth continued to be high and all aspects of the country’s economy
continued to flourish in 2019. This is reflected in double-digit growth of drinking milk products, as
the improved standard of living boosted milk consumption per capita in 2019 by the highest
percentage seen over the review period. Vietnam has undergone many changes in recent
years, with a focus on building the economy and on societal progression. With increasing
average incomes, the consumption demands of Vietnamese consumers have also changed –
from basic necessities for survival, such as sufficient food to eat and a place to sleep, to a better
standard of living in terms of better-quality food, nutrition and comfort. Now that Vietnamese
people have more resources with which to invest in improving their quality of life, their interest in
purchasing nutritious food like drinking milk products for daily use is also matched by their ability
to afford it. Moreover, now that affordability has become less of an issue, players in drinking milk
players are expanding their target consumers beyond children that require them for bone
development to include young adults and the elderly, who also increasingly care about their diet.
Thus, drinking milk products is expected to continue seeing strong volume and value growth
over the forecast period, as the economy continues to improve.
Increased Awareness and Affluence Creates Demand for Greater
Variety of Healthy Functional Products and Invites Expansion Into Rural
Communities
Vietnamese consumers today are more knowledgeable and aware of their choices. In
general, the average educational level of the population improved over the review period, and
especially urban citizens are quite knowledgeable about food safety and food nutrition. Thus,
consumers favour drinking milk products because they are aware of the need to stay healthy
and perceive these products to be both healthy and nutritious. Indeed, many consumers
consider drinking milk products such as fresh milk, shelf-stable milk and even flavoured milk
© Euromonitor International
Passport
78
PACKAGED FOOD IN VIETNAM
drinks as an essential source of energy for daily use. However, with higher living standards and
affluence, consumers are expected to increasingly demand greater product variety and
functional ingredients in their products. Thus, manufacturers are expected to innovate and
position their products well to take advantage of their demands so as not to risk becoming
obsolete in the changing environment. Furthermore, manufacturers will need to overcome
certain challenges to tap into the potential in rural areas of Vietnam – namely, by generating
demand for products that are not considered as necessities, and distributing these products to
rural consumers.
Th Group and Vinamilk Expand Domestic Milk Production To Meet
Demand
Recognising that the Vietnamese have strong national pride and usually prioritise choosing
domestic good-quality products over imports, as well knowing the need for domestic supplies of
raw milk to meet local demand, TH Group and Vinamilk both continue to expand domestic
production. After starting its first high-tech dairy and dairy processing project applying high
technology in Nghe An province in 2009, TH Group is now is implementing ambitious plans to
capitalise on what it achieved in creating a dairy facility that meets international standards. In
May 2019 it broke ground for another dairy cow and concentrated dairy processing facility in
Yen My commune, Nong Cong district, Thanh Hoa province, which will have 20,000 cows and is
set to be a model of sustainable development with farmers in the model of high-tech
cooperatives. Vinamilk has built a system of 12 international standard dairy farms across
Vietnam and also invested in Asia's largest independent dairy farm that meets the Global GAP
(good agricultural practices) standard. Their domestic production is of high quality and highly
affordable, and beyond that it has become highly demanded for export, for example to China.
COMPETITIVE LANDSCAPE
Messaging Controversy Concerning Milo and Ovaltine Ends Up
Boosting Both
In March 2018, Milo (Nestlé Vietnam) began an impressive communication campaign, which
both reinforced and improved the brand’s leading position in flavoured milk drinks, especially in
the segment of barley cacao drinks, in 2019. Nestlé’s television commercial “Nhà vô d?nh làm t?
Milo”, meaning “Champions made by Milo” was a huge success; it attracted more than 25 million
views on YouTube. However, in September 2018, right at the start of school and six months
after Milo launched its “Champions” campaign, FrieslandCampina launched a campaign in
support of Ovaltine that presented an opposing message, “No need to champion, just to like
you”. This campaign generated a lot of attention when Nestlé accused FrieslandCampina of
confusing consumers by equating Milo campaign messages with "achievement disease." Nestlé
specifically called the latter company out for violating Nestlé’s copyright, claiming that the
Ovaltine campaign featured elements that were clearly inspired by the Milo campaign's
commercial products, including the use of “champion” messages. The controversy, which was
widely covered in the media, wound up spreading both brands’ messages. Consequently, both
brands saw their sales increase in 2019, although Milo’s growth was higher.
Th Group Launches Major Campaign To Support Its First Line of Nut
Milks
“Other” milk alternatives, especially various kinds of dairy- and gluten-free nut milks, have
been performing well since they first began appearing in the Vietnamese market in 2016.
© Euromonitor International
Passport
79
PACKAGED FOOD IN VIETNAM
Passport
Amongst the most successful players in this category so far have been Thailand-based Simple
Foods (137 degrees) and Woongjin Food (Morning Rice brand), which is now owned by the
Taiwanese food giant Uni-President Enterprises. However, in the spring of 2018, the Hanoibased TH Group launched its TH true NUT nut milk product line combining macadamia nuts,
walnuts, oats and fresh cow's milk. It simultaneously launched the products in its entire chain of
250 TH True Mart stores, supermarkets and retail stores nationwide. Although there is a dairy
ingredient in TH true NUT, the brand widely introduced nut milk to Vietnamese people through
multiple channels, from sales distribution to public media, and the products performed well. TH
true’s entry into the Vietnamese market caused other players to join or expand their presence in
the “other milk alternatives category; for example, Vinamilk launched walnut-flavoured soy milk
and 137 degrees enhanced its promotion of cashew, almond and hazelnut pistachio almond
milk in stores. Given the interest it has generated amongst the Vietnamese so far, this category
is expected to grow well, especially TH true NUT, which has made considerable gains since its
launch in 2018.
Leading Players Add Organic Shelf-stable Milk To Health and Wellness
Lines
New product development in shelf-stable milk was focused on adding health and wellness
benefits in 2018-2019. Indeed, after successfully competing with organic fresh milk during the
review period the three leading players – TH Food Chain, Vinamilk and FrieslandCampina
Vietnam – now offer organic shelf-stable milk in recognition of its great potential in Vietnam. In
the product line of A2 milk, which supporters claim is easier to digest and absorb, only TH and
Vinamilk products are currently available, but all of the players are regularly refreshing their
fortified products to sustain consumer interest. Now, as Vietnamese consumers are becoming
increasingly health conscious, new product development is expected to continue following
organic as well as other developing health and wellness trends.
CATEGORY DATA
Table 101
Sales of Drinking Milk Products by Category: Volume 2014-2019
'000 tonnes
Flavoured Milk Drinks
- Dairy Only Flavoured
Milk Drinks
- Flavoured Milk Drinks
with Fruit Juice
Milk
- Cow's Milk
-- Fresh Milk
--- Fat-free Fresh Milk
--- Semi Skimmed Fresh
Milk
--- Full Fat Fresh Milk
-- Shelf Stable Milk
--- Fat-free Shelf
Stable Milk
--- Semi Skimmed Shelf
Stable Milk
--- Full Fat Shelf
© Euromonitor International
2014
2015
2016
2017
2018
2019
216.9
216.9
237.8
237.8
260.4
260.4
282.6
282.6
310.1
310.1
341.6
341.6
-
-
-
-
-
-
474.9
474.9
39.6
-
529.3
529.3
45.7
-
577.8
577.8
49.0
-
629.9
629.9
53.4
-
687.9
687.9
58.1
-
752.6
752.6
63.2
-
39.6
435.3
-
45.7
483.6
-
49.0
528.8
-
53.4
576.4
-
58.1
629.9
-
63.2
689.4
-
9.6
10.6
11.6
12.6
13.5
14.5
425.7
472.9
517.2
563.8
616.4
674.9
80
PACKAGED FOOD IN VIETNAM
Passport
Stable Milk
- Goat Milk
Powder Milk
Milk Alternatives
- Soy Drinks
- Other Milk Alternatives
Drinking Milk Products
Source:
5.1
141.8
141.8
838.7
5.0
161.4
161.4
933.4
4.8
181.5
180.0
1.4
1,024.5
4.6
201.8
200.3
1.6
1,119.0
4.4
222.3
220.6
1.7
1,224.8
4.2
247.7
245.9
1.8
1,346.2
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 102
Sales of Drinking Milk Products by Category: Value 2014-2019
VND billion
Flavoured Milk Drinks
- Dairy Only Flavoured
Milk Drinks
- Flavoured Milk Drinks
with Fruit Juice
Milk
- Cow's Milk
-- Fresh Milk
--- Fat-free Fresh Milk
--- Semi Skimmed Fresh
Milk
--- Full Fat Fresh Milk
-- Shelf Stable Milk
--- Fat-free Shelf
Stable Milk
--- Semi Skimmed Shelf
Stable Milk
--- Full Fat Shelf
Stable Milk
- Goat Milk
Powder Milk
Milk Alternatives
- Soy Drinks
- Other Milk Alternatives
Drinking Milk Products
Source:
2014
2015
2016
2017
2018
2019
7,139.9
7,139.9
8,674.8
8,674.8
9,601.8
9,601.8
10,641.0
10,641.0
11,934.2
11,934.2
13,485.6
13,485.6
-
-
-
-
-
-
19,474.0
19,474.0
1,357.6
-
22,086.9
22,086.9
1,626.8
-
24,371.7
24,371.7
1,774.0
-
27,007.1
27,007.1
1,965.1
-
30,053.1
30,053.1
2,204.3
-
33,543.1
33,543.1
2,491.5
-
1,357.6
18,116.4
-
1,626.8
20,460.1
-
1,774.0
22,597.6
-
1,965.1
25,042.0
-
2,204.3
27,848.9
-
2,491.5
31,051.7
-
401.6
454.8
500.3
552.8
613.6
684.2
17,714.7
20,005.3
22,097.3
24,489.2
27,235.2
30,367.5
2,105.0
4,329.8
4,329.8
33,048.7
2,033.3
4,947.2
4,947.2
37,742.2
1,974.8
5,378.3
5,249.4
128.9
41,326.6
1,935.6
5,760.7
5,618.2
142.4
45,344.4
1,877.5
6,156.5
6,000.6
156.0
50,021.4
1,811.8
6,567.0
6,397.0
170.0
55,407.5
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 103
Sales of Drinking Milk Products by Category: % Volume Growth 2014-2019
% volume growth
Flavoured Milk Drinks
- Dairy Only Flavoured Milk Drinks
- Flavoured Milk Drinks with Fruit Juice
Milk
- Cow's Milk
-- Fresh Milk
--- Fat-free Fresh Milk
--- Semi Skimmed Fresh Milk
--- Full Fat Fresh Milk
© Euromonitor International
2018/19
2014-19 CAGR
2014/19 Total
10.2
10.2
9.4
9.4
8.8
8.8
9.5
9.5
9.6
9.6
9.8
9.8
57.5
57.5
58.5
58.5
59.7
59.7
81
PACKAGED FOOD IN VIETNAM
Passport
-- Shelf Stable Milk
--- Fat-free Shelf Stable Milk
--- Semi Skimmed Shelf Stable Milk
--- Full Fat Shelf Stable Milk
- Goat Milk
Powder Milk
Milk Alternatives
- Soy Drinks
- Other Milk Alternatives
Drinking Milk Products
Source:
9.5
7.4
9.5
-5.3
11.4
11.5
6.7
9.9
9.6
8.7
9.7
-3.8
11.8
11.6
9.9
58.4
52.0
58.5
-17.7
74.7
73.5
60.5
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 104
Sales of Drinking Milk Products by Category: % Value Growth 2014-2019
% current value growth
Flavoured Milk Drinks
- Dairy Only Flavoured Milk Drinks
- Flavoured Milk Drinks with Fruit Juice
Milk
- Cow's Milk
-- Fresh Milk
--- Fat-free Fresh Milk
--- Semi Skimmed Fresh Milk
--- Full Fat Fresh Milk
-- Shelf Stable Milk
--- Fat-free Shelf Stable Milk
--- Semi Skimmed Shelf Stable Milk
--- Full Fat Shelf Stable Milk
- Goat Milk
Powder Milk
Milk Alternatives
- Soy Drinks
- Other Milk Alternatives
Drinking Milk Products
Source:
2018/19
2014-19 CAGR
2014/19 Total
13.0
13.0
11.6
11.6
13.0
13.0
11.5
11.5
11.5
-3.5
6.7
6.6
9.0
10.8
13.6
13.6
11.5
11.5
12.9
12.9
11.4
11.2
11.4
-3.0
8.7
8.1
10.9
88.9
88.9
72.2
72.2
83.5
83.5
71.4
70.4
71.4
-13.9
51.7
47.7
67.7
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 105
NBO Company Shares of Drinking Milk Products: % Value 2015-2019
% retail value rsp
Company
Vietnam Dairy Products
JSC (Vinamilk)
FrieslandCampina
Vietnam Co Ltd
TH Food Chain JSC
Vietnam Soy Milk Co Ltd
(Vinasoy)
Nestlé Vietnam Ltd
International Dairy
Products JSC (IDP)
Nutifood Nutrition Food
JSC
© Euromonitor International
2015
2016
2017
2018
2019
38.7
39.5
40.5
41.2
41.7
20.0
19.8
19.6
19.6
19.7
11.3
9.3
11.0
8.6
10.9
8.3
10.8
8.0
10.9
7.7
6.6
2.2
6.7
2.5
6.8
2.5
6.9
2.6
7.1
2.5
2.0
2.0
2.1
2.1
2.1
82
PACKAGED FOOD IN VIETNAM
Passport
Fonterra Brands
(Vietnam) Co Ltd
Mead Johnson Nutrition
(Vietnam) Co Ltd
Tribeco Binh Duong Co Ltd
Tan Hiep Phat Group
Long Thanh Dairy
Cooperative
Abbott Vietnam Co Ltd
Moc Chau Dairy
Cooperative
Murray Goulburn Cooperative Co Ltd
Hanoi Milk JSC
Namyang Dairy Products
Co Ltd
Casmilk JSC
Fraser & Neave Ltd
F&N Vietnam Food Co Ltd
Saigon Beverages JSC
(Tribeco)
Agro Nutrition
International JSC
Others
Total
Source:
1.8
1.5
1.3
1.1
0.8
1.1
1.0
0.8
0.7
0.6
0.5
0.8
0.5
0.6
0.9
0.5
0.6
0.8
0.5
0.6
0.7
0.5
0.5
0.5
0.5
0.6
0.4
0.6
0.4
0.6
0.4
0.5
0.4
0.5
0.4
0.3
0.4
0.4
0.4
0.4
0.7
0.2
0.6
0.2
0.5
0.1
0.4
0.1
0.3
0.1
0.1
-
-
-
-
-
-
-
-
-
-
2.9
100.0
3.3
100.0
3.4
100.0
3.4
100.0
3.5
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 106
LBN Brand Shares of Drinking Milk Products: % Value 2016-2019
% retail value rsp
Brand (GBO)
Vinamilk
Dutch Lady (Royal
FrieslandCampina NV)
TH True Milk
Milo (Nestlé SA)
Fami (Quang Ngai
Sugar JSC)
Fristi (Royal
FrieslandCampina NV)
Vinasoy (Quang Ngai
Sugar JSC)
KUN
Nuti
Ovaltine
(Associated British
Foods Plc)
Nuvita
GoldSoy
Anlene (Fonterra
Cooperative Group
Ltd)
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Vietnam Dairy Products
JSC (Vinamilk)
FrieslandCampina
Vietnam Co Ltd
TH Food Chain JSC
Nestlé Vietnam Ltd
Vietnam Soy Milk Co Ltd
(Vinasoy)
FrieslandCampina
Vietnam Co Ltd
Vietnam Soy Milk Co Ltd
(Vinasoy)
International Dairy
Products JSC (IDP)
Nutifood Nutrition Food
JSC
FrieslandCampina
Vietnam Co Ltd
32.2
33.4
34.3
34.8
16.5
16.3
16.1
16.0
11.0
6.7
6.1
10.9
6.8
5.9
10.8
6.9
5.8
10.8
7.1
5.5
2.0
2.0
2.2
2.4
2.5
2.4
2.3
2.2
2.2
2.2
2.2
2.2
1.2
1.2
1.2
1.2
1.1
1.1
1.1
1.1
Nutifood Nutrition Food
JSC
Vietnam Dairy Products
JSC (Vinamilk)
Fonterra Brands
(Vietnam) Co Ltd
0.9
0.9
0.9
0.9
0.7
0.7
0.7
0.7
1.2
1.0
0.9
0.7
83
PACKAGED FOOD IN VIETNAM
Enfamama (Reckitt
Benckiser Group Plc
(RB))
Tribeco (UniPresident
Enterprises Corp)
Number One
Lothamilk
Similac (Abbott
Laboratories Inc)
Dielac
Moc Chau
Devondale (Saputo
Inc)
Izzi
LIF
Frisomum (Royal
FrieslandCampina NV)
Anmum (Fonterra
Cooperative Group
Ltd)
XO
Devondale
Enfamama (Mead
Johnson Nutrition Co)
Ancomilk
Casmilk
Others
Total
Source:
Passport
Mead Johnson Nutrition
(Vietnam) Co Ltd
-
0.8
0.7
0.6
Tribeco Binh Duong Co Ltd
0.6
0.6
0.6
0.5
Tan Hiep Phat Group
Long Thanh Dairy
Cooperative
Abbott Vietnam Co Ltd
0.9
0.5
0.8
0.5
0.7
0.5
0.5
0.5
0.6
0.6
0.5
0.5
Vietnam Dairy Products
JSC (Vinamilk)
Moc Chau Dairy Cooperative
Murray Goulburn Cooperative Co Ltd
Hanoi Milk JSC
International Dairy
Products JSC (IDP)
FrieslandCampina
Vietnam Co Ltd
Fonterra Brands
(Vietnam) Co Ltd
0.6
0.6
0.5
0.5
0.4
-
0.4
-
0.4
0.4
0.4
0.4
0.6
0.3
0.5
0.3
0.4
0.3
0.3
0.3
0.2
0.2
0.2
0.2
0.4
0.3
0.2
0.1
Namyang Dairy Products
Co Ltd
Murray Goulburn Cooperative Co Ltd
Mead Johnson Nutrition
(Vietnam) Co Ltd
Agro Nutrition
International JSC
Casmilk JSC
Others
Total
0.2
0.1
0.1
0.1
0.4
0.4
-
-
1.0
-
-
-
-
-
-
-
9.2
100.0
9.2
100.0
9.1
100.0
9.2
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 107
Distribution of Drinking Milk Products by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
© Euromonitor International
2014
2015
2016
2017
2018
2019
100.0
100.0
7.2
100.0
100.0
8.3
100.0
100.0
10.2
100.0
100.0
10.8
100.0
100.0
11.3
100.0
100.0
12.0
0.6
3.2
3.4
92.8
1.4
3.4
3.5
91.7
2.9
3.6
3.7
89.8
3.3
3.8
3.8
89.2
3.4
4.0
3.9
88.7
3.8
4.2
4.0
88.0
9.5
9.5
9.6
9.6
9.4
9.2
52.7
51.7
49.9
49.4
49.4
49.1
30.6
30.5
30.4
30.2
29.9
29.7
84
PACKAGED FOOD IN VIETNAM
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
Passport
-
-
-
-
-
-
-
-
-
-
-
-
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 108
2024
Forecast Sales of Drinking Milk Products Products by Category: Volume 2019-
'000 tonnes
Flavoured Milk Drinks
- Dairy Only Flavoured
Milk Drinks
- Flavoured Milk Drinks
with Fruit Juice
Milk
- Cow's Milk
-- Fresh Milk
--- Fat-free Fresh Milk
--- Semi Skimmed Fresh
Milk
--- Full Fat Fresh Milk
-- Shelf Stable Milk
--- Fat-free Shelf
Stable Milk
--- Semi Skimmed Shelf
Stable Milk
--- Full Fat Shelf
Stable Milk
- Goat Milk
Powder Milk
Milk Alternatives
- Soy Drinks
- Other Milk Alternatives
Drinking Milk Products
Source:
2019
2020
2021
2022
2023
2024
341.6
341.6
376.4
376.4
415.1
415.1
458.2
458.2
506.2
506.2
559.7
559.7
-
-
-
-
-
-
752.6
752.6
63.2
-
824.9
824.9
69.0
-
905.8
905.8
75.4
-
996.5
996.5
82.5
-
1,098.2
1,098.2
90.5
-
1,212.4
1,212.4
99.5
-
63.2
689.4
-
69.0
756.0
-
75.4
830.5
-
82.5
913.9
-
90.5
1,007.6
-
99.5
1,112.9
-
14.5
15.6
16.8
18.1
19.5
21.0
674.9
740.4
813.7
895.9
988.1
1,091.9
4.2
247.7
245.9
1.8
1,346.2
4.0
267.5
265.6
1.9
1,472.9
3.8
287.5
285.5
2.0
1,612.2
3.6
307.6
305.5
2.1
1,765.8
3.4
327.5
325.4
2.2
1,935.2
3.1
347.1
344.8
2.3
2,122.3
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 109
2024
Forecast Sales of Drinking Milk Products Products by Category: Value 2019-
VND billion
Flavoured Milk Drinks
© Euromonitor International
2019
2020
2021
2022
2023
2024
13,485.6
14,766.8
16,199.1
17,802.8
19,600.9
21,619.8
85
PACKAGED FOOD IN VIETNAM
- Dairy Only Flavoured
Milk Drinks
- Flavoured Milk Drinks
with Fruit Juice
Milk
- Cow's Milk
-- Fresh Milk
--- Fat-free Fresh Milk
--- Semi Skimmed Fresh
Milk
--- Full Fat Fresh Milk
-- Shelf Stable Milk
--- Fat-free Shelf
Stable Milk
--- Semi Skimmed Shelf
Stable Milk
--- Full Fat Shelf
Stable Milk
- Goat Milk
Powder Milk
Milk Alternatives
- Soy Drinks
- Other Milk Alternatives
Drinking Milk Products
Source:
Passport
13,485.6
14,766.8
16,199.1
17,802.8
19,600.9
21,619.8
-
-
-
-
-
-
33,543.1
33,543.1
2,491.5
-
36,297.5
36,297.5
2,730.6
-
39,351.1
39,351.1
2,998.2
-
42,741.0
42,741.0
3,298.1
-
46,508.9
46,508.9
3,634.5
-
50,702.7
50,702.7
4,012.5
-
2,491.5
31,051.7
-
2,730.6
33,566.9
-
2,998.2
36,352.9
-
3,298.1
39,442.9
-
3,634.5
42,874.4
-
4,012.5
46,690.3
-
684.2
739.6
801.0
869.1
944.7
1,028.8
30,367.5
32,827.2
35,551.9
38,573.8
41,929.7
45,661.5
1,811.8
6,567.0
6,397.0
170.0
55,407.5
1,688.6
6,838.0
6,659.1
178.8
59,590.8
1,570.4
7,058.7
6,871.1
187.6
64,179.4
1,457.3
7,278.6
7,082.4
196.2
69,279.8
1,349.5
7,497.1
7,292.4
204.7
74,956.4
1,246.9
7,702.2
7,489.3
212.9
81,271.6
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 110
Forecast Sales of Drinking Milk Products Products by Category: % Volume
Growth 2019-2024
% volume growth
Flavoured Milk Drinks
- Dairy Only Flavoured Milk Drinks
- Flavoured Milk Drinks with Fruit Juice
Milk
- Cow's Milk
-- Fresh Milk
--- Fat-free Fresh Milk
--- Semi Skimmed Fresh Milk
--- Full Fat Fresh Milk
-- Shelf Stable Milk
--- Fat-free Shelf Stable Milk
--- Semi Skimmed Shelf Stable Milk
--- Full Fat Shelf Stable Milk
- Goat Milk
Powder Milk
Milk Alternatives
- Soy Drinks
- Other Milk Alternatives
Drinking Milk Products
Source:
2019/20
2019-24 CAGR
2019/24 Total
10.2
10.2
9.6
9.6
9.1
9.1
9.7
7.5
9.7
-4.2
8.0
8.0
6.0
9.4
10.4
10.4
10.0
10.0
9.5
9.5
10.1
7.7
10.1
-5.8
7.0
7.0
5.0
9.5
63.8
63.8
61.1
61.1
57.4
57.4
61.4
44.9
61.8
-25.9
40.1
40.2
27.6
57.7
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 111
Forecast Sales of Drinking Milk Products Products by Category: % Value
Growth 2019-2024
© Euromonitor International
86
PACKAGED FOOD IN VIETNAM
Passport
% constant value growth
Flavoured Milk Drinks
- Dairy Only Flavoured Milk Drinks
- Flavoured Milk Drinks with Fruit Juice
Milk
- Cow's Milk
-- Fresh Milk
--- Fat-free Fresh Milk
--- Semi Skimmed Fresh Milk
--- Full Fat Fresh Milk
-- Shelf Stable Milk
--- Fat-free Shelf Stable Milk
--- Semi Skimmed Shelf Stable Milk
--- Full Fat Shelf Stable Milk
- Goat Milk
Powder Milk
Milk Alternatives
- Soy Drinks
- Other Milk Alternatives
Drinking Milk Products
Source:
2019/2020
2019-24 CAGR
2019/24 Total
9.5
9.5
8.2
8.2
9.6
9.6
8.1
8.1
8.1
-6.8
4.1
4.1
5.2
7.6
9.9
9.9
8.6
8.6
10.0
10.0
8.5
8.5
8.5
-7.2
3.2
3.2
4.6
8.0
60.3
60.3
51.2
51.2
61.0
61.0
50.4
50.4
50.4
-31.2
17.3
17.1
25.2
46.7
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
87
PACKAGED FOOD IN VIETNAM
YOGHURT AND SOUR MILK
PRODUCTS IN VIETNAM - CATEGORY
ANALYSIS
HEADLINES
▪ Retail value and volume sales rise by 15% and 12% to reach VND16.9 trillion and 317,600
tonnes in 2019
▪ Yoghurt’s versatility inspires cooks and consumers to produce inventive food dishes and
toppings
▪ Drinking yoghurt sees the highest value growth of 20% to reach VND6.3 trillion in 2019
▪ Average unit price continues to rise, with drinking yoghurt posting the highest increase of 4%
in 2019
▪ Vietnam Dairy Products (Vinamilk) dominates in this category with a 66% value share
▪ Value sales are expected to rise at a current value CAGR of 17% (12% 2019 constant value
CAGR) over the forecast period to reach VND36.8 trillion in 2024
PROSPECTS
Yoghurt Set To See Unabated Growth As Consumers Increasingly
Recognise Its Benefits
Retail value and volume growth of yoghurt continued to rise by double digits in Vietnam in
2019, as it had throughout the review period. Vietnamese consumers continue to believe that
consumption of yoghurt brings about diverse benefits, acting as a source of nutrition, as a food
contributing to external beauty and as an aid to digestion. Brands have continued to reinforce
these beliefs with their marketing messages; for instance, Vinamilk emphasises that its Probi
yoghurt helps to “increase body resistance” and TH Food Chain emphasises that its TH True
yoghurt can provide “helpful bacteria for digestion”. Furthermore, as product acceptance has
increased amongst Vietnamese consumers, manufacturers have extended their target range to
successfully reach teenagers and young adults. Health benefits of yoghurt are bold and clear in
the minds of consumers. Indeed, almost all yoghurt consumers in Vietnam believe not only that
yoghurt is good for enhancing digestion and the immune system, but that it also is good for
keeping fit and that it has positive external application for beauty care. Moreover, consumers
increasingly share information related to yoghurt’s health and beauty care benefits on social
media, and the same topic is widely discussed in other media, especially in articles and
magazines targeting people that with a particular interest in health and beauty. Demand for
yoghurt is thus expected to increase unabated over the forecast period, resulting in higher
double-digit growth rates between 2019 and 2024 than the CAGRs registered over the 20142019 review period.
© Euromonitor International
Passport
88
PACKAGED FOOD IN VIETNAM
Vinamilk Reinforces Perception That Yoghurt Has Many Uses for
Beauty Care
As the Vietnamese economy is stably growing, average income has improved, and most
essential needs such as for food and accommodation can now be met, many consumers can
better afford to act on their interest in beauty and health. In terms of yoghurt, Vietnamese
consumers already believe that it can be used for beauty care; moreover, recent efforts by the
leading yoghurt player Vinamilk have done much to reinforce this perception. Online, Vinamilk
has touted the benefits of using yoghurt, alone or mixed with honey, orange peel or lemon juice,
as a hair mask, a face-whitening cleanser or a rejuvenating face mask, and to help treat acne
and reduce bruising. Elsewhere, it has been pointed out that the lactic acid (a soluble alpha
hydroxy acid) in yoghurt can help to remove dead skin cells, and that gentle exfoliation with
yoghurt not only helps natural lightening but also prevents acne and helps reduce the signs of
aging. If consumer interest in using yoghurt for beauty care continues to rise, the trend is
expected to further boost sales of yoghurt in Vietnam over the forecast period.
Yoghurt’s Versatility Inspires Cooks and Consumers To Invent New
Serving Methods
Yoghurt is so widely available, affordable and enjoyed in Vietnam that consumers as well as
foodservice operators have been finding inventive new ways to enjoy and serve yoghurt in – or
on top of – food. Amongst the many snacks and dishes utilising yoghurt that have been
observed in Vietnam are yoghurt with a topping, such as frozen yoghurt with fruit, chocolate, or
crushed nuts; and yoghurt as a topping, such as cupcakes with yoghurt and chocolate or fruit
topping and donuts with a yoghurt glaze. Moreover, more complex dishes are also increasingly
made with yoghurt, such as yoghurt tarts, yoghurt pumpkin cheesecake and yoghurt cookies
with chocolate chips. Unconventional forms of yoghurt are also attracting attention, such as
yoghurt sticks and Greek yoghurt “cake pops”. The delight that Vietnamese cooks and regular
consumers are taking in creating new ways of consuming yoghurt has not only increased
yoghurt consumption per person but also widened the consumer base for this healthy and
versatile product. Overall, consumer awareness and demand for yoghurt products is so strong in
Vietnam that the country will continue to be a significantly strong market for all types of yoghurt
over the forecast period.
COMPETITIVE LANDSCAPE
Vinamilk Garnishes Reputation for Innovation With Sticky Rice/yoghurt
Blend
Vinamilk continued to hold the dominant share within yoghurt and sour milk drinks overall in
2019 on the strength of its product innovation, strong distribution network and strong investment
in marketing activities including television commercials and in-store promotion. As its products
are widely distributed nationwide, Vinamilk receives positive feedback from consumers and
retailers. It capitalises on that feedback when it comes to new product development, and in
2018-2019 the company indeed launched many new products. A notable launch during the year
was Sua Chua Nep Cam, which has a unique texture and taste; it is a blend of sticky rice and
natural fermented yoghurt, with the company highlighting the use of the Bulgaricus pure yeast
strain to help boost digestive health with modern yeast technology from Europe. Yoghurt/rice
combinations originated in North Vietnam, but Vinamilk expects this fresh new variant to appeal
to Vietnamese consumers throughout the country. Vinamilk, the largest dairy company in the
country, maintained its clear leadership in plain and flavoured yoghurt over the year, but in 2019
© Euromonitor International
Passport
89
PACKAGED FOOD IN VIETNAM
Passport
it was forced to relinquish its top spot within drinking yoghurt to its major competitor
FrieslandCampina Vietnam, which gained the leading edge in terms of absolute sales over the
year.
Frieslandcampina, Th Food Chain and Other Players Encroach on
Vinamilk’s Territory
While remaining the dominant player within yoghurt in 2019, Vinamilk faced tougher
competition, particularly from FrieslandCampina and TH Food Chain within the drinking yoghurt
and plain yoghurt landscape. Nutifood Nutrition Food also gained value share in plain yoghurt at
Vinamilk’s expense over the year. All of these competitors have sufficient resources to enhance
their competitive ability and they have been gaining ground by quickly improving their
distribution networks and developing their product ranges. Meanwhile, Vinamilk has nearly
reached its optimal market position; only by continuing to lead in innovation and to engage with
target consumers can the company maintain its market position. Thus, Vinamilk will increase its
focus on developing new products and regularly refreshing current products in response to
consumers’ changing needs and demands.
Popularity of Drinking Yoghurt Reflected in A Plethora of New Product
Offers
Drinking yoghurt saw the strongest value growth within yoghurt and sour milk products again
in 2019, and all the major players saw double-digit value growth in this category over the year.
Not only are Vietnamese increasingly demanding drinking yoghurt for its on-the-go convenience
but they also are responding to well to the plethora of new product offers that players such as
FrieslandCampina Vietnam (with brands Yomost and Fristi), Vinamilk (with brands Susu and
Probi) and TH Food Chain (with TH True) put forth. Their focus in 2018-2019 continued to be on
offering new flavours, such as Probi blueberry, Probi pineapple and TH True strawberryflavoured drinking yoghurt. Moreover, they appealed to consumers by offering the new products
in different packaging types and quantities – such as four 110ml boxes of Susu grape apple
drinking yoghurt in one pack or six bottles of Susu orange-flavoured drinking yoghurt in one
pack for a special discount. It is thus easy to see why, especially given the diversity of the
product offering, Vietnamese consumers are increasingly considering drinking yoghurt not only
as a good alternative for drinking milk, but also as one that is very attractive to children.
CATEGORY DATA
Table 112
Sales of Yoghurt and Sour Milk Products by Category: Volume 2014-2019
'000 tonnes
Sour Milk Products
Yoghurt
- Drinking Yoghurt
- Flavoured Yoghurt
- Plain Yoghurt
Yoghurt and Sour Milk
Products
Source:
2014
2015
2016
2017
2018
2019
193.7
72.7
12.1
108.8
193.7
215.9
82.2
12.9
120.8
215.9
236.5
89.0
14.3
133.3
236.5
258.9
96.6
15.8
146.6
258.9
286.3
108.2
17.3
160.8
286.3
319.4
124.4
19.1
175.9
319.4
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
90
PACKAGED FOOD IN VIETNAM
Table 113
Passport
Sales of Yoghurt and Sour Milk Products by Category: Value 2014-2019
VND billion
Sour Milk Products
Yoghurt
- Drinking Yoghurt
- Flavoured Yoghurt
- Plain Yoghurt
Yoghurt and Sour Milk
Products
Source:
2014
2015
2016
2017
2018
2019
8,951.7
3,023.4
762.1
5,166.2
8,951.7
10,259.9
3,577.3
844.8
5,837.8
10,259.9
11,520.9
3,997.7
955.7
6,567.5
11,520.9
13,008.7
4,553.8
1,086.1
7,368.8
13,008.7
14,820.0
5,328.6
1,238.4
8,253.0
14,820.0
17,022.8
6,394.4
1,418.0
9,210.4
17,022.8
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 114
2019
Sales of Yoghurt and Sour Milk Products by Category: % Volume Growth 2014-
% volume growth
Sour Milk Products
Yoghurt
- Drinking Yoghurt
- Flavoured Yoghurt
- Plain Yoghurt
Yoghurt and Sour Milk Products
Source:
2018/19
2014-19 CAGR
2014/19 Total
11.6
15.0
10.2
9.4
11.6
10.5
11.3
9.6
10.1
10.5
64.9
71.0
58.0
61.6
64.9
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 115
2019
Sales of Yoghurt and Sour Milk Products by Category: % Value Growth 2014-
% current value growth
Sour Milk Products
Yoghurt
- Drinking Yoghurt
- Flavoured Yoghurt
- Plain Yoghurt
Yoghurt and Sour Milk Products
Source:
2018/19
2014-19 CAGR
2014/19 Total
14.9
20.0
14.5
11.6
14.9
13.7
16.2
13.2
12.3
13.7
90.2
111.5
86.1
78.3
90.2
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 116
Sales of Flavoured Yoghurt by Flavour: Rankings 2014-2019
ranking
Aloe
Strawberry
Mixed Fruits
Banana
© Euromonitor International
2014
2015
2016
2017
2018
2019
3
1
2
5
3
1
2
5
3
1
2
5
3
1
2
5
2
1
3
4
1
2
3
4
91
PACKAGED FOOD IN VIETNAM
Blueberry
Fermented sticky rice
Pomegranate
Source:
Passport
4
-
4
-
4
-
5
-
5
6
7
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 117
NBO Company Shares of Yoghurt and Sour Milk Products: % Value 2015-2019
% retail value rsp
Company
Vietnam Dairy Products
JSC (Vinamilk)
FrieslandCampina
Vietnam Co Ltd
TH Food Chain JSC
International Dairy
Products JSC (IDP)
Yakult Vietnam Co Ltd
Nutifood Nutrition Food
JSC
A&B Foods & Beverage Co
Ltd
Agro Nutrition
International JSC
Others
Total
Source:
4
-
2015
2016
2017
2018
2019
67.2
67.5
67.4
66.9
65.7
15.1
15.0
15.2
15.9
17.0
2.4
4.9
3.1
4.7
4.0
4.5
4.8
4.2
5.0
3.9
3.2
1.1
3.1
1.4
3.5
1.6
3.5
1.7
3.4
1.8
0.2
0.1
-
-
-
0.0
-
-
-
-
5.9
100.0
5.1
100.0
3.8
100.0
3.0
100.0
3.2
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 118
LBN Brand Shares of Yoghurt and Sour Milk Products: % Value 2016-2019
% retail value rsp
Brand (GBO)
Vinamilk
Yomost (Royal
FrieslandCampina NV)
Susu
TH True Yogurt
Yakult (Yakult
Honsha Co Ltd)
Probi
Dutch Lady (Royal
FrieslandCampina NV)
KUN
Nuti
LIF
Yo-Yo
Ancomilk
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Vietnam Dairy Products
JSC (Vinamilk)
FrieslandCampina
Vietnam Co Ltd
Vietnam Dairy Products
JSC (Vinamilk)
TH Food Chain JSC
Yakult Vietnam Co Ltd
56.9
56.6
55.7
53.8
12.6
12.6
13.1
13.9
7.8
7.9
8.2
8.8
3.1
3.1
4.0
3.5
4.8
3.5
5.0
3.4
2.8
2.8
2.9
3.1
2.4
2.5
2.8
3.0
2.7
2.8
2.8
2.7
1.4
1.6
1.7
1.8
1.9
1.7
1.5
1.3
0.1
-
-
-
-
-
-
-
Vietnam Dairy Products
JSC (Vinamilk)
FrieslandCampina
Vietnam Co Ltd
International Dairy
Products JSC (IDP)
Nutifood Nutrition Food
JSC
International Dairy
Products JSC (IDP)
A&B Foods & Beverage Co
Ltd
Agro Nutrition
92
PACKAGED FOOD IN VIETNAM
International JSC
Others
Total
Others
Total
Source:
Passport
5.1
100.0
3.8
100.0
3.0
100.0
3.2
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 119
Distribution of Yoghurt and Sour Milk Products by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
100.0
100.0
24.6
100.0
100.0
25.2
100.0
100.0
26.2
100.0
100.0
26.8
100.0
100.0
27.5
99.9
99.9
26.9
0.3
4.9
19.3
75.4
0.5
5.2
19.5
74.8
0.6
5.5
20.1
73.8
0.7
5.8
20.3
73.2
1.0
6.1
20.5
72.4
0.2
6.3
20.5
73.0
2.7
2.9
3.1
3.1
3.3
3.4
70.2
69.5
68.4
68.0
67.3
67.9
2.6
2.4
2.3
2.1
1.9
1.6
-
-
-
-
-
-
-
-
-
-
-
-
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.1
0.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 120
2024
Forecast Sales of Yoghurt and Sour Milk Products by Category: Volume 2019-
'000 tonnes
Sour Milk Products
Yoghurt
- Drinking Yoghurt
- Flavoured Yoghurt
- Plain Yoghurt
Yoghurt and Sour Milk
Products
© Euromonitor International
2019
2020
2021
2022
2023
2024
319.4
124.4
19.1
175.9
319.4
356.6
143.5
21.1
191.9
356.6
398.4
166.2
23.3
208.8
398.4
445.6
193.1
25.8
226.6
445.6
499.0
225.2
28.7
245.2
499.0
559.9
263.5
31.9
264.5
559.9
93
PACKAGED FOOD IN VIETNAM
Source:
Passport
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 121
2024
Forecast Sales of Yoghurt and Sour Milk Products by Category: Value 2019-
VND billion
Sour Milk Products
Yoghurt
- Drinking Yoghurt
- Flavoured Yoghurt
- Plain Yoghurt
Yoghurt and Sour Milk
Products
Source:
2019
2020
2021
2022
2023
2024
17,022.8
6,394.4
1,418.0
9,210.4
17,022.8
18,971.4
7,468.7
1,573.9
9,928.8
18,971.4
21,194.4
8,760.7
1,750.2
10,683.4
21,194.4
23,735.1
10,311.4
1,949.8
11,474.0
23,735.1
26,653.8
12,177.7
2,175.9
12,300.1
26,653.8
30,024.4
14,430.6
2,432.7
13,161.1
30,024.4
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 122
Forecast Sales of Yoghurt and Sour Milk Products by Category: % Volume
Growth 2019-2024
% volume growth
Sour Milk Products
Yoghurt
- Drinking Yoghurt
- Flavoured Yoghurt
- Plain Yoghurt
Yoghurt and Sour Milk Products
Source:
2019/20
2019-24 CAGR
2019/24 Total
11.6
15.4
10.4
9.1
11.6
11.9
16.2
10.8
8.5
11.9
75.3
111.8
67.0
50.4
75.3
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 123
Forecast Sales of Yoghurt and Sour Milk Products by Category: % Value
Growth 2019-2024
% constant value growth
Sour Milk Products
Yoghurt
- Drinking Yoghurt
- Flavoured Yoghurt
- Plain Yoghurt
Yoghurt and Sour Milk Products
Source:
2019/2020
2019-24 CAGR
2019/24 Total
11.4
16.8
11.0
7.8
11.4
12.0
17.7
11.4
7.4
12.0
76.4
125.7
71.6
42.9
76.4
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
94
PACKAGED FOOD IN VIETNAM
OTHER DAIRY IN VIETNAM CATEGORY ANALYSIS
HEADLINES
▪ Value and volume sales rise by 9% and 3%, respectively to reach VND8.1 trillion and 134,600
tonnes in 2019
▪ Western habits of using cream with drinks and food, along with proliferation of outlets service
tea and coffee, boost sales of cream for use at home as well as in foodservice
▪ Cream see the highest value growth of 10% to reach VND9.3 billion in 2019
▪ Average unit price rises from 4-6% in 2019, with condensed milk price seeing the highest
increase
▪ Vietnam Dairy Products (Vinamilk) holds the dominant value share of 81% in 2019
▪ Value sales of “other” dairy are set to rise at a current value CAGR of 10% (6% 2019 constant
value CAGR) over the forecast period to reach VND13.4 trillion in 2024
PROSPECTS
Increased Domestic Consumption of Coffee and Tea Boosts Sales
Growth of domestic consumption of tea and coffee in Vietnam has positively affected the
“other” dairy category. Indeed, coffee whitener, condensed milk or cream is mainly used for
making drinks and food related to tea and coffee. Also, tea and coffee shops in Vietnam are
increasingly popular and they are introducing many types of coffee and tea drinks that
consumers clearly welcome. This trend has resulted in increased consumption of those drinks,
both in foodservice outlets and at home. As a result, all three categories of “other” dairy present
in Vietnam – but especially cream and condensed milk – saw increased volume growth in 2019.
Westernisation has also played a part in increased demand for cream. Cream is not a traditional
food in Vietnam; it appears together with the Western lifestyle and with Western food.
Westernisation, which promotes free spirit and personal independence, greatly attracts
Vietnamese people, especially the youth. Thus, cream and dishes with cream are increasingly
popular, particularly in bakeries, coffee shops or bubble tea shops.
Cream is set to see the strongest growth in “other” dairy over the forecast period. However,
similar to coffee whiteners, the actual size of the cream category in value terms will remain small
in comparison with the total value of “other” dairy, as condensed milk will continue to account for
more sales and also will see more value growth due to increased unit prices.
Traditional Use, High Awareness and Wide Distribution Account for
Significantly High Volume Share of Condensed Milk
Strong consumer awareness, wide distribution and long tradition account for the significant
consumption of condensed milk in Vietnam. Condensed milk has long attracted Vietnamese
people, and it is a product that older generations, particularly, have loved since childhood. This
is because back in the 1980s and 1990s, when Vietnam was undergoing a major socioeconomic
and political transition, many goods and materials were scarce. During this time, condensed milk
was quickly embraced, as it was more readily available, easy to store and less expensive than
© Euromonitor International
Passport
95
PACKAGED FOOD IN VIETNAM
fresh milk. It was used to combat malnutrition, for snacks such as bread dipped in condensed
milk as a form of “comfort food”, and it was increasingly used to neutralise the bitterness of
coffee. Since that time using condensed milk in food and beverages and not just for cooking has
become a deeply ingrained habit in Vietnam, and in 2019 condensed milk accounted for nearly
95% of total volume sales of “other” dairy.
Lack of Competition and Familiarity Constrains Growth of Cream and
Coffee Whiteners
Beyond the fact that cream and coffee whiteners have not traditionally been consumed in
Vietnam, the main reason why these two categories remain so small is partially due to a lack of
competition. Anchor cream by Fonterra Brands (Vietnam) and Coffee-mate coffee whiteners by
Nestlé Vietnam are amongst the few products available in their respective categories. Lacking
the presence of sufficiently compelling competitive forces in the Vietnamese market, the existing
players have been more focused on ensuring that their products can meet present demand in
their existing distribution networks and on expanding their distribution than on trying to increase
demand via marketing or innovation. However, as cream and coffee whiteners were only
recently introduced as a concept to Vietnamese consumers, ongoing lack of marketing activities
to support these products is unlikely to attract significantly more Vietnamese consumers. Thus,
although – as in foodservice – at-home consumption of these products is expected to increase
over the forecast period, both of these categories are expected to remain relatively small.
COMPETITIVE LANDSCAPE
Vinamilk Benefits From Ability To Adapt and Change
Vinamilk continued to dominate ““other” dairy in 2019 on the strength of its leading position in
condensed milk, by far the best-selling “other” dairy product in Vietnam. Having offered little by
way of product innovation over the year other than introducing a wider variety of pack types and
sizes, the company can easily rely on its strong brand awareness, robust distribution network
and numerous marketing activities to maintain its lead in this category. Historically, Vinamilk’s
brands Ong Tho and Ngoi Sao Phuong Nam have catered to consumers seeking to improve
their overall health (for instance, to address malnutrition). However, the company has readily
changed its brand positioning in line with the evolution of Vietnamese society to meet changing
consumer requirements over time. Over the forecast period, as the purchasing power of
Vietnamese consumers is set to increase, sales of condensed milk are also expected to
increase, despite a continuing rise in the product’s average unit price. Vinamilk is expected to
maintain its lead, on the back of its adaptability and willingness to change, along with its
knowledge of the Vietnamese market and strong resources.
Lacking Competition in Coffee Whiteners, Nestlé Expands Its
Distribution Rather Than Investing in Innovation
There has been a lack of momentum in developing sales of coffee whiteners in Vietnam, and
over the review period volume growth of the category has remained moderate and stable.
Moreover, until recently it was hard to find many brands in this category except for Coffee-mate
(Nestlé Vietnam Ltd). The first reason for this lack is that consumer awareness of this type of
product is not strong enough for new players to envision the country being a potential market for
coffee whiteners. Another reason that its growth prospects may be limited is that Vietnamese
that enjoy coffee and tea are more accustomed to choosing alternatives such as traditional
condensed milk, fresh milk or shelf-stable milk. For potential competitors, another deterrent to
© Euromonitor International
Passport
96
PACKAGED FOOD IN VIETNAM
Passport
entering this playing field may be that Nestlé has simply “cornered the market”. Given the
current lack of competition within coffee whiteners and limited prospects for new entries, Nestlé
is expected to continue to focus more on expanding distribution of Coffee-mate in the country
than on engaging in innovation.
While Traditional Retailers Lead, Modern Grocery Retailers Are Rapidly
Gaining Ground
Independent small grocers and other grocery retailers in the traditional channel continue to
account for the large majority of “other” dairy sales, although modern grocery retailers –
supermarkets, hypermarkets and convenience stores – expanded throughout the review period
and all of these channels increased their value share of “other” dairy by double digits between
2014 and 2019. Condensed milk is carried everywhere, with coffee whiteners available to a
lesser extent and cream presence largely restricted to modern retailers that have refrigerated
display compartments. The foodservice channel is still the key channel for selling cream. Cream
has become quite popular in Vietnamese milk tea shops, coffee shops and bakeries, which were
the first to offer cream to consumers. However, even though many Vietnamese have become
more familiar with cream, they seldom consume it at home because cream is still not widely
distributed in retailing channels beyond the modern retailers in urban areas.
CATEGORY DATA
Table 124
Sales of Other Dairy by Category: Volume 2014-2019
'000 tonnes
Chilled and Shelf
Stable Desserts
Chilled Snacks
Coffee Whiteners
Condensed Milk
- Flavoured Condensed
Milk
- Plain Condensed Milk
Cream
Fromage Frais and Quark
- Flavoured Fromage
Frais and Quark
- Plain Fromage Frais
and Quark
- Savoury Fromage Frais
and Quark
Other Dairy
Source:
2014
2015
2016
2017
2018
2019
-
-
-
-
-
-
1.1
118.6
-
1.1
121.3
-
1.1
124.0
-
1.2
126.6
-
1.2
129.8
-
1.2
133.4
-
118.6
0.0
-
121.3
0.0
-
124.0
0.1
-
126.6
0.1
-
129.8
0.1
-
133.4
0.1
-
-
-
-
-
-
-
-
-
-
-
-
-
119.7
122.5
125.2
127.8
131.0
134.6
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 125
Sales of Other Dairy by Category: Value 2014-2019
VND billion
Chilled and Shelf
© Euromonitor International
2014
2015
2016
2017
2018
2019
-
-
-
-
-
-
97
PACKAGED FOOD IN VIETNAM
Stable Desserts
Chilled Snacks
Coffee Whiteners
Condensed Milk
- Flavoured Condensed
Milk
- Plain Condensed Milk
Cream
Fromage Frais and Quark
- Flavoured Fromage
Frais and Quark
- Plain Fromage Frais
and Quark
- Savoury Fromage Frais
and Quark
Other Dairy
Source:
Passport
113.8
5,397.1
-
121.1
5,828.9
-
128.4
6,255.7
-
136.8
6,752.7
-
145.3
7,326.7
-
154.0
7,986.1
-
5,397.1
5.9
-
5,828.9
6.5
-
6,255.7
7.1
-
6,752.7
7.7
-
7,326.7
8.5
-
7,986.1
9.3
-
-
-
-
-
-
-
-
-
-
-
-
-
5,516.8
5,956.5
6,391.1
6,897.2
7,480.4
8,149.4
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 126
Sales of Other Dairy by Category: % Volume Growth 2014-2019
% volume growth
Chilled and Shelf Stable Desserts
Chilled Snacks
Coffee Whiteners
Condensed Milk
- Flavoured Condensed Milk
- Plain Condensed Milk
Cream
Fromage Frais and Quark
- Flavoured Fromage Frais and Quark
- Plain Fromage Frais and Quark
- Savoury Fromage Frais and Quark
Other Dairy
Source:
2018/19
2014-19 CAGR
2014/19 Total
1.8
2.8
2.8
6.4
2.8
2.2
2.4
2.4
6.0
2.4
11.5
12.5
12.5
33.7
12.5
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 127
Sales of Other Dairy by Category: % Value Growth 2014-2019
% current value growth
Chilled and Shelf Stable Desserts
Chilled Snacks
Coffee Whiteners
Condensed Milk
- Flavoured Condensed Milk
- Plain Condensed Milk
Cream
Fromage Frais and Quark
- Flavoured Fromage Frais and Quark
- Plain Fromage Frais and Quark
- Savoury Fromage Frais and Quark
Other Dairy
© Euromonitor International
2018/19
2014-19 CAGR
2014/19 Total
6.0
9.0
9.0
10.2
8.9
6.2
8.2
8.2
9.7
8.1
35.3
48.0
48.0
59.0
47.7
98
PACKAGED FOOD IN VIETNAM
Source:
Passport
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 128
Sales of Cream by Type: % Value 2014-2019
% retail value rsp
Chilled/Fresh Double
Cream
Chilled/Fresh Half/
Single Cream
Chilled/Fresh Sour Cream
Long-Life/UHT Whipped
Cream
Others
Total
Source:
2014
2015
2016
2017
2018
2019
52.9
52.8
52.7
52.5
52.2
52.0
1.3
1.2
1.2
1.2
1.7
2.2
11.7
29.4
11.6
29.6
11.5
29.7
11.4
29.8
11.0
30.0
10.5
30.2
4.7
100.0
4.8
100.0
4.9
100.0
5.1
100.0
5.1
100.0
5.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 129
NBO Company Shares of Other Dairy: % Value 2015-2019
% retail value rsp
Company
Vietnam Dairy Products
JSC (Vinamilk)
FrieslandCampina
Vietnam Co Ltd
Nestlé Vietnam Ltd
Others
Total
Source:
2016
2017
2018
2019
80.1
80.3
80.4
80.6
80.7
17.0
16.9
16.8
16.7
16.6
2.0
0.8
100.0
2.0
0.8
100.0
2.0
0.8
100.0
1.9
0.8
100.0
1.9
0.8
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 130
LBN Brand Shares of Other Dairy: % Value 2016-2019
% retail value rsp
Brand (GBO)
Ong Tho
Ngoi Sao Phuong Nam
Dutch Lady (Royal
FrieslandCampina NV)
Hoan Hao (Royal
FrieslandCampina NV)
Coffee-mate (Nestlé
SA)
Others
Total
Source:
2015
Company (NBO)
2016
2017
2018
2019
Vietnam Dairy Products
JSC (Vinamilk)
Vietnam Dairy Products
JSC (Vinamilk)
FrieslandCampina
Vietnam Co Ltd
FrieslandCampina
Vietnam Co Ltd
Nestlé Vietnam Ltd
71.6
71.7
71.7
71.8
8.7
8.7
8.8
8.9
8.5
8.5
8.4
8.4
8.4
8.3
8.2
8.2
2.0
2.0
1.9
1.9
0.8
100.0
0.8
100.0
0.8
100.0
0.8
100.0
Others
Total
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
99
PACKAGED FOOD IN VIETNAM
Table 131
Passport
Distribution of Other Dairy by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
100.0
100.0
17.6
100.0
100.0
18.2
100.0
100.0
19.0
100.0
100.0
19.6
99.9
99.9
20.4
99.9
99.9
20.9
0.2
2.8
14.6
82.4
0.2
3.2
14.8
81.8
0.2
3.6
15.2
81.0
0.2
3.9
15.5
80.3
0.4
4.3
15.7
79.5
0.5
4.5
15.9
79.0
-
-
-
-
-
-
73.6
73.1
72.3
71.7
71.2
70.9
8.8
8.7
8.7
8.6
8.3
8.0
-
-
-
-
-
-
-
-
-
-
-
-
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.1
0.1
100.0
0.1
0.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 132
Forecast Sales of Other Dairy by Category: Volume 2019-2024
'000 tonnes
Chilled and Shelf
Stable Desserts
Chilled Snacks
Coffee Whiteners
Condensed Milk
- Flavoured Condensed
Milk
- Plain Condensed Milk
Cream
Fromage Frais and Quark
- Flavoured Fromage
Frais and Quark
- Plain Fromage Frais
and Quark
- Savoury Fromage Frais
© Euromonitor International
2019
2020
2021
2022
2023
2024
-
-
-
-
-
-
1.2
133.4
-
1.2
137.5
-
1.2
142.2
-
1.2
147.5
-
1.3
153.4
-
1.3
160.0
-
133.4
0.1
-
137.5
0.1
-
142.2
0.1
-
147.5
0.1
-
153.4
0.1
-
160.0
0.1
-
-
-
-
-
-
-
-
-
-
-
-
-
100
PACKAGED FOOD IN VIETNAM
Passport
and Quark
Other Dairy
Source:
134.6
138.8
143.5
148.8
154.7
161.3
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 133
Forecast Sales of Other Dairy by Category: Value 2019-2024
VND billion
Chilled and Shelf
Stable Desserts
Chilled Snacks
Coffee Whiteners
Condensed Milk
- Flavoured Condensed
Milk
- Plain Condensed Milk
Cream
Fromage Frais and Quark
- Flavoured Fromage
Frais and Quark
- Plain Fromage Frais
and Quark
- Savoury Fromage Frais
and Quark
Other Dairy
Source:
2019
2020
2021
2022
2023
2024
-
-
-
-
-
-
154.0
7,986.1
-
157.7
8,441.3
-
161.2
8,930.9
-
164.4
9,457.8
-
167.4
10,025.2
-
170.1
10,636.8
-
7,986.1
9.3
-
8,441.3
10.0
-
8,930.9
10.7
-
9,457.8
11.5
-
10,025.2
12.3
-
10,636.8
13.3
-
-
-
-
-
-
-
-
-
-
-
-
-
8,149.4
8,609.0
9,102.7
9,633.7
10,205.0
10,820.1
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 134
Forecast Sales of Other Dairy by Category: % Volume Growth 2019-2024
% volume growth
Chilled and Shelf Stable Desserts
Chilled Snacks
Coffee Whiteners
Condensed Milk
- Flavoured Condensed Milk
- Plain Condensed Milk
Cream
Fromage Frais and Quark
- Flavoured Fromage Frais and Quark
- Plain Fromage Frais and Quark
- Savoury Fromage Frais and Quark
Other Dairy
Source:
2019/20
2019-24 CAGR
2019/24 Total
1.6
3.1
3.1
6.8
3.1
1.2
3.7
3.7
7.6
3.7
6.1
19.9
19.9
44.2
19.8
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 135
Forecast Sales of Other Dairy by Category: % Value Growth 2019-2024
% constant value growth
2019/2020
© Euromonitor International
2019-24 CAGR
2019/24 Total
101
PACKAGED FOOD IN VIETNAM
Chilled and Shelf Stable Desserts
Chilled Snacks
Coffee Whiteners
Condensed Milk
- Flavoured Condensed Milk
- Plain Condensed Milk
Cream
Fromage Frais and Quark
- Flavoured Fromage Frais and Quark
- Plain Fromage Frais and Quark
- Savoury Fromage Frais and Quark
Other Dairy
Source:
Passport
2.4
5.7
5.7
6.9
5.6
2.0
5.9
5.9
7.3
5.8
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
10.4
33.2
33.2
42.2
32.8
102
PACKAGED FOOD IN VIETNAM
CHOCOLATE CONFECTIONERY IN
VIETNAM - CATEGORY ANALYSIS
HEADLINES
▪ Retail volume and value sales of chocolate confectionery rise by 5% and 11%, to reach 6,100
tonnes and VND2.5 trillion in 2019
▪ Higher disposal incomes and widening range boost premium chocolate confectionery
▪ Tablets sees highest value growth of 13% to reach VND631.5 billion in 2019
▪ Average unit price rises by 5%, higher than inflation rate in 2019
▪ Mars maintains the lead in chocolate confectionery with a 13% retail value share in 2019
▪ Sales of chocolate confectionery are expected to rise at a current value CAGR of 12% (8%
2019 constant value CAGR) over the 2019-2024 forecast period
PROSPECTS
Recently Entered Players Offering Affordably Priced Quality Give
Tablets Traction
Although chocolate confectionery is stably growing, tablets saw the fastest value growth in
2019. More new international and local players entered this category over the review period,
boosting sales. One of players, Morinago & Co, immediately took the sixth position with its Dars
brand when it entered in 2015 and was ranked third in 2019. Another one, falling into the
“others” category, is Vietnamcacao, which offers Good Night tablets made of 100% cocoa,
harvested from Vietnamese-grown cocoa beans. Although the value share of “others” within the
tablets category was relatively negligible in 2019, it grew by two percentage points within the
category over the year, in large part to newer players like these.
Aside from its stimulation by newer players in 2019, tablets saw solid growth because these
products remain suitable for different consumption occasions, thanks to their various pack sizes,
premium packaging and yet affordable prices, and they are not just purchased for gifting
purposes but also for personal consumption. Another growth driver continues to be distribution.
Tablets in various pack sizes and types are widely sold, especially in the rapidly expanding
convenience stores channel but also in supermarkets and gift shops.
Higher Disposable Incomes Boost Sales of Premium Products
A wide age range of consumers enjoy the taste of chocolate, and this helps chocolate
confectionery attract customers of different income levels. Chocolate confectionery benefits from
the fact that Vietnamese consumers are accustomed to consuming chocolate in both food and
beverages. Moreover, as Vietnam has become westernised and integrated with the rest of the
world, both economically and culturally, popular types of imported Western food, including
chocolate confectionery, has become very popular. The fact that imported chocolate
confectionery is widely available in Vietnam enables Vietnamese people to enjoy more
chocolate conveniently.
With the economy continuing to strengthen in 2019, Vietnamese consumers enjoyed higher
disposable income levels, and this increased their demand for premium chocolate confectionery.
© Euromonitor International
Passport
103
PACKAGED FOOD IN VIETNAM
Vietnamese consumers generally consider most chocolate confectionery to be premium,
especially imported products. However, with increased awareness due to social media and
marketing, they are becoming more conscious of what premium chocolate means and of what
premium packaging should look like. Consumers increasingly look for premium quality when
shopping for gifts that offer respect or show love. Therefore, sales of premium products
accelerated in the Tet and Valentine Day season. In 2019, value sales of premium chocolate
confectionery as well as that of chocolate confectionery overall increased, however, as all of
these products benefited from the general assumption in Vietnam that chocolate confectionery
of any kind is premium. It is reasonable to expect chocolate confectionery overall to continue
enjoying strong value growth over the forecast period.
Chocolate Confectionery Players Go All Out To Capitalise on Valentine
Day
Every year chocolate confectionery players invest more in seasonal launches, especially
within boxed assortments and tablets. These are often promoted with elaborate displays during
the Tet (Lunar New Year) and Valentine Day season, when sales of chocolate confectionery
and other snacks such as sugar confectionery and sweet biscuits peak. To generate sales for
Valentine gift giving and consumption in 2019, retailers highly promoted Morinaga’s Dars brand
of tablets in festive packaging as well as a new Nestlé Vietnam Kit Kat countline called Kit Kat
Rose, which came in rose and raspberry flavours wrapped in pink packaging. Indeed, not only
manufacturers but also retailers use this occasion to attract visitors by decorating their stores
with Valentine themes, and the latter go out of their way to make chocolate confectionery
shelves outstanding. Moreover, nearly all players in Vietnam invest in public media and social
networking activities to promote their chocolate confectionery during this highly lucrative season.
Notable chocolate gift selections that attracted attention in 2019 included assorted chocolate
bars in gift boxes of various shapes, beautifully decorated valentine-shaped boxes filled with
chocolate hearts and chocolate flowers, and colourfully wrapped boxes of equally colourful
chocolate-coated fruit. In all, the plethora of Valentine-themed chocolate products and
packaging boosted sales for all participating players in the first part the year and are expected to
do so every year in the forecast period.
COMPETITIVE LANDSCAPE
International Brands May Lose An Advantage, As Local Players Make
Headway
International brands still account for the highest share of chocolate confectionery sales in
Vietnam, largely because imported chocolate products have penetrated the country widely over
recent decades in line with the ongoing westernisation trend. It is also true that the majority of
chocolate confectionery brands that retailers carry are international ones, with second-ranked
domestic brand Belcholat being an exception. The Vietnamese mindset that domestic
chocolates are of lesser quality has been in place for a long time, largely because for a long
time Vietnam production technology was underdeveloped, and it was indeed true that domestic
products lacked sufficient quality to compete with premium imported products. Moreover,
domestic players rarely conducted activities to increase their brand recognition in the country or
to tout their quality to potential consumers. Until recently all of these factors have ensured the
leadership of international players in most categories. However, late in the review period,
domestic players increasingly been challenging international brands with quality products and
production.
© Euromonitor International
Passport
104
PACKAGED FOOD IN VIETNAM
With Improved Quality and Image, Domestic Brands Like Marou Are
Gaining Traction
While international players hold most of the leading positions within chocolate confectionery,
Vietnamese consumers are increasingly determined to support domestic products. This has
been encouraged by the appearance of high-quality locally produced brands as Marou (Marou
Chocolate). Marou offers premium handcrafted chocolate tablets made from cocoa beans grown
in the Mekong Delta, where different kinds of soil result in distinctly different cocoa bean
flavours. One of its most attractive products domestically is made of
, dark chocolate combined with anise, cardamom, cloves, cinnamon, coriander, cumin, and
pepper, a combination of spices that are popularly enjoyed in one of Vietnam's famous
vegetarian soups. Supported by better distribution and wider local as well as international
recognition, Marou has seen rapid value growth since its introduction in 2012 and in the forecast
period, domestic companies that aim to innovate with premium products, such as Marou and
Belcholat, are expected to continue gaining traction in competition with international players
over the forecast period.
Distributors Have Wide Leeway To Determine What Products To Carry
and Promote
In Indonesia, chocolate confectionery is mostly sold through distributors without the benefit of
above-the-line marketing activities. Only KitKat (Nestlé Vietnam) advertises on TV and that
investment leverages on the whole Nestlé portfolio, which benefits in Vietnam from regular
marketing activities. Many brands such as Hershey's, Munz and Cadbury leave their product
promotion and other marketing activities to their distributors. In turn, the distributors focus more
on getting products to stores than on brand-building activities. Thus, consumer awareness in
Vietnam is only rising slowly amongst the target consumers and category growth will continue to
reflect the current level of awareness.
It should be noted that the large distributors move their products through small distributors
across different regions nationwide. Small distributors will assess the expected consumption of
brands/products in their region based on their awareness of consumer preferences before
deciding whether to distribute the products or not. Because consumer awareness is mostly
spread by word of mouth, it is hard for brands to gain wider exposure or generate greater
interest outside of the major cities such as Hanoi and Ho Chi Minh City.
Summary 2
Other Chocolate Confectionery by Product Type: 2019
Product type
Chocolate lollipops
Chocolate paste
Liquid chocolate
Source:
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
CATEGORY DATA
Table 136
Sales of Chocolate Confectionery by Category: Volume 2014-2019
© Euromonitor International
Passport
105
PACKAGED FOOD IN VIETNAM
Passport
tonnes
Chocolate Pouches and
Bags
Boxed Assortments
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Other Chocolate
Confectionery
Chocolate Confectionery
Source:
2014
2015
2016
2017
2018
2019
674.0
723.2
773.8
825.7
878.5
931.2
2,081.0
977.3
971.0
-
2,225.0
1,010.9
1,003.1
-
2,365.2
1,041.3
1,034.2
-
2,516.6
1,071.5
1,065.2
-
2,680.2
1,099.3
1,102.5
-
2,862.4
1,124.6
1,146.6
-
4,703.3
4,962.2
5,214.5
5,478.9
5,760.5
6,064.8
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 137
Sales of Chocolate Confectionery by Category: Value 2014-2019
VND billion
Chocolate Pouches and
Bags
Boxed Assortments
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Other Chocolate
Confectionery
Chocolate Confectionery
Source:
2014
2015
2016
2017
2018
2019
172.8
195.3
221.5
251.6
284.8
321.0
786.5
229.6
366.1
-
877.6
254.5
403.2
-
939.0
285.2
445.5
-
1,014.1
313.7
496.7
-
1,105.4
341.9
558.8
-
1,215.9
369.3
631.5
-
1,555.0
1,730.6
1,891.1
2,076.1
2,290.9
2,537.6
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 138
Sales of Chocolate Confectionery by Category: % Volume Growth 2014-2019
% volume growth
Chocolate Pouches and Bags
Boxed Assortments
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Other Chocolate Confectionery
Chocolate Confectionery
Source:
2018/19
2014-19 CAGR
2014/19 Total
6.0
6.8
2.3
4.0
5.3
6.7
6.6
2.8
3.4
5.2
38.2
37.6
15.1
18.1
28.9
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 139
Sales of Chocolate Confectionery by Category: % Value Growth 2014-2019
% current value growth
2018/19
© Euromonitor International
2014-19 CAGR
2014/19 Total
106
PACKAGED FOOD IN VIETNAM
Passport
Chocolate Pouches and Bags
Boxed Assortments
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Other Chocolate Confectionery
Chocolate Confectionery
Source:
12.7
10.0
8.0
13.0
10.8
13.2
9.1
10.0
11.5
10.3
85.8
54.6
60.8
72.5
63.2
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 140
Sales of Chocolate Tablets by Type: % Value 2014-2019
% retail value rsp
Filled
Plain Dark
Plain Milk
Plain White
Total
Source:
2014
2015
2016
2017
2018
2019
24.0
25.8
40.5
9.7
100.0
24.5
25.9
40.0
9.6
100.0
25.0
26.0
39.5
9.5
100.0
25.5
26.1
39.0
9.4
100.0
25.7
26.5
38.5
9.3
100.0
25.7
26.8
38.3
9.2
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 141
NBO Company Shares of Chocolate Confectionery: % Value 2015-2019
% retail value rsp
Company
Mars Inc
Belcholat JSC
Nestlé Vietnam Ltd
Chocolaterie Guylian NV
Bien Hoa Confectionery
Corp (Bibica)
Delfi Ltd
Maestrani Schweizer
Schokoladen AG
August Storck KG
Maestro Swiss Chocolate
Sdn Bhd
Mondelez International
Inc
Morinaga & Co Ltd
Cadbury Plc
Mondelez Kinh Do
Vietnam JSC
Ferrero SpA
Ritter GmbH & Co KG,
Alfred
Marou Chocolate Co Ltd
Dai Hien Tam Co Ltd
Pham Nguyen
Confectionery & Candy
Co Ltd
Hershey Co, The
Kraft Foods Inc
© Euromonitor International
2015
2016
2017
2018
2019
13.1
11.5
7.8
9.5
3.4
13.1
11.5
8.2
8.7
3.4
13.1
11.6
8.5
8.1
3.5
13.0
11.4
8.6
7.7
3.5
12.9
11.1
8.5
7.4
3.6
5.9
5.0
4.3
4.0
3.8
3.4
3.3
3.1
4.1
3.0
3.5
2.8
3.0
2.6
2.5
2.4
2.0
1.4
1.4
1.4
1.5
1.5
0.8
1.5
1.4
1.5
1.4
1.4
1.7
1.4
1.3
1.6
1.4
1.2
1.4
1.4
1.0
0.8
0.7
0.8
0.7
0.8
0.7
0.8
0.7
0.8
0.8
0.3
0.4
0.5
0.4
0.4
0.4
0.5
0.4
0.4
0.5
0.4
0.3
0.5
0.4
0.3
6.1
-
5.1
-
4.5
-
-
-
107
PACKAGED FOOD IN VIETNAM
Passport
Kinh Do Corp
Others
Total
Source:
27.8
100.0
32.0
100.0
34.6
100.0
37.4
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 142
LBN Brand Shares of Chocolate Confectionery: % Value 2016-2019
% retail value rsp
Brand (GBO)
Belcholat
Kit Kat (Nestlé SA)
Guylian (Lotte Group)
M&M's
Snickers
Bella
Van Houten
Munz
Vochelle (Maestro
Swiss Corp)
Toblerone
Dars
Dove
Mars
Koko Choco
(Mondelez
International Inc)
Toffifee
Wonderland
Ferrero Rocher
(Ferrero & related
parties)
Merci
Ritter Sport
Riesen
Cadbury Dairy Milk
(Mondelez
International Inc)
Marou Faiseurs de
Chocolat
Mark & Milk Chocolate
P&N
Van Houten
Cadbury Dairy Milk
(Kraft Foods Inc)
Govida
Koko Choco
Toblerone
Others
Total
Source:
30.0
100.0
Company (NBO)
2016
2017
2018
2019
Belcholat JSC
Nestlé Vietnam Ltd
Chocolaterie Guylian NV
Mars Inc
Mars Inc
Bien Hoa Confectionery
Corp (Bibica)
Delfi Ltd
Maestrani Schweizer
Schokoladen AG
Maestro Swiss Chocolate
Sdn Bhd
Mondelez International Inc
Morinaga & Co Ltd
Mars Inc
Mars Inc
Mondelez Kinh Do
Vietnam JSC
10.5
8.2
8.7
6.2
4.3
3.4
10.5
8.5
8.1
6.3
4.2
3.5
10.4
8.6
7.7
6.5
4.0
3.5
10.1
8.5
7.4
6.7
3.8
3.6
5.0
4.3
4.0
3.8
3.4
3.3
3.5
3.0
2.5
2.0
1.4
1.5
1.3
1.4
1.4
1.4
1.7
1.3
1.3
1.3
1.5
1.6
1.3
1.2
1.2
1.5
1.4
1.2
1.2
1.0
August Storck KG
Belcholat JSC
Ferrero SpA
1.5
1.0
0.8
1.4
1.0
0.8
1.2
1.0
0.8
1.0
0.9
0.8
August Storck KG
Ritter GmbH & Co KG,
Alfred
August Storck KG
Cadbury Plc
0.8
0.7
0.8
0.7
0.8
0.7
0.8
0.8
0.7
0.6
0.7
0.6
0.7
0.6
0.7
0.6
Marou Chocolate Co Ltd
0.4
0.5
0.5
0.5
Dai Hien Tam Co Ltd
Pham Nguyen
Confectionery & Candy
Co Ltd
Hershey Co, The
Cadbury Plc
0.4
0.4
0.4
0.4
0.4
0.3
0.4
0.3
5.1
-
4.5
-
-
-
30.8
100.0
32.9
100.0
35.4
100.0
38.2
100.0
Kinh Do Corp
Kinh Do Corp
Kraft Foods Inc
Others
Total
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
108
PACKAGED FOOD IN VIETNAM
Table 143
Passport
Distribution of Chocolate Confectionery by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
99.9
99.9
40.9
99.9
99.9
41.6
99.9
99.9
42.2
99.9
99.9
42.5
99.8
99.8
42.9
99.8
99.8
43.9
0.1
6.4
34.4
59.1
0.1
6.8
34.7
58.3
0.1
7.1
35.0
57.7
0.2
7.3
35.1
57.4
0.2
7.5
35.2
57.0
0.4
7.8
35.7
56.0
16.5
15.9
15.6
15.5
15.4
15.6
40.1
40.1
39.8
39.6
39.4
38.3
2.5
2.4
2.4
2.3
2.2
2.0
-
-
-
-
-
-
-
-
-
-
-
-
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.2
0.2
100.0
0.2
0.2
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 144
Forecast Sales of Chocolate Confectionery by Category: Volume 2019-2024
tonnes
Chocolate Pouches and
Bags
Boxed Assortments
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Other Chocolate
Confectionery
Chocolate Confectionery
Source:
2019
2020
2021
2022
2023
2024
931.2
983.4
1,034.5
1,084.2
1,131.9
1,178.8
2,862.4
1,124.6
1,146.6
-
3,065.7
1,147.1
1,198.1
-
3,292.5
1,166.6
1,258.1
-
3,546.0
1,182.9
1,327.2
-
3,829.7
1,195.9
1,406.9
-
4,147.6
1,205.5
1,498.3
-
6,064.8
6,394.3
6,751.7
7,140.4
7,564.4
8,030.3
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
109
PACKAGED FOOD IN VIETNAM
Table 145
Passport
Forecast Sales of Chocolate Confectionery by Category: Value 2019-2024
VND billion
Chocolate Pouches and
Bags
Boxed Assortments
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Other Chocolate
Confectionery
Chocolate Confectionery
Source:
2019
2020
2021
2022
2023
2024
321.0
348.3
376.1
404.3
432.6
461.4
1,215.9
369.3
631.5
-
1,298.6
385.5
692.1
-
1,389.5
402.1
759.9
-
1,489.5
419.0
835.9
-
1,599.8
436.3
921.2
-
1,721.3
454.1
1,017.0
-
2,537.6
2,724.5
2,927.6
3,148.8
3,389.9
3,653.8
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 146
2019-2024
Forecast Sales of Chocolate Confectionery by Category: % Volume Growth
% volume growth
Chocolate Pouches and Bags
Boxed Assortments
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Other Chocolate Confectionery
Chocolate Confectionery
Source:
2019/20
2019-24 CAGR
2019/24 Total
5.6
7.1
2.0
4.5
5.4
4.8
7.7
1.4
5.5
5.8
26.6
44.9
7.2
30.7
32.4
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 147
2024
Forecast Sales of Chocolate Confectionery by Category: % Value Growth 2019-
% constant value growth
Chocolate Pouches and Bags
Boxed Assortments
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Other Chocolate Confectionery
Chocolate Confectionery
Source:
2019/2020
2019-24 CAGR
2019/24 Total
8.5
6.8
4.4
9.6
7.4
7.5
7.2
4.2
10.0
7.6
43.8
41.6
23.0
61.0
44.0
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
110
PACKAGED FOOD IN VIETNAM
GUM IN VIETNAM - CATEGORY
ANALYSIS
HEADLINES
▪ Retail value sales rise by 3% and volume sales of gum decline by 1% to reach VND3 trillion
and 8,800 tonnes in 2019
▪ Lacking innovation, growth opportunities for gum are limited
▪ Bubble gum sees the highest retail value growth of 6% to reach VND132.6 billion in 2019
▪ Average unit price of gum rises by 4% in 2019
▪ Wrigley dominates sales of gum with a 57% retail value share in 2019
▪ Value sales of gum expected to rise at a current value CAGR of 6% (2% 2019 constant value
CAGR) over the 2019-2024 forecast period
PROSPECTS
Lack of Innovation Or New Incentives To Chew Gum Limits Growth
Opportunities
Over the review period, there were three main market players in gum: Wrigley Vietnam, Lotte
Vietnam and Perfetti Van Melle Vietnam. As all three of these international players have been
present in the Vietnamese market for a long time and have stable distribution networks and
market shares. Competition is thus not very intense. Moreover, innovation is limited due to a
lack of competition in this category. For that reason there is also limited opportunity for players
to create more demand. Indeed, occasions and reasons to consume gum are quite specific.
Thus manufacturers continue to exploit the same reasons for buying their products: chewing
gum for fun snacking (bubble gum) and chewing gum for teeth protection or breath freshening
(chewing gum). Since it is difficult to find other incentives for consumers to chew gum, and since
unit prices will continue to rise, value sales will see a stronger rise over the forecast period, but
volume growth, while positive, will be low, aided somewhat by expanded distribution through
convenience stores in the country.
As Adults Account for Most Sales, Players Enhance Products To Keep
Their Interest
Chewing gum accounts for the vast majority of value and volume sales of gum in Vietnam,
and players target adults and the mass to generate those sales. For example, Wrigley's
Doublemint and Lotte Xylitol and Perfetti clearly target adults; this is reflected in the packaging
and their brand communication. Vietnamese adults characteristically have larger budgets to
spend on gum than younger people do, but while they account for higher consumption volume
they also require higher product quality. This latter characteristic creates both an opportunity
and a challenge for manufacturers, which they have met and are expected to continue meeting
by offering and promoting new sugar-free versions with enhanced flavours and greater breathfreshening strength.
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Lacking Other Means for Innovation, Players Create New Flavours To
Generate Sales
Although there is limited innovation in this category, manufacturers continue to introduce new
flavours in a variety of formats to keep pace with changing consumer preferences. For instance,
Lotte recently introduced a version of Lotte Xylitol in a Huong Lime Mint flavour, which is
available in bottles (in mini, handy and family sizes), a jar, a pillow bag and blister pack.
Alongside traditional flavours such as peppermint Xylitol now comes in blueberry and strawberry
flavours, amongst others. Taking a different approach, Wrigley’s has introduced a 40-pack
chewing gum product with five flavours, including Juicy Fruit, Doublemint, Winterfresh,
Spearmint and Big Red. Flavour, format and packaging innovations like these are expected to
be the main ways in which the leading manufacturers keep consumers interested in their gum
brands and generate higher sales over the forecast period.
COMPETITIVE LANDSCAPE
Lotte Gains Value Share After Sugar-free Gum, Its Focus Area, Posts
Highest Growth
In 2019, Wrigley Vietnam, Lotte Vietnam and Perfetti Van Melle Vietnam continued to
dominate sales of gum in this highly consolidated category with their Cool Air, Xylitol and Big
Babol brands, respectively. Local brands, located under “others”, used to be available in stores
but they have lacked systematic marketing and distribution and are now increasingly hard to
find, especially in modern stores. Amongst the three leading players, Lotte saw the highest gain
in value share over the year, because it is focuses on sugar-free chewing gum – by far the most
highly demanded gum product in Vietnam. While Wrigley has long been dominant in gum and is
the key contributor to sugarised chewing gum, it lost value share to Lotte and to a lesser extent
to Perfetti Van Melle in 2019. Because Perfetti Van Melle generates most of its sales through
bubble gum, which saw the highest value growth in 2019, its value share saw a slight uptick
over the year. Aside from its successful focus on sugar-free gum, Lotte’s strengthening
presence in gum can be attributed to its widening distribution through key retailers in Vietnam,
including VinMart+, Lotte Mart and Aeon Mall. VinMart+ in particular gained strong traction over
the review period, due to rapid outlet expansion.
Demand for Convenience Drives Rapid Growth of Convenience Stores
Distribution is a key focus of all market players in Vietnam, underpinned by the fact that
consumers of gum have a low loyalty level. Gum is seen in both rural and urban areas. It also
appears across every distribution channel from street stalls and independent small grocers to
convenience stores and supermarkets. However, first and foremost, most consumers buy gum
that is most readily available as they go about their daily activities. This explains why gum
appears on every corner nationwide. It also explains why expanded distribution through
convenience stores boosted sales through that channel by triple digits over the review period.
Besides striving to ensure that their own brands of gum are widely available, players know that
successful competition hinges on advantageous product display, so they maximise their
investment in both distribution and shelf display. Indeed, gum products are seen throughout the
shopping journey in stores, from main shelves to checkout counters and/or rack hangers in
impulse zones. Amongst the traditional display methods used to attract shoppers’ attention in
stores, some players have invested in lighted shelves or product displays. At independent small
grocers, gum is displayed in separate, carefully placed product racks and in the most eyecatching locations.
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PACKAGED FOOD IN VIETNAM
Passport
Leaders and Modern Grocery Retailers Set To Strengthen at Expense of
Others
Over the forecast period, changing consumer preferences are expected to continue driving
out smaller gum brands, to the benefit of Wrigley, Lotte and Perfetti Van Melle. The distribution
strength, product variety, brand portfolios and brand awareness of these key international
players will ensure their continued dominance, whereas, small brands are expected to struggle
to gain additional share and likely will lose some. Looking ahead, Lotte Vietnam’s brands are
expected to benefit greatly from the company’s strong partnership with key retailers, particularly
modern grocery retailers, but mostly from increased demand for sugar-free gum in tandem with
higher health and wellness awareness in Vietnam. Supermarkets, hypermarkets and – as seen
more recently –convenience stores are set to continue seeing the highest value growth, at the
expense of independent small grocers, which will nevertheless continue to dominate sales of
gum. With modern grocery retailers expected to be the main sales drivers, gum brands that
have the competitive advantage of strong partnerships with such retailers likely will be the ones
that enjoy relatively faster growth.
CATEGORY DATA
Table 148
Sales of Gum by Category: Volume 2014-2019
'000 tonnes
Bubble Gum
Chewing Gum
Gum
Source:
2014
2015
2016
2017
2018
2019
1.0
9.4
10.4
1.0
9.0
10.0
1.0
8.4
9.5
1.1
8.0
9.1
1.1
7.8
8.9
1.2
7.7
8.8
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 149
Sales of Gum by Category: Value 2014-2019
VND billion
Bubble Gum
Chewing Gum
Gum
Source:
2014
2015
2016
2017
2018
2019
97.6
2,803.4
2,901.0
104.3
2,742.1
2,846.5
111.6
2,688.2
2,799.8
118.5
2,712.8
2,831.3
125.7
2,767.0
2,892.7
132.6
2,850.0
2,982.6
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 150
Sales of Gum by Category: % Volume Growth 2014-2019
% volume growth
Bubble Gum
Chewing Gum
Gum
Source:
2018/19
2014-19 CAGR
2014/19 Total
3.0
-1.0
-0.5
3.5
-4.1
-3.3
18.8
-18.8
-15.3
Euromonitor International from official statistics, trade associations, trade press, company research,
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PACKAGED FOOD IN VIETNAM
Table 151
Passport
Sales of Gum by Category: % Value Growth 2014-2019
% current value growth
2018/19
2014-19 CAGR
2014/19 Total
5.5
3.0
3.1
6.3
0.3
0.6
35.8
1.7
2.8
Bubble Gum
Chewing Gum
Gum
Source:
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 152
Sales of Gum by Flavour: Rankings 2014-2019
ranking
Doublemint
Mint
Apple Mint
Mixed Fruits
Melon
Green Tea
Strawberry
Blueberry
Source:
2014
2015
2016
2017
2018
2019
1
2
4
3
6
5
-
1
2
4
3
6
5
-
1
2
3
4
6
5
-
1
2
3
4
6
5
-
1
2
3
5
6
4
-
1
2
3
4
5
6
7
8
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 153
NBO Company Shares of Gum: % Value 2015-2019
% retail value rsp
Company
Wrigley Vietnam Ltd
Lotte Vietnam Co Ltd
Perfetti Van Melle
Vietnam Ltd
Others
Total
Source:
2015
2016
2017
2018
2019
52.7
26.3
16.9
56.0
22.0
18.2
58.2
19.4
18.9
57.4
20.1
19.0
56.7
20.6
19.2
4.1
100.0
3.7
100.0
3.5
100.0
3.5
100.0
3.5
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 154
LBN Brand Shares of Gum: % Value 2016-2019
% retail value rsp
Brand (GBO)
Company (NBO)
2016
2017
2018
2019
Wrigley's (Mars Inc)
Cool Air (Mars Inc)
Lotte (Lotte Group)
Happydent (Perfetti
Van Melle Group)
Juicy Fruit (Mars
Wrigley Vietnam Ltd
Wrigley Vietnam Ltd
Lotte Vietnam Co Ltd
Perfetti Van Melle
Vietnam Ltd
Wrigley Vietnam Ltd
25.9
21.4
22.0
14.7
26.9
21.9
19.4
15.3
27.4
22.1
20.1
15.3
27.9
22.3
20.6
15.3
6.4
6.7
4.9
3.3
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PACKAGED FOOD IN VIETNAM
Inc)
Extra (Mars Inc)
Big Babol (Perfetti
Van Melle Group)
Mentos (Perfetti
Van Melle Group)
Others
Total
Source:
Passport
Wrigley Vietnam Ltd
Perfetti Van Melle
Vietnam Ltd
Perfetti Van Melle
Vietnam Ltd
Others
Total
2.4
2.9
2.8
2.9
3.0
3.0
3.2
3.1
0.6
0.7
0.7
0.8
3.7
100.0
3.5
100.0
3.5
100.0
3.5
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 155
Distribution of Gum by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
100.0
100.0
19.2
100.0
100.0
20.1
100.0
100.0
20.9
100.0
100.0
21.5
100.0
100.0
22.2
100.0
100.0
22.8
0.4
3.5
15.2
80.8
0.6
4.0
15.5
79.9
0.8
4.4
15.8
79.0
0.8
4.7
16.0
78.4
1.0
4.9
16.2
77.8
1.5
5.0
16.3
77.2
7.9
7.8
7.7
7.6
7.3
7.0
69.4
68.6
67.9
67.5
67.3
67.2
3.6
3.5
3.4
3.3
3.2
3.0
-
-
-
-
-
-
-
-
-
-
-
-
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 156
Forecast Sales of Gum by Category: Volume 2019-2024
'000 tonnes
Bubble Gum
Chewing Gum
Gum
© Euromonitor International
2019
2020
2021
2022
2023
2024
1.2
7.7
8.8
1.2
7.7
8.9
1.2
7.8
9.0
1.2
8.0
9.2
1.3
8.2
9.4
1.3
8.4
9.7
115
PACKAGED FOOD IN VIETNAM
Source:
Passport
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 157
Forecast Sales of Gum by Category: Value 2019-2024
VND billion
Bubble Gum
Chewing Gum
Gum
Source:
2019
2020
2021
2022
2023
2024
132.6
2,850.0
2,982.6
135.2
2,864.3
2,999.5
137.7
2,903.8
3,041.5
139.9
2,960.5
3,100.4
141.8
3,032.4
3,174.2
143.5
3,120.2
3,263.7
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 158
Forecast Sales of Gum by Category: % Volume Growth 2019-2024
% volume growth
Bubble Gum
Chewing Gum
Gum
Source:
2019/20
2019-24 CAGR
2019/24 Total
2.8
0.5
0.8
2.4
1.8
1.9
12.6
9.5
9.9
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 159
Forecast Sales of Gum by Category: % Value Growth 2019-2024
% constant value growth
Bubble Gum
Chewing Gum
Gum
Source:
2019/2020
2019-24 CAGR
2019/24 Total
2.0
0.5
0.6
1.6
1.8
1.8
8.3
9.5
9.4
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
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PACKAGED FOOD IN VIETNAM
SUGAR CONFECTIONERY IN
VIETNAM - CATEGORY ANALYSIS
HEADLINES
▪ Retail value and volume sales of sugar confectionery rise by 10% and 5%, respectively to
reach VND7.4 trillion and 101,400 tonnes in 2019
▪ Players are gearing up to widen distribution of their best-selling jellies, which are widely
popular in Vietnam
▪ “Other confectionery”, largely comprising cup jellies/pudding sees the highest value growth,
reaching VND2.3 trillion in 2019
▪ Average unit price of sugar confectionery rises by 5% in 2019
▪ Perfetti Van Melle maintains its share, but continues to lose value share to other players in
2019
▪ Value sales are set to see a current value CAGR of 12% (8% 2019 constant value CAGR)
over the 2019-2024 forecast period
PROSPECTS
Expanded Distribution Set To Further Boost Sales of Highly Popular
Jelly Products
Amongst the types of “other sugar confectionery” sold in Vietnam, which includes cotton
candy, marshmallows and popping confectionery, ready-to-eat jelly is the most highly popular. In
2019, the jellies/pudding category saw the highest value growth as a result of ongoing and
increased demand for these products. In Vietnam, jelly products is enjoyed in the form of both
food and drinks. Amongst many examples are jelly in moon cake, jelly in milk tea, potato jelly
made with fresh yam, pineapple leaf jelly and so on. Thus, not only are Vietnamese consumers
quite familiar with jelly but they also eagerly embrace new varieties. Vietnamese consumers of
all ages, but especially children, like to consume jelly because of its taste and smooth, easy-tochew texture. Thus, this category has a very large pool of target consumers and promising
growth potential. Distribution of those products still has more room to develop, as the main
players in this category are just gearing up to extend their financial ability and capitalise on the
market experience they had during the review period to expand their businesses. For this
reason, and because demand for these products is certain to endure, “other sugar
confectionery” is set to see the highest volume and value growth within sugar confectionery over
the forecast period.
Medicated Confectionery Benefitting From Demand for Healthier
Products
Because the Vietnamese economy grew stably over the review period, average income
increased in Vietnam and education is improved as well. Thus, people not only have more
knowledge of the relationship between the packaged food they consume and its effect on
health, but also have more money with which to make healthier choices. One result of this
increased awareness is that consumers are increasingly looking to reduce the frequency and
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PACKAGED FOOD IN VIETNAM
amount of sugar they consume, and medicated confectionery is one choice consumers have
increasingly made, as they perceive it to have less sugar than other sugar confectionery.
Indeed, medicated confectionery saw double-digit value growth in 2018 and 2019, and its
growth in those years was either equal to or only slightly exceeded by the perennially popular
pastilles, gums, jellies and chews – the largest category within sugar confectionery. Moreover,
medicated confectionery is expected to register amongst the highest growth rates over the
forecast period, second only to that of “other sugar confectionery”, which will also have lowersugar options. However, although sugar confectionery has definitely been affected by health
consciousness, in the sense that manufacturers are striving to offer more reduced sugar or
value-added, healthier options, Vietnamese love their sugar confectionery. Volume and value
growth of sugar confectionery was, in fact, higher in 2019 than it was in the previous year, and it
is expected to see higher CAGRs over the forecast period as well.
Emerging and Attractive Mints Expected To Attract New Players in the
Forecast Period
With the absence of power mints in Vietnam, standard mints drove volume growth in sugar
confectionery in percentage terms in 2018, even outpacing categories such as pastilles, gums,
jellies and chews and other sugar confectionery, which were also expanding rapidly. In 2019,
standard mints saw the highest volume growth again. Its strong growth has been partly due to
its much smaller size in value terms; consequently, it is still an emerging and attractive category
to new players. In 2019, four of the five leading players in this category were international
players, but the competitive landscape is likely to change over the forecast period, when the
only category expected to post a higher volume CAGR than standard mints is “other sugar
confectionery”. The category’s value growth is also expected to be strong, and this will be
another factor likely to invite new, and perhaps more local players between 2019 and 2024.
COMPETITIVE LANDSCAPE
Still Leading, Perfetti Is Challenged by Competition and Cannibalisation
Perfetti Van Melle Vietnam continued to hold the leading value share in sugar confectionery in
2019, although it also continued to lose value share to smaller players in standard mints.
Moreover, the value share of its leading lollipops brand Chupa Chups continues to be
cannibalised by the company’s popular Alpenliebe brand, which started gaining traction in the
lollipops arena for the first time in 2017. Perfetti has maintained its strong position in sugar
confectionery throughout the years thanks to its wide presence across a range of categories that
includes boiled sweets (Golia), medicated confectionery (Golia Activ Plus), mints and pastilles,
gums, jellies and chews (Mentos) and toffees, caramels and nougat (Alpenliebe) in addition to
lollipops. Hence the company is able to attract sales from numerous sources. Second-ranked
Bien Hoa Confectionery (Bibica) is the only other player that generates sales from more than
one source in sugar confectionery, with its leading brand Bibica in boiled sweets and pastilles,
gums, jellies and chews and Volcano in mints.
Amongst all the players, Perfetti Van Melle has the most active above-the-line marketing
strategy in support of its sugar confectionery brands, and it has a highly visible presence online
with its Alpenliebe Facebook fan page. It is hard to find other players that invest in above-theline activities to a significant degree. Because consumers of sugar confectionery have a very
low loyalty level, most of the players focus their promotional efforts on creating attractive in-store
displays to attract a wide range of consumers at distribution points across both urban and rural
areas.
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PACKAGED FOOD IN VIETNAM
Domestic Players Develop Advantages That Suggest Stronger Growth
in 2019-2024
Outside of the sales generated by the top four players, sugar confectionery value shares are
highly fragmented amongst a host of other local and international players, and domestic players
tend to stake their claims within their own regions. For example, Biscafun Confectionery and Hai
Chau Confectionery are strong players in central Vietnam while Haiha Confectionery is stronger
in the north. Haiha, a highly successful domestic company with three factories in the north,
offers lollipops, chews and jellies, plus a wide assortment of other snacks in the region and is
set on expanding its exports widely in the Asia Pacific region. Also, consumers in each region
have different consumption patterns and occasions, so local players not only recognise the
importance of offering many different brands and products to meet those various demands but
also are the best equipped to know what those needs are. One example of this is the
recognition that consumers in the north usually buy sugar confectionery for visiting pagodas,
whereas consumers in the south buy sugar confectionery for personal use more than for visiting
pagodas. These advantages in terms of strong local knowledge and consumer understanding
will likely lead to higher growth for domestic players over the forecast period.
Expanded Distribution and Selling by Weight Put Competitive
Advantages in Flux
Because sugar confectionery has a low level of consumer loyalty, flexibility and convenience
is the key to winning the market. This is strongly supported by the current distribution system in
Vietnam. Thanks to expansion of convenience stores, modern trade is increasingly reaching
target consumers looking for a quick “shopping on-the-way” journey. In turn, independent small
grocers have bolstered their traditional popularity by offering standardised shelves, shopping
baskets and credit card acceptance, a service that used to be available in modern retail outlets
only. Selling sugar confectionery by weight at retailers’ stores is becoming more and more
popular everywhere. This option is not just seen in traditional channels, such as wet markets,
but also in modern retailers, where it has become increasingly popular for the last 3-4 years as a
way of offering consumers more convenience and better portion control. For some consumers,
who just need one or two sweets for their instant gratification, this form of shopping is not just
convenient but saves them money. However, even though modern grocery retailers and
international brands are becoming more prominent, wider distribution in rural areas and regions
beyond first-tier cities is likely to place domestic players at an advantage compared with new
entrants. Given these distribution trends, the competitive landscape is expected to intensify
greatly, and growth will be driven by a multitude of factors over the forecast period.
Summary 3
Other Sugar Confectionery by Product Type: 2019
Product type
Cotton candy
Cup jellies/pudding
Marshmallows
Popping confectionery
Source:
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
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PACKAGED FOOD IN VIETNAM
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CATEGORY DATA
Table 160
Sales of Sugar Confectionery by Category: Volume 2014-2019
'000 tonnes
Boiled Sweets
Liquorice
Lollipops
Medicated Confectionery
Mints
- Power Mints
- Standard Mints
Pastilles, Gums,
Jellies and Chews
Toffees, Caramels and
Nougat
Other Sugar Confectionery
Sugar Confectionery
Source:
2014
2015
2016
2017
2018
2019
7.9
0.9
0.1
0.2
0.2
31.7
8.0
0.9
0.1
0.2
0.2
33.4
8.1
0.9
0.1
0.2
0.2
35.1
8.1
0.9
0.1
0.2
0.2
36.6
8.2
1.0
0.1
0.3
0.3
38.4
8.3
1.0
0.1
0.3
0.3
40.2
5.8
6.2
6.5
6.8
7.1
7.4
35.4
81.9
37.8
86.6
39.8
90.6
41.8
94.6
44.1
99.0
46.7
104.1
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 161
Sales of Sugar Confectionery by Category: Value 2014-2019
VND billion
Boiled Sweets
Liquorice
Lollipops
Medicated Confectionery
Mints
- Power Mints
- Standard Mints
Pastilles, Gums,
Jellies and Chews
Toffees, Caramels and
Nougat
Other Sugar Confectionery
Sugar Confectionery
Source:
2014
2015
2016
2017
2018
2019
624.6
72.4
24.5
82.6
82.6
1,950.0
663.0
77.5
26.6
90.2
90.2
2,113.0
706.1
83.2
29.0
98.7
98.7
2,303.2
748.5
89.0
31.6
108.3
108.3
2,533.5
800.9
96.2
34.8
118.2
118.2
2,799.5
865.0
104.8
38.6
128.2
128.2
3,107.4
593.1
642.3
698.8
751.2
803.8
852.0
1,388.9
4,736.2
1,513.5
5,126.1
1,664.8
5,583.8
1,823.0
6,085.2
2,023.5
6,676.9
2,266.3
7,362.5
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 162
Sales of Sugar Confectionery by Category: % Volume Growth 2014-2019
% volume growth
Boiled Sweets
Liquorice
Lollipops
Medicated Confectionery
Mints
- Power Mints
© Euromonitor International
2018/19
2014-19 CAGR
2014/19 Total
1.5
3.0
4.5
7.0
-
1.1
2.6
4.1
7.8
-
5.6
13.8
22.5
45.7
-
120
PACKAGED FOOD IN VIETNAM
Passport
- Standard Mints
Pastilles, Gums, Jellies and Chews
Toffees, Caramels and Nougat
Other Sugar Confectionery
Sugar Confectionery
Source:
7.0
4.9
4.4
6.0
5.1
7.8
4.9
4.9
5.7
4.9
45.7
27.1
27.1
32.1
27.1
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 163
Sales of Sugar Confectionery by Category: % Value Growth 2014-2019
% current value growth
Boiled Sweets
Liquorice
Lollipops
Medicated Confectionery
Mints
- Power Mints
- Standard Mints
Pastilles, Gums, Jellies and Chews
Toffees, Caramels and Nougat
Other Sugar Confectionery
Sugar Confectionery
Source:
2018/19
2014-19 CAGR
2014/19 Total
8.0
9.0
11.0
8.5
8.5
11.0
6.0
12.0
10.3
6.7
7.7
9.5
9.2
9.2
9.8
7.5
10.3
9.2
38.5
44.7
57.3
55.3
55.3
59.4
43.6
63.2
55.5
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 164
Sales of Pastilles, Gums, Jellies and Chews by Type: % Value 2014-2019
% retail value rsp
Gums, Jellies and Chews
Pastilles
Total
Source:
2014
2015
2016
2017
2018
2019
86.7
13.3
100.0
86.8
13.2
100.0
86.9
13.1
100.0
87.0
13.0
100.0
87.1
12.9
100.0
87.5
12.5
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 165
NBO Company Shares of Sugar Confectionery: % Value 2015-2019
% retail value rsp
Company
Perfetti Van Melle
Vietnam Ltd
Bien Hoa Confectionery
Corp (Bibica)
Haiha Confectionery JSC
Long Hai Co Ltd
Triko Foods Co
Lotte Vietnam Co Ltd
Hai Chau Confectionery
JSC
Hanh Dung Co Ltd
Trang An JSC
© Euromonitor International
2015
2016
2017
2018
2019
13.7
13.1
13.2
13.0
12.8
12.0
12.0
12.0
11.7
11.3
11.9
10.2
8.1
4.1
4.5
11.7
10.2
8.5
4.0
4.2
11.5
10.2
8.9
4.0
3.9
11.4
10.2
9.1
4.0
3.5
11.3
10.3
9.3
3.9
2.9
0.7
0.9
0.7
0.8
0.7
0.8
0.7
0.8
0.7
0.7
121
PACKAGED FOOD IN VIETNAM
Passport
Mars Inc
Liwayway Food Industry
Co Ltd
Biscafun Confectionery Co
URC Vietnam Co Ltd
Arcor SAIC
Hamido Co Ltd
Lofthouse of Fleetwood
Ltd
Wrigley Vietnam Ltd
Ha Noi Confectionery Co
Binh Duong Sugar Corp
Others
Total
Source:
2.1
0.4
1.6
0.4
1.1
0.4
0.9
0.4
0.6
0.4
0.4
0.2
0.2
0.1
0.4
0.2
0.2
0.1
0.1
0.4
0.3
0.2
0.1
0.1
0.4
0.3
0.2
0.2
0.1
0.3
0.3
0.2
0.2
0.1
0.1
0.1
0.1
30.3
100.0
0.1
0.1
0.0
31.6
100.0
0.1
0.1
0.0
31.9
100.0
0.1
0.1
0.0
33.1
100.0
0.1
0.1
0.0
34.5
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 166
LBN Brand Shares of Sugar Confectionery: % Value 2016-2019
% retail value rsp
Brand (GBO)
Bibica
New Choice Jelly
Hai Ha
Alpenliebe
(Perfetti Van Melle
Group)
Long Hai
Natty
Mentos (Perfetti
Van Melle Group)
Lotte (Lotte Group)
Hai Chau
Golia (Perfetti Van
Melle Group)
Chip Chip Jellies
Anytime (Lotte Group)
Hanh Dung Jelly
Chupa Chups
(Perfetti Van Melle
Group)
Skittles
Trang An
Gold Bell
Oishi (Liwayway
Marketing Corp)
Butter Toffee
Biscafun (Quang
Ngai Sugar JSC)
Haihapop
Dynamite (Universal
Robina Corp)
Arcor
Milkita
Fisherman's Friend
Volcano
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Bien Hoa Confectionery
Corp (Bibica)
Triko Foods Co
Haiha Confectionery JSC
Perfetti Van Melle
Vietnam Ltd
11.8
11.9
11.6
11.1
8.5
8.3
6.1
8.9
8.3
6.2
9.1
8.2
6.2
9.3
8.3
6.0
Long Hai Co Ltd
Long Hai Co Ltd
Perfetti Van Melle
Vietnam Ltd
Lotte Vietnam Co Ltd
Hai Chau Confectionery JSC
Perfetti Van Melle
Vietnam Ltd
Haiha Confectionery JSC
Lotte Vietnam Co Ltd
Hanh Dung Co Ltd
Perfetti Van Melle
Vietnam Ltd
5.2
5.0
3.7
5.2
5.0
3.7
5.2
5.0
3.7
5.3
5.0
3.7
3.0
4.2
2.5
3.0
3.9
2.5
3.1
3.5
2.4
3.1
2.9
2.4
1.7
1.0
0.7
0.8
1.7
1.0
0.7
0.8
1.6
0.9
0.7
0.7
1.6
0.9
0.7
0.7
Mars Inc
Trang An JSC
Haiha Confectionery JSC
Liwayway Food Industry
Co Ltd
Haiha Confectionery JSC
Biscafun Confectionery Co
1.6
0.7
0.4
0.4
1.1
0.7
0.4
0.4
0.9
0.6
0.4
0.4
0.6
0.6
0.4
0.4
0.5
0.4
0.4
0.4
0.4
0.4
0.3
0.3
Haiha Confectionery JSC
URC Vietnam Co Ltd
0.4
0.2
0.4
0.3
0.3
0.3
0.3
0.3
Arcor SAIC
Hamido Co Ltd
Lofthouse of Fleetwood Ltd
Bien Hoa Confectionery
Corp (Bibica)
0.2
0.1
0.1
0.1
0.2
0.1
0.1
0.1
0.2
0.2
0.1
0.1
0.2
0.2
0.1
0.1
122
PACKAGED FOOD IN VIETNAM
Lolly
Doublemint (Mars Inc)
Ha Noi
Binh Duong
Others
Total
Source:
Passport
Trang An JSC
Wrigley Vietnam Ltd
Ha Noi Confectionery Co
Binh Duong Sugar Corp
Others
Total
0.1
0.1
0.1
0.0
32.0
100.0
0.1
0.1
0.1
0.0
32.3
100.0
0.1
0.1
0.1
0.0
33.4
100.0
0.1
0.1
0.1
0.0
34.8
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 167
Distribution of Sugar Confectionery by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
100.0
99.2
10.3
100.0
99.3
11.5
100.0
99.3
12.0
100.0
99.3
12.1
99.9
99.4
12.1
99.9
99.5
12.5
0.3
4.3
5.7
88.9
0.5
5.0
6.0
87.8
0.6
5.5
5.9
87.2
0.7
5.9
5.6
87.2
0.8
6.1
5.2
87.3
1.0
6.2
5.3
87.1
21.6
21.4
21.2
21.1
21.0
20.5
62.2
61.4
61.0
61.0
61.2
61.2
5.1
5.0
5.0
5.1
5.2
5.4
0.8
0.8
0.7
0.7
0.7
0.7
0.7
0.7
0.5
0.5
0.4
0.4
-
-
-
-
-
-
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.1
0.1
100.0
0.1
0.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 168
Forecast Sales of Sugar Confectionery by Category: Volume 2019-2024
'000 tonnes
Boiled Sweets
Liquorice
Lollipops
Medicated Confectionery
Mints
- Power Mints
© Euromonitor International
2019
2020
2021
2022
2023
2024
8.3
1.0
0.1
0.3
-
8.5
1.0
0.1
0.3
-
8.7
1.1
0.1
0.3
-
9.0
1.1
0.1
0.3
-
9.3
1.2
0.1
0.3
-
9.7
1.2
0.1
0.4
-
123
PACKAGED FOOD IN VIETNAM
- Standard Mints
Pastilles, Gums,
Jellies and Chews
Toffees, Caramels and
Nougat
Other Sugar Confectionery
Sugar Confectionery
Source:
Passport
0.3
40.2
0.3
42.3
0.3
44.5
0.3
47.0
0.3
49.6
0.4
52.6
7.4
7.7
8.0
8.3
8.6
8.9
46.7
104.1
49.8
109.7
53.2
116.0
57.2
123.0
61.8
131.0
67.0
139.9
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 169
Forecast Sales of Sugar Confectionery by Category: Value 2019-2024
VND billion
Boiled Sweets
Liquorice
Lollipops
Medicated Confectionery
Mints
- Power Mints
- Standard Mints
Pastilles, Gums,
Jellies and Chews
Toffees, Caramels and
Nougat
Other Sugar Confectionery
Sugar Confectionery
Source:
2019
2020
2021
2022
2023
2024
865.0
104.8
38.6
128.2
128.2
3,107.4
906.5
110.8
41.6
134.3
134.3
3,346.7
951.8
117.3
45.0
140.3
140.3
3,611.1
1,001.3
124.5
48.6
146.2
146.2
3,903.6
1,055.4
132.3
52.7
152.1
152.1
4,227.6
1,114.5
140.9
57.3
157.9
157.9
4,587.0
852.0
873.3
894.1
914.2
933.8
953.1
2,266.3
7,362.5
2,465.8
7,879.0
2,692.9
8,452.5
2,949.9
9,088.4
3,243.9
9,797.8
3,580.5
10,591.2
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 170
2024
Forecast Sales of Sugar Confectionery by Category: % Volume Growth 2019-
% volume growth
Boiled Sweets
Liquorice
Lollipops
Medicated Confectionery
Mints
- Power Mints
- Standard Mints
Pastilles, Gums, Jellies and Chews
Toffees, Caramels and Nougat
Other Sugar Confectionery
Sugar Confectionery
Source:
2019/20
2019-24 CAGR
2019/24 Total
2.0
3.5
4.8
6.7
6.7
5.1
4.2
6.5
5.4
3.0
4.5
5.4
6.1
6.1
5.5
3.8
7.5
6.1
15.9
24.6
30.1
34.2
34.2
30.7
20.3
43.4
34.4
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 171
2024
Forecast Sales of Sugar Confectionery by Category: % Value Growth 2019-
% constant value growth
© Euromonitor International
124
PACKAGED FOOD IN VIETNAM
Boiled Sweets
Liquorice
Lollipops
Medicated Confectionery
Mints
- Power Mints
- Standard Mints
Pastilles, Gums, Jellies and Chews
Toffees, Caramels and Nougat
Other Sugar Confectionery
Sugar Confectionery
Source:
Passport
2019/2020
2019-24 CAGR
2019/24 Total
4.8
5.7
7.8
4.7
4.7
7.7
2.5
8.8
7.0
5.2
6.1
8.2
4.3
4.3
8.1
2.3
9.6
7.5
28.8
34.5
48.3
23.2
23.2
47.6
11.9
58.0
43.9
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
125
PACKAGED FOOD IN VIETNAM
ICE CREAM AND FROZEN DESSERTS
IN VIETNAM - CATEGORY ANALYSIS
HEADLINES
▪ Retail value and volume sales rise by 12% and 6%, respectively to reach VND3.7 trillion and
30,300 tonnes in 2019
▪ Wider development of ice cream remains contingent on higher freezer penetration
▪ Multi-pack dairy ice cream enjoys the strongest current value growth of 16% in 2019
▪ Average unit price rises by 5-6%, with take-home ice cream posting the highest growth in
2019
▪ Kido Group improves its value share again, accounting for 41% of value sales in 2019
▪ Value sales are set to rise at a current value CAGR of 12% (8% 2019 constant value CAGR)
over the 2019-2024 forecast period
PROSPECTS
Higher Income Increases Demand for Higher Quality and Take-home
Ice Cream
Thanks to Vietnam’s stable economic growth and increase in average income, families are
becoming more willing to spend on ice cream they can store at home to enjoy on demand. Thus,
multi-pack dairy ice cream and bulk ice cream continued to see the highest value growth again
in 2019. Vietnamese are also requiring higher quality in all consumer goods, which is affecting
demand for ice cream and frozen desserts. In ice cream, quality comes in the form of product
sophistication: people prefer natural flavours over artificial flavours and are keen to try new
flavours in new formats within packaged ice cream, such as ice cream resembling the desserts
seen at foodservice outlets. One of the latest reflections of the latter trend can be seen in Wall’s
Buco Salad – coconut ice cream with colourful fruit pieces, which was launched in March 2019.
These sophisticated new products are performing well, as they are not only more interesting, but
also cost only slightly more than existing premium products and remain in the same segment.
Overall, this move to indulging in ice cream at home, especially during hot weather, is
benefiting both mass and premium brands. However, the willingness to spend more given
Vietnam’s strong economy is more highly reflected in demand for premium ice cream with everenticing new flavours and attractive packaging. Kido Group’s premium Celano brand, for
example, has especially gained more traction in both bulk and multi-pack dairy ice cream, where
it continued to see double-digit value growth in 2019.
Interest in Water Ice Cream Being Low, Players Focus Almost Entirely
on Dairy Products
In Vietnam, dairy ice cream accounts for the majority of display space in stores. Moreover,
single-portion water ice cream, the only type of water-based product present in the Vietnamese
market, continues to see only single-digit growth and its growth slowed down in 2019. Because
Vietnamese prefer dairy-based products, to a large extent because they perceive such products
to be more nutritious, most of the new product launches from major ice cream players are dairy
© Euromonitor International
Passport
126
PACKAGED FOOD IN VIETNAM
based. In 2019 dairy ice cream continued to account for the biggest portion of leading players’
revenue, including that of Kido Group, Unilever Vietnam International and Vietnam Dairy
Products (Vinamilk). There is no trend that suggests there will be any change in demand
preference for dairy ice cream products over the forecast period.
While Many Factors Will Boost Sales, Expansion Will Rely on Widening
Freezer Penetration
The increased offer of new products and entry of new players such as TH Food Chain, which
entered the ice cream space in 2018, is expected to expand the overall size of ice cream and
frozen desserts over the forecast period. However, so far the category has not developed as
rapidly as expected. To date, the newer players mainly take volume and value shares from other
competitors. Development could improve with greater distribution, but that will depend on how
quickly and widely freezers penetrate into retail outlets and homes in rural areas across the
country, so that increasingly popular take-home ice cream, especially, can generate higher
sales. Although freezers are widespread in stores and quite popular amongst Vietnamese
homeowners nationwide, the electrical expense makes them hard to maintain in rural areas,
where the average income is low. Nevertheless, as distribution in urban areas is already stable,
greater efforts will be made expand distribution into currently underserved rural areas.
Also over the forecast period, multi-pack ice cream is expected to continue to lead growth, as
consumers perceive this to be more convenient than bulk ice cream despite its higher average
unit price. Given the growing habit of sharing within a household, players are likely to launch
larger pack sizes, which could be retailed through supermarkets with wider freezer space. As
ever, interesting flavours and marketing campaigns will also be expected to keep generating
interest in all the major ice cream brands.
COMPETITIVE LANDSCAPE
Innovation, Brand Recognition and Loyalty Keeps Kido Ahead in Mature
Category
Although in 2019 it faced tough competition in a more mature category, Kido Group continued
to lead in ice cream and frozen desserts, where it ranks first in single-portion dairy ice cream
and bulk dairy ice cream. Its leading Merino and Celano brands hold a large share of value
sales, benefiting from high brand recognition and consumer loyalty. One of the company’s major
strengths is its strong innovation in product development, such as its new chestnut-flavoured ice
cream cone with peanut and Belgian chocolate sauce, the first of its kind to be introduced in
Vietnam. The ice cream nuggets and mochi formats that Kido introduced earlier in the review
period also exemplify the big role that innovation has played in expanding the company’s sales.
Kido’s other newer products leveraging Japanese culture and green tea flavour, which
international brands were slower to adopt, also helped the company maintain its popularity.
High Demand for Multi-pack Ice Cream Boosts Wall’s Growth for Yet
Another Year
No ice cream brand has benefitted more from the increased demand and high value growth of
multi-pack dairy ice cream than Wall’s Cornetto. The Unilever Vietnam brand saw its value
share in this category increase for the fifth consecutive year in 2019 and its sales rose by double
digits over the entire 2014-2019 review period. Wall’s has a wide distribution network and it
tends to be increasingly visible in-store, especially in big cities such as Ho Chi Minh City, Hanoi
and Danang. Moreover, Wall’s leverages its distribution points to become its communication
© Euromonitor International
Passport
127
PACKAGED FOOD IN VIETNAM
Passport
points through below-the-line activities such as displaying brand images in freezers and on
posters and otherwise supporting retailers willing to promote the brand as well. In general,
Wall’s marketing strategy, which focuses more on improving its strong and bold existing brands
than on launching new flavours/products, differentiates the brand from other competitors that
consistently rely on new flavours to gain consumers’ attention.
Domestic and International Brands Distinguish Themselves With
Diversity
The ice cream and frozen desserts landscape is crowded with both local and international
players that distinguish themselves by introducing diverse new flavours and premium options.
Amongst the domestic players is TH Food Chain, Vietnam’s largest fresh, clean and organic
milk producer. In 2018 TH (meaning “true happiness”) entered ice cream with many variants,
including ice cream sandwiches, cones and tubs under the brand TH True, and they are
expected to perform well. However, although local brands such as Hanoi-based Trang Tien
have traditionally been favoured top-of-mind brands amongst Vietnamese consumers since
childhood, international brands such as Kido and Unilever have the advantage of offering highquality and diverse options responding to changes in consumer preferences and consumption
habits. In 2018-2019 the major players, both domestic and international, capitalised on their
many advantages to improve sales. Kido Group took a new direction and launched a new brand,
Dai Viet, to target to the lower-income segment. Unilever Vietnam International refreshed its
existing premium product range with a new Celano Mocha Mango flavour. Major domestic
player Vietnam Dairy Products (Vinamilk) also added a new flavour, Strawberry & Cheese, to its
premium line of successful indulgent flavours such as Matcha and Tiramisu, which are offered in
such premium- looking packaging that many Vietnamese consumers have only lately come to
realise that the products are domestic.
CATEGORY DATA
Table 172
Sales of Ice Cream and Frozen Desserts by Category: Volume 2014-2019
tonnes
Frozen Desserts
Ice Cream
- Frozen Yoghurt
- Impulse Ice Cream
-- Single Portion Dairy
Ice Cream
-- Single Portion Water
Ice Cream
- Unpackaged Ice Cream
- Take-Home Ice Cream
-- Take-Home Dairy Ice
Cream
--- Bulk Dairy Ice Cream
--- Ice Cream Desserts
--- Multi-Pack Dairy
Ice Cream
-- Take-Home Water Ice
Cream
--- Bulk Water Ice Cream
--- Multi-Pack Water
© Euromonitor International
2014
2015
2016
2017
2018
2019
21,647.1
17,125.4
9,292.3
23,206.8
18,264.3
10,287.8
24,868.6
19,480.1
11,368.1
26,632.7
20,769.4
12,527.6
28,359.1
22,012.3
13,655.1
30,043.6
23,205.0
14,747.5
7,833.1
7,976.4
8,112.0
8,241.8
8,357.2
8,457.5
4,521.7
4,521.7
4,942.5
4,942.5
5,388.5
5,388.5
5,863.3
5,863.3
6,346.8
6,346.8
6,838.6
6,838.6
3,806.0
715.7
4,149.7
792.8
4,514.9
873.7
4,903.1
960.2
5,295.4
1,051.4
5,692.5
1,146.0
-
-
-
-
-
-
-
-
-
-
-
-
128
PACKAGED FOOD IN VIETNAM
Ice Cream
Ice Cream and Frozen
Desserts
Source:
Passport
21,647.1
23,206.8
24,868.6
26,632.7
28,359.1
30,043.6
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 173
Sales of Ice Cream and Frozen Desserts by Category: Value 2014-2019
VND billion
Frozen Desserts
Ice Cream
- Frozen Yoghurt
- Impulse Ice Cream
-- Single Portion Dairy
Ice Cream
-- Single Portion Water
Ice Cream
- Unpackaged Ice Cream
- Take-Home Ice Cream
-- Take-Home Dairy Ice
Cream
--- Bulk Dairy Ice Cream
--- Ice Cream Desserts
--- Multi-Pack Dairy
Ice Cream
-- Take-Home Water Ice
Cream
--- Bulk Water Ice Cream
--- Multi-Pack Water
Ice Cream
Ice Cream and Frozen
Desserts
Source:
2014
2015
2016
2017
2018
2019
2,063.9
1,575.0
1,121.5
2,320.3
1,762.1
1,273.7
2,643.6
1,992.7
1,477.4
2,980.2
2,226.9
1,684.3
3,338.6
2,472.9
1,903.2
3,723.8
2,737.6
2,141.1
453.5
488.4
515.3
542.6
569.7
596.5
488.9
488.9
558.3
558.3
650.9
650.9
753.4
753.4
865.7
865.7
986.2
986.2
347.2
141.7
393.8
164.5
456.8
194.1
525.3
228.1
598.8
266.9
676.7
309.6
-
-
-
-
-
-
-
-
-
-
-
-
2,063.9
2,320.3
2,643.6
2,980.2
3,338.6
3,723.8
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 174
2019
Sales of Ice Cream and Frozen Desserts by Category: % Volume Growth 2014-
% volume growth
Frozen Desserts
Ice Cream
- Frozen Yoghurt
- Impulse Ice Cream
-- Single Portion Dairy Ice Cream
-- Single Portion Water Ice Cream
- Unpackaged Ice Cream
- Take-Home Ice Cream
-- Take-Home Dairy Ice Cream
--- Bulk Dairy Ice Cream
--- Ice Cream Desserts
--- Multi-Pack Dairy Ice Cream
-- Take-Home Water Ice Cream
--- Bulk Water Ice Cream
© Euromonitor International
2018/19
2014-19 CAGR
2014/19 Total
5.9
5.4
8.0
1.2
7.7
7.7
7.5
9.0
-
6.8
6.3
9.7
1.5
8.6
8.6
8.4
9.9
-
38.8
35.5
58.7
8.0
51.2
51.2
49.6
60.1
-
129
PACKAGED FOOD IN VIETNAM
Passport
--- Multi-Pack Water Ice Cream
Ice Cream and Frozen Desserts
Source:
5.9
6.8
38.8
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 175
2019
Sales of Ice Cream and Frozen Desserts by Category: % Value Growth 2014-
% current value growth
Frozen Desserts
Ice Cream
- Frozen Yoghurt
- Impulse Ice Cream
-- Single Portion Dairy Ice Cream
-- Single Portion Water Ice Cream
- Unpackaged Ice Cream
- Take-Home Ice Cream
-- Take-Home Dairy Ice Cream
--- Bulk Dairy Ice Cream
--- Ice Cream Desserts
--- Multi-Pack Dairy Ice Cream
-- Take-Home Water Ice Cream
--- Bulk Water Ice Cream
--- Multi-Pack Water Ice Cream
Ice Cream and Frozen Desserts
Source:
2018/19
2014-19 CAGR
2014/19 Total
11.5
10.7
12.5
4.7
13.9
13.9
13.0
16.0
11.5
12.5
11.7
13.8
5.6
15.1
15.1
14.3
16.9
12.5
80.4
73.8
90.9
31.5
101.7
101.7
94.9
118.5
80.4
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 176
Sales of Ice Cream by Leading Flavours: Rankings 2014-2019
ranking
Vanilla
Chocolate
Strawberry
Coconut
Green Tea
Durian
Banana
Mango
Raisin
Lemon
Source:
2014
2015
2016
2017
2018
2019
2
1
3
4
5
9
7
6
8
10
2
1
3
5
4
9
7
6
8
10
2
1
3
5
4
9
7
6
8
10
2
1
3
5
4
9
7
6
8
10
2
1
3
5
4
9
7
6
8
10
1
2
3
4
5
6
7
8
9
10
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 177
Sales of Impulse Ice Cream by Format: % Value 2016-2019
% retail value rsp
Cones
Sticks
© Euromonitor International
2016
2017
2018
2019
13.5
43.8
13.7
43.6
14.0
43.4
14.5
43.2
130
PACKAGED FOOD IN VIETNAM
Passport
Others
Total
Source:
42.7
100.0
42.3
100.0
NBO Company Shares of Ice Cream and Frozen Desserts: % Value 2015-2019
% retail value rsp
Company
Kido Group
Unilever Vietnam
International Co Ltd
Vietnam Dairy Products
JSC (Vinamilk)
Fanny Vietnam Co Ltd
Trang Tien Service &
Trading Co Ltd
Phan Nam Monterosa
Trading JSC
Thuy Ta JSC
Bach Dang Co Ltd
Kinh Do Corp
Ha Noi Trade Corp
Others
Total
2015
2016
2017
2018
2019
35.4
8.2
38.1
8.6
40.5
8.6
41.2
8.7
41.4
8.9
9.9
9.5
9.1
8.9
8.8
5.0
5.2
4.9
4.8
4.8
4.6
4.8
4.4
4.7
4.1
1.9
1.9
1.9
1.9
1.9
1.8
1.6
31.1
100.0
1.6
1.5
29.1
100.0
1.5
1.4
27.5
100.0
1.5
1.3
27.4
100.0
1.4
1.2
27.5
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 179
LBN Brand Shares of Ice Cream and Frozen Desserts: % Value 2016-2019
% retail value rsp
Brand (GBO)
Merino
Celano
Vinamilk
Cornetto (Unilever
Group)
Fanny
Trang Tien
Paddle Pop
(Unilever Group)
Monterosa
Thuy Ta
Bach Dang
Four Season
Celano
Merino
Others
Total
Source:
42.6
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 178
Source:
42.7
100.0
Company (NBO)
2016
2017
2018
2019
Kido Group
Kido Group
Vietnam Dairy Products
JSC (Vinamilk)
Unilever Vietnam
International Co Ltd
Fanny Vietnam Co Ltd
Trang Tien Service &
Trading Co Ltd
Unilever Vietnam
International Co Ltd
Phan Nam Monterosa
Trading JSC
Thuy Ta JSC
Bach Dang Co Ltd
Ha Noi Trade Corp
Kinh Do Corp
Kinh Do Corp
Others
Total
22.9
15.1
9.5
24.3
16.2
9.1
24.5
16.7
8.9
24.4
16.9
8.8
5.9
6.2
6.4
6.7
4.9
4.8
4.8
4.6
4.8
4.4
4.7
4.1
2.6
2.4
2.3
2.3
1.9
1.9
1.9
1.9
1.6
1.5
29.1
100.0
1.5
1.4
27.5
100.0
1.5
1.3
27.4
100.0
1.4
1.2
27.5
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
131
PACKAGED FOOD IN VIETNAM
Table 180
Passport
NBO Company Shares of Ice Cream: % Value 2015-2019
% retail value rsp
Company
Kido Group
Unilever Vietnam
International Co Ltd
Vietnam Dairy Products
JSC (Vinamilk)
Fanny Vietnam Co Ltd
Trang Tien Service &
Trading Co Ltd
Phan Nam Monterosa
Trading JSC
Thuy Ta JSC
Bach Dang Co Ltd
Kinh Do Corp
Ha Noi Trade Corp
Others
Total
Source:
2016
2017
2018
2019
35.4
8.2
38.1
8.6
40.5
8.6
41.2
8.7
41.4
8.9
9.9
9.5
9.1
8.9
8.8
5.0
5.2
4.9
4.8
4.8
4.6
4.8
4.4
4.7
4.1
1.9
1.9
1.9
1.9
1.9
1.8
1.6
31.1
100.0
1.6
1.5
29.1
100.0
1.5
1.4
27.5
100.0
1.5
1.3
27.4
100.0
1.4
1.2
27.5
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 181
LBN Brand Shares of Ice Cream: % Value 2016-2019
% retail value rsp
Brand (GBO)
Merino
Celano
Vinamilk
Cornetto (Unilever
Group)
Fanny
Trang Tien
Paddle Pop
(Unilever Group)
Monterosa
Thuy Ta
Bach Dang
Four Season
Celano
Merino
Others
Total
Source:
2015
Company (NBO)
2016
2017
2018
2019
Kido Group
Kido Group
Vietnam Dairy Products
JSC (Vinamilk)
Unilever Vietnam
International Co Ltd
Fanny Vietnam Co Ltd
Trang Tien Service &
Trading Co Ltd
Unilever Vietnam
International Co Ltd
Phan Nam Monterosa
Trading JSC
Thuy Ta JSC
Bach Dang Co Ltd
Ha Noi Trade Corp
Kinh Do Corp
Kinh Do Corp
Others
Total
22.9
15.1
9.5
24.3
16.2
9.1
24.5
16.7
8.9
24.4
16.9
8.8
5.9
6.2
6.4
6.7
4.9
4.8
4.8
4.6
4.8
4.4
4.7
4.1
2.6
2.4
2.3
2.3
1.9
1.9
1.9
1.9
1.6
1.5
29.1
100.0
1.5
1.4
27.5
100.0
1.5
1.3
27.4
100.0
1.4
1.2
27.5
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 182
NBO Company Shares of Impulse Ice Cream: % Value 2015-2019
© Euromonitor International
132
PACKAGED FOOD IN VIETNAM
Passport
% retail value rsp
Company
Kido Group
Vietnam Dairy Products
JSC (Vinamilk)
Unilever Vietnam
International Co Ltd
Trang Tien Service &
Trading Co Ltd
Fanny Vietnam Co Ltd
Phan Nam Monterosa
Trading JSC
Bach Dang Co Ltd
Thuy Ta JSC
Kinh Do Corp
Ha Noi Trade Corp
Others
Total
Source:
2016
2017
2018
2019
32.5
8.0
35.4
7.6
38.1
7.4
38.7
7.3
38.9
7.4
6.7
7.0
6.9
6.9
7.0
6.8
6.4
6.2
5.9
5.6
5.3
1.7
5.2
1.8
5.2
1.8
5.2
1.8
5.2
1.8
2.2
1.9
35.0
100.0
2.0
1.7
32.8
100.0
1.9
1.7
30.8
100.0
1.8
1.6
30.7
100.0
1.7
1.6
30.8
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 183
LBN Brand Shares of Impulse Ice Cream: % Value 2016-2019
% retail value rsp
Brand (GBO)
Merino
Celano
Vinamilk
Trang Tien
Fanny
Cornetto (Unilever
Group)
Paddle Pop
(Unilever Group)
Monterosa
Bach Dang
Thuy Ta
Four Season
Celano
Merino
Others
Total
Source:
2015
Company (NBO)
2016
2017
2018
2019
Kido Group
Kido Group
Vietnam Dairy Products
JSC (Vinamilk)
Trang Tien Service &
Trading Co Ltd
Fanny Vietnam Co Ltd
Unilever Vietnam
International Co Ltd
Unilever Vietnam
International Co Ltd
Phan Nam Monterosa
Trading JSC
Bach Dang Co Ltd
Thuy Ta JSC
Ha Noi Trade Corp
Kinh Do Corp
Kinh Do Corp
Others
Total
21.3
14.1
7.6
22.9
15.3
7.4
23.1
15.7
7.3
22.9
16.0
7.4
6.4
6.2
5.9
5.6
5.2
3.5
5.2
3.6
5.2
3.8
5.2
4.0
3.5
3.2
3.1
3.1
1.8
1.8
1.8
1.8
2.0
1.7
32.8
100.0
1.9
1.7
30.8
100.0
1.8
1.6
30.7
100.0
1.7
1.6
30.8
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 184
NBO Company Shares of Take-home Ice Cream: % Value 2015-2019
% retail value rsp
Company
2015
2016
2017
2018
2019
Kido Group
Unilever Vietnam
44.5
13.0
46.3
13.2
47.4
13.7
48.2
14.0
48.3
14.3
© Euromonitor International
133
PACKAGED FOOD IN VIETNAM
Passport
International Co Ltd
Vietnam Dairy Products
JSC (Vinamilk)
Fanny Vietnam Co Ltd
Phan Nam Monterosa
Trading JSC
Thuy Ta JSC
Kinh Do Corp
Others
Total
Source:
15.3
14.3
13.3
12.8
3.9
2.4
3.8
2.3
3.7
2.1
3.5
2.0
3.4
2.0
1.4
18.7
100.0
1.3
17.8
100.0
1.2
17.7
100.0
1.0
17.9
100.0
1.0
18.3
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 185
LBN Brand Shares of Take-home Ice Cream: % Value 2016-2019
% retail value rsp
Brand (GBO)
Merino
Celano
Cornetto (Unilever
Group)
Vinamilk
Fanny
Monterosa
Thuy Ta
Celano
Merino
Others
Total
Source:
16.1
Company (NBO)
2016
2017
2018
2019
Kido Group
Kido Group
Unilever Vietnam
International Co Ltd
Vietnam Dairy Products
JSC (Vinamilk)
Fanny Vietnam Co Ltd
Phan Nam Monterosa
Trading JSC
Thuy Ta JSC
Kinh Do Corp
Kinh Do Corp
Others
Total
27.9
18.4
13.2
28.5
19.0
13.7
28.7
19.5
14.0
28.7
19.6
14.3
15.3
14.3
13.3
12.8
3.8
2.3
3.7
2.1
3.5
2.0
3.4
2.0
1.3
17.8
100.0
1.2
17.7
100.0
1.0
17.9
100.0
1.0
18.3
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 186
Distribution of Ice Cream and Frozen Desserts by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
© Euromonitor International
2014
2015
2016
2017
2018
2019
100.0
100.0
11.6
100.0
100.0
12.4
100.0
100.0
12.9
100.0
100.0
13.3
100.0
100.0
13.6
100.0
100.0
14.3
0.7
3.2
7.7
88.4
1.2
3.4
7.8
87.6
1.4
3.6
8.0
87.1
1.5
3.7
8.0
86.7
1.6
3.9
8.2
86.4
1.8
4.0
8.5
85.7
-
-
-
-
-
-
78.5
77.9
77.6
77.5
77.5
77.3
9.9
9.7
9.5
9.2
8.8
8.4
134
PACKAGED FOOD IN VIETNAM
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
Passport
-
-
-
-
-
-
-
-
-
-
-
-
100.0
100.0
100.0
100.0
100.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 187
Distribution of Ice Cream by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
100.0
100.0
11.6
100.0
100.0
12.4
100.0
100.0
12.9
100.0
100.0
13.3
100.0
100.0
13.6
100.0
100.0
14.3
0.7
3.2
7.7
88.4
1.2
3.4
7.8
87.6
1.4
3.6
8.0
87.1
1.5
3.7
8.0
86.7
1.6
3.9
8.2
86.4
1.8
4.0
8.5
85.7
-
-
-
-
-
-
78.5
77.9
77.6
77.5
77.5
77.3
9.9
9.7
9.5
9.2
8.8
8.4
-
-
-
-
-
-
-
-
-
-
-
-
100.0
100.0
100.0
100.0
100.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 188
2024
Forecast Sales of Ice Cream and Frozen Desserts by Category: Volume 2019-
tonnes
2019
© Euromonitor International
2020
2021
2022
2023
2024
135
PACKAGED FOOD IN VIETNAM
Frozen Desserts
Ice Cream
- Frozen Yoghurt
- Impulse Ice Cream
-- Single Portion Dairy
Ice Cream
-- Single Portion Water
Ice Cream
- Unpackaged Ice Cream
- Take-Home Ice Cream
-- Take-Home Dairy Ice
Cream
--- Bulk Dairy Ice Cream
--- Ice Cream Desserts
--- Multi-Pack Dairy
Ice Cream
-- Take-Home Water Ice
Cream
--- Bulk Water Ice Cream
--- Multi-Pack Water
Ice Cream
Ice Cream and Frozen
Desserts
Source:
Passport
30,043.6
23,205.0
14,747.5
31,656.3
24,321.9
15,779.8
33,161.5
25,331.6
16,726.6
34,526.7
26,206.9
17,562.9
35,728.6
26,929.6
18,265.5
36,745.0
27,482.9
18,813.4
8,457.5
8,542.1
8,605.0
8,644.0
8,664.1
8,669.4
6,838.6
6,838.6
7,334.4
7,334.4
7,829.8
7,829.8
8,319.8
8,319.8
8,799.0
8,799.0
9,262.1
9,262.1
5,692.5
1,146.0
6,091.0
1,243.4
6,486.9
1,342.9
6,876.1
1,443.6
7,254.3
1,544.7
7,617.1
1,645.1
-
-
-
-
-
-
-
-
-
-
-
-
30,043.6
31,656.3
33,161.5
34,526.7
35,728.6
36,745.0
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 189
2024
Forecast Sales of Ice Cream and Frozen Desserts by Category: Value 2019-
VND billion
Frozen Desserts
Ice Cream
- Frozen Yoghurt
- Impulse Ice Cream
-- Single Portion Dairy
Ice Cream
-- Single Portion Water
Ice Cream
- Unpackaged Ice Cream
- Take-Home Ice Cream
-- Take-Home Dairy Ice
Cream
--- Bulk Dairy Ice Cream
--- Ice Cream Desserts
--- Multi-Pack Dairy
Ice Cream
-- Take-Home Water Ice
Cream
--- Bulk Water Ice Cream
--- Multi-Pack Water
Ice Cream
Ice Cream and Frozen
Desserts
Source:
2019
2020
2021
2022
2023
2024
3,723.8
2,737.6
2,141.1
4,015.3
2,931.1
2,327.4
4,322.6
3,137.5
2,527.6
4,645.1
3,357.5
2,742.4
4,982.3
3,591.8
2,972.8
5,333.8
3,841.4
3,219.5
596.5
603.6
609.9
615.1
619.0
621.8
986.2
986.2
1,084.3
1,084.3
1,185.1
1,185.1
1,287.6
1,287.6
1,390.5
1,390.5
1,492.5
1,492.5
676.7
309.6
737.6
346.7
800.2
384.8
864.3
423.3
929.1
461.4
994.1
498.3
-
-
-
-
-
-
-
-
-
-
-
-
3,723.8
4,015.3
4,322.6
4,645.1
4,982.3
5,333.8
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
136
PACKAGED FOOD IN VIETNAM
Passport
Table 190
Forecast Sales of Ice Cream and Frozen Desserts by Category: % Volume
Growth 2019-2024
% volume growth
Frozen Desserts
Ice Cream
- Frozen Yoghurt
- Impulse Ice Cream
-- Single Portion Dairy Ice Cream
-- Single Portion Water Ice Cream
- Unpackaged Ice Cream
- Take-Home Ice Cream
-- Take-Home Dairy Ice Cream
--- Bulk Dairy Ice Cream
--- Ice Cream Desserts
--- Multi-Pack Dairy Ice Cream
-- Take-Home Water Ice Cream
--- Bulk Water Ice Cream
--- Multi-Pack Water Ice Cream
Ice Cream and Frozen Desserts
Source:
2019/20
2019-24 CAGR
2019/24 Total
5.4
4.8
7.0
1.0
7.3
7.3
7.0
8.5
5.4
4.1
3.4
5.0
0.5
6.3
6.3
6.0
7.5
4.1
22.3
18.4
27.6
2.5
35.4
35.4
33.8
43.5
22.3
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 191
Forecast Sales of Ice Cream and Frozen Desserts by Category: % Value
Growth 2019-2024
% constant value growth
Frozen Desserts
Ice Cream
- Frozen Yoghurt
- Impulse Ice Cream
-- Single Portion Dairy Ice Cream
-- Single Portion Water Ice Cream
- Unpackaged Ice Cream
- Take-Home Ice Cream
-- Take-Home Dairy Ice Cream
--- Bulk Dairy Ice Cream
--- Ice Cream Desserts
--- Multi-Pack Dairy Ice Cream
-- Take-Home Water Ice Cream
--- Bulk Water Ice Cream
--- Multi-Pack Water Ice Cream
Ice Cream and Frozen Desserts
Source:
2019/2020
2019-24 CAGR
2019/24 Total
7.8
7.1
8.7
1.2
9.9
9.9
9.0
12.0
7.8
7.5
7.0
8.5
0.8
8.6
8.6
8.0
10.0
7.5
43.2
40.3
50.4
4.3
51.3
51.3
46.9
61.0
43.2
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
137
PACKAGED FOOD IN VIETNAM
SAVOURY SNACKS IN VIETNAM CATEGORY ANALYSIS
HEADLINES
▪ Retail value and volume sales rise by 11% and 6% to reach VND14.8 trillion and 82,700
tonnes in 2019
▪ Packaged nuts, seeds and trail mixes and other savoury snacks gain ground over unbranded,
unpackaged versions
▪ Rice snacks posts the highest value of 14% to reach VND1.2 trillion in 2019
▪ Average unit price rises by 5% in 2019
▪ Orion Food Vina maintains its leading value share of 18% in 2019
▪ Value sales are expected to rise at a current value CAGR of 12% (8% 2019 constant value
CAGR) over the 2019-2024 forecast period
PROSPECTS
Packaged Versions of Previously Unbranded Unpackaged Snacks
Gaining Favour
In 2019, volume sales of nuts, seeds and trail mixes and other savoury snacks increased over
the previous year as more packaged products appeared in the marketplace to compete with
traditional unpackaged and unbranded products. For example, packaged and branded peanuts
mixed with lemon leaf and peanuts mixed with garlic and chilli, which have traditionally been
sold in Vietnamese outdoor wet markets, are increasingly competing with their unpackaged and
unbranded counterparts in a variety of venues. Amongst the new packaged products are Dau
Phong Toi Ot (peanuts with garlic and chilli) and Dau Phong Chanh Ot (peanuts with lemon and
chilli), offered by Tan, and Lac Rang Hung Liu (dried peanuts with Vietnamese basil), under Viet
San and Van Huong brands. In other savoury snacks, dried squid and dried chicken with lemon
leaf are appearing in the packaged food market as well. Recently, thanks to the host of new
packaged and branded products being introduced, these snacks are widely available across
distribution channels and seeing positively improved consumption volume.
Natural Ingredients of Local Origin Appeal To Consumers Seeking
Healthier Options
In line with the health and wellness trend, Vietnamese consumers are continuing to look for
healthier options in all packaged food categories. In keeping with this trend, manufacturers of
potato chips and puffed snacks have benefitted from highlighting their use of natural ingredients
and materials for production input in their marketing activities and materials. Prominent amongst
these players are PepsiCo Vietnam and Orion Food Vina, both of which are capitalising on their
use of fresh potatoes – that is, potatoes grown in Vietnam – in their products. PepsiCo’s Lay’s
potato chips packaging reads, "100% tu khoai tay tuoi cat lat" (meaning "made from 100% fresh
potatoes"), reflecting the company’s decade-long collaboration with Vietnamese farmers. Orion’s
Ostar packaging specifies that its potato chips are "Tu da lat toi O'star tuoi" (meaning "Made
from fresh potatoes grown in Da Lat"). In puffed snacks, Oishi has upgraded its processing
© Euromonitor International
Passport
138
PACKAGED FOOD IN VIETNAM
technology to offer better-for-health products, as well. This is exemplified by its Marty’s Cracklin’
vegetarian chicharon (pork rinds) product with 0g trans-fat, which promises “guilt free”
enjoyment on its packaging, and its Tom Cay snack with packaging claiming that it is "Khong
Chien" (meaning "Not Fried"). Their efforts to highlight their products’ freshness and local origin
contributed to solid value growth for all three companies in 2019 and are expected to do so over
the forecast period.
Gifting Versions of Savoury Snacks Gain Traction, Increasingly
Appearing in Gift Baskets
Although flexible packaging is quite common in savoury snacks (potato chips and puffed
snacks), players have been launching a variety of new savoury snacks packed in PET jars or in
composite containers that are specifically designed for gifting. These products are gaining
traction thanks to their strong appeal and their increased offer, such as Tan Tan’s Ngu Phuc
(assorted nuts) sold in proper packaging and at suitable prices, and they have been appearing
frequently in Vietnamese gifting hampers. One demographic to which these gifting packages
appeal is the younger generation of consumers that have enjoyed savoury snacks since they
were students and teenagers. Today, manufacturers are targeting the same consumers as they
grow up, leveraging nostalgia and the concept of “kidults”, whereby young adults still indulge in
their childhood snacks. Gifting versions of their favourite snacks find a receptive audience
amongst these consumers, amongst other reasons because they higher disposable incomes
compared with previous generations of young adults, who were more focused on spending on
their families and saving within a difficult economy. Due to their higher budgets and willingness
to spend, this group still offers high potential for manufacturers and this potential will
increasingly be realised over the forecast period; gifting versions of their favourite snacks will
likely generate much of the future sales.
COMPETITIVE LANDSCAPE
Long and Wide Experience and Top-of-mind Brands Keep International
Players Dominant
In 2019 the domestic company Vietnam One One Food maintained its dominance in the
popular rice snacks category, which saw the fastest value growth over the year, but international
players Liwayway Food Industry (Oishi), Orion Food Vina (Ostar) and PepsiCo Vietnam Poca
are brands that more often come to consumers’ minds when they think about snacks –
especially salty snacks. PepsiCo however rebranded Poca as Lay’s in 2019, bringing the brand
into line with its global branding. While this could be a risky strategy, consumers’ interest in
global brands and strong awareness of PepsiCo, in addition to the ongoing use of recognisable
packaging, enabled the brand to maintain share in the year. Brands like these continue to lead
in the largest categories in savoury snacks – potato chips and puffed snacks – as well as in
nuts, seeds and trail mixes and in savoury biscuits. In other words, sales generated by
international companies drive continue to drive growth in savoury snacks overall.
As elsewhere globally, international brands lead in innovation; their wide range of products
and experience in different markets helps them easily adapt to the needs of specific markets like
Vietnam. For example, they have optimised systems to study local consumers’ habits and their
long-time availability in Vietnam has enabled them to understand the distribution system.
Moreover, they usually stay on top of new trends – for instance, AFC Soy Foods launched green
tea-flavoured and cheese-flavoured snacks in Vietnam when these flavours were trending there.
Overall, their strong financial capability to pursue long-term investment and build a stable
© Euromonitor International
Passport
139
PACKAGED FOOD IN VIETNAM
background for their development in Vietnam has helped the international companies to sustain
their performance within savoury snacks, and their strength is not expected to diminish over the
forecast period.
Tan Tan Regains Strength With More Cautious Approach and Wider
Nuts Portfolio
Working hard to regain its lost strength in nuts, seeds and trail mixes, Tan Tan Food &
Foodstuff Co saw strong value growth for the fourth consecutive year in 2019 after suffering
double-digit value sales declines in 2011- 2014 due to a difficult financial situation. Tan Tan
used to be the strongest national brand and a leading exporter of peanuts from Vietnam, but
after suffering losses related to real estate speculation, the loss of its source of peanuts for
peanut production, and an inability to repay bank loans, amongst other problems, the company
nearly became bankrupt. However, thanks to its long availability in the market, Tan Tan still
enjoys strong brand awareness in the peanut industry and after taking a more cautious
approach to conducting its business activities the company has been successfully expanding its
distribution network in both traditional trade and modern trade. Tan Tan peanuts still tend to be
the top-of-mind option in Vietnamese consumers’ minds when they think about peanuts,
especially consumers in South Vietnam. Moreover, thanks to its long experience in the
Vietnamese market, Tan Tan has gradually been regaining larger orders from modern trade
stores and strengthening its popularity in traditional trade. No longer focusing solely on roasted
peanuts, Tan Tan now has a wide range of highly demanded nuts products, including peanut
crackers, sesame-coated peanuts, coffee peanuts, Tan Tan cashews, Tan green peas and Tan
Tan lotus seed.
Potato Chips and Puffed Snacks Players Focus on Diversification and
Aggressive Marketing
Major players in potato chips, which enjoyed higher value growth than puffed snacks in 2019,
are not just diversifying their portfolios but also running aggressive marketing activities to gain
consumers’ attention. As an example of the diversification strategy, Poca/Lay’s expanded its
already wide range of products by introducing a small pack type with the initial price of just
VND2,000 to complement its bigger pack size priced above VND20,000. Exemplifying the
second approach, in August 2018 Ostar chose the popular singer-songwriter Son Tung M-TP, a
leading influencer of youngsters in Vietnam, as its brand ambassador and featured the popular
star on its packaging. On the other hand, while puffed snacks saw strong value growth over the
year, it is the more mature category, and as a result only major players and brands such as
Liwayway Food Industry and Orion Food Vina were offering and marketing new products in this
category. Nevertheless, it remains the largest category within savoury snacks and continues to
benefit from its affordable product prices and penetration in every corner of the country,
especially in traditional retail channels.
Summary 4
Other Savoury Snacks by Product Type: 2019
Product type
Meat jerky/scratchings
Noodle snacks
Seaweed snacks
Source:
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
Passport
140
PACKAGED FOOD IN VIETNAM
Passport
CATEGORY DATA
Table 192
Sales of Savoury Snacks by Category: Volume 2014-2019
'000 tonnes
Nuts, Seeds and Trail
Mixes
Salty Snacks
- Potato Chips
- Tortilla Chips
- Puffed Snacks
- Rice Snacks
- Vegetable, Pulse and
Bread Chips
Savoury Biscuits
Popcorn
Pretzels
Other Savoury Snacks
Savoury Snacks
Source:
2014
2015
2016
2017
2018
2019
5.3
5.4
5.4
5.5
5.6
5.7
39.6
10.9
21.9
6.8
-
42.0
11.8
23.0
7.2
-
44.5
12.7
24.2
7.6
-
47.0
13.6
25.5
8.0
-
49.8
14.6
26.9
8.4
-
52.8
15.5
28.5
8.8
-
11.3
5.4
61.5
12.5
5.8
65.6
13.5
6.2
69.5
14.5
6.6
73.6
15.5
7.1
78.0
16.5
7.6
82.7
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 193
Sales of Savoury Snacks by Category: Value 2014-2019
VND billion
Nuts, Seeds and Trail
Mixes
Salty Snacks
- Potato Chips
- Tortilla Chips
- Puffed Snacks
- Rice Snacks
- Vegetable, Pulse and
Bread Chips
Savoury Biscuits
Popcorn
Pretzels
Other Savoury Snacks
Savoury Snacks
Source:
2014
2015
2016
2017
2018
2019
727.4
744.5
760.9
783.8
823.0
872.3
5,592.6
2,194.7
2,655.7
742.1
-
6,173.2
2,468.6
2,910.7
794.0
-
6,838.1
2,789.5
3,195.9
852.7
-
7,577.7
3,124.3
3,515.5
938.0
-
8,361.3
3,436.7
3,874.1
1,050.5
-
9,241.7
3,763.2
4,280.9
1,197.6
-
1,319.9
1,521.9
9,161.8
1,465.5
1,656.8
10,040.0
1,604.7
1,814.2
11,018.0
1,765.1
1,995.6
12,122.3
1,950.5
2,215.1
13,349.9
2,204.0
2,480.9
14,799.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 194
Sales of Savoury Snacks by Category: % Volume Growth 2014-2019
% volume growth
Nuts, Seeds and Trail Mixes
Salty Snacks
- Potato Chips
© Euromonitor International
2018/19
2014-19 CAGR
2014/19 Total
2.5
6.0
6.5
1.7
5.9
7.3
8.7
33.4
42.5
141
PACKAGED FOOD IN VIETNAM
Passport
- Tortilla Chips
- Puffed Snacks
- Rice Snacks
- Vegetable, Pulse and Bread Chips
Savoury Biscuits
Popcorn
Pretzels
Other Savoury Snacks
Savoury Snacks
Source:
6.0
5.4
6.5
7.6
6.0
5.4
5.2
7.9
7.3
6.1
30.3
29.1
45.9
42.4
34.4
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 195
Sales of Savoury Snacks by Category: % Value Growth 2014-2019
% current value growth
Nuts, Seeds and Trail Mixes
Salty Snacks
- Potato Chips
- Tortilla Chips
- Puffed Snacks
- Rice Snacks
- Vegetable, Pulse and Bread Chips
Savoury Biscuits
Popcorn
Pretzels
Other Savoury Snacks
Savoury Snacks
Source:
2018/19
2014-19 CAGR
2014/19 Total
6.0
10.5
9.5
10.5
14.0
13.0
12.0
10.9
3.7
10.6
11.4
10.0
10.0
10.8
10.3
10.1
19.9
65.2
71.5
61.2
61.4
67.0
63.0
61.5
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 196
NBO Company Shares of Savoury Snacks: % Value 2015-2019
% retail value rsp
Company
Orion Food Vina Co Ltd
Mondelez Kinh Do
Vietnam JSC
PepsiCo Vietnam (PIVN)
Liwayway Food Industry
Co Ltd
Tuyen Ky Co Ltd
Vietnam One One Food JSC
Mondelez International
Inc
Procter & Gamble
Vietnam Ltd
LBB Vietnam Foodstuff JSC
Viet Hoa Co
Meiji Holdings Co Ltd
Tan Tan Food &
Foodstuff Co
Haiha Confectionery JSC
Tai Tai Co
Trang An Confectionery Co
© Euromonitor International
2015
2016
2017
2018
2019
16.7
14.0
17.2
13.8
17.7
13.9
18.0
14.1
17.8
14.1
13.0
10.4
13.1
10.9
13.1
11.3
13.0
11.5
12.7
11.6
6.4
3.1
3.2
6.4
3.2
3.2
6.4
3.2
3.2
6.4
3.3
3.2
6.4
3.3
3.2
0.9
0.9
0.9
0.9
0.9
0.5
0.6
0.7
0.6
0.6
0.6
0.7
0.5
0.6
0.6
0.7
0.5
0.6
0.7
0.6
0.5
0.7
0.7
0.7
0.5
0.4
0.4
0.9
0.4
0.4
0.7
0.4
0.4
0.6
0.4
0.4
0.4
0.4
0.4
0.3
142
PACKAGED FOOD IN VIETNAM
Passport
Ha Noi Confectionery Co
Haiha - Kotobuki Co Ltd
Nhat Anh Trading Pte
Kraft Foods Inc
Bien Hoa Confectionery
Corp (Bibica)
Orex Co
An Lac Co Ltd
Kinh Do Corp
Vinabico Confectionery
JSC
Others
Total
Source:
0.4
0.9
0.1
-
0.3
0.8
0.1
-
0.3
0.6
0.1
-
0.3
0.4
0.1
-
0.2
0.2
0.1
-
-
-
-
-
-
26.8
100.0
26.3
100.0
25.6
100.0
25.3
100.0
25.8
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 197
LBN Brand Shares of Savoury Snacks: % Value 2016-2019
% retail value rsp
Brand (GBO)
Oishi (Liwayway
Marketing Corp)
Toonies (Orion Group)
Lay's (PepsiCo Inc)
AFC (Mondelez
International Inc)
Tuyen Ky
Ostar (Orion Group)
Slide (Mondelez
International Inc)
OneOne
Ritz
Poca (PepsiCo Inc)
Khoai Tayo! (Orion
Group)
Sachi (Mondelez
International Inc)
Pringles (Kellogg Co)
Richy
Viet Hoa
Meiji
Tan Tan
Hai Ha
Tai Tai
Teppy
Ha Noi
Bim Bim
Nhat Anh
Pota
AFC
Sachi
Slide
Ritz
Orex
Pringles (Procter &
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Liwayway Food Industry
Co Ltd
Orion Food Vina Co Ltd
PepsiCo Vietnam (PIVN)
Mondelez Kinh Do
Vietnam JSC
Tuyen Ky Co Ltd
Orion Food Vina Co Ltd
Mondelez Kinh Do
Vietnam JSC
Vietnam One One Food JSC
Mondelez International Inc
PepsiCo Vietnam (PIVN)
Orion Food Vina Co Ltd
10.8
11.2
11.4
11.5
9.7
8.1
10.1
8.2
10.5
8.3
10.5
10.1
8.5
6.4
5.4
4.1
6.4
5.5
4.2
6.4
5.5
4.2
6.4
5.4
4.2
3.2
3.2
13.1
2.1
3.2
3.2
13.1
2.1
3.3
3.2
13.0
2.0
3.3
3.2
2.6
2.0
Mondelez Kinh Do
Vietnam JSC
Procter & Gamble
Vietnam Ltd
LBB Vietnam Foodstuff JSC
Viet Hoa Co
Meiji Holdings Co Ltd
Tan Tan Food &
Foodstuff Co
Haiha Confectionery JSC
Tai Tai Co
Trang An Confectionery Co
Ha Noi Confectionery Co
Haiha - Kotobuki Co Ltd
Nhat Anh Trading Pte
Bien Hoa Confectionery
Corp (Bibica)
Kinh Do Corp
Kinh Do Corp
Kinh Do Corp
Kraft Foods Inc
Orex Co
Procter & Gamble
1.5
1.5
1.5
1.5
0.9
0.9
0.9
0.9
0.6
0.6
0.7
0.5
0.6
0.6
0.7
0.5
0.6
0.7
0.6
0.5
0.7
0.7
0.7
0.5
0.4
0.4
0.7
0.3
0.8
0.1
-
0.4
0.4
0.6
0.3
0.6
0.1
-
0.4
0.4
0.4
0.3
0.4
0.1
-
0.4
0.4
0.3
0.2
0.2
0.1
-
-
-
-
-
143
PACKAGED FOOD IN VIETNAM
Gamble Co, The)
Others
Total
Source:
Passport
Vietnam Ltd
Others
Total
26.4
100.0
25.7
100.0
25.4
100.0
25.9
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 198
Distribution of Savoury Snacks by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
100.0
100.0
4.4
100.0
100.0
4.6
100.0
100.0
4.9
99.9
99.9
5.3
99.9
99.9
6.3
99.9
99.9
6.6
0.2
1.6
2.6
95.6
0.2
1.7
2.7
95.4
0.3
1.9
2.7
95.0
0.5
2.0
2.8
94.6
0.7
2.4
3.2
93.6
0.8
2.4
3.4
93.3
5.0
5.1
5.0
4.9
4.4
4.2
67.6
67.6
67.3
67.0
66.7
66.6
23.0
22.7
22.6
22.7
22.6
22.6
-
-
-
-
-
-
-
-
-
-
-
-
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 199
Forecast Sales of Savoury Snacks by Category: Volume 2019-2024
'000 tonnes
Nuts, Seeds and Trail
Mixes
Salty Snacks
- Potato Chips
- Tortilla Chips
- Puffed Snacks
- Rice Snacks
- Vegetable, Pulse and
Bread Chips
© Euromonitor International
2019
2020
2021
2022
2023
2024
5.7
5.9
6.1
6.4
6.7
7.0
52.8
15.5
28.5
8.8
-
56.1
16.4
30.3
9.3
-
59.7
17.4
32.5
9.8
-
63.6
18.3
34.9
10.4
-
67.9
19.2
37.7
10.9
-
72.7
20.2
40.9
11.6
-
144
PACKAGED FOOD IN VIETNAM
Savoury Biscuits
Popcorn
Pretzels
Other Savoury Snacks
Savoury Snacks
Source:
Passport
16.5
7.6
82.7
17.5
8.2
87.7
18.4
8.9
93.1
19.4
9.7
99.0
20.2
10.5
105.3
21.0
11.5
112.2
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 200
Forecast Sales of Savoury Snacks by Category: Value 2019-2024
VND billion
Nuts, Seeds and Trail
Mixes
Salty Snacks
- Potato Chips
- Tortilla Chips
- Puffed Snacks
- Rice Snacks
- Vegetable, Pulse and
Bread Chips
Savoury Biscuits
Popcorn
Pretzels
Other Savoury Snacks
Savoury Snacks
Source:
2019
2020
2021
2022
2023
2024
872.3
900.3
933.6
972.8
1,018.5
1,071.5
9,241.7
3,763.2
4,280.9
1,197.6
-
9,884.3
3,973.1
4,589.1
1,322.1
-
10,561.8
4,178.1
4,924.1
1,459.7
-
11,278.9
4,378.6
5,288.5
1,611.8
-
12,043.6
4,578.4
5,685.1
1,780.1
-
12,876.2
4,786.5
6,117.2
1,972.5
-
2,204.0
2,480.9
14,799.0
2,415.6
2,703.2
15,903.4
2,652.4
2,949.5
17,097.2
2,917.6
3,223.1
18,392.3
3,215.2
3,527.8
19,805.1
3,549.6
3,867.8
21,365.1
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 201
Forecast Sales of Savoury Snacks by Category: % Volume Growth 2019-2024
% volume growth
Nuts, Seeds and Trail Mixes
Salty Snacks
- Potato Chips
- Tortilla Chips
- Puffed Snacks
- Rice Snacks
- Vegetable, Pulse and Bread Chips
Savoury Biscuits
Popcorn
Pretzels
Other Savoury Snacks
Savoury Snacks
Source:
2019/20
2019-24 CAGR
2019/24 Total
3.0
6.2
6.1
6.5
5.5
6.0
8.1
6.1
4.0
6.6
5.4
7.5
5.6
5.0
8.6
6.3
21.7
37.6
30.3
43.5
31.4
27.6
51.0
35.7
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 202
Forecast Sales of Savoury Snacks by Category: % Value Growth 2019-2024
% constant value growth
2019/2020
© Euromonitor International
2019-24 CAGR
2019/24 Total
145
PACKAGED FOOD IN VIETNAM
Nuts, Seeds and Trail Mixes
Salty Snacks
- Potato Chips
- Tortilla Chips
- Puffed Snacks
- Rice Snacks
- Vegetable, Pulse and Bread Chips
Savoury Biscuits
Popcorn
Pretzels
Other Savoury Snacks
Savoury Snacks
Source:
Passport
3.2
7.0
5.6
7.2
10.4
9.6
9.0
7.5
4.2
6.9
4.9
7.4
10.5
10.0
9.3
7.6
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
22.8
39.3
27.2
42.9
64.7
61.0
55.9
44.4
146
PACKAGED FOOD IN VIETNAM
SWEET BISCUITS, SNACK BARS AND
FRUIT SNACKS IN VIETNAM CATEGORY ANALYSIS
HEADLINES
▪ Retail value and volume sales rise by 12% and 6%, respectively to reach VND10.2 trillion and
112,000 tonnes in 2019
▪ Players in fruit snacks and sweet biscuits offer new products responding to health and
wellness trends
▪ Fruit snacks sees the highest value of 15% in 2019 to reach VND561.8 billion in 2019
▪ Average unit price rises well above inflation, up by 6% in 2019
▪ Mondelez Kinh Do Vietnam maintains lead with a 21% value share in 2019
▪ Value sales are expected to post a current value CAGR of 13% (9% 2019 constant value
CAGR) over the 2019-2024 forecast period
PROSPECTS
New Flavours and Health Benefits Set the Tone
In 2019, fruit snacks enjoyed the highest (double-digit) value and volume growth in Vietnam,
but sweet biscuits saw double-digit growth as well, buttressed by new products in interesting
flavours and formats. Responding to the health and wellness trend, players in both fruit snacks
and sweet biscuits worked to respond to demand for more natural and/or fortified value-added
snacks in their categories. In fruit snacks, the main domain of domestic producers,
manufacturers changed their production technology to offer air-dried/flash-frozen or vacuumdried products instead of fried versions. Vinamit, for example, had a wide selection of vacuumdried and cold-dried bananas on offer in 2019. In the past, fried products were the most
common in this category. In sweet biscuits, players introduced more products fortified with
calcium and/or added vitamins. For example, Cal Cheese (Mayora Indah) provided more
calcium in its biscuits, Misura offered milk-and egg-free biscuits with honey and many players
highlighted the fact that their products contained no palm oil.
Over the forecast period, new flavour development will continue to be a main growth driver,
particularly for sweet biscuits such as filled biscuits, chocolate-coated biscuits and wafers.
Vietnamese consumers will consider food not only for satiation, but also to experience new
tastes. In addition, they will increasingly demand safe products with health benefits, so product
origin, hygiene certifications and testimonials to build brand trust also will impact consumer
choice. In all, consumers’ attention to health and safety points to greater potential for products
with natural flavours.
Vietnamese Favour Plain Biscuits for Gifting, So Players Are Most
Active There
Gifting has become an increasingly important sales driver in sweet biscuits, with plain biscuits
making the largest contribution. Plain biscuits is also where players are the most active,
© Euromonitor International
Passport
147
PACKAGED FOOD IN VIETNAM
especially in the Tet (Lunar New Year) season, because plain biscuits in the form of boxed
assortments is one of the most preferred gifts on this occasion. Mayora Indah (Danisa), LU
(Mondelez) Goody (Bien Hoa Confectionery) and Goute (Orion Feed Vina) all run promotions,
create sampling opportunities and develop special store displays for their brands in Tet season.
They also design their pack sizes and pack types for convenience in giving and for showing the
givers’ Tet messages to recipients. For this reason, people prefer tins or paper boxes of sweet
biscuits over other pack types such as plastic bags. Moreover, because people prefer to choose
premium products with aggressively high prices when deciding on a special gift, players never
hesitate to set their prices higher during gifting seasons. Gifting of this nature is expected to
continue driving sales of sweet biscuits over the forecast period, particularly during Tet season.
Despite Lacking Innovation, Wafers Continue Seeing Double-digit
Growth
Over the review period, wafers saw stable growth because players have firmly set positions
and developed market sizes stably over a long period of time. Yet wafers once again accounted
for the third highest value and volume share in the sweet biscuits category in 2019. There is
limited innovation in this category, with few new products or new brands appearing in the
Vietnamese marketplace to create new consumer demand. Existing brands such as Richeese
Nabati and Cosy already have strong brand awareness. Nevertheless, in 2019, all leading
brands saw double-digit value growth. It helped that the leading brand Richeese Nabati
successfully expanded its offer in North Vietnam with new pack sizes and pricing plans.
Moreover, Cosy wafer roll introduced a new, more eye-catching packaging design that helped
the brand enjoy more consumer engagement. Thus, over the year value growth of the whole
category exceeded the review period current value CAGR. Wafers is set to see a similarly
strong, if slightly lower, CAGR over the 2019-2024 forecast period than the one it posted
between 2014 and 2019.
COMPETITIVE LANDSCAPE
Mondelez’s Lead Strengthened by Partnership With Kinh Do in Sweet
Biscuits
Mondelez Kinh Do has maintained its stable lead in sweet biscuits, snack bars and fruit
snacks since Mondelez acquired the domestic Kinh Do Corporation in a process that began in
2015 and was completed in 2016. It has a wide product portfolio, covering mass to premium.
With its strong name and distribution strength, leveraging the mix of Mondelez International’s
capabilities and Kinh Do’s local expertise, the company’s brands benefit from strong consumer
loyalty and expectation of product quality. Cosy is the company’s leading brand in sweet
biscuits.
Mondelez Kinh Do, Mayora Indah and other international players dominate sales of premium
products, especially in sweet biscuits, where Mondelez and Mayora Indah rank first and second,
respectively. LU, a French biscuit, is Mondelez’ leading brand; Mayora’s premium brand is
Danisa. Sweet biscuits entered the Vietnam market thanks to westernisation, and original
biscuits from Western countries such as LU’s “butter cookies from France” and Danisa’s
“genuine Danish butter cookies” are considered as premium and high-quality products.
International brands are better able to succeed with premium brands in Vietnam because they
have strong financial ability and marketing experience that enables them to build professional
brand positioning strategies in the country.
© Euromonitor International
Passport
148
PACKAGED FOOD IN VIETNAM
Passport
Strong Agricultural Industry Gives Domestic Players Big Advantages in
Fruit Snacks
Domestic manufacturers dominate fruit snacks in Vietnam. The leading players – Vinamit,
Nha Be Import Export and Quynh Anh Food Co – are all local players specialising in producing
dried fruit. Currently, processed fruit snack sales are negligible in the country and snack bars
are not present. Thus, the only competition within the entire sweet biscuits, snack bars and fruit
snacks category is between fruit snacks, where domestic players prevail, and sweet biscuits,
where international players dominate. Indeed, local players have a significant advantage over
foreign competitors when it comes to selling fruit snacks because the country has a strong
agricultural industry, which the Vietnam government supports and encourages. Not only is
Vietnam rich with fruits of all types and in great volumes, but production costs for local players
are competitive. Thus, local manufacturers have the easiest access to fruit sources and can
develop their businesses at relatively less cost, and can therefore offer their products for lower
costs. Also, leading players continuously update their production technology in fruit snacks in
order for it to be similar to the most modern technology. A final advantage for local producers is
their deep understanding of Vietnamese consumers’ habits and preferences.
Government Steps Against Smuggling and Fraud During Tet Benefits
Sweet Biscuits
All market players in Vietnam strongly invest in the Lunar New Year (Tet) season. First of all,
this festive season increases the interest of all Vietnamese people in shopping. Confectionery in
general and sweet biscuits specifically are amongst the most highly traditional gifts given during
this season. Thus, Tet is the time that these products attract the most intention from the whole
society and it is the most effective time for both building branding and pushing sales of sweet
biscuits. This effort is supported by the entire value chain: from manufacturers to distributors to
retailers. Manufacturers launch aggressive marketing activities (sampling and displays),
distributors put more effort into improving their Tet-related deliveries in a timely and efficient
manner and retailers arrange larger spaces for sweet biscuits and confectionery. Also,
government agencies work hard to limit the appearance of fake and counterfeit goods on the
market during the Lunar New Year. In late-2018, the Vietnamese government took extra steps in
conjunction with all relevant agencies under its control to help actively maintain market price
stability in the time leading up to, during and after the 2019 Tet season to ensure against
smuggling and trade frauds during the Lunar New Year as well as to prevent abnormal price
fluctuations that could affect social life. As gifting is increasingly common in Tet season, and as
sweet biscuits is an increasingly popular gift, the category and its players benefited from these
actions in 2019.
CATEGORY DATA
Table 203
2014-2019
Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: Volume
'000 tonnes
Fruit Snacks
- Dried Fruit
- Processed Fruit Snacks
Snack Bars
- Cereal Bars
© Euromonitor International
2014
2015
2016
2017
2018
2019
1.7
1.7
-
1.9
1.9
-
2.1
2.1
-
2.3
2.3
-
2.6
2.6
-
2.8
2.8
-
149
PACKAGED FOOD IN VIETNAM
- Protein/Energy Bars
- Fruit and Nut Bars
- Other Snack Bars
Sweet Biscuits
- Chocolate Coated
Biscuits
- Cookies
- Filled Biscuits
- Plain Biscuits
- Wafers
Sweet Biscuits, Snack
Bars and Fruit Snacks
Source:
Passport
77.8
0.9
84.2
1.0
90.4
1.1
96.6
1.1
102.8
1.2
109.2
1.3
6.6
25.6
27.7
17.0
79.5
7.0
27.8
30.0
18.4
86.0
7.5
29.7
32.3
19.8
92.4
8.0
31.5
34.7
21.3
98.9
8.4
33.2
37.4
22.6
105.4
8.9
34.9
40.5
23.7
112.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 204
2019
Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: Value 2014-
VND billion
Fruit Snacks
- Dried Fruit
- Processed Fruit Snacks
Snack Bars
- Cereal Bars
- Protein/Energy Bars
- Fruit and Nut Bars
- Other Snack Bars
Sweet Biscuits
- Chocolate Coated
Biscuits
- Cookies
- Filled Biscuits
- Plain Biscuits
- Wafers
Sweet Biscuits, Snack
Bars and Fruit Snacks
Source:
2014
2015
2016
2017
2018
2019
293.2
293.2
5,841.5
191.4
332.3
332.3
6,328.6
220.1
377.2
377.2
6,950.9
253.8
428.9
428.9
7,733.7
293.6
489.8
489.8
8,632.3
340.6
561.8
561.8
9,674.9
395.8
578.2
1,516.4
2,489.7
1,065.8
6,134.7
620.2
1,639.0
2,682.0
1,167.2
6,660.9
676.0
1,786.5
2,944.8
1,289.8
7,328.1
743.6
1,965.2
3,252.6
1,478.8
8,162.6
814.3
2,181.3
3,610.4
1,685.8
9,122.1
887.5
2,443.1
4,043.6
1,904.9
10,236.7
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 205
Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: % Volume
Growth 2014-2019
% volume growth
Fruit Snacks
- Dried Fruit
- Processed Fruit Snacks
Snack Bars
- Cereal Bars
- Protein/Energy Bars
- Fruit and Nut Bars
- Other Snack Bars
Sweet Biscuits
- Chocolate Coated Biscuits
© Euromonitor International
2018/19
2014-19 CAGR
2014/19 Total
11.0
11.0
6.2
5.0
10.9
10.9
7.0
6.7
67.8
67.8
40.4
38.6
150
PACKAGED FOOD IN VIETNAM
Passport
- Cookies
- Filled Biscuits
- Plain Biscuits
- Wafers
Sweet Biscuits, Snack Bars and Fruit
Snacks
Source:
5.7
5.0
8.2
5.0
6.3
6.3
6.4
7.9
6.9
7.1
35.7
36.1
46.1
39.4
41.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 206
Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: % Value
Growth 2014-2019
% current value growth
Fruit Snacks
- Dried Fruit
- Processed Fruit Snacks
Snack Bars
- Cereal Bars
- Protein/Energy Bars
- Fruit and Nut Bars
- Other Snack Bars
Sweet Biscuits
- Chocolate Coated Biscuits
- Cookies
- Filled Biscuits
- Plain Biscuits
- Wafers
Sweet Biscuits, Snack Bars and Fruit
Snacks
Source:
2018/19
2014-19 CAGR
2014/19 Total
14.7
14.7
12.1
16.2
9.0
12.0
12.0
13.0
12.2
13.9
13.9
10.6
15.6
8.9
10.0
10.2
12.3
10.8
91.6
91.6
65.6
106.8
53.5
61.1
62.4
78.7
66.9
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 207
NBO Company Shares of Sweet Biscuits, Snack Bars and Fruit Snacks: %
Value 2015-2019
% retail value rsp
Company
Mondelez Kinh Do
Vietnam JSC
Mayora Indah Tbk PT
Kaldu Sari Nabati
Indonesia PT
Orion Food Vina Co Ltd
Bien Hoa Confectionery
Corp (Bibica)
Huu Nghi Food JSC
Mondelez International
Inc
Haiha Confectionery JSC
Hai Chau Confectionery
JSC
Biscafun Confectionery Co
Vinamit JSC
Meiji Holdings Co Ltd
© Euromonitor International
2015
2016
2017
2018
2019
21.1
21.2
21.2
21.1
21.1
12.2
9.8
12.3
9.9
12.3
10.3
12.5
10.4
12.5
10.5
5.7
5.0
5.9
5.0
6.1
4.9
6.1
4.9
6.1
4.7
4.4
4.1
4.5
4.2
4.5
4.2
4.6
4.2
4.6
4.2
4.6
4.1
4.4
3.9
4.2
3.8
4.0
3.6
4.1
3.4
3.0
3.2
2.1
2.9
2.8
2.1
2.9
2.4
2.1
2.8
2.5
2.1
2.7
2.4
2.1
151
PACKAGED FOOD IN VIETNAM
Passport
Glico Dairy Products Co
Ltd
Nha Be Import Export Co
Hoang Gia Fruit Food JSC
Quynh Anh Food Co Ltd
San Nam Food Co Ltd
Kraft Foods Inc
Kinh Do Corp
Vinabico Confectionery
JSC
Chipsgood Vietnam Co Ltd
Others
Total
Source:
0.6
0.6
0.6
0.6
0.7
0.3
0.2
0.1
0.1
-
0.3
0.3
0.2
0.1
-
0.3
0.3
0.2
0.1
-
0.3
0.3
0.2
0.1
-
0.3
0.3
0.2
0.1
-
19.3
100.0
19.4
100.0
19.6
100.0
19.7
100.0
20.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 208
2016-2019
LBN Brand Shares of Sweet Biscuits, Snack Bars and Fruit Snacks: % Value
% retail value rsp
Brand (GBO)
Cosy (Mondelez
International Inc)
Danisa (Danish
Speciality Foods ApS)
Richeese (Nabati
Group)
Goute (Orion Group)
Huu Nghi
Oreo
Goody
Hai Ha
Hai Chau
Biscafun (Quang
Ngai Sugar JSC)
Vinamit
Richoco (Nabati
Group)
Bibica
Cal Cheese
Yan Yan
Hello Panda
Pocky (Ezaki Glico
Co Ltd)
Korento (Mondelez
International Inc)
Nhabexim
Lucky
Hoang Gia Foods
Quynh Anh
San Nam
Chipsgood
Cosy
Good Choice
Kinh Do
Korento
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Mondelez Kinh Do
Vietnam JSC
Mayora Indah Tbk PT
17.5
17.6
17.7
17.7
11.7
11.5
11.4
11.4
Kaldu Sari Nabati
Indonesia PT
Orion Food Vina Co Ltd
Huu Nghi Food JSC
Mondelez International Inc
Bien Hoa Confectionery
Corp (Bibica)
Haiha Confectionery JSC
Hai Chau Confectionery JSC
Biscafun Confectionery Co
7.9
8.2
8.4
8.4
5.9
4.5
4.2
3.7
6.1
4.5
4.2
3.7
6.1
4.6
4.2
3.6
6.1
4.6
4.2
3.5
3.8
3.9
2.9
3.6
3.8
2.9
3.5
3.6
2.8
3.5
3.4
2.7
Vinamit JSC
Kaldu Sari Nabati
Indonesia PT
Bien Hoa Confectionery
Corp (Bibica)
Mayora Indah Tbk PT
Meiji Holdings Co Ltd
Meiji Holdings Co Ltd
Glico Dairy Products Co
Ltd
Mondelez Kinh Do
Vietnam JSC
Nha Be Import Export Co
Meiji Holdings Co Ltd
Hoang Gia Fruit Food JSC
Quynh Anh Food Co Ltd
San Nam Food Co Ltd
Chipsgood Vietnam Co Ltd
Kinh Do Corp
Kinh Do Corp
Kinh Do Corp
Kinh Do Corp
2.8
2.0
2.4
2.1
2.5
2.1
2.4
2.1
1.3
1.3
1.2
1.2
0.6
0.9
1.0
0.6
0.8
0.9
0.9
0.6
1.1
0.9
0.9
0.6
1.1
0.9
0.9
0.7
0.5
0.5
0.4
0.5
0.3
0.2
0.3
0.2
0.1
-
0.3
0.3
0.3
0.2
0.1
-
0.3
0.3
0.3
0.2
0.1
-
0.3
0.3
0.3
0.2
0.1
-
152
PACKAGED FOOD IN VIETNAM
Oreo
Vinabico-Kotobuki
Others
Total
Source:
Passport
Kraft Foods Inc
Vinabico Confectionery JSC
Others
Total
23.3
100.0
23.3
100.0
23.6
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 209
NBO Company Shares of Sweet Biscuits: % Value 2015-2019
% retail value rsp
Company
Mondelez Kinh Do
Vietnam JSC
Mayora Indah Tbk PT
Kaldu Sari Nabati
Indonesia PT
Orion Food Vina Co Ltd
Bien Hoa Confectionery
Corp (Bibica)
Huu Nghi Food JSC
Mondelez International
Inc
Haiha Confectionery JSC
Hai Chau Confectionery
JSC
Biscafun Confectionery Co
Meiji Holdings Co Ltd
Glico Dairy Products Co
Ltd
Kraft Foods Inc
Kinh Do Corp
Vinabico Confectionery
JSC
Others
Total
Source:
23.2
100.0
2015
2016
2017
2018
2019
22.2
22.3
22.4
22.3
22.3
12.8
10.3
13.0
10.5
13.0
10.9
13.2
11.0
13.3
11.1
6.0
5.3
6.2
5.3
6.4
5.2
6.4
5.1
6.5
5.0
4.7
4.3
4.7
4.4
4.8
4.4
4.8
4.4
4.8
4.4
4.8
4.3
4.7
4.1
4.4
4.0
4.3
3.8
4.3
3.6
3.2
2.2
0.6
3.1
2.2
0.6
3.0
2.2
0.7
2.9
2.2
0.7
2.9
2.2
0.7
-
-
-
-
-
19.3
100.0
18.8
100.0
18.6
100.0
18.8
100.0
18.9
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 210
LBN Brand Shares of Sweet Biscuits: % Value 2016-2019
% retail value rsp
Brand (GBO)
Cosy (Mondelez
International Inc)
Danisa (Danish
Speciality Foods ApS)
Richeese (Nabati
Group)
Goute (Orion Group)
Huu Nghi
Oreo
Goody
Hai Ha
Hai Chau
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Mondelez Kinh Do
Vietnam JSC
Mayora Indah Tbk PT
18.4
18.6
18.7
18.7
12.3
12.1
12.1
12.1
8.4
8.7
8.9
8.9
6.2
4.7
4.4
3.9
6.4
4.8
4.4
3.9
6.4
4.8
4.4
3.8
6.5
4.8
4.4
3.7
4.0
4.1
3.8
4.0
3.7
3.8
3.7
3.6
Kaldu Sari Nabati
Indonesia PT
Orion Food Vina Co Ltd
Huu Nghi Food JSC
Mondelez International Inc
Bien Hoa Confectionery
Corp (Bibica)
Haiha Confectionery JSC
Hai Chau Confectionery JSC
153
PACKAGED FOOD IN VIETNAM
Biscafun (Quang
Ngai Sugar JSC)
Richoco (Nabati
Group)
Bibica
Cal Cheese
Yan Yan
Hello Panda
Pocky (Ezaki Glico
Co Ltd)
Korento (Mondelez
International Inc)
Lucky
Cosy
Good Choice
Kinh Do
Korento
Oreo
Vinabico-Kotobuki
Others
Total
Source:
Passport
Biscafun Confectionery Co
3.1
3.0
2.9
2.9
Kaldu Sari Nabati
Indonesia PT
Bien Hoa Confectionery
Corp (Bibica)
Mayora Indah Tbk PT
Meiji Holdings Co Ltd
Meiji Holdings Co Ltd
Glico Dairy Products Co
Ltd
Mondelez Kinh Do
Vietnam JSC
Meiji Holdings Co Ltd
Kinh Do Corp
Kinh Do Corp
Kinh Do Corp
Kinh Do Corp
Kraft Foods Inc
Vinabico Confectionery JSC
Others
Total
2.1
2.2
2.2
2.2
1.4
1.3
1.3
1.3
0.7
1.0
1.0
0.6
0.9
1.0
1.0
0.7
1.1
1.0
1.0
0.7
1.2
1.0
1.0
0.7
0.5
0.5
0.5
0.5
0.3
22.8
100.0
0.3
22.5
100.0
0.3
22.5
100.0
0.3
22.6
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 211
NBO Company Shares of Fruit Snacks: % Value 2015-2019
% retail value rsp
Company
2015
2016
2017
2018
2019
Vinamit JSC
Nha Be Import Export Co
Hoang Gia Fruit Food JSC
Quynh Anh Food Co Ltd
San Nam Food Co Ltd
Chipsgood Vietnam Co Ltd
Others
Total
64.0
5.8
4.9
2.3
2.3
20.7
100.0
53.6
5.9
5.1
3.2
2.2
29.9
100.0
45.4
6.0
5.3
3.9
2.2
37.1
100.0
46.2
5.7
5.1
4.0
2.1
36.9
100.0
44.3
5.5
4.7
4.0
1.9
39.6
100.0
Source:
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 212
LBN Brand Shares of Fruit Snacks: % Value 2016-2019
% retail value rsp
Brand (GBO)
Company (NBO)
2016
2017
2018
2019
Vinamit
Nhabexim
Hoang Gia Foods
Quynh Anh
San Nam
Chipsgood
Others
Total
Vinamit JSC
Nha Be Import Export Co
Hoang Gia Fruit Food JSC
Quynh Anh Food Co Ltd
San Nam Food Co Ltd
Chipsgood Vietnam Co Ltd
Others
Total
53.6
5.9
5.1
3.2
2.2
29.9
100.0
45.4
6.0
5.3
3.9
2.2
37.1
100.0
46.2
5.7
5.1
4.0
2.1
36.9
100.0
44.3
5.5
4.7
4.0
1.9
39.6
100.0
Source:
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
154
PACKAGED FOOD IN VIETNAM
Table 213
2014-2019
Passport
Distribution of Sweet Biscuits, Snack Bars and Fruit Snacks by Format: % Value
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
99.9
99.9
7.0
99.9
99.9
8.2
99.9
99.9
8.7
99.9
99.9
9.5
99.9
99.9
10.5
99.9
99.9
11.1
0.9
2.2
4.0
92.9
1.4
2.6
4.1
91.8
1.6
2.8
4.3
91.2
1.8
3.1
4.6
90.5
1.9
3.5
5.1
89.4
2.0
3.7
5.4
88.7
9.9
10.0
10.1
9.8
9.4
9.4
65.8
64.9
64.7
64.4
64.1
63.7
17.2
16.9
16.5
16.3
15.8
15.7
-
-
-
-
-
-
-
-
-
-
-
-
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 214
Distribution of Sweet Biscuits by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
© Euromonitor International
2014
2015
2016
2017
2018
2019
99.9
99.9
5.8
99.9
99.9
6.8
99.9
99.9
7.3
99.9
99.9
8.1
99.9
99.9
9.1
99.9
99.9
9.7
0.8
1.8
3.2
94.1
1.3
2.2
3.4
93.1
1.4
2.4
3.5
92.6
1.6
2.6
3.8
91.9
1.7
3.1
4.3
90.8
1.8
3.3
4.6
90.2
10.2
10.3
10.4
10.1
9.8
9.7
155
PACKAGED FOOD IN VIETNAM
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
Passport
66.3
65.3
65.1
64.9
64.6
64.2
17.7
17.4
17.1
16.9
16.5
16.3
-
-
-
-
-
-
-
-
-
-
-
-
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 215
Distribution of Fruit Snacks by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
100.0
100.0
31.9
100.0
100.0
33.4
100.0
100.0
34.3
99.9
99.9
34.9
99.9
99.9
35.4
99.9
99.9
36.1
2.6
10.5
18.8
68.1
3.9
10.6
18.9
66.6
4.5
10.8
19.0
65.6
4.8
11.0
19.1
65.1
4.9
11.0
19.5
64.5
5.2
11.3
19.7
63.8
3.5
3.6
3.7
3.6
3.5
3.8
56.5
56.4
56.4
56.2
56.0
55.3
8.1
6.6
5.6
5.3
5.0
4.7
-
-
-
-
-
-
-
-
-
-
-
-
0.0
0.0
100.0
0.0
0.0
100.0
0.0
0.0
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
156
PACKAGED FOOD IN VIETNAM
Passport
Table 216
Forecast Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category:
Volume 2019-2024
'000 tonnes
Fruit Snacks
- Dried Fruit
- Processed Fruit Snacks
Snack Bars
- Cereal Bars
- Protein/Energy Bars
- Fruit and Nut Bars
- Other Snack Bars
Sweet Biscuits
- Chocolate Coated
Biscuits
- Cookies
- Filled Biscuits
- Plain Biscuits
- Wafers
Sweet Biscuits, Snack
Bars and Fruit Snacks
Source:
2019
2020
2021
2022
2023
2024
2.8
2.8
109.2
1.3
3.1
3.1
115.8
1.3
3.5
3.5
122.4
1.4
3.8
3.8
129.3
1.4
4.2
4.2
136.6
1.5
4.7
4.7
144.3
1.5
8.9
34.9
40.5
23.7
112.0
9.4
36.4
44.0
24.6
118.9
9.9
37.9
47.9
25.4
125.9
10.4
39.2
52.4
25.9
133.1
10.8
40.4
57.6
26.3
140.8
11.3
41.4
63.5
26.5
148.9
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 217
Forecast Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category:
Value 2019-2024
VND billion
Fruit Snacks
- Dried Fruit
- Processed Fruit Snacks
Snack Bars
- Cereal Bars
- Protein/Energy Bars
- Fruit and Nut Bars
- Other Snack Bars
Sweet Biscuits
- Chocolate Coated
Biscuits
- Cookies
- Filled Biscuits
- Plain Biscuits
- Wafers
Sweet Biscuits, Snack
Bars and Fruit Snacks
Source:
2019
2020
2021
2022
2023
2024
561.8
561.8
9,674.9
395.8
624.7
624.7
10,504.3
445.6
695.9
695.9
11,398.8
502.7
776.7
776.7
12,366.5
568.0
868.3
868.3
13,411.7
643.4
972.5
972.5
14,543.6
731.7
887.5
2,443.1
4,043.6
1,904.9
10,236.7
933.7
2,653.2
4,395.4
2,076.4
11,129.0
980.4
2,886.7
4,786.6
2,242.5
12,094.7
1,027.4
3,149.3
5,222.2
2,399.5
13,143.1
1,074.7
3,442.2
5,707.9
2,543.4
14,280.0
1,122.0
3,769.2
6,250.1
2,670.6
15,516.1
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 218
Forecast Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: %
Volume Growth 2019-2024
% volume growth
2019/20
© Euromonitor International
2019-24 CAGR
2019/24 Total
157
PACKAGED FOOD IN VIETNAM
Fruit Snacks
- Dried Fruit
- Processed Fruit Snacks
Snack Bars
- Cereal Bars
- Protein/Energy Bars
- Fruit and Nut Bars
- Other Snack Bars
Sweet Biscuits
- Chocolate Coated Biscuits
- Cookies
- Filled Biscuits
- Plain Biscuits
- Wafers
Sweet Biscuits, Snack Bars and Fruit
Snacks
Source:
Passport
10.8
10.8
6.0
4.5
5.4
4.5
8.6
4.0
6.1
10.5
10.5
5.7
3.6
4.8
3.5
9.4
2.3
5.9
64.6
64.6
32.1
19.1
26.4
18.8
57.0
12.0
32.9
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 219
Forecast Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: %
Value Growth 2019-2024
% constant value growth
Fruit Snacks
- Dried Fruit
- Processed Fruit Snacks
Snack Bars
- Cereal Bars
- Protein/Energy Bars
- Fruit and Nut Bars
- Other Snack Bars
Sweet Biscuits
- Chocolate Coated Biscuits
- Cookies
- Filled Biscuits
- Plain Biscuits
- Wafers
Sweet Biscuits, Snack Bars and Fruit
Snacks
Source:
2019/2020
2019-24 CAGR
2019/24 Total
11.2
11.2
8.6
12.6
5.2
8.6
8.7
9.0
8.7
11.6
11.6
8.5
13.1
4.8
9.1
9.1
7.0
8.7
73.1
73.1
50.3
84.9
26.4
54.3
54.6
40.2
51.6
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
158
PACKAGED FOOD IN VIETNAM
BAKED GOODS IN VIETNAM CATEGORY ANALYSIS
HEADLINES
▪ Value and volume sales of baked goods rise by 11% and 6%, respectively to reach NVD21.7
trillion and 230,700 tonnes in 2019
▪ Competition between packaged and unpackaged baked goods intensifies as all players strive
to meet consumer demand for freshness
▪ Packaged cakes sees the highest value growth of 16% to reach VND5.9 trillion in 2019
▪ Average unit price of baked goods rises by 5% with packaged cakes posting a 7% increase in
2019
▪ International players Mondelez Kinh Do and Orion, respectively hold the leading value shares
of 15% in 2019
▪ Value sales are set to rise at a current value CAGR of 14% (9% 2019 constant value CAGR)
over the forecast period to reach VND41.6 trillion in 2024
PROSPECTS
Improved Economy and Income Positively Impacts Baked Goods in
2019
Baked goods is set in the same industry as biscuits and confectionery in Vietnam (indeed, the
main players in baked goods are also players in biscuits and confectionery, such as Mondelez
Kinh Do Vietnam, Bien Hoa Confectionery (Bibica) and Orion Food Vina), but baked goods have
higher prices. Despite the higher cost, demand for baked goods Vietnam economy has stably
developed and the average income has improved. Thus, baked goods, both packaged and
unpackaged ones, are affordable for more people and the category has also become more
competitive when compared with the landscape within biscuits and confectionery. In 2019, both
retail volume and value sales growth were higher than the previous year, and assuming that
consumers can continue to afford these products the forecast current value and volume CAGRs
for baked goods are expected to be higher than those registered over the review period.
Development of Bakery Shops Offering Freshness Gives Unpackaged
Products An Advantage
Not only are big chained bakery outlets like BreadTalk, Tour Les Jours and ABC expanding in
Vietnam, but small bakery shops are also seeing healthy growth in urban and rural areas. This
latter trend – the expansion of small bakery shops – has brought stronger growth to unpackaged
baked goods at the expense of some packaged products. In 2019, value growth of unpackaged
leavened bread and unpackaged pastries outpaced that of their packaged counterparts, and
although packaged cakes saw higher growth, value sales of unpackaged ones also increased
by double digits. As bakery shops make and offer their products within the same day and use
fresh ingredients, they have the advantage of bringing freshness, which consumers greatly
prefer. Moreover, although the price range in bakery shops is relatively higher than it is for
packaged baked goods, the improvement in average income has reduced the significance of the
© Euromonitor International
Passport
159
PACKAGED FOOD IN VIETNAM
price gap between them. Over the forecast period, packaged cakes, unpackaged unleavened
bread and unpackaged pastries are expected respectively see the highest growth. Fresh baked
goods should continue benefiting from their good taste, trustworthy quality, and the level of
convenience they offer. However, demand for packaged baked goods also will continue to
thrive; the fact that fresh products have a shorter shelf life than packaged products do may limit
growth of the former and the demand for freshly baked goods to visitors to outlets only.
Convenient Access Drives Sales of Baked Goods That Offer for
Temporary Satisfaction
Baked goods are consumed not as meals but as additional food that temporarily satisfies
consumers’ hunger on the go, in the office or at schools. So, the more conveniently baked
goods can be found, the more consumers purchase them for these occasions. Thanks to the
expansion of modern retailing channels, baked goods now are well distributed not only in
traditional grocery outlets, but also in convenience stores and supermarkets, which reinforces
the convenience of picking up baked goods. There will be increasing competition from other
players when more third party food delivery services become available.
COMPETITIVE LANDSCAPE
Baked Goods Landscape Is Crowded With Domestic Players
An abundance of domestic players operate in baked goods, notably Huu Nghi Food, Asia
Bakery & Confectionery (ABC), Bien Hoa Confectionery (Bibica), Bao Ngoc Akito Investment
and Manufacturing, Nhu Lan Bakery and Apollo Food Industries. Moreover, local companies
hold three of the top five positions in the category However, international players Mondelez Kinh
Do and Orion Food Vina hold the largest value shares and the gap between domestic brands
and the leading international brands is quite big. International brands such as Orion, Solite
(Mondelez) and Apollo are well-known packaged cake brands that are regularly supported by
television advertisements and in-store displays to stimulate consumer demand. The
international players also have such advantages over local players as high technology to
produce high-quality products; large budgets for their marketing activities and new product
development and well-managed distribution networks. Local brands often choose to distribute
only within their region; for example Nhu Lan Bakery is only well known in Ho Chi Minh City,
whereas Bao Ngoc is strong in northern Vietnam.
High Value Growth of Packaged Cakes Can Be Attributed To Significant
Promotional Activities and Premiumisation
Packaged cakes saw the highest value growth in 2019 and was the only baked goods
category that registered stronger growth than its unpackaged counterparts over the year. The
strength of packaged cakes can be attributed to the significant efforts made by major players
such as Orion, Bibica and Mondelez to promote their products with in-store displays and
marketing activities that engage with consumers (such as launching special products for
students participating in university entrance examinations). Value growth in packaged cakes is
also thanks to premiumisation of much of the packaged offer, a trend seen in this category but
not so much in biscuits and confectionery.
© Euromonitor International
Passport
160
PACKAGED FOOD IN VIETNAM
Passport
“fresh Bread” Appears More Frequently on Packaged Bread Packaging
As Competition With Artisanal Products Intensifies
Mindful of consumers’ preference for fresh products and facing strong competition from
freshly made artisanal products, purveyors of packaged bread are emphasising the freshness of
their own products. Indeed, a pop-up sign on packaging that reads, “bánh mì tuoi” (meaning,
“fresh bread”) is seen on many brands such as Kinh Do, a pioneer in inspiring interest in fresh,
albeit packaged bread. Those packaged breads promoted as “fresh” are often softer and tastier
and otherwise benefit from being presented as being newly baked. Over the forecast period,
artisanal unpackaged baked goods are expected to continue leading baked goods; however,
packaged baked goods have their own merits and also will see strong growth. They are not
easily replaceable, as they are easily distributed through modern and traditional retailers and
can penetrate rural areas without investment in physical retail outlets. In addition, quality control
and health and safety regulations may be better monitored if production of these packaged
baked goods is centralised.
CATEGORY DATA
Table 220
Sales of Baked Goods by Category: Volume 2014-2019
'000 tonnes
Bread
- Flat Bread
-- Packaged Flat Bread
-- Unpackaged Flat Bread
- Leavened Bread
-- Packaged Leavened
Bread
-- Unpackaged Leavened
Bread
Cakes
- Packaged Cakes
- Unpackaged Cakes
Dessert Mixes
Frozen Baked Goods
Pastries
- Packaged Pastries
- Unpackaged Pastries
Baked Goods
Source:
2014
2015
2016
2017
2018
2019
127.8
127.8
55.9
133.9
133.9
58.4
140.0
140.0
60.7
145.9
145.9
62.9
152.1
152.1
65.4
159.5
159.5
68.4
71.8
75.5
79.3
83.0
86.7
91.1
34.5
23.2
11.3
16.1
2.5
13.6
178.4
36.6
24.6
12.0
17.6
2.6
14.9
188.1
38.7
25.9
12.8
19.1
2.8
16.3
197.8
40.9
27.4
13.6
20.8
2.9
17.8
207.6
43.7
29.3
14.4
22.4
3.1
19.3
218.3
46.9
31.5
15.4
24.3
3.2
21.0
230.7
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 221
Sales of Baked Goods by Category: Value 2014-2019
VND billion
Bread
- Flat Bread
-- Packaged Flat Bread
-- Unpackaged Flat Bread
- Leavened Bread
© Euromonitor International
2014
2015
2016
2017
2018
2019
6,032.9
6,032.9
6,380.7
6,380.7
6,771.8
6,771.8
7,214.7
7,214.7
7,751.3
7,751.3
8,426.9
8,426.9
161
PACKAGED FOOD IN VIETNAM
-- Packaged Leavened
Bread
-- Unpackaged Leavened
Bread
Cakes
- Packaged Cakes
- Unpackaged Cakes
Dessert Mixes
Frozen Baked Goods
Pastries
- Packaged Pastries
- Unpackaged Pastries
Baked Goods
Source:
Passport
3,722.1
3,908.2
4,111.4
4,333.4
4,610.8
4,956.6
2,310.8
2,472.5
2,660.4
2,881.2
3,140.5
3,470.3
6,950.4
3,242.2
3,708.1
844.4
202.5
641.9
13,827.6
7,637.0
3,595.1
4,041.9
929.7
221.7
708.0
14,947.4
8,498.4
4,076.6
4,421.8
1,022.6
238.1
784.5
16,292.8
9,400.8
4,541.2
4,859.6
1,131.9
257.2
874.7
17,747.3
10,490.9
5,121.1
5,369.8
1,234.3
276.5
957.8
19,476.6
11,917.1
5,940.5
5,976.6
1,352.6
294.2
1,058.4
21,696.6
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 222
Sales of Baked Goods by Category: % Volume Growth 2014-2019
% volume growth
Bread
- Flat Bread
-- Packaged Flat Bread
-- Unpackaged Flat Bread
- Leavened Bread
-- Packaged Leavened Bread
-- Unpackaged Leavened Bread
Cakes
- Packaged Cakes
- Unpackaged Cakes
Dessert Mixes
Frozen Baked Goods
Pastries
- Packaged Pastries
- Unpackaged Pastries
Baked Goods
Source:
2018/19
2014-19 CAGR
2014/19 Total
4.8
4.8
4.6
5.0
7.3
7.5
6.8
8.1
4.7
8.7
5.7
4.5
4.5
4.1
4.9
6.3
6.3
6.3
8.6
5.6
9.1
5.3
24.8
24.8
22.4
26.8
35.8
35.7
36.0
51.0
31.6
54.6
29.3
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 223
Sales of Baked Goods by Category: % Value Growth 2014-2019
% current value growth
Bread
- Flat Bread
-- Packaged Flat Bread
-- Unpackaged Flat Bread
- Leavened Bread
-- Packaged Leavened Bread
-- Unpackaged Leavened Bread
Cakes
- Packaged Cakes
- Unpackaged Cakes
Dessert Mixes
Frozen Baked Goods
© Euromonitor International
2018/19
2014-19 CAGR
2014/19 Total
8.7
8.7
7.5
10.5
13.6
16.0
11.3
-
6.9
6.9
5.9
8.5
11.4
12.9
10.0
-
39.7
39.7
33.2
50.2
71.5
83.2
61.2
-
162
PACKAGED FOOD IN VIETNAM
Passport
Pastries
- Packaged Pastries
- Unpackaged Pastries
Baked Goods
Source:
9.6
6.4
10.5
11.4
60.2
45.3
64.9
56.9
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 224
NBO Company Shares of Baked Goods: % Value 2015-2019
% retail value rsp
Company
Mondelez Kinh Do
Vietnam JSC
Orion Food Vina Co Ltd
Huu Nghi Food JSC
Asia Bakery &
Confectionery Pte
Enterprise
Bien Hoa Confectionery
Corp (Bibica)
Duc Phat Private
Enterprise
Pham Nguyen
Confectionery & Candy
Co Ltd
Apollo Food Industries
Sdn Bhd
Bao Ngoc Akito
Investment and
Manufacturing JSC
European Foods PCL
Hai Chau Confectionery
JSC
Nhu Lan Bakery
Hue Industrial Foods JSC
Lonbisco PT
Kinh Do Corp
Artisanal
Others
Total
Source:
9.9
7.8
10.5
9.4
2015
2016
2017
2018
2019
15.1
14.9
14.9
14.9
15.0
11.0
4.4
3.5
12.4
4.5
3.4
13.4
4.7
3.3
14.5
5.0
3.2
14.9
5.1
3.2
3.2
2.8
2.4
2.3
2.1
5.1
4.4
3.7
2.9
2.1
1.6
1.7
1.8
1.7
1.5
1.3
1.3
1.2
1.2
1.1
1.7
1.5
1.3
1.2
1.0
1.0
0.1
0.8
0.1
0.7
0.1
0.5
0.1
0.3
0.1
0.2
0.1
48.3
3.5
100.0
0.2
0.0
48.3
3.5
100.0
0.1
0.0
48.5
3.8
100.0
0.1
48.6
3.9
100.0
0.1
48.4
5.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 225
LBN Brand Shares of Baked Goods: % Value 2016-2019
% retail value rsp
Brand (GBO)
Orion (Orion Group)
Kinh Do (Mondelez
International Inc)
Huu Nghi
ABC
Solite (Mondelez
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Orion Food Vina Co Ltd
Mondelez Kinh Do
Vietnam JSC
Huu Nghi Food JSC
Asia Bakery &
Confectionery Pte
Enterprise
Mondelez Kinh Do
10.0
11.9
10.9
11.9
11.8
11.9
11.9
11.9
4.5
3.4
4.7
3.3
5.0
3.2
5.1
3.2
3.0
3.0
3.0
3.1
163
PACKAGED FOOD IN VIETNAM
International Inc)
Orion Custas (Orion
Group)
Hura
Duc Phat
Choco P&N
Apollo (Apollo Food
Holdings Bhd)
Bao Ngoc
Euro
Hai Chau
Nhu Lan
Hue
Kinh Do
Lonbisco
Artisanal
Others
Total
Source:
Passport
Vietnam JSC
Orion Food Vina Co Ltd
Bien Hoa Confectionery
Corp (Bibica)
Duc Phat Private
Enterprise
Pham Nguyen
Confectionery & Candy
Co Ltd
Apollo Food Industries
Sdn Bhd
Bao Ngoc Akito
Investment and
Manufacturing JSC
European Foods PCL
Hai Chau Confectionery JSC
Nhu Lan Bakery
Hue Industrial Foods JSC
Kinh Do Corp
Lonbisco PT
Artisanal
Others
Total
2.4
2.4
2.6
2.9
2.8
2.4
2.3
2.1
4.4
3.7
2.9
2.1
1.7
1.8
1.7
1.5
1.3
1.2
1.2
1.1
1.5
1.3
1.2
1.0
0.8
0.1
0.2
0.0
48.3
3.5
100.0
0.7
0.1
0.1
0.0
48.5
3.8
100.0
0.5
0.1
0.1
48.6
3.9
100.0
0.3
0.1
0.1
48.4
5.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 226
Distribution of Baked Goods by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
© Euromonitor International
2014
2015
2016
2017
2018
2019
100.0
100.0
6.8
99.9
99.9
7.3
99.9
99.9
7.6
99.9
99.9
8.1
99.8
99.8
8.8
99.8
99.8
9.9
0.4
2.4
4.0
93.1
0.5
2.7
4.1
92.6
0.5
2.9
4.2
92.3
0.5
3.2
4.4
91.7
0.7
3.3
4.8
91.1
1.2
3.5
5.2
89.9
35.3
35.2
35.2
34.9
35.1
37.5
33.1
32.9
32.8
32.8
32.3
30.4
24.7
24.5
24.3
24.1
23.7
22.0
-
-
-
-
-
-
-
-
-
-
-
-
0.0
0.0
0.1
0.1
0.1
0.1
0.1
0.1
0.2
0.2
0.2
0.2
164
PACKAGED FOOD IN VIETNAM
- Direct Selling
Total
Source:
Passport
100.0
100.0
100.0
100.0
100.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 227
Forecast Sales of Baked Goods by Category: Volume 2019-2024
'000 tonnes
Bread
- Flat Bread
-- Packaged Flat Bread
-- Unpackaged Flat Bread
- Leavened Bread
-- Packaged Leavened
Bread
-- Unpackaged Leavened
Bread
Cakes
- Packaged Cakes
- Unpackaged Cakes
Dessert Mixes
Frozen Baked Goods
Pastries
- Packaged Pastries
- Unpackaged Pastries
Baked Goods
Source:
2019
2020
2021
2022
2023
2024
159.5
159.5
68.4
168.0
168.0
71.9
177.7
177.7
75.9
188.8
188.8
80.4
201.5
201.5
85.4
215.8
215.8
91.1
91.1
96.1
101.8
108.5
116.0
124.7
46.9
31.5
15.4
24.3
3.2
21.0
230.7
50.5
34.0
16.5
26.3
3.4
22.9
244.8
54.6
36.8
17.8
28.5
3.5
25.0
260.8
59.1
40.0
19.2
31.1
3.6
27.4
279.0
64.3
43.5
20.7
33.9
3.8
30.1
299.6
70.0
47.4
22.6
37.1
3.9
33.2
322.8
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 228
Forecast Sales of Baked Goods by Category: Value 2019-2024
VND billion
Bread
- Flat Bread
-- Packaged Flat Bread
-- Unpackaged Flat Bread
- Leavened Bread
-- Packaged Leavened
Bread
-- Unpackaged Leavened
Bread
Cakes
- Packaged Cakes
- Unpackaged Cakes
Dessert Mixes
Frozen Baked Goods
Pastries
- Packaged Pastries
- Unpackaged Pastries
Baked Goods
Source:
2019
2020
2021
2022
2023
2024
8,426.9
8,426.9
4,956.6
8,896.8
8,896.8
5,169.7
9,430.5
9,430.5
5,412.7
10,036.0
10,036.0
5,688.7
10,722.7
10,722.7
6,001.6
11,519.7
11,519.7
6,373.7
3,470.3
3,727.1
4,017.8
4,347.3
4,721.1
5,146.0
11,917.1
5,940.5
5,976.6
1,352.6
294.2
1,058.4
21,696.6
13,149.7
6,694.9
6,454.7
1,441.3
302.4
1,138.9
23,487.8
14,555.8
7,565.3
6,990.5
1,542.5
310.3
1,232.2
25,528.8
16,178.3
8,586.6
7,591.7
1,658.4
317.7
1,340.7
27,872.7
18,063.6
9,788.7
8,274.9
1,791.4
324.7
1,466.7
30,577.8
20,269.1
11,208.1
9,061.0
1,944.6
331.2
1,613.4
33,733.5
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
165
PACKAGED FOOD IN VIETNAM
Table 229
Passport
Forecast Sales of Baked Goods by Category: % Volume Growth 2019-2024
% volume growth
Bread
- Flat Bread
-- Packaged Flat Bread
-- Unpackaged Flat Bread
- Leavened Bread
-- Packaged Leavened Bread
-- Unpackaged Leavened Bread
Cakes
- Packaged Cakes
- Unpackaged Cakes
Dessert Mixes
Frozen Baked Goods
Pastries
- Packaged Pastries
- Unpackaged Pastries
Baked Goods
Source:
2019/20
2019-24 CAGR
2019/24 Total
5.3
5.3
5.1
5.5
7.7
8.0
7.1
8.3
4.3
8.9
6.1
6.2
6.2
5.9
6.5
8.3
8.5
7.9
8.8
3.6
9.6
7.0
35.3
35.3
33.1
37.0
49.2
50.6
46.2
52.8
19.1
58.0
40.0
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 230
Forecast Sales of Baked Goods by Category: % Value Growth 2019-2024
% constant value growth
Bread
- Flat Bread
-- Packaged Flat Bread
-- Unpackaged Flat Bread
- Leavened Bread
-- Packaged Leavened Bread
-- Unpackaged Leavened Bread
Cakes
- Packaged Cakes
- Unpackaged Cakes
Dessert Mixes
Frozen Baked Goods
Pastries
- Packaged Pastries
- Unpackaged Pastries
Baked Goods
Source:
2019/2020
2019-24 CAGR
2019/24 Total
5.6
5.6
4.3
7.4
10.3
12.7
8.0
6.6
2.8
7.6
8.3
6.5
6.5
5.2
8.2
11.2
13.5
8.7
7.5
2.4
8.8
9.2
36.7
36.7
28.6
48.3
70.1
88.7
51.6
43.8
12.6
52.4
55.5
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
166
PACKAGED FOOD IN VIETNAM
BREAKFAST CEREALS IN VIETNAM CATEGORY ANALYSIS
HEADLINES
▪ Value and volume sales of breakfast cereals rise by 12% and 9%, respectively to reach
VND197.7 billion and 600 tonnes in 2019
▪ Association of cereal with health benefits continues to boost children’s products as well as
that of RTE cereals
▪ Children’s breakfast cereals sees the highest value growth of 13% to reach VND145.1 billion
in 2019
▪ Average unit price movement is stable in 2019, rising by 2% for the second consecutive year
▪ Multinational players Nestlé and Kellogg dominate sales of breakfast cereals in Vietnam with
value shares of 47% and 44%
▪ Value sales are set to rise at a current value CAGR of 12% (7% 2019 constant value CAGR)
over the forecast period to reach VND346.2 billion in 2024
PROSPECTS
Vietnamese Prefer Traditional Breakfast Food Over Breakfast Cereals,
But Westernisation Is Creating More Demand
For breakfast, Vietnamese have traditionally enjoyed many options, such as fried rice, sticky
rice, pho (broth containing rice noodles, meat and herbs), bun bo Hue (spicy Vietnamese soup
associated with the city of Hue) and banh mi (baguette-like bread with savoury filling). Those
kinds of food are very popular and very convenient in Vietnam. The price is also very affordable,
around VND15,000 to VND30,000 per breakfast. Thanks to westernisation in Vietnam, breakfast
cereals are more available to Vietnamese consumers, but the category faces strong competition
from the traditional types of Vietnamese food. Breakfast cereals so far especially appeal to the
many foreigners living in Vietnam and to Vietnamese travellers that are more accustomed to
consuming Western food as well. Those people definitely help to bring Western food in general
and breakfast cereals specifically closer to more people in Vietnam, as Vietnamese consumers
perceive Western lifestyles as signifying affluence and success. As more consumers pursue
such a lifestyle, consumption of Western cuisine such as fried chicken, hamburgers, pizza and
breakfast cereals is expected to grow.
Children Are the Target Consumers for Breakfast Cereals
While adults have a host of options for breakfast, children need parents to prepare a proper
breakfast with sufficient nutrition. Now that Vietnamese have greater exposure and access to
children’s breakfast cereals, parents are increasingly choosing them for convenience and
nutrition. Children’s breakfast cereals is the largest category by far and it saw the highest value
growth in 2019 as well. Perhaps this is because adults are so familiar with Vietnamese food that
they feel less interested in adopting the habit of consuming breakfast cereals whereas children
are more eager to try something new. It helps that children’s breakfast cereals come in fun
shapes and appealing flavours with packaging designed to attract those making the purchasing
© Euromonitor International
Passport
167
PACKAGED FOOD IN VIETNAM
decisions, for example by adding claims of nutritional value and vitamins and minerals for child
development onto the packaging. The leading players thus will continue to focus on providing
more new breakfast cereals targeting children and are counting on their efforts to help them to
build interest not only in children’s products but in adult products as well.
Health Consciousness and Higher Income Are Set To Drive Overall
Growth
The Vietnamese are already increasingly associating breakfast cereals with health benefits
because they perceive that cereal is good for weight control, beauty care and healthy living
generally. Health consciousness has been increasing in Vietnam due to improvement in living
standards, wider exposure to related information through the internet and social media and
concerns about food safety. Indeed, news relating to food safety usually attracts significant
attention in society and it strongly affects consumers’ behaviour. More recently, and
significantly, with the improved economy and higher spending power after satisfying needs for
food and accommodation, Vietnamese consumers are more able to care about their health and
better able to afford imported products that support it. Breakfast cereals is thus expected to
become an increasingly popular choice over the forecast period.
COMPETITIVE LANDSCAPE
International Players Nestlé and Kellogg Maintain Dominance But
Switch Ranks
Two international companies, Nestlé Vietnam and Kellogg, continued to dominate breakfast
cereals in 2019, although the two competitors changed positions over the year as Nestlé’s value
share surpassed Kellogg’s share for the first time. International players logically lead in this
category as breakfast cereal is not traditionally consumed and is only just gaining more
popularity – mostly in urban areas. Moreover, domestic manufacturers are not as
knowledgeable about these types of products as international players are in terms of production
processes, consuming occasions and product benefits. Nestlé Vietnam’s is present in multiple
categories, but its main strength is its leadership in children’s breakfast cereals, the most
demanded type of cereal, with Koko Krunch. Kellogg’s Coco Pops, Corn Flakes and Special K
comprise three of the top four brands in RTE cereals. Both have wide distribution networks and
strongly promote their products.
Hot Cereals Gaining Traction With Active Promotion, Wider Distribution
and Positive Perception of the Benefits
While hot cereals has negligible presence in Vietnam, some outstanding brands from both
international players and domestic players are available in the marketplace, including such as
Quaker’s with Quaker Instant Oats and Tan Nhat Huong with Choys West Meet East instant
cereal. The domestic player Xuan An also offers hot cereal within its breakfast cereals product
range. Players within hot cereals are actively investing in below-the-line marketing (in-store
displays, promotion and samplings) to build awareness of their products and recruit new
consumers as well. Thanks to these efforts, widening distribution, new product offers and the
perception that cereals offer health benefits, hot cereals is expected to gain some traction over
the forecast period.
© Euromonitor International
Passport
168
PACKAGED FOOD IN VIETNAM
Passport
Above-the-line Marketing Is Limited Due To Lack of Competition, and
the Category Penetration Remains Low for the Same Reason
It is hard to see above-the-line marketing activities such as TV commercials or out-of-home
billboards in this category, even coming from the two major players, Nestlé Vietnam and
Kellogg. Thus, brand awareness and the category penetration are still low. As the result, the
market size is not big enough for the existing players or new players to invest in this industry.
The dominance of the two international companies in the category has undoubtedly been a
deterrent to other companies seeking to enter or trying to compete in this category, thus existing
players prefer to reinforce their current performance rather than creating new demand and
extending the market size.
CATEGORY DATA
Table 231
Sales of Breakfast Cereals by Category: Volume 2014-2019
tonnes
Hot Cereals
RTE Cereals
- Children's Breakfast
Cereals
- Family Breakfast
Cereals
-- Flakes
-- Muesli and Granola
-- Other RTE Cereals
Breakfast Cereals
Source:
2014
2015
2016
2017
2018
2019
349.7
193.6
407.2
238.1
467.9
285.7
529.7
334.3
589.8
381.1
644.1
423.0
156.1
169.1
182.2
195.4
208.7
221.1
132.2
13.6
10.4
349.7
143.3
14.9
10.9
407.2
154.9
16.3
11.0
467.9
166.5
17.7
11.2
529.7
178.2
19.2
11.4
589.8
188.9
20.6
11.6
644.1
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 232
Sales of Breakfast Cereals by Category: Value 2014-2019
VND billion
Hot Cereals
RTE Cereals
- Children's Breakfast
Cereals
- Family Breakfast
Cereals
-- Flakes
-- Muesli and Granola
-- Other RTE Cereals
Breakfast Cereals
Source:
2014
2015
2016
2017
2018
2019
100.5
65.6
113.4
75.3
133.4
91.8
155.8
110.7
177.2
128.4
197.7
145.1
35.0
38.1
41.5
45.1
48.8
52.7
28.9
2.9
3.2
100.5
31.5
3.3
3.4
113.4
34.4
3.7
3.4
133.4
37.5
4.0
3.6
155.8
40.7
4.4
3.7
177.2
43.9
4.8
4.0
197.7
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 233
Sales of Breakfast Cereals by Category: % Volume Growth 2014-2019
% volume growth
© Euromonitor International
169
PACKAGED FOOD IN VIETNAM
Passport
Hot Cereals
RTE Cereals
- Children's Breakfast Cereals
- Family Breakfast Cereals
-- Flakes
-- Muesli and Granola
-- Other RTE Cereals
Breakfast Cereals
Source:
2018/19
2014-19 CAGR
2014/19 Total
9.2
11.0
5.9
6.0
7.7
2.0
9.2
13.0
16.9
7.2
7.4
8.8
2.3
13.0
84.2
118.5
41.6
42.9
52.2
11.9
84.2
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 234
Sales of Breakfast Cereals by Category: % Value Growth 2014-2019
% current value growth
Hot Cereals
RTE Cereals
- Children's Breakfast Cereals
- Family Breakfast Cereals
-- Flakes
-- Muesli and Granola
-- Other RTE Cereals
Breakfast Cereals
Source:
2018/19
2014-19 CAGR
2014/19 Total
11.6
13.0
7.8
8.0
8.0
6.0
11.6
14.5
17.2
8.5
8.8
10.1
4.6
14.5
96.7
121.2
50.7
52.3
61.7
25.4
96.7
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 235
NBO Company Shares of Breakfast Cereals: % Value 2015-2019
% retail value rsp
Company
2015
2016
2017
2018
2019
Nestlé Vietnam Ltd
Kellogg Co
Others
Total
36.4
50.8
12.8
100.0
39.7
48.4
11.8
100.0
42.4
46.3
11.3
100.0
44.5
45.1
10.4
100.0
46.5
43.9
9.6
100.0
Source:
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 236
LBN Brand Shares of Breakfast Cereals: % Value 2016-2019
% retail value rsp
Brand (GBO)
Koko Krunch (Cereal
Partners Worldwide
SA)
Kellogg's Coco Pops
Kellogg's Corn Flakes
Kellogg's Special K
Nestlé Cornflakes
(Cereal Partners
Worldwide SA)
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Nestlé Vietnam Ltd
36.7
39.4
41.6
43.6
Kellogg Co
Kellogg Co
Kellogg Co
Nestlé Vietnam Ltd
9.7
6.6
6.0
3.0
9.5
6.2
5.7
3.0
9.3
6.0
5.4
2.9
9.0
5.9
5.3
2.9
170
PACKAGED FOOD IN VIETNAM
Kellogg's Mueslix
Kellogg's Nutri-Grain
Kellogg's All Bran
Others
Total
Source:
Passport
Kellogg Co
Kellogg Co
Kellogg Co
Others
Total
1.2
0.6
0.4
35.7
100.0
1.2
0.6
34.4
100.0
1.2
0.5
33.1
100.0
1.2
0.5
31.7
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 237
Distribution of Breakfast Cereals by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
99.8
99.8
88.3
99.7
99.7
89.1
99.6
99.6
89.4
99.4
99.4
89.5
99.4
99.4
90.2
99.5
99.5
90.8
0.9
8.4
79.0
11.5
0.9
9.1
79.1
10.6
1.0
9.2
79.2
10.2
1.1
9.3
79.0
9.9
1.2
9.0
80.0
9.1
1.2
7.7
82.0
8.6
-
-
-
-
-
-
9.7
9.5
9.3
9.1
8.5
7.4
1.8
1.0
0.9
0.8
0.7
1.2
-
-
-
-
-
-
-
-
-
-
-
-
0.2
0.2
100.0
0.3
0.3
100.0
0.4
0.4
100.0
0.6
0.6
100.0
0.6
0.6
100.0
0.5
0.5
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 238
Forecast Sales of Breakfast Cereals by Category: Volume 2019-2024
tonnes
Hot Cereals
RTE Cereals
- Children's Breakfast
Cereals
- Family Breakfast
Cereals
-- Flakes
© Euromonitor International
2019
2020
2021
2022
2023
2024
644.1
423.0
691.9
459.7
731.8
489.9
766.0
516.1
793.7
537.8
814.5
554.8
221.1
232.3
241.9
249.9
255.8
259.7
188.9
198.3
206.2
212.4
216.7
218.8
171
PACKAGED FOOD IN VIETNAM
-- Muesli and Granola
-- Other RTE Cereals
Breakfast Cereals
Source:
Passport
20.6
11.6
644.1
22.1
11.9
691.9
23.5
12.2
731.8
24.8
12.7
766.0
26.0
13.2
793.7
27.1
13.8
814.5
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 239
Forecast Sales of Breakfast Cereals by Category: Value 2019-2024
VND billion
Hot Cereals
RTE Cereals
- Children's Breakfast
Cereals
- Family Breakfast
Cereals
-- Flakes
-- Muesli and Granola
-- Other RTE Cereals
Breakfast Cereals
Source:
2019
2020
2021
2022
2023
2024
197.7
145.1
213.9
159.1
230.6
173.6
247.2
188.1
263.9
202.6
280.5
217.1
52.7
54.8
57.0
59.1
61.3
63.4
43.9
4.8
4.0
197.7
45.8
5.0
4.1
213.9
47.6
5.2
4.2
230.6
49.4
5.4
4.3
247.2
51.2
5.6
4.5
263.9
53.0
5.8
4.7
280.5
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 240
Forecast Sales of Breakfast Cereals by Category: % Volume Growth 2019-2024
% volume growth
Hot Cereals
RTE Cereals
- Children's Breakfast Cereals
- Family Breakfast Cereals
-- Flakes
-- Muesli and Granola
-- Other RTE Cereals
Breakfast Cereals
Source:
2019/20
2019-24 CAGR
2019/24 Total
7.4
8.7
5.1
5.0
7.0
2.5
7.4
4.8
5.6
3.3
3.0
5.6
3.5
4.8
26.5
31.2
17.5
15.9
31.3
18.8
26.5
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 241
Forecast Sales of Breakfast Cereals by Category: % Value Growth 2019-2024
% constant value growth
Hot Cereals
RTE Cereals
- Children's Breakfast Cereals
- Family Breakfast Cereals
-- Flakes
-- Muesli and Granola
-- Other RTE Cereals
Breakfast Cereals
Source:
2019/2020
2019-24 CAGR
2019/24 Total
8.2
9.7
4.1
4.2
4.3
2.8
8.2
7.2
8.4
3.8
3.8
3.9
3.4
7.2
41.9
49.7
20.4
20.5
21.1
18.2
41.9
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
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PACKAGED FOOD IN VIETNAM
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PACKAGED FOOD IN VIETNAM
PROCESSED FRUIT AND
VEGETABLES IN VIETNAM CATEGORY ANALYSIS
HEADLINES
▪ Value and volume sales of processed fruit and vegetables rise by 5% and 4%, respectively to
reach VND342.5 billion and 16,500 tonnes in 2019
▪ While consumers still prefer freshness, imported processed products are enjoying wider
appeal
▪ Shelf-stable beans sees the highest value growth category of 7% to reach VND45.7 billion in
2019
▪ Average unit price of shelf-stable fruit rises by 2%, while that of shelf-stable vegetables rises
by 1%
▪ International brands Annalise, Dole, Del Monte and Kronos dominate in shelf-stable fruit and
vegetables, accounting for 62% of the total value sales
▪ Value sales rise at a current value CAGR of 6% (2% 2019 constant value CAGR) over the
forecast period to reach VND465.1 billion in 2024
PROSPECTS
Convenience and Year-round Availability Sustain Category Growth
Value growth of processed fruit and vegetables in 2019 was higher than it was in 2018.
Convenience is one reason these products are appealing, as Vietnamese consumers are
becoming busier, with longer working hours, and especially women would rather do more things
with their limited time than cook complicated meals. Thus, many of them have turned to
convenient processed fruit and vegetables more often than before. However, as fresh fruit and
vegetables are diverse and affordable in Vietnam, and because consumers consider freshness
to be most important, they still generally choose fresh products over processed ones when
taking the time to prepare meals with fresh food is not an issue. On the other hand, as
processed fruit and vegetables are not as affected by seasonal variations as fresh produce is,
processed products enable consumers to enjoy these foods whenever they want to. Moreover,
while fresh fruit and vegetables face concerns about food safety, many consumers are more
comfortable with consuming processed fruit and vegetables with clear production standards. For
all these reasons, this category is expected to enjoy higher value growth over the forecast
period.
Improved Income Generates Increased Demand for More Costly
Processed Products
Unit prices of processed fruit and vegetables increased at the same level in 2019 as they did
in the previous year. However, value growth of processed fruit and vegetables also rose in 2019
because the average income increased with the stronger economy, enabling more consumers
to afford processed fruit and vegetables, which cost relatively more than fresh ones. Increased
© Euromonitor International
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PACKAGED FOOD IN VIETNAM
demand has brought new types of processed fruit and vegetables products to the marketplace,
which in turn has created more interest in trying them. This trend, combined with the fact that
processed fruit and vegetables are available year round and convenient for consumers seeking
to save on meal preparation/cooking time, should continue to sustain the category’s growth
between 2019 and 2024.
Trade Agreements Enable Consumers To Enjoy A Greater Variety of
Fruit and Vegetables
Because Vietnam now has free trade agreements with different countries/regions, such as the
EU and ASEAN, imported products are cheaper and enter Vietnam more easily. Another
advantage of the trade agreements is that fruit and vegetables that cannot grow in Vietnam,
such as blackberries and cranberries, are readily available in Vietnam now, and Vietnamese
consumers are enjoying the greater exposure to new, foreign food and new ways of consuming
them. Among the processed products advertised online in Vietnam are Crystal whole grain
sweet corn, pickled cucumber, Seoul red bean ice flakes, Giguaro mature chick peas with horse
teeth, and Kalamata olives, to name just a few.
COMPETITIVE LANDSCAPE
Imported Products and International Brands Generate the Highest
Demand
International players and brands continued to dominate sales of processed fruit and
vegetables in 2019, as these kinds of products – as well as the habit of consuming them – have
been imported into Vietnam. Lodato Gennaro & C’s Annalisa brand ranks first in shelf-stable
vegetables and beans and has a strong position in shelf-stable fruit. Dole, Del Monte and
Kronos brands, respectively lead in shelf stable-fruit. Del Monte is also present in shelf-stable
vegetables. These brands are all imported and distributed through large-scale distributors that
have access to professional storage management systems and strong distribution networks
across different channels. They are widely present in modern grocery retailers targeting
shoppers with medium to high income and that are more open to imported food. However, today
all Vietnamese consumers can enjoy a wide range of fruit and vegetables from around the
world, some of which are difficult to mass cultivate in Vietnam, and imported brands should
continue to perform well due to consumers’ positive perception of imported products in terms of
consistency of taste, food safety and quality of ingredients.
Distribution Is Difficult To Expand in View of Limited Atl Promotion
Processed fruit and vegetables are widely promoted in stores, but above-the-line marketing
activities to build consumer awareness of these products are quite limited. As information about
these products and their application to cooking (eg, which dishes the products are suitable for
and how to use those them) is still not widely available, demand is not as high as it could be,
thus it is difficult to expand their distribution widely in rural areas and in traditional retailing
channels.
Improved Safety Standards for Fresh Foods Ensures That They Will
Continue To Strongly Compete With Processed Fruit and Vegetables
Industry players have faced and will continue to face tough competition from fresh fruit and
vegetables, as consumers still prefer consuming fresh products in general and also appreciate
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PACKAGED FOOD IN VIETNAM
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their lack of additives and preservatives. Moreover, these products are also very affordable.
Thus, despite some rising concerns about the safety of consuming fresh fruit and vegetables,
efforts by players and stakeholders (including government agencies) to build standards and a
system of food safety assurance for fresh fruit and vegetables are expected to reduce these
concerns and ensure that competition from fresh food remains strong.
CATEGORY DATA
Table 242
Sales of Processed Fruit and Vegetables by Category: Volume 2014-2019
'000 tonnes
Shelf Stable Fruit and
Vegetables
- Shelf Stable Beans
- Shelf Stable Fruit
- Shelf Stable Tomatoes
- Shelf Stable Vegetables
Frozen Processed Fruit
and Vegetables
- Frozen Fruit
- Frozen Processed
Potatoes
- Frozen Processed
Vegetables
Processed Fruit and
Vegetables
Source:
2014
2015
2016
2017
2018
2019
3.8
3.9
4.0
4.1
4.3
4.4
0.7
2.6
0.5
-
0.7
2.6
0.6
-
0.8
2.7
0.6
-
0.8
2.8
0.6
-
0.8
2.8
0.6
-
0.8
2.9
0.7
-
-
-
-
-
-
-
-
-
-
-
-
-
3.8
3.9
4.0
4.1
4.3
4.4
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 243
Sales of Processed Fruit and Vegetables by Category: Value 2014-2019
VND billion
Shelf Stable Fruit and
Vegetables
- Shelf Stable Beans
- Shelf Stable Fruit
- Shelf Stable Tomatoes
- Shelf Stable Vegetables
Frozen Processed Fruit
and Vegetables
- Frozen Fruit
- Frozen Processed
Potatoes
- Frozen Processed
Vegetables
Processed Fruit and
Vegetables
Source:
2014
2015
2016
2017
2018
2019
278.7
289.2
300.3
313.8
327.8
342.5
35.5
217.8
25.4
-
37.3
225.4
26.5
-
38.8
233.9
27.5
-
40.7
244.5
28.7
-
42.9
254.7
30.1
-
45.7
264.9
31.8
-
-
-
-
-
-
-
-
-
-
-
-
-
278.7
289.2
300.3
313.8
327.8
342.5
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
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PACKAGED FOOD IN VIETNAM
Table 244
2019
Passport
Sales of Processed Fruit and Vegetables by Category: % Volume Growth 2014-
% volume growth
Shelf Stable Fruit and Vegetables
- Shelf Stable Beans
- Shelf Stable Fruit
- Shelf Stable Tomatoes
- Shelf Stable Vegetables
Frozen Processed Fruit and Vegetables
- Frozen Fruit
- Frozen Processed Potatoes
- Frozen Processed Vegetables
Processed Fruit and Vegetables
Source:
2018/19
2014-19 CAGR
2014/19 Total
2.4
2.1
2.1
4.3
2.4
2.8
2.7
2.6
4.1
2.8
14.8
14.1
13.5
22.1
14.8
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 245
2019
Sales of Processed Fruit and Vegetables by Category: % Value Growth 2014-
% current value growth
Shelf Stable Fruit and Vegetables
- Shelf Stable Beans
- Shelf Stable Fruit
- Shelf Stable Tomatoes
- Shelf Stable Vegetables
Frozen Processed Fruit and Vegetables
- Frozen Fruit
- Frozen Processed Potatoes
- Frozen Processed Vegetables
Processed Fruit and Vegetables
Source:
2018/19
2014-19 CAGR
2014/19 Total
4.5
6.5
4.0
5.7
4.5
4.2
5.2
4.0
4.6
4.2
22.9
28.6
21.7
25.3
22.9
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 246
NBO Company Shares of Processed Fruit and Vegetables: % Value 2015-2019
% retail value rsp
Company
Lodato Gennaro & C SpA
Dole Vietnam Co Ltd
Del Monte Asia Pte Ltd
Kronos SA
Clouet & Co (KL) Sdn
Bhd, A
Vietnam National
Vegetable, Fruit &
Agricultural Product
Corp (Vegetexco)
Fiamma Vesuviana Srl
Crystal International
Food Co
Liberty Gold Fruit Co Inc
© Euromonitor International
2015
2016
2017
2018
2019
17.9
11.9
13.2
8.3
3.0
18.8
15.5
13.5
10.9
3.0
19.3
16.4
13.8
11.5
3.0
19.3
16.8
14.6
11.9
2.9
18.5
17.0
14.9
12.1
2.9
9.6
8.1
6.3
4.3
2.7
1.2
0.3
1.2
0.3
1.3
0.3
1.3
0.2
1.3
0.2
4.7
1.8
0.9
0.4
0.1
177
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Tuyen Ky Co Ltd
ConAgra Foods Inc
Others
Total
Source:
27.0
100.0
27.4
100.0
28.4
100.0
30.2
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 247
LBN Brand Shares of Processed Fruit and Vegetables: % Value 2016-2019
% retail value rsp
Brand (GBO)
Annalisa
Dole (Dole Food Co
Inc)
Del Monte (Kikkoman
Corp)
Kronos
Ayam (Denis Frères
SA)
Vegetexco
Fiamma
Crystal
Ligo
Hunt's
Tuyen Ky
Others
Total
Source:
6.1
23.9
100.0
Company (NBO)
2016
2017
2018
2019
Lodato Gennaro & C SpA
Dole Vietnam Co Ltd
18.8
15.5
19.3
16.4
19.3
16.8
18.5
17.0
Del Monte Asia Pte Ltd
13.5
13.8
14.6
14.9
Kronos SA
Clouet & Co (KL) Sdn
Bhd, A
Vietnam National
Vegetable, Fruit &
Agricultural Product
Corp (Vegetexco)
Fiamma Vesuviana Srl
Crystal International
Food Co
Liberty Gold Fruit Co Inc
ConAgra Foods Inc
Tuyen Ky Co Ltd
Others
Total
10.9
3.0
11.5
3.0
11.9
2.9
12.1
2.9
8.1
6.3
4.3
2.7
1.2
0.3
1.3
0.3
1.3
0.2
1.3
0.2
1.8
27.0
100.0
0.9
27.4
100.0
0.4
28.4
100.0
0.1
30.2
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 248
Distribution of Processed Fruit and Vegetables by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
© Euromonitor International
2014
2015
2016
2017
2018
2019
100.0
100.0
15.6
100.0
100.0
16.0
100.0
100.0
16.3
100.0
100.0
16.9
100.0
100.0
17.2
100.0
100.0
18.8
2.2
5.3
8.1
84.4
2.3
5.5
8.2
84.0
2.4
5.6
8.4
83.7
2.5
5.8
8.6
83.1
2.4
6.0
8.8
82.8
2.9
6.8
9.2
81.2
7.8
7.9
8.0
8.0
8.4
8.7
68.2
67.7
67.6
67.2
66.9
65.6
8.4
8.3
8.1
7.9
7.6
6.9
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PACKAGED FOOD IN VIETNAM
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
Passport
-
-
-
-
-
-
-
-
-
-
-
-
100.0
100.0
100.0
100.0
100.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 249
2024
Forecast Sales of Processed Fruit and Vegetables by Category: Volume 2019-
'000 tonnes
Shelf Stable Fruit and
Vegetables
- Shelf Stable Beans
- Shelf Stable Fruit
- Shelf Stable Tomatoes
- Shelf Stable Vegetables
Frozen Processed Fruit
and Vegetables
- Frozen Fruit
- Frozen Processed
Potatoes
- Frozen Processed
Vegetables
Processed Fruit and
Vegetables
Source:
2019
2020
2021
2022
2023
2024
4.4
4.5
4.6
4.7
4.8
5.0
0.8
2.9
0.7
-
0.8
3.0
0.7
-
0.8
3.0
0.7
-
0.8
3.1
0.7
-
0.9
3.2
0.8
-
0.9
3.3
0.8
-
-
-
-
-
-
-
-
-
-
-
-
-
4.4
4.5
4.6
4.7
4.8
5.0
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 250
2024
Forecast Sales of Processed Fruit and Vegetables by Category: Value 2019-
VND billion
Shelf Stable Fruit and
Vegetables
- Shelf Stable Beans
- Shelf Stable Fruit
- Shelf Stable Tomatoes
- Shelf Stable Vegetables
Frozen Processed Fruit
and Vegetables
- Frozen Fruit
- Frozen Processed
Potatoes
- Frozen Processed
© Euromonitor International
2019
2020
2021
2022
2023
2024
342.5
346.4
351.4
357.6
366.1
376.8
45.7
264.9
31.8
-
47.3
266.5
32.6
-
49.0
268.9
33.5
-
50.8
272.3
34.5
-
52.8
277.7
35.6
-
55.1
285.0
36.7
-
-
-
-
-
-
-
-
-
-
-
-
-
179
PACKAGED FOOD IN VIETNAM
Vegetables
Processed Fruit and
Vegetables
Source:
Passport
342.5
346.4
351.4
357.6
366.1
376.8
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 251
Forecast Sales of Processed Fruit and Vegetables by Category: % Volume
Growth 2019-2024
% volume growth
Shelf Stable Fruit and Vegetables
- Shelf Stable Beans
- Shelf Stable Fruit
- Shelf Stable Tomatoes
- Shelf Stable Vegetables
Frozen Processed Fruit and Vegetables
- Frozen Fruit
- Frozen Processed Potatoes
- Frozen Processed Vegetables
Processed Fruit and Vegetables
Source:
2019/20
2019-24 CAGR
2019/24 Total
2.3
1.8
1.9
4.5
2.3
2.7
1.2
2.6
4.9
2.7
14.2
6.1
13.6
26.8
14.2
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 252
Forecast Sales of Processed Fruit and Vegetables by Category: % Value
Growth 2019-2024
% constant value growth
Shelf Stable Fruit and Vegetables
- Shelf Stable Beans
- Shelf Stable Fruit
- Shelf Stable Tomatoes
- Shelf Stable Vegetables
Frozen Processed Fruit and Vegetables
- Frozen Fruit
- Frozen Processed Potatoes
- Frozen Processed Vegetables
Processed Fruit and Vegetables
Source:
2019/2020
2019-24 CAGR
2019/24 Total
1.2
3.4
0.6
2.5
1.2
1.9
3.8
1.5
2.9
1.9
10.0
20.5
7.6
15.4
10.0
Euromonitor International from trade associations, trade press, company research, trade interviews,
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PACKAGED FOOD IN VIETNAM
PROCESSED MEAT AND SEAFOOD IN
VIETNAM - CATEGORY ANALYSIS
HEADLINES
▪ Value and volume sales of processed meat and seafood grow by 9% and 6%, respectively to
reach VND9.1 trillion and 92.5 million tonnes in 2019
▪ Government takes proactive measures to keep African hog cholera from spreading in Vietnam
▪ Shelf-stable seafood sees the highest value growth of 11% to reach VND2.3 trillion in 2019
▪ Unit prices of processed meat and seafood rise by 4-5%, with processed meat posting the
highest increase
▪ Vissan leads processed meat and seafood on the strength of its dominance in processed
meat, where it holds a 55% value share
▪ Value sales are set to rise at a current value CAGR of 12% (7% 2019 constant value CAGR)
over the forecast period to reach VND15.8 trillion in 2024
PROSPECTS
Vietnamese Officials Take Proactive Measures To Keep Hog Disease
From Spreading
In 2018/2019, Vietnamese officials took proactive measures to prevent African hog
cholera disease from infected pigs and pig products from spreading into Vietnam. The disease
had already struck people in 20 countries and territories, including 25 provinces in China. Risk
of infection was increased by smuggling of live and processed pig products into the northern
provinces from China, its northern neighbour. The risk was exacerbated by a shortage of
disease prevention measures among Vietnam’s animal husbandry industry and by wet weather
conditions that can create an environment favourable to development of the disease and
affecting pigs. Prevention measures the Ministry of Agriculture and Rural Development took
included sending teams to northern provinces to teach preventive measures to citizens and
farmers, banning the “transport, trade, slaughters and consumption of pigs and pork with
unclear origins” and imposing strong sanctions on anyone illegally bringing animals and animal
products from other countries into Vietnam.
While these measures resulted in some fluctuation of pork supply in Vietnam over the year,
consumers have not yet linked hog cholera disease with processed meat. Moreover, it is risky
for anyone to suggest such a link in public, as it could create doubts among consumers about
the safety of consuming processed meat products. Meanwhile, manufacturers are grappling with
the challenge of assuring food safety of their raw materials while trying to maintain their
production and product prices.
Increased Income, Higher Living Standards and Appealing Taste Help
Drive Sales
In Vietnam, meat or seafood is a main course that helps ensure that meals are nutritious.
When people are poor, they consume less meat/seafood and when they have money they eat
more of it. Consumers’ increased disposable income and higher living standards have boosted
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PACKAGED FOOD IN VIETNAM
consumption of meat and seafood. Along with the increased income and living standards,
Vietnamese are increasingly open to trying out new types of cuisine from the West, Japan and
South Korea. However, the variety of processed meat and seafood available through retail has
yet to keep pace with the types of food available via foodservice outlets. Moreover, the number
of product variants that are tailored to local taste preferences or specific to Vietnamese cuisine
are limited as well – imported shelf-stable product variants from the West, for example, mostly
contain meat or seafood with tomato sauce or vegetable oil, as opposed to Vietnamese cooking
sauces. The offer of processed meat and seafood that is more in keeping with Vietnamese taste
preferences is, however, expanding and it is expected to rapidly improve as more players enter
the market with new products and as domestic players, especially, focus more on offering
products with more domestic appeal.
Expansion of Chillers and Freezers Enables Wider Distribution of
Chilled and Frozen Processed Food
Chilled and frozen processed meat and seafood as well chilled meat substitutes all saw
strong value growth in 2019, with seafood products posting the highest growth of all. Chillers
and freezers are prerequisites for distribution expansion of these products, and thanks to
improvement of the national electricity grid and expansion of chillers/freezers across Vietnam,
chilled and frozen processed meat and seafood now can be presented from urban to rural
areas. Cold storage technology helps to this food fresh, which particularly pleases Vietnamese
consumers, for whom fresh food products of all kinds are a high priority.
COMPETITIVE LANDSCAPE
Vissan Introduces New Products and Refreshes Packaging To Maintain
Its Lead
Vissan, the leading player in processed meat and seafood, has reported very strong volume
growth in processed meat, where it ranks first, and in processed seafood. Over the year it also
introduced 13 new products grouped under snacking products (eg, dried seaweed pork and
crispy pork in satay, garlic butter and salted egg flavours), convenient products (eg, Lucky
salted egg sausage), family-suited meals (eg, grilled liver pâté) and spices (eg, meat
seasoning). It also has refreshed its packaging to achieve a more eye-catching, modern look.
Domestic manufacturers like Vissan, An Giang Fisheries Import Export, Halong Canned Food
and Special Aquatic Joint-stock Co (SEASPIMEX-VIETNAM) have a long history, strong brand
images and deep understanding of consumer preferences across the generations in Vietnam.
However, while they still account for a large share of the category as they have done historically,
they face increasing competition from regional and international players that have been able to
respond to global and local domestic trends more effectively. Furthermore, demobilisation of
state-owned enterprises also has affected domestic manufacturers, as they have had to
restructure their organisations and directly compete with their rivals, as opposed to being reliant
on government policies.
Competition Intensifies Among New and Existing Players After Major
Acquisitions and As Everyone Competes To Satisfy Demand for South
Korean Food
Over the review period Vietnam witnessed increasing influence of South Korean players and
interest in South Korean food, and recently more South Korean players have entered the field.
Masan Jinju (a joint venture of Masan Consumer Corp and Jinju Ham, Korea), for example, has
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PACKAGED FOOD IN VIETNAM
Passport
introduced a greater variety of Korean sausages into the marketplace. However, local players
such as La Cusina with deep understanding of Vietnamese consumers’ culinary tastes and
habits have entered the arena as well. La Cusina recently introduced smoked sausages and
pork ribs with peas to the country. Existing players are thus increasing their investment in
marketing and new product development to compete with these new players.
In all, competition within the category has intensified since several large South Korean
conglomerates with strong financial capabilities, wide product ranges and an abundance of
experience in the food industry acquired local players over the review period. CJ Corp’s
acquisition of CJ Cau Tre Foods in 2016 and Minh Dat Food in 2017 has helped these two local
firms to restructure their organisations and to include popular Korean-styled products in their
ranges, leading to strong value growth for Minh Dat and Cau Tre in 2018 and again in 2019.
Chilled Meat Substitutes Are Popular, With Tofu Generating Especially
High Demand
Tofu, under chilled meat substitutes, is very popular in Vietnam, with vegetarians as well as
with most other Vietnamese. Evidence of strong demand for tofu is reflected in such websites as
VinMart, where Ichiba Soft Tofu, Vi Nguyen Egg Tofu, and Mr Kim’s Smooth Tofu are among
the 21 different tofu products offered for sale. Besides tofu, meat substitutes products sold in
Vietnam are diverse and widely presented across the country as well. As their health
consciousness continues to increase, Vietnamese consumers are responding especially well to
vegetarian products offered by domestic players such as Vissan, CJ Cau Tre and Au Lac
Vegetarian Food. In line with this trend, meat substitutes and local players currently falling into
the “others” category are expected to enjoy strong growth over the forecast period.
CATEGORY DATA
Table 253
Sales of Processed Meat and Seafood by Category: Volume 2014-2019
'000 tonnes
Processed Meat
- Shelf Stable Meat
-- Shelf Stable
Processed Red Meat
-- Shelf Stable
Processed Poultry
- Chilled Processed Meat
-- Chilled Processed
Red Meat
-- Chilled Processed
Poultry
- Frozen Processed Meat
-- Frozen Processed Red
Meat
-- Frozen Processed
Poultry
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed
Seafood
- Frozen Processed
Seafood
© Euromonitor International
2014
2015
2016
2017
2018
2019
23.0
15.2
14.6
23.6
15.5
14.8
23.4
15.0
14.4
23.6
15.0
14.3
24.2
15.3
14.6
24.9
15.6
14.9
0.6
0.7
0.7
0.7
0.7
0.7
7.2
7.2
7.5
7.5
7.7
7.7
8.0
8.0
8.2
8.2
8.6
8.6
-
-
-
-
-
-
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.7
0.7
0.7
0.7
-
-
-
-
-
-
33.8
19.4
0.4
36.1
20.9
0.5
37.7
22.1
0.5
39.5
23.5
0.5
41.7
25.0
0.6
44.2
26.7
0.6
14.0
14.8
15.1
15.5
16.1
16.9
183
PACKAGED FOOD IN VIETNAM
Meat Substitutes
- Chilled Meat
Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat
Substitutes
Processed Meat and
Seafood
Source:
Passport
16.2
16.2
17.3
17.3
18.5
18.5
19.9
19.9
21.6
21.6
23.4
23.4
-
-
-
-
-
-
73.0
77.0
79.6
83.0
87.4
92.5
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 254
Sales of Processed Meat and Seafood by Category: Value 2014-2019
VND billion
Processed Meat
- Shelf Stable Meat
-- Shelf Stable
Processed Red Meat
-- Shelf Stable
Processed Poultry
- Chilled Processed Meat
-- Chilled Processed
Red Meat
-- Chilled Processed
Poultry
- Frozen Processed Meat
-- Frozen Processed Red
Meat
-- Frozen Processed
Poultry
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed
Seafood
- Frozen Processed
Seafood
Meat Substitutes
- Chilled Meat
Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat
Substitutes
Processed Meat and
Seafood
Source:
2014
2015
2016
2017
2018
2019
2,973.7
1,829.1
1,748.3
3,068.2
1,871.6
1,786.8
3,060.0
1,828.2
1,742.1
3,135.5
1,858.2
1,770.0
3,309.6
1,950.2
1,858.5
3,564.3
2,084.5
1,988.6
80.8
84.8
86.1
88.2
91.8
95.9
980.1
980.1
1,027.2
1,027.2
1,060.0
1,060.0
1,100.3
1,100.3
1,171.9
1,171.9
1,277.3
1,277.3
-
-
-
-
-
-
164.5
164.5
169.4
169.4
171.8
171.8
176.9
176.9
187.5
187.5
202.6
202.6
-
-
-
-
-
-
3,047.3
1,499.2
72.0
3,270.6
1,626.6
77.0
3,441.7
1,732.3
82.9
3,668.4
1,870.9
89.7
3,982.8
2,048.6
98.2
4,383.7
2,274.0
108.5
1,476.2
1,567.0
1,626.5
1,707.8
1,835.9
2,001.2
793.0
793.0
842.0
842.0
898.3
898.3
966.1
966.1
1,043.4
1,043.4
1,137.3
1,137.3
-
-
-
-
-
-
6,814.0
7,180.7
7,400.0
7,770.0
8,335.8
9,085.3
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 255
2019
Sales of Processed Meat and Seafood by Category: % Volume Growth 2014-
% volume growth
Processed Meat
- Shelf Stable Meat
© Euromonitor International
2018/19
2014-19 CAGR
2014/19 Total
3.0
2.5
1.6
0.6
8.2
3.0
184
PACKAGED FOOD IN VIETNAM
Passport
-- Shelf Stable Processed Red Meat
-- Shelf Stable Processed Poultry
- Chilled Processed Meat
-- Chilled Processed Red Meat
-- Chilled Processed Poultry
- Frozen Processed Meat
-- Frozen Processed Red Meat
-- Frozen Processed Poultry
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed Seafood
- Frozen Processed Seafood
Meat Substitutes
- Chilled Meat Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat Substitutes
Processed Meat and Seafood
Source:
2.5
1.7
3.8
3.8
5.0
5.0
6.1
6.8
6.9
5.0
8.5
8.5
5.8
0.5
2.2
3.5
3.5
2.7
2.7
5.5
6.7
6.5
3.8
7.6
7.6
4.8
2.6
11.2
18.8
18.8
14.0
14.0
30.9
38.2
37.1
20.8
44.1
44.1
26.7
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 256
2019
Sales of Processed Meat and Seafood by Category: % Value Growth 2014-
% current value growth
Processed Meat
- Shelf Stable Meat
-- Shelf Stable Processed Red Meat
-- Shelf Stable Processed Poultry
- Chilled Processed Meat
-- Chilled Processed Red Meat
-- Chilled Processed Poultry
- Frozen Processed Meat
-- Frozen Processed Red Meat
-- Frozen Processed Poultry
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed Seafood
- Frozen Processed Seafood
Meat Substitutes
- Chilled Meat Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat Substitutes
Processed Meat and Seafood
Source:
2018/19
2014-19 CAGR
2014/19 Total
7.7
6.9
7.0
4.5
9.0
9.0
8.0
8.0
10.1
11.0
10.5
9.0
9.0
9.0
9.0
3.7
2.6
2.6
3.5
5.4
5.4
4.3
4.3
7.5
8.7
8.6
6.3
7.5
7.5
5.9
19.9
14.0
13.7
18.7
30.3
30.3
23.2
23.2
43.9
51.7
50.7
35.6
43.4
43.4
33.3
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 257
2014-2019
Sales of Shelf Stable Processed Red Meat by Type: % Volume Breakdown
% retail volume
Beef
Lamb
Pork
© Euromonitor International
2014
2015
2016
2017
2018
2019
37.8
1.0
55.2
37.9
1.0
55.2
38.0
1.0
55.1
38.1
1.0
55.0
38.5
0.7
55.5
39.0
0.5
56.0
185
PACKAGED FOOD IN VIETNAM
Other Red Meats
Total
Source:
Passport
6.0
100.0
5.9
100.0
5.9
100.0
5.9
100.0
5.3
100.0
4.5
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 258
2019
Sales of Chilled Processed Red Meat by Type: % Volume Breakdown 2014-
% retail volume
Beef
Pork
Other Red Meats
Total
Source:
2014
2015
2016
2017
2018
2019
40.2
52.6
7.2
100.0
40.3
52.5
7.2
100.0
40.4
52.4
7.2
100.0
40.5
52.3
7.2
100.0
41.0
52.6
6.4
100.0
42.5
53.0
4.5
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 259
2019
Sales of Frozen Processed Red Meat by Type: % Volume Breakdown 2014-
% retail volume
Beef
Pork
Total
Source:
2014
2015
2016
2017
2018
2019
69.6
30.4
100.0
69.8
30.2
100.0
70.0
30.0
100.0
70.1
29.9
100.0
68.8
31.2
100.0
63.9
36.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 260
Sales of Frozen Processed Seafood by Type: % Value Breakdown 2014-2019
% retail value rsp
Crabsticks
Cuttlefish Balls
Fish Balls
Fish Processed Fillets
Shrimp Balls
Others
Total
Source:
2014
2015
2016
2017
2018
2019
3.5
14.9
25.6
12.1
13.7
30.2
100.0
3.4
14.8
25.7
12.3
13.7
30.1
100.0
3.4
14.6
25.8
12.5
13.6
30.1
100.0
3.3
14.4
25.9
12.8
13.5
30.1
100.0
3.0
14.3
26.2
13.0
13.2
30.3
100.0
2.5
12.0
30.0
13.5
15.0
27.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 261
NBO Company Shares of Processed Meat and Seafood: % Value 2015-2019
% retail value rsp
Company
2015
2016
2017
2018
2019
Vissan Co Ltd
Royal Food Co Ltd
Vi Nguyen Co Ltd
25.7
15.3
5.0
24.1
16.1
5.0
22.7
16.6
4.9
22.5
16.9
5.0
22.4
17.0
4.9
© Euromonitor International
186
PACKAGED FOOD IN VIETNAM
Passport
Halong Canned Food JSC
An Giang Fisheries
Import Export Co
(Agifish)
CJ Cau Tre Foods JSC
Saigon Export
Foodstuffs &
Agricultural Products JSC
Special Aquatic Jointstock Co (SEASPIMEXVIETNAM)
Cholon Investment &
Import-Export Co
(CHOLIMEX)
CP Vietnam Corp
San Miguel Pure Foods
(VN) Co Ltd
Duc Viet Co Ltd
Dong A Chau Food JSC
La Cusina Food Co Ltd
Pataya Food Industries
Ltd
Tokyo Ichiban Foods Co
Ltd
Tuyen Ky Co Ltd
Hien Thanh Co Ltd
CJ Minh Dat Food Co Ltd
Tan Viet Sin Foods JSC
Trung Son Co Ltd
Viet Sin Food JSC
Tam Loi Co Ltd
Cau Tre Export Goods
Processing JSC
Vietnam National
Seaproducts Corp
(Seaprodex Vietnam)
Others
Total
Source:
4.4
1.6
4.1
1.9
4.0
1.9
3.5
2.5
3.2
2.8
2.1
2.1
2.1
2.2
2.5
2.2
2.7
2.1
2.7
2.7
2.3
2.0
1.9
1.3
1.2
1.2
1.4
1.6
1.2
1.4
1.3
1.4
1.3
1.4
1.3
1.3
1.4
1.3
2.1
1.3
0.2
1.1
2.0
1.3
0.4
1.1
1.8
1.3
0.7
1.1
1.6
1.3
0.9
1.1
1.3
1.2
1.1
1.1
1.0
1.0
1.0
1.0
0.9
1.9
1.0
0.4
0.3
0.2
0.3
0.3
2.4
1.6
0.9
0.4
0.3
0.3
0.3
0.3
2.3
1.3
0.9
0.5
0.3
0.3
0.3
0.3
-
1.0
0.8
0.5
0.3
0.3
0.3
0.3
-
0.8
0.6
0.5
0.3
0.3
0.3
0.3
-
-
-
-
-
-
27.0
100.0
28.0
100.0
29.8
100.0
29.8
100.0
30.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 262
LBN Brand Shares of Processed Meat and Seafood: % Value 2016-2019
% retail value rsp
Brand (GBO)
Vissan (Saigon
Trading Group
(SATRA))
Three Lady Cooks
Vi Nguyen
Ha Long
Agifish
Cau Tre (CJ Corp)
Agrex SaiGon (Agrex
Saigon - Export
Foodstuff &
Agricultural
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Vissan Co Ltd
24.1
22.7
22.5
22.4
Royal Food Co Ltd
Vi Nguyen Co Ltd
Halong Canned Food JSC
An Giang Fisheries
Import Export Co (Agifish)
CJ Cau Tre Foods JSC
Saigon Export
Foodstuffs &
Agricultural Products JSC
16.1
5.0
4.1
1.9
16.6
4.9
4.0
1.9
16.9
5.0
3.5
2.5
17.0
4.9
3.2
2.8
2.1
2.1
2.2
2.5
2.2
2.7
2.1
187
PACKAGED FOOD IN VIETNAM
Products Co)
Seaspimex
Cholimex
CP (Charoen
Pokphand Group)
Le Gourmet (San
Miguel Corp)
Duc Viet (Daesang
Corp)
Vina Tofu
La Cusina
Seacrown
Ichiban Tofu
Tuyen Ky
Hien Thanh
Minh Dat (CJ Corp)
Tan Viet Sin
Amigo
Viet Sin
Tam Loi (Vinh Hoan
Seafood Co Ltd)
Cau Tre
Duc Viet
Seaprodex
Others
Total
Source:
Passport
Special Aquatic Jointstock Co (SEASPIMEXVIETNAM)
Cholon Investment &
Import-Export Co
(CHOLIMEX)
CP Vietnam Corp
2.7
2.3
2.0
1.9
1.2
1.2
1.4
1.6
1.3
1.3
1.3
1.4
San Miguel Pure Foods
(VN) Co Ltd
Duc Viet Co Ltd
1.4
1.4
1.3
1.3
2.0
1.8
1.6
1.3
Dong A Chau Food JSC
La Cusina Food Co Ltd
Pataya Food Industries Ltd
Tokyo Ichiban Foods Co Ltd
Tuyen Ky Co Ltd
Hien Thanh Co Ltd
CJ Minh Dat Food Co Ltd
Tan Viet Sin Foods JSC
Trung Son Co Ltd
Viet Sin Food JSC
Tam Loi Co Ltd
1.3
0.4
1.1
1.0
1.6
0.9
0.4
0.3
0.3
0.3
0.3
1.3
0.7
1.1
1.0
1.3
0.9
0.5
0.3
0.3
0.3
0.3
1.3
0.9
1.1
1.0
1.0
0.8
0.5
0.3
0.3
0.3
0.3
1.2
1.1
1.1
0.9
0.8
0.6
0.5
0.3
0.3
0.3
0.3
Cau Tre Export Goods
Processing JSC
Duc Viet Co Ltd
Vietnam National
Seaproducts Corp
(Seaprodex Vietnam)
Others
Total
2.3
-
-
-
-
-
-
-
28.0
100.0
29.8
100.0
29.8
100.0
30.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 263
Distribution of Processed Meat and Seafood by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
© Euromonitor International
2014
2015
2016
2017
2018
2019
99.9
99.9
13.5
99.9
99.9
14.0
99.9
99.9
14.6
99.9
99.9
15.1
99.9
99.9
15.7
99.8
99.8
16.1
0.1
5.3
8.1
86.4
0.2
5.5
8.3
85.9
0.2
5.8
8.7
85.3
0.2
5.9
9.0
84.8
0.3
6.2
9.2
84.1
0.5
6.2
9.4
83.7
7.8
8.0
8.3
8.5
8.6
8.6
69.7
69.1
68.0
67.5
66.8
66.2
8.8
8.9
9.0
8.8
8.7
8.9
-
-
-
-
-
-
188
PACKAGED FOOD IN VIETNAM
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
Passport
-
-
-
-
-
-
-
-
-
-
-
-
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.2
0.2
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 264
2024
Forecast Sales of Processed Meat and Seafood by Category: Volume 2019-
'000 tonnes
Processed Meat
- Shelf Stable Meat
-- Shelf Stable
Processed Red Meat
-- Shelf Stable
Processed Poultry
- Chilled Processed Meat
-- Chilled Processed
Red Meat
-- Chilled Processed
Poultry
- Frozen Processed Meat
-- Frozen Processed Red
Meat
-- Frozen Processed
Poultry
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed
Seafood
- Frozen Processed
Seafood
Meat Substitutes
- Chilled Meat
Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat
Substitutes
Processed Meat and
Seafood
Source:
2019
2020
2021
2022
2023
2024
24.9
15.6
14.9
25.8
16.1
15.4
26.8
16.7
15.9
27.9
17.3
16.6
29.3
18.1
17.3
30.8
19.0
18.2
0.7
0.7
0.7
0.8
0.8
0.8
8.6
8.6
8.9
8.9
9.3
9.3
9.8
9.8
10.3
10.3
10.9
10.9
-
-
-
-
-
-
0.7
0.7
0.7
0.7
0.8
0.8
0.8
0.8
0.9
0.9
1.0
1.0
-
-
-
-
-
-
44.2
26.7
0.6
47.1
28.6
0.6
50.5
30.8
0.7
54.2
33.1
0.7
58.5
35.8
0.8
63.2
38.7
0.9
16.9
17.9
19.0
20.4
21.9
23.6
23.4
23.4
25.4
25.4
27.8
27.8
30.4
30.4
33.3
33.3
36.6
36.6
-
-
-
-
-
-
92.5
98.4
105.0
112.5
121.1
130.7
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 265
Forecast Sales of Processed Meat and Seafood by Category: Value 2019-2024
VND billion
2019
© Euromonitor International
2020
2021
2022
2023
2024
189
PACKAGED FOOD IN VIETNAM
Processed Meat
- Shelf Stable Meat
-- Shelf Stable
Processed Red Meat
-- Shelf Stable
Processed Poultry
- Chilled Processed Meat
-- Chilled Processed
Red Meat
-- Chilled Processed
Poultry
- Frozen Processed Meat
-- Frozen Processed Red
Meat
-- Frozen Processed
Poultry
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed
Seafood
- Frozen Processed
Seafood
Meat Substitutes
- Chilled Meat
Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat
Substitutes
Processed Meat and
Seafood
Source:
Passport
3,564.3
2,084.5
1,988.6
3,732.1
2,165.4
2,068.1
3,926.6
2,260.3
2,161.2
4,151.1
2,370.4
2,269.2
4,409.6
2,497.6
2,394.1
4,706.4
2,644.1
2,537.7
95.9
97.3
99.1
101.2
103.6
106.4
1,277.3
1,277.3
1,354.0
1,354.0
1,442.0
1,442.0
1,542.9
1,542.9
1,658.6
1,658.6
1,791.3
1,791.3
-
-
-
-
-
-
202.6
202.6
212.7
212.7
224.4
224.4
237.8
237.8
253.3
253.3
271.0
271.0
-
-
-
-
-
-
4,383.7
2,274.0
108.5
4,691.3
2,453.6
116.4
5,049.8
2,654.8
125.3
5,467.0
2,880.5
135.2
5,952.2
3,134.0
146.3
6,517.0
3,419.2
158.7
2,001.2
2,121.2
2,269.7
2,451.3
2,671.9
2,939.1
1,137.3
1,137.3
1,205.6
1,205.6
1,283.9
1,283.9
1,373.8
1,373.8
1,476.9
1,476.9
1,595.0
1,595.0
-
-
-
-
-
-
9,085.3
9,629.0
10,260.4
10,991.9
11,838.6
12,818.4
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 266
2019-2024
Forecast Sales of Processed Meat and Seafood by Category: % Volume Growth
% volume growth
Processed Meat
- Shelf Stable Meat
-- Shelf Stable Processed Red Meat
-- Shelf Stable Processed Poultry
- Chilled Processed Meat
-- Chilled Processed Red Meat
-- Chilled Processed Poultry
- Frozen Processed Meat
-- Frozen Processed Red Meat
-- Frozen Processed Poultry
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed Seafood
- Frozen Processed Seafood
Meat Substitutes
- Chilled Meat Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat Substitutes
Processed Meat and Seafood
© Euromonitor International
2019/20
2019-24 CAGR
2019/24 Total
3.4
2.9
3.0
1.8
4.2
4.2
5.5
5.5
6.6
7.1
7.1
5.7
8.8
8.8
6.3
4.4
3.9
4.0
2.0
5.0
5.0
6.5
6.5
7.4
7.7
7.5
6.9
9.4
9.4
7.2
23.8
21.1
21.7
10.4
27.6
27.6
37.0
37.0
42.9
44.9
43.6
39.8
56.7
56.7
41.3
190
PACKAGED FOOD IN VIETNAM
Source:
Passport
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade source
Table 267
2019-2024
Forecast Sales of Processed Meat and Seafood by Category: % Value Growth
% constant value growth
Processed Meat
- Shelf Stable Meat
-- Shelf Stable Processed Red Meat
-- Shelf Stable Processed Poultry
- Chilled Processed Meat
-- Chilled Processed Red Meat
-- Chilled Processed Poultry
- Frozen Processed Meat
-- Frozen Processed Red Meat
-- Frozen Processed Poultry
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed Seafood
- Frozen Processed Seafood
Meat Substitutes
- Chilled Meat Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat Substitutes
Processed Meat and Seafood
Source:
2019/2020
2019-24 CAGR
2019/24 Total
4.7
3.9
4.0
1.5
6.0
6.0
5.0
5.0
7.0
7.9
7.3
6.0
6.0
6.0
6.0
5.7
4.9
5.0
2.1
7.0
7.0
6.0
6.0
8.3
8.5
7.9
8.0
7.0
7.0
7.1
32.0
26.8
27.6
10.9
40.2
40.2
33.8
33.8
48.7
50.4
46.2
46.9
40.2
40.2
41.1
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade source
© Euromonitor International
191
PACKAGED FOOD IN VIETNAM
RICE, PASTA AND NOODLES IN
VIETNAM - CATEGORY ANALYSIS
HEADLINES
▪ Value and volume sales of rice, pasta and noodles rise by 13% and 12%, respectively to
reach VND43.2 trillion and 1.3 million tonnes in 2019
▪ Government is exercising more control to improve quality of rice, a major staple in the
Vietnamese diet and a significantly important export
▪ Rice sees the highest value growth of 21% to reach VND16.8 trillion in 2019
▪ Average unit price of noodles and rice rise by 5%, while that of pasta rises by 3%
▪ In a highly fragmented field characterised by local players, Acecook Vietnam, a Japanese
player, maintains the lead with a 20% value share
▪ Value sales are set to rise at a current value CAGR of 17% (12% 2019 constant value CAGR)
over the forecast period to reach VND94.2 trillion in 2024
PROSPECTS
Exploiting Distribution Networks and Pricing Strategies Are the Most
Effective Ways To Grow Sales of Rice, Pasta and Noodles
Exploiting the current distribution network is one of the effective ways that producers have
been able to grow sales of rice, pasta and noodles in Vietnam. In 2019, Uniben achieved
impressive results by pursuing focused strategies for retailers and competitive consumer prices
in rural areas. For instance, just in time for the Vu Lan festivities in early 2019 it capitalised on
the strong Vietnamese interest in vegetarian food by introducing 3 Mien La D Vegetarian instant
noodles with buy-1-get-1-free offers and special discounts for consumers willing to purchase in
large quantities. In pasta, where above-the-line marketing activities are quite lacking, players
compete by expanding visibility in stores and implementing more attractive distribution pricing
and in-store promotion. In rice, where brand marketing activities are especially weak, players
are expected to focus on expanding distribution in order to introduce a wider variety of packaged
rice products to more people and extend the market size.
Government Is Exercising More Control Over Rice Production To
Ensure Food Security and Improve the Quality of Packaged Rice
Rice is a must-have staple in Vietnamese cuisine; locals consume it every day. A majority of
the rice consumed domestically is sold unpackaged in stores and rice that is grown and
harvested for consumption in rural areas. However, out of concern for food security, and
because rice exportation is important to the local economy, the government has taken strict
steps to control rice farming, rural development and agricultural management. This is all the
more necessary because domestic consumers of packaged rice are demanding higher-quality
products and because the government is keen to improve the branding of Vietnamese rice as a
quality global export. As Vietnam is one of the leading rice exporters in the world, and as local
demand for higher quality is on the rise as consumers become more affluent, Vietnamese rice
© Euromonitor International
Passport
192
PACKAGED FOOD IN VIETNAM
manufacturers are expected to apply their expertise, bountiful material supply and
understanding of Vietnamese preferences to cater to this demand over the forecast period.
Premiumisation Is Driving Category Value Growth
Premiumisation is driving growth of rice, pasta and noodles in Vietnam, as improved income
has buttressed the demand. Indeed, premiumisation has helped instant noodles recover after a
period of some stagnancy. Omachi has notably upgraded its instant noodles line with more
premium variants, offering potato noodles with spicy and sour shrimp contained in a box of 24
cups, potato noodles in beef stew with real meat and plain noodles sewed with five fruits, both
offered in boxes containing 24 glasses. Cung Dinh, which offers such premium products as
Hanoi Imperial Palace Chicken in cups, packs and pouches, has both enhanced its products’
taste and refreshed its packaging to project a more premium look. Premiumisation has also
attracted consumers to forego unpackaged and unbranded rice for packaged rice with a higher
price but better quality assurance and the same is true for pasta as well (branded pasta is
preferred to unbranded pasta).
COMPETITIVE LANDSCAPE
Loc Troi Wins the Top Prize in A Global Competition, Then Agrees To
Help Rice Producers Build Strong National Rice Brands Domestically
and Internationally
Loc Troi Group maintained its position as the leading rice player in Vietnam in 2019 on the
strength of its Hat Ngoc Troi brand, which is widely distributed within the country, especially in
modern grocery retailers. Among Loc Troi Group’s many other advantages are its strong
relationships with farmers that maintain the rice supply and the high quality of the rice itself. In
fact, the Loc Troi 28 rice brand recently won first prize in the global rice competition held in
China, where it surpassed Thai Hom Mali rice and Seng cu Cambodian rice for the first time.
However, even though Vietnam is the world’s third largest exporter of rice, government, trade
experts and rice producers worry that Vietnam’s branding for its rice is weak – that its rice is
known for quantity rather than quality. For this reason, after a trade conference held in An Giang
province earlier in the year, the government and other agencies signed a cooperative
agreement with Loc Troi to work with producers and other parties to help build strong national
rice brands domestically and internationally, and the company has plans in place to meet that
challenge in the coming years.
Domestic Players Hold Leading Positions in All Categories, Benefiting
From Advantages That Make It Difficult for International Players To
Penetrate
Local players hold leading value shares in all categories: Loc Troi Group and Safoco rank first
in rice and pasta, respectively, and Masan Consumer and Uniben hold the second and third
positions in noodles. These domestic producers not only understand the Vietnamese
consumers’ tastes and habits but also have strong marketing activities, develop new products
and keep building their distribution networks to compete with rivals. Local players have
historically accounted for the majority value share within rice, pasta and noodles, where the
number of such players is very high. Rice and noodles are integral to Vietnamese cuisine, which
allows local manufacturers to easily identify the true consumer needs for each product category.
Product knowledge aside, local manufacturers also use their strong distribution networks to
© Euromonitor International
Passport
193
PACKAGED FOOD IN VIETNAM
Passport
achieve consistent product availability and offer competitive prices and wide product portfolios,
all of which limits the ability of international brands to penetrate and expand within the category.
Over the forecast period, and as the health and wellness trend emerges, international brands
may have a better chance to penetrate the category if organic or fortified/functional food is
trending in Vietnam, but this is likely to apply only to the affluent and would be a niche area.
Acecook Maintains Its Lead But Loses Value Share As Competition
Within Instant Noodles Intensifies
Although the Japanese company Acecook Vietnam, the leading player within instant noodles,
regularly develops new products and runs aggressive marketing activities to promote them, it
continued to lose value share to other players in 2019. Competition has intensified in this
maturing category, as more products have become available from existing and new players,
including imported brands from Nongshim and Indomie. The competition is seen in all aspects,
from marketing to keeping engaged with consumers, innovation (new flavours and new
packaging) to distribution. For example, when instant noodle cups were generating more
excitement in 2018, all players had to invest more in this format to keep from losing shares to
earlier movers in this direction. Acecook is expected to maintain its lead within instant noodles
over the forecast period on the strength of its reputation, brand recognition and efficient
utilisation of its wide distribution network to ensure that products are always available in
supermarkets, convenience stores and traditional grocery retailers alike. However, as
competition further intensifies it is likely to continue losing share to up-and-coming players such
as third-ranked Uniben, which has gained nearly 10 percentage points in value share since it
entered the instant noodles arena in 2014.
CATEGORY DATA
Table 268
Sales of Rice, Pasta and Noodles by Category: Volume 2014-2019
'000 tonnes
Noodles
- Chilled Noodles
- Frozen Noodles
- Instant Noodles
-- Instant Noodle Cups
-- Instant Noodle Pouches
- Plain Noodles
Pasta
- Chilled Pasta
- Dried Pasta
Rice
Rice, Pasta and Noodles
Source:
2014
2015
2016
2017
2018
2019
351.5
341.6
20.7
320.9
10.0
4.0
4.0
443.9
799.5
343.8
332.9
21.7
311.3
10.9
4.5
4.5
529.2
877.5
341.9
330.0
22.8
307.3
11.9
4.9
4.9
611.8
958.6
345.9
332.9
24.1
308.8
13.0
5.3
5.3
704.1
1,055.4
352.8
338.6
26.1
312.5
14.3
5.8
5.8
811.2
1,169.8
364.8
349.0
28.7
320.3
15.8
6.4
6.4
936.9
1,308.0
2018
2019
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 269
Sales of Rice, Pasta and Noodles by Category: Value 2014-2019
VND billion
2014
© Euromonitor International
2015
2016
2017
194
PACKAGED FOOD IN VIETNAM
Noodles
- Chilled Noodles
- Frozen Noodles
- Instant Noodles
-- Instant Noodle Cups
-- Instant Noodle Pouches
- Plain Noodles
Pasta
- Chilled Pasta
- Dried Pasta
Rice
Rice, Pasta and Noodles
Source:
Passport
22,025.6
21,618.1
2,208.2
19,409.9
407.5
245.7
245.7
6,801.9
29,073.2
21,688.7
21,243.2
2,318.6
18,924.7
445.4
275.1
275.1
8,298.3
30,262.1
22,025.1
21,521.8
2,464.7
19,057.1
503.3
310.6
310.6
9,792.0
32,127.8
22,669.9
22,100.1
2,661.8
19,438.3
569.8
347.3
347.3
11,583.9
34,601.1
24,116.9
23,471.3
3,061.1
20,410.2
645.6
390.7
390.7
13,784.9
38,292.4
26,057.5
25,318.3
3,581.5
21,736.8
739.2
441.5
441.5
16,679.7
43,178.7
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 270
Sales of Rice, Pasta and Noodles by Category: % Volume Growth 2014-2019
% volume growth
Noodles
- Chilled Noodles
- Frozen Noodles
- Instant Noodles
-- Instant Noodle Cups
-- Instant Noodle Pouches
- Plain Noodles
Pasta
- Chilled Pasta
- Dried Pasta
Rice
Rice, Pasta and Noodles
Source:
2018/19
2014-19 CAGR
2014/19 Total
3.4
3.1
10.0
2.5
10.5
9.4
9.4
15.5
11.8
0.7
0.4
6.7
0.0
9.6
9.6
9.6
16.1
10.3
3.8
2.2
38.4
-0.2
58.1
58.0
58.0
111.1
63.6
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 271
Sales of Rice, Pasta and Noodles by Category: % Value Growth 2014-2019
% current value growth
Noodles
- Chilled Noodles
- Frozen Noodles
- Instant Noodles
-- Instant Noodle Cups
-- Instant Noodle Pouches
- Plain Noodles
Pasta
- Chilled Pasta
- Dried Pasta
Rice
Rice, Pasta and Noodles
Source:
2018/19
2014-19 CAGR
2014/19 Total
8.0
7.9
17.0
6.5
14.5
13.0
13.0
21.0
12.8
3.4
3.2
10.2
2.3
12.6
12.4
12.4
19.6
8.2
18.3
17.1
62.2
12.0
81.4
79.7
79.7
145.2
48.5
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
195
PACKAGED FOOD IN VIETNAM
Table 272
Passport
Sales of Instant Noodles by Leading Flavours: Rankings 2014-2019
ranking
Seafood
Beef
Chicken
Pork
Tom Yam
Source:
2014
2015
2016
2017
2018
2019
1
2
5
3
4
1
2
5
3
4
1
2
5
3
4
1
2
5
3
4
1
2
5
3
4
1
2
3
4
5
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 273
NBO Company Shares of Rice, Pasta and Noodles: % Value 2015-2019
% retail value rsp
Company
Acecook Vietnam JSC
Masan Consumer Corp
Uniben JSC
Asia Foods Corp
Saigon Vewong JV Co
Loc Troi Group JSC
Colusa Miliket
Foodstuff JSC (COMIFOOD)
VIFON - Vietnam Food
Industries JSC
Safoco Foodstuff JSC
Thien Huong Food Co
Nissin Foods Vietnam Co
Ltd
Vietnam Food Corp
Longan Co Ltd
Uni-President Vietnam
Co Ltd
Nong Shim Co Ltd
An Giang Import Export
JSC (Angimex)
Tien Giang Food Co Ltd
Asia Food Technology Co
Ltd
Indofood Sukses Makmur
Tbk PT
Viet Nguyen Rice
Processing Co Ltd
Saigon Trading Group
(SATRA)
Barilla Alimentare SpA
Saigon Union of Trading
Cooperatives
Everton Vietnam Co Ltd
Kido Group
Kinh Do Corp
Viet Hung Food Co Ltd
Others
Total
© Euromonitor International
2015
2016
2017
2018
2019
27.5
16.1
5.6
5.8
3.2
2.1
1.9
25.5
13.0
7.8
5.5
3.0
2.3
1.7
23.6
11.7
8.1
5.3
2.8
2.5
1.5
21.9
11.1
8.2
4.9
2.6
2.4
1.6
20.1
11.5
8.2
4.2
2.3
2.2
1.5
1.9
1.8
1.7
1.6
1.5
1.4
1.9
0.9
1.6
1.8
0.8
1.5
1.6
0.8
1.5
1.5
0.7
1.4
1.4
0.7
0.5
0.5
0.7
0.5
0.6
0.6
0.6
0.7
0.6
0.7
0.7
0.6
0.7
0.7
0.5
0.3
0.3
0.3
0.4
0.3
0.4
0.4
0.4
0.4
0.4
0.3
0.3
0.4
0.3
0.4
0.3
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.3
0.3
0.3
0.4
0.3
0.2
0.2
0.3
0.3
0.3
0.2
0.1
0.2
0.2
0.2
0.2
0.3
0.2
0.3
0.2
0.2
1.2
26.2
100.0
0.2
0.8
29.7
100.0
0.2
33.8
100.0
0.2
36.8
100.0
0.2
39.7
100.0
196
PACKAGED FOOD IN VIETNAM
Source:
Passport
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 274
LBN Brand Shares of Rice, Pasta and Noodles: % Value 2016-2019
% retail value rsp
Brand (GBO)
3 Mien
Hao Hao (Ace Cook
Co Ltd)
Vina Acecook (Ace
Cook Co Ltd)
Omachi (Masan Group
Corp)
Kokomi (Masan Group
Corp)
Gau Do
Hao 100 (Ace Cook
Co Ltd)
A-One (Ve Wong Corp)
Hat Ngoc Troi
Modern (Ace Cook Co
Ltd)
Safoco
Vi Huong
Tao Quan (Ace Cook
Co Ltd)
Colusa
Vifon
Nissin (Nissin
Foods Holdings Co
Ltd)
Vinafood
Longan
Unif (Uni-President
Enterprises Corp)
Nong Shim
An Giang all brands
Cung Dinh
Miliket
Indomie
Viet Nguyen
Handy Hao Hao (Ace
Cook Co Ltd)
Satra Rice
Barilla (Barilla
Holding SpA)
Saigon Coop
(Private Label)
Chin Rong Vang
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Uniben JSC
Acecook Vietnam JSC
7.8
10.4
8.1
9.5
8.2
8.7
8.2
7.8
Acecook Vietnam JSC
8.1
7.5
6.9
6.4
Masan Consumer Corp
4.9
4.5
5.7
6.0
Masan Consumer Corp
5.2
4.6
5.4
5.5
Asia Foods Corp
Acecook Vietnam JSC
5.5
3.8
5.3
3.4
4.9
2.9
4.2
2.6
Saigon Vewong JV Co
Loc Troi Group JSC
Acecook Vietnam JSC
3.0
2.3
1.1
2.8
2.5
1.3
2.6
2.4
1.5
2.3
2.2
1.6
Safoco Foodstuff JSC
Thien Huong Food Co
Acecook Vietnam JSC
1.6
1.8
1.8
1.5
1.6
1.7
1.5
1.5
1.5
1.4
1.4
1.4
Colusa Miliket
Foodstuff JSC (COMIFOOD)
VIFON - Vietnam Food
Industries JSC
Nissin Foods Vietnam Co
Ltd
1.3
1.2
1.2
1.2
0.9
0.9
0.8
0.8
0.8
0.8
0.7
0.7
Vietnam Food Corp
Longan Co Ltd
Uni-President Vietnam
Co Ltd
Nong Shim Co Ltd
An Giang Import Export
JSC (Angimex)
Asia Food Technology Co
Ltd
Colusa Miliket
Foodstuff JSC (COMIFOOD)
Indofood Sukses Makmur
Tbk PT
Viet Nguyen Rice
Processing Co Ltd
Acecook Vietnam JSC
0.5
0.6
0.6
0.6
0.7
0.6
0.7
0.7
0.6
0.7
0.7
0.5
0.3
0.4
0.3
0.4
0.4
0.4
0.4
0.4
0.3
0.3
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.3
0.3
0.4
0.3
0.3
0.3
0.3
0.3
Saigon Trading Group
(SATRA)
Barilla Alimentare SpA
0.2
0.3
0.3
0.3
0.2
0.2
0.3
0.3
Saigon Union of Trading
Cooperatives
Tien Giang Food Co Ltd
0.2
0.2
0.2
0.2
0.1
0.2
0.2
0.2
197
PACKAGED FOOD IN VIETNAM
Sagami (Masan Group
Corp)
Dai Gia Dinh
(Mondelez
International Inc)
Others
Total
Source:
Passport
Masan Consumer Corp
2.9
2.5
-
-
Kido Group
0.8
-
-
-
31.0
100.0
35.1
100.0
38.0
100.0
40.9
100.0
Others
Total
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 275
NBO Company Shares of Rice: % Value 2015-2019
% retail value rsp
Company
Loc Troi Group JSC
Vietnam Food Corp
Longan Co Ltd
An Giang Import Export
JSC (Angimex)
Tien Giang Food Co Ltd
Viet Nguyen Rice
Processing Co Ltd
Saigon Trading Group
(SATRA)
Saigon Union of Trading
Cooperatives
Everton Vietnam Co Ltd
Minh Cat Co Ltd
Yamadai Co Ltd
Others
Total
Source:
2015
2016
2017
2018
2019
7.5
1.8
1.9
1.2
7.5
1.8
1.9
1.2
7.6
1.8
2.0
1.2
6.7
1.8
1.9
1.2
5.7
1.7
1.7
1.1
1.2
1.0
1.2
1.0
1.2
1.0
1.2
1.0
1.1
0.9
0.7
0.8
0.8
0.8
0.8
0.5
0.5
0.5
0.5
0.5
0.6
0.3
0.2
83.1
100.0
0.6
0.3
0.2
83.0
100.0
0.5
0.3
0.2
82.9
100.0
0.5
0.2
0.1
84.1
100.0
0.4
0.1
0.1
85.9
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 276
LBN Brand Shares of Rice: % Value 2016-2019
% retail value rsp
Brand (GBO)
Hat Ngoc Troi
Vinafood
Longan
An Giang all brands
Viet Nguyen
Satra Rice
Saigon Coop
(Private Label)
Chin Rong Vang
Everton
Trau Vang
Bong Sen Vang
Kim Ke Rice
Japonica Rice
© Euromonitor International
Company (NBO)
Loc Troi Group JSC
Vietnam Food Corp
Longan Co Ltd
An Giang Import Export
JSC (Angimex)
Viet Nguyen Rice
Processing Co Ltd
Saigon Trading Group
(SATRA)
Saigon Union of Trading
Cooperatives
Tien Giang Food Co Ltd
Everton Vietnam Co Ltd
Tien Giang Food Co Ltd
Tien Giang Food Co Ltd
Minh Cat Co Ltd
Yamadai Co Ltd
2016
2017
2018
2019
7.5
1.8
1.9
1.2
7.6
1.8
2.0
1.2
6.7
1.8
1.9
1.2
5.7
1.7
1.7
1.1
1.0
1.0
1.0
0.9
0.8
0.8
0.8
0.8
0.5
0.5
0.5
0.5
0.5
0.6
0.4
0.3
0.3
0.2
0.5
0.5
0.4
0.3
0.3
0.2
0.5
0.5
0.4
0.3
0.2
0.1
0.4
0.4
0.4
0.3
0.1
0.1
198
PACKAGED FOOD IN VIETNAM
Others
Total
Source:
Passport
Others
Total
84.1
100.0
85.9
100.0
NBO Company Shares of Pasta: % Value 2015-2019
% retail value rsp
Company
Safoco Foodstuff JSC
Barilla Alimentare SpA
Panzani SAS
Italpasta SpA
Pasta Zara SpA
San Remo Macaroni Co
Pty Ltd
Early Rice Co Ltd
Others
Total
2015
2016
2017
2018
2019
42.1
22.2
2.2
7.1
3.5
-
44.2
22.3
3.5
6.8
3.4
-
41.9
23.1
4.9
6.3
3.4
2.2
40.2
24.6
6.2
5.8
3.5
3.0
39.1
27.0
6.5
5.1
3.5
3.3
23.0
100.0
20.0
100.0
18.1
100.0
16.8
100.0
15.4
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 278
LBN Brand Shares of Pasta: % Value 2016-2019
% retail value rsp
Brand (GBO)
Safoco
Barilla (Barilla
Holding SpA)
Panzani (Ebro Foods
SA)
Italpasta
Pasta Zara
San Remo
Early Rice
Others
Total
Source:
83.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 277
Source:
83.1
100.0
Company (NBO)
2016
2017
2018
2019
Safoco Foodstuff JSC
Barilla Alimentare SpA
44.2
22.3
41.9
23.1
40.2
24.6
39.1
27.0
Panzani SAS
3.5
4.9
6.2
6.5
Italpasta SpA
Pasta Zara SpA
San Remo Macaroni Co
Pty Ltd
Early Rice Co Ltd
Others
Total
6.8
3.4
-
6.3
3.4
2.2
5.8
3.5
3.0
5.1
3.5
3.3
20.0
100.0
18.1
100.0
16.8
100.0
15.4
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 279
NBO Company Shares of Noodles: % Value 2015-2019
% retail value rsp
Company
Acecook Vietnam JSC
Masan Consumer Corp
Uniben JSC
Asia Foods Corp
Saigon Vewong JV Co
Colusa Miliket
Foodstuff JSC (COMIFOOD)
© Euromonitor International
2015
2016
2017
2018
2019
38.3
22.5
7.9
8.1
4.5
2.7
37.2
19.0
11.4
8.1
4.4
2.5
36.1
17.8
12.4
8.1
4.3
2.4
34.8
17.7
13.0
7.8
4.1
2.5
33.4
19.1
13.6
7.0
3.9
2.5
199
PACKAGED FOOD IN VIETNAM
Passport
VIFON - Vietnam Food
Industries JSC
Thien Huong Food Co
Safoco Foodstuff JSC
Nissin Foods Vietnam Co
Ltd
Uni-President Vietnam
Co Ltd
Nong Shim Co Ltd
Asia Food Technology Co
Ltd
Indofood Sukses Makmur
Tbk PT
Kido Group
Kinh Do Corp
Viet Hung Food Co Ltd
Others
Total
Source:
2.6
2.7
2.6
2.6
2.5
2.6
1.4
1.2
2.6
1.7
1.2
2.5
1.7
1.2
2.4
1.7
1.1
2.3
1.7
1.1
0.9
0.9
0.9
0.9
0.8
0.4
0.5
0.4
0.5
0.5
0.5
0.6
0.6
0.7
0.6
0.6
0.6
0.6
0.6
0.6
1.6
4.1
100.0
1.1
5.7
100.0
8.5
100.0
9.5
100.0
10.1
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 280
LBN Brand Shares of Noodles: % Value 2016-2019
% retail value rsp
Brand (GBO)
3 Mien
Hao Hao (Ace Cook
Co Ltd)
Vina Acecook (Ace
Cook Co Ltd)
Omachi (Masan Group
Corp)
Kokomi (Masan Group
Corp)
Gau Do
Hao 100 (Ace Cook
Co Ltd)
A-One (Ve Wong Corp)
Modern (Ace Cook Co
Ltd)
Vi Huong
Tao Quan (Ace Cook
Co Ltd)
Colusa
Safoco
Vifon
Nissin (Nissin
Foods Holdings Co
Ltd)
Unif (Uni-President
Enterprises Corp)
Nong Shim
Cung Dinh
Miliket
© Euromonitor International
Company (NBO)
2016
2017
2018
2019
Uniben JSC
Acecook Vietnam JSC
11.4
15.2
12.4
14.4
13.0
13.8
13.6
13.0
Acecook Vietnam JSC
11.8
11.4
11.0
10.6
Masan Consumer Corp
7.2
6.8
9.1
10.0
Masan Consumer Corp
7.6
7.1
8.6
9.1
Asia Foods Corp
Acecook Vietnam JSC
8.1
5.6
8.1
5.1
7.8
4.7
7.0
4.3
Saigon Vewong JV Co
Acecook Vietnam JSC
4.4
1.6
4.3
2.1
4.1
2.5
3.9
2.7
Thien Huong Food Co
Acecook Vietnam JSC
2.6
2.6
2.5
2.6
2.4
2.4
2.3
2.3
Colusa Miliket
Foodstuff JSC (COMIFOOD)
Safoco Foodstuff JSC
VIFON - Vietnam Food
Industries JSC
Nissin Foods Vietnam Co
Ltd
1.9
1.8
2.0
1.9
1.7
1.3
1.7
1.3
1.7
1.3
1.7
1.3
1.2
1.2
1.1
1.1
Uni-President Vietnam
Co Ltd
Nong Shim Co Ltd
Asia Food Technology Co
Ltd
Colusa Miliket
Foodstuff JSC (COMIFOOD)
0.9
0.9
0.9
0.8
0.4
0.5
0.5
0.5
0.6
0.6
0.7
0.6
0.6
0.6
0.6
0.6
200
PACKAGED FOOD IN VIETNAM
Indomie
Handy Hao Hao (Ace
Cook Co Ltd)
Sagami (Masan Group
Corp)
Dai Gia Dinh
(Mondelez
International Inc)
Hello
Dai Gia Dinh
Oh Ngon (Masan
Group Corp)
Tien Vua (Masan
Group Corp)
3 Mien
Ngon Ngon
Tu Quy
Others
Total
Source:
Passport
Indofood Sukses Makmur
Tbk PT
Acecook Vietnam JSC
0.6
0.6
0.6
0.6
0.4
0.5
0.5
0.5
Masan Consumer Corp
4.2
3.9
-
-
Kido Group
1.1
-
-
-
Asia Foods Corp
Kinh Do Corp
Masan Consumer Corp
-
-
-
-
Masan Consumer Corp
-
-
-
-
Viet Hung Food Co Ltd
VIFON - Vietnam Food
Industries JSC
VIFON - Vietnam Food
Industries JSC
Others
Total
-
-
-
-
-
-
-
-
7.0
100.0
9.8
100.0
10.8
100.0
11.3
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 281
Distribution of Rice, Pasta and Noodles by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
© Euromonitor International
2014
2015
2016
2017
2018
2019
99.9
99.9
8.0
99.9
99.9
9.1
99.9
99.9
10.1
99.9
99.9
11.0
99.9
99.9
13.4
99.9
99.9
12.9
0.2
1.4
6.3
91.9
0.3
1.7
7.2
90.8
0.3
1.9
7.8
89.8
0.4
2.1
8.5
88.9
0.5
2.5
10.4
86.5
0.9
2.5
9.6
87.0
3.8
3.7
3.4
3.1
3.0
2.9
62.1
59.1
56.8
54.6
51.1
48.5
26.1
28.0
29.6
31.1
32.4
35.6
-
-
-
-
-
-
-
-
-
-
-
-
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
201
PACKAGED FOOD IN VIETNAM
Source:
Passport
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 282
Distribution of Rice by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
100.0
100.0
20.4
100.0
100.0
20.8
100.0
100.0
21.1
100.0
100.0
21.4
100.0
100.0
21.4
100.0
100.0
17.6
2.4
18.0
79.6
2.7
18.2
79.2
2.7
18.4
78.9
2.9
18.5
78.5
3.1
18.3
78.6
2.7
14.9
82.4
-
-
-
-
-
-
9.6
9.4
9.2
9.0
8.6
7.9
70.0
69.8
69.7
69.5
70.0
74.5
-
-
-
-
-
-
-
-
-
-
-
-
100.0
100.0
100.0
100.0
100.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 283
Distribution of Pasta by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
© Euromonitor International
2014
2015
2016
2017
2018
2019
100.0
100.0
83.8
100.0
100.0
84.1
100.0
100.0
84.2
100.0
100.0
84.3
100.0
100.0
85.4
100.0
100.0
86.5
0.2
10.8
72.8
16.2
0.2
11.0
72.9
15.9
0.3
11.2
72.8
15.8
0.3
11.3
72.7
15.7
0.3
11.8
73.2
14.6
0.5
12.3
73.7
13.5
-
-
-
-
-
-
202
PACKAGED FOOD IN VIETNAM
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
Passport
11.0
10.8
10.8
10.8
10.2
9.3
5.2
5.1
5.0
4.9
4.4
4.1
-
-
-
-
-
-
-
-
-
-
-
-
100.0
100.0
100.0
100.0
100.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 284
Distribution of Noodles by Format: % Value 2014-2019
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
2014
2015
2016
2017
2018
2019
99.9
99.9
3.3
99.9
99.9
3.7
99.9
99.9
4.1
99.8
99.8
4.6
99.8
99.8
7.7
99.8
99.8
8.7
0.3
1.0
2.0
96.6
0.4
1.2
2.1
96.2
0.5
1.4
2.2
95.7
0.6
1.6
2.4
95.2
0.8
2.0
4.9
92.1
1.5
2.1
5.1
91.1
5.0
5.1
5.0
4.7
4.7
4.9
78.9
78.7
78.6
78.6
76.0
75.0
12.7
12.4
12.1
11.9
11.4
11.2
-
-
-
-
-
-
-
-
-
-
-
-
0.1
0.1
100.0
0.1
0.1
100.0
0.1
0.1
100.0
0.2
0.2
100.0
0.2
0.2
100.0
0.2
0.2
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
203
PACKAGED FOOD IN VIETNAM
Table 285
Passport
Forecast Sales of Rice, Pasta and Noodles by Category: Volume 2019-2024
'000 tonnes
Noodles
- Chilled Noodles
- Frozen Noodles
- Instant Noodles
-- Instant Noodle Cups
-- Instant Noodle Pouches
- Plain Noodles
Pasta
- Chilled Pasta
- Dried Pasta
Rice
Rice, Pasta and Noodles
Source:
2019
2020
2021
2022
2023
2024
364.8
349.0
28.7
320.3
15.8
6.4
6.4
936.9
1,308.0
379.2
361.7
31.8
329.9
17.5
7.0
7.0
1,084.9
1,471.2
396.6
377.1
35.6
341.5
19.5
7.7
7.7
1,259.6
1,663.9
417.3
395.4
40.3
355.1
21.9
8.5
8.5
1,466.2
1,891.9
441.6
417.0
45.9
371.1
24.6
9.5
9.5
1,711.0
2,162.1
470.2
442.5
52.8
389.7
27.8
10.5
10.5
2,001.9
2,482.7
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 286
Forecast Sales of Rice, Pasta and Noodles by Category: Value 2019-2024
VND billion
Noodles
- Chilled Noodles
- Frozen Noodles
- Instant Noodles
-- Instant Noodle Cups
-- Instant Noodle Pouches
- Plain Noodles
Pasta
- Chilled Pasta
- Dried Pasta
Rice
Rice, Pasta and Noodles
Source:
2019
2020
2021
2022
2023
2024
26,057.5
25,318.3
3,581.5
21,736.8
739.2
441.5
441.5
16,679.7
43,178.7
27,514.9
26,689.2
4,082.9
22,606.3
825.7
485.6
485.6
19,598.7
47,599.2
29,245.3
28,319.0
4,695.3
23,623.6
926.4
536.6
536.6
23,126.4
52,908.4
31,295.4
30,251.4
5,446.6
24,804.8
1,044.0
595.7
595.7
27,404.8
59,295.9
33,723.4
32,541.6
6,372.5
26,169.1
1,181.9
664.2
664.2
32,611.7
66,999.3
36,602.5
35,258.8
7,519.6
27,739.2
1,343.8
743.9
743.9
38,971.0
76,317.4
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 287
2019-2024
Forecast Sales of Rice, Pasta and Noodles by Category: % Volume Growth
% volume growth
Noodles
- Chilled Noodles
- Frozen Noodles
- Instant Noodles
-- Instant Noodle Cups
-- Instant Noodle Pouches
- Plain Noodles
Pasta
- Chilled Pasta
- Dried Pasta
Rice
© Euromonitor International
2019/20
2019-24 CAGR
2019/24 Total
4.0
3.7
11.0
3.0
11.0
9.8
9.8
15.8
5.2
4.9
13.0
4.0
12.0
10.6
10.6
16.4
28.9
26.8
84.2
21.7
76.2
65.5
65.5
113.7
204
PACKAGED FOOD IN VIETNAM
Rice, Pasta and Noodles
Source:
Passport
12.5
13.7
89.8
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 288
2024
Forecast Sales of Rice, Pasta and Noodles by Category: % Value Growth 2019-
% constant value growth
Noodles
- Chilled Noodles
- Frozen Noodles
- Instant Noodles
-- Instant Noodle Cups
-- Instant Noodle Pouches
- Plain Noodles
Pasta
- Chilled Pasta
- Dried Pasta
Rice
Rice, Pasta and Noodles
Source:
2019/2020
2019-24 CAGR
2019/24 Total
5.6
5.4
14.0
4.0
11.7
10.0
10.0
17.5
10.2
7.0
6.8
16.0
5.0
12.7
11.0
11.0
18.5
12.1
40.5
39.3
110.0
27.6
81.8
68.5
68.5
133.6
76.7
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
© Euromonitor International
205