Soft Drinks - Vietnam | Statista Market Forecast

Revenue, at home (e.g., revenue generated in supermarkets and convenience stores) in the Soft Drinks market amounts to US$6.92bn in 2024.
Revenue, out-of-home (e.g., revenue generated in restaurants and bars) amounts to US$1.59bn in 2024.
Revenue, combined amounts to US$8.52bn in 2024.
The revenue, at home is expected to grow annually by 5.52% (CAGR 2024-2029).
In global comparison, most revenue, at home is generated United States (US$114bn in 2024).
In relation to total population figures, the average revenue per capita, at home of US$69.60 are generated in 2024.
In the Soft Drinks market, volume, at home is expected to amount to 4.63bn L by 2024.
Volume, out-of-home is expected to amount to 513.60m L in 2024.
Volume, combined is expected to amount to 5.14bn L in 2024.
The Soft Drinks market is expected to show a volume growth, at home of 1.5% in 2025.0.
The average volume per person, at home in the Soft Drinks market is expected to amount to 46.54L in 2024.

Definition:

The market Soft Drinks covers varieties of prepared water-based beverages to which flavoring additives (sugar or sweeteners, aromas etc.) have been added. These include cola drinks and lemonades, but also energy drinks, fruit nectars and soft drinks with fruit juice content, as well as value-added or flavored water. Coffee and tea-based drinks are not included.

Structure:

The Soft Drinks market is structured into 3 markets:

Carbonated Soft Drinks denote all artificially sweetened and carbonated Non-Alcoholic Drinks.
Non-Carbonated Soft Drinks contain non-alcoholic liquid refreshment beverages that are not artificially carbonated.
Energy & Sports Drinks include energy drinks and sports drinks, providing functional benefits such as mental and physical stimulation.

Additional information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per liter, as well as sales channels. Per capita figures refer to a country’s or region’s whole population.

The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Key players include The Coca-Cola Company, PepsiCo, Suntory, Red Bull, and Keurig Dr Pepper.

Carbonated Soft Drinks (Cola, Lemonade etc.)
Non-Carbonated Soft Drinks (nectars, value-added or flavoured water etc.)
Energy & Sports Drinks

Hot Drinks
Powdered drink mixes and syrups (e.g. Post-Mix Drinks)

The Soft Drinks market in Vietnam is experiencing significant growth and development in recent years.

Customer preferences: Vietnamese consumers have shown a growing preference for soft drinks, driven by factors such as urbanization, rising disposable incomes, and changing lifestyles. Soft drinks are seen as convenient and refreshing beverages that can be consumed on-the-go, making them popular among busy urban dwellers. Additionally, the younger generation in Vietnam is increasingly adopting Western lifestyles and embracing the consumption of carbonated soft drinks and other non-alcoholic beverages.

Trends in the market: One of the key trends in the Soft Drinks market in Vietnam is the increasing demand for healthier options. As consumers become more health-conscious, there has been a shift towards low-sugar or sugar-free beverages, as well as drinks with natural ingredients and functional benefits. This trend is driven by a desire for healthier alternatives and a growing awareness of the negative health effects of excessive sugar consumption. Another trend in the Soft Drinks market in Vietnam is the rising popularity of ready-to-drink (RTD) products. RTD beverages, such as bottled teas, coffees, and energy drinks, offer convenience and are favored by busy individuals who are looking for quick and easy refreshments. The availability of a wide range of RTD options in supermarkets, convenience stores, and cafes has contributed to the growth of this segment.

Local special circumstances: Vietnam's young population and increasing urbanization have played a significant role in the growth of the Soft Drinks market. With a large proportion of the population under the age of 35, there is a strong demand for soft drinks among the younger generation. Additionally, as more people move to urban areas and lead fast-paced lifestyles, the demand for convenient and portable beverages has increased. Furthermore, the hot and humid climate in Vietnam also contributes to the popularity of soft drinks. Cold beverages, such as carbonated drinks, bottled water, and iced teas, are sought after to quench thirst and provide relief from the heat.

Underlying macroeconomic factors: The growing economy and rising disposable incomes in Vietnam have provided consumers with more purchasing power, allowing them to spend on non-essential items such as soft drinks. As the middle class expands, there is an increased capacity to afford and indulge in soft drinks, leading to higher consumption levels. In conclusion, the Soft Drinks market in Vietnam is witnessing growth and development due to changing customer preferences, including a demand for healthier options and convenient RTD beverages. The young population, urbanization, and hot climate in Vietnam also contribute to the market's growth. The underlying macroeconomic factors, such as the growing economy and rising disposable incomes, further support the expansion of the Soft Drinks market in Vietnam.

Data coverage:

The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on Non-Alcoholic Drinks, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Non-Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.