Milk Substitutes - Vietnam

Vietnam

Highlights

Revenue in the Milk Substitutes market amounts to US$83.54m in 2024. The market is expected to grow annually by 16.66% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$10bn in 2024).
In relation to total population figures, per person revenues of US$0.84 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 39.52m kg by 2029. The Milk Substitutes market is expected to show a volume growth of 10.5% in 2025.0.
The average volume per person in the Milk Substitutes market is expected to amount to 0.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Substitutes Market in Vietnam is experiencing subdued growth due to factors such as low consumer awareness and limited availability of online services. Despite this, the market is expected to see growth as demand for dairy alternatives increases in the country.

Customer preferences: With the rise in health-consciousness and the growing popularity of veganism, the demand for plant-based milk substitutes has increased significantly in Vietnam. This trend is driven by consumers seeking healthier and more sustainable alternatives to traditional dairy products. Additionally, the younger generation, influenced by Western trends, is more open to trying new plant-based options. This has led to an influx of innovative and exotic milk substitutes, such as coconut, almond, and oat milk, in the Vietnamese market.

Trends in the market: In Vietnam, the Milk Substitutes Market within the Dairy Products & Eggs Market is experiencing a growing demand for plant-based milk alternatives, such as soy and almond milk. This trend is driven by health-conscious consumers seeking dairy-free options, as well as concerns over the environmental impact of traditional dairy production. Additionally, the rise of lactose intolerance and allergies has also contributed to the popularity of milk substitutes. As a result, there is a growing number of new product launches and expansions in this market segment. This trend is expected to continue, with potential implications for industry stakeholders such as dairy farmers and manufacturers who may need to adapt to changing consumer preferences and invest in alternative production methods.

Local special circumstances: In Vietnam, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's rapidly growing middle class and their increasing demand for health and wellness products. This demographic is also driving the demand for plant-based milk substitutes, as they are seen as a healthier alternative to traditional dairy products. Additionally, Vietnam's strict regulatory guidelines for food safety and labeling have led to the rise of locally produced milk substitutes, tailored to meet the unique preferences and tastes of Vietnamese consumers.

Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market in Vietnam is influenced by various macroeconomic factors. Global economic trends, such as rising disposable incomes and changing consumer preferences, impact the demand for milk substitutes in the country. Additionally, national economic health and fiscal policies, such as trade agreements and subsidies, play a crucial role in shaping the market. Other relevant financial indicators, such as inflation rates and currency exchange rates, also impact market performance. Moreover, the increasing awareness about health and wellness, along with the growing trend of veganism, is driving the demand for milk substitutes in Vietnam.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

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, and consumer price 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 Food 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.