Edible Oils - Vietnam | Statista Market Forecast

Revenue in the Edible Oils market amounts to US$396.10m in 2024. The market is expected to grow annually by 7.63% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$35bn in 2024).
In relation to total population figures, per person revenues of US$3.98 are generated in 2024.
In the Edible Oils market, volume is expected to amount to 81.99m kg by 2029. The Edible Oils market is expected to show a volume growth of 5.1% in 2025.0.
The average volume per person in the Edible Oils market is expected to amount to 0.68kg in 2024.

Definition:

The Edible Oils market covers any type of oil that is extracted from plants and nuts and is used for cooking and food preparation.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Olive oil
Sunflower oil
Other edible oils (e.g. palm, soybean, coconut oil, canola oil, rapeseed oil, sesame oil, soybean oil)
Cooking oil blends

Butter
Margarine
Animal fats (e.g. lard)
Out-of-home consumption

The Edible Oils Market in Vietnam is experiencing subdued growth, influenced by factors such as fluctuating commodity prices, changing consumer preferences towards healthier options, and increasing competition from alternative cooking oils and local producers.

Customer preferences: In Vietnam, consumer preferences in the Edible Oils Market are shifting towards healthier, plant-based options as awareness of nutrition rises. This trend is influenced by the younger demographic's inclination for wellness and sustainability, prompting increased interest in oils like olive, avocado, and coconut. Additionally, traditional cooking practices are being re-evaluated, with many opting for oils perceived as more beneficial. Urbanization and busy lifestyles are further driving demand for convenient, ready-to-use oils that align with health-conscious choices.

Trends in the market: In Vietnam, the Edible Oils Market is experiencing a shift towards healthier, plant-based options, driven by increasing awareness of nutrition among consumers. The younger population is embracing wellness and sustainability, leading to a surge in demand for oils such as olive, avocado, and coconut. Traditional cooking habits are being reassessed, with a preference for oils perceived as healthier alternatives. Additionally, urbanization and fast-paced lifestyles are fueling the need for convenient oils that cater to health-conscious consumers. This trend presents significant opportunities for industry stakeholders to innovate and diversify product offerings to meet evolving consumer preferences.

Local special circumstances: In Vietnam, the Edible Oils Market is shaped by local culinary traditions, with rice and fish being dietary staples that influence oil preferences. The country's rich agricultural landscape fosters the production of various oils, such as palm and peanut, but the rise in health awareness is shifting demand towards oils like sesame and flaxseed, revered for their nutritional benefits. Additionally, government regulations promoting sustainable farming practices and food safety standards are guiding consumer choices, creating a unique blend of tradition and modern health consciousness that drives market dynamics.

Underlying macroeconomic factors: The Edible Oils Market in Vietnam is significantly influenced by macroeconomic factors such as agricultural productivity, trade policies, and consumer income levels. The country's economic growth, fueled by rising GDP and urbanization, enhances disposable income, allowing consumers to explore a wider range of edible oils. Global trends, such as fluctuations in palm oil prices and health-focused dietary shifts, further impact local consumption patterns. Additionally, favorable trade agreements facilitate imports of diverse oils, while government initiatives to support sustainable agriculture enhance local production capabilities, driving market performance and aligning with changing consumer preferences.

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.