Market Insights Consumer Food Sauces & Spices

Spices & Culinary Herbs - Vietnam

Vietnam

Revenue in the Salt & Other Spices market amounts to US$222.50m in 2024. The market is expected to grow annually by 5.24% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$10,530m in 2024).
In relation to total population figures, per person revenues of US$2.20 are generated in 2024.
In the Salt & Other Spices market, volume is expected to amount to 11.75m kg by 2029. The Salt & Other Spices market is expected to show a volume growth of 1.2% in 2025.
The average volume per person in the Salt & Other Spices market is expected to amount to 0.1kg in 2024.

Key regions: United Kingdom, Spain, Japan, India, South Korea

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Analyst Opinion

The Spices & Culinary Herbs market in Vietnam has seen a steady growth rate, influenced by factors such as increasing demand for traditional flavors, growing popularity of local cuisines, and the convenience of online shopping for spices & herbs. However, the growth rate remains negligible due to challenges in supply chain and limited availability of quality ingredients.

Customer preferences: The Spices & Culinary Herbs Market within the Sauces & Spices Market is experiencing a growing demand for natural and organic products, driven by the rising health consciousness among consumers. As more people become aware of the benefits of using natural herbs and spices in cooking, there is a shift towards healthier and more flavorful options. This trend is also influenced by the increasing popularity of plant-based diets, as consumers seek alternatives to traditional meat-based dishes. Additionally, the growing interest in international cuisines is driving demand for a diverse range of spices and herbs, highlighting the importance of cultural influences in shaping consumer preferences.

Trends in the market: In Vietnam, the Spices & Culinary Herbs Market within the Sauces & Spices Market of The Food market is experiencing a surge in demand for organic and all-natural products. This trend is driven by a growing awareness of the benefits of using natural ingredients in cooking, as well as concerns over the use of chemical additives. As a result, industry stakeholders are increasingly focusing on sourcing and promoting high-quality, natural spices and herbs to cater to this demand. This trend is expected to continue in the coming years, presenting opportunities for market growth and differentiation for industry players. Additionally, there is a rise in the popularity of traditional Vietnamese spices and herbs, such as lemongrass, ginger, and turmeric, as consumers seek to incorporate authentic flavors into their dishes. This trend highlights the potential for market expansion and innovation in the Spices & Culinary Herbs Market within Vietnam's Sauces & Spices Market.

Local special circumstances: In Vietnam, the Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market is greatly influenced by the country's rich culinary culture and the use of traditional herbs and spices in Vietnamese cuisine. Additionally, the government's strict regulations on imported spices have led to the development of local production and cultivation, making Vietnam a major player in the global spice trade. Furthermore, Vietnam's strategic location in Southeast Asia also allows for easy access to neighboring markets, contributing to the growth of the Spices & Culinary Herbs Market.

Underlying macroeconomic factors: The Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market is significantly impacted by macroeconomic factors such as the global economic climate, national economic health, and fiscal policies. The demand for spices and culinary herbs is heavily influenced by consumer spending power, which is directly affected by the economic conditions of a country. Additionally, government policies and regulations related to food safety and trade can also impact the production and distribution of spices and culinary herbs. Furthermore, the increasing focus on healthy eating and the rise of the food industry are expected to drive the growth of the spices and culinary herbs market in Vietnam.

Methodology

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.