Sweeteners - Vietnam | Statista Market Forecast

The Sweeteners Market in Vietnam is experiencing slow growth due to factors such as low consumer health awareness, traditional taste preferences, and lack of technological advancement. Honey, sugar, and artificial sweeteners are the main sub-markets, but their impact on overall market growth is limited. The market's negligible growth rate is mainly influenced by the lack of innovation and competition among existing players. However, with increasing health concerns and changing consumer preferences, the market is expected to witness a moderate growth in the coming years.

Customer preferences: As health and wellness concerns continue to rise, Vietnamese consumers are increasingly turning to alternative sweeteners such as stevia and monk fruit to reduce sugar intake. This trend is driven by a growing awareness of the negative effects of excessive sugar consumption on health. Additionally, there is a growing demand for plant-based and natural sweeteners, reflecting a shift towards more health-conscious and eco-friendly choices. This trend is expected to continue as consumers become more health-conscious and prioritize clean label and natural ingredients in their food choices.

Trends in the market: In Vietnam, the Spreads & Sweeteners Market is seeing a rise in demand for natural sweeteners, driven by increasing health consciousness among consumers. This trend is expected to continue, with consumers seeking out healthier alternatives to traditional sugar-based products. Additionally, there is a growing demand for plant-based spreads, as more consumers adopt vegetarian and vegan diets. These trends signify a shift towards healthier and more sustainable options in the market. Industry stakeholders should keep an eye on these trends and consider incorporating more natural and plant-based options in their product offerings to cater to the changing consumer preferences.

Local special circumstances: In Vietnam, the Spreads & Sweeteners Market is heavily influenced by the country's growing middle class and their changing dietary preferences. With a rising demand for convenience and health-conscious products, local companies have introduced innovative sweeteners made from natural ingredients such as coconut sugar and stevia. The market has also seen a surge in the use of locally grown fruits and vegetables in spreads, catering to the Vietnamese preference for fresh and natural ingredients. Additionally, the government's efforts to promote local food production and reduce dependence on imports have further shaped the market dynamics.

Underlying macroeconomic factors: The Sweeteners Market of the Spreads & Sweeteners Market within The Food market in Vietnam is heavily influenced by macroeconomic factors such as economic growth, government policies, and consumer spending habits. Vietnam's rapid economic growth and increasing disposable income have led to a significant rise in demand for sweeteners and spreads, as consumers are increasingly looking for convenient and affordable food options. Additionally, favorable government policies promoting foreign investment and trade have attracted multinational companies to invest in the Vietnamese market, further driving the growth of the Sweeteners Market. Furthermore, the country's rapidly growing population, coupled with changing dietary habits, has also contributed to the increasing demand for sweeteners and spreads 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.