Market Insights Consumer Food Dairy Products & Eggs

Milk - Vietnam

Vietnam

Revenue in the Milk market amounts to €3.91bn in 2024. The market is expected to grow annually by 8.91% (CAGR 2024-2029).
In global comparison, most revenue is generated in India (€66bn in 2024).
In relation to total population figures, per person revenues of €39.33 are generated in 2024.
In the Milk market, volume is expected to amount to 2.65bn kg by 2029. The Milk market is expected to show a volume growth of 5.0% in 2025.
The average volume per person in the Milk market is expected to amount to 20.9kg in 2024.

Key regions: Russia, India, Canada, Japan, South Korea

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Comparación de regiones

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Analyst Opinion

The Milk Market in Vietnam's Dairy Products & Eggs Market is experiencing minimal growth, influenced by factors like fluctuating consumer demand and pricing challenges. Despite this, the market is expected to gradually expand due to the rising popularity of dairy-based products and the increasing health consciousness among consumers.

Customer preferences: Consumers in Vietnam are increasingly shifting towards plant-based milk alternatives, such as soy, almond, and coconut milk, due to rising health awareness and concerns about dairy allergies and lactose intolerance. This trend is further driven by the growing popularity of vegan and vegetarian diets, as well as the influence of Western health trends. In addition, the rise of e-commerce platforms and home delivery services has made it easier for consumers to access a wider range of milk options, including imported brands. This shift towards plant-based milk is expected to continue as more consumers prioritize health and sustainability in their purchasing decisions.

Trends in the market: In Vietnam, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a shift towards organic and plant-based milk products. This trend is driven by the increasing health consciousness and ethical considerations of consumers. The trajectory of this trend is expected to continue as consumers become more educated about the benefits of organic and plant-based milk. This trend has significant implications for industry stakeholders, as it presents opportunities for product diversification and innovation, but also poses challenges for traditional dairy farmers. As a result, companies in this market are investing in research and development to meet the changing demands of consumers.

Local special circumstances: In Vietnam, the Milk 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 high-quality dairy products. This has led to a rise in imported products from countries like Australia and New Zealand, as well as a surge in domestic production. Additionally, the country's strong agricultural sector and favorable government policies have further fueled the growth of the milk market. However, challenges such as food safety concerns and limited refrigeration infrastructure have also impacted market dynamics.

Underlying macroeconomic factors: The growth of the Milk Market in Vietnam is influenced by macroeconomic factors such as economic growth, consumer spending, and government policies. With a rapidly growing economy and a rising middle class, Vietnam has seen an increase in consumer spending on dairy products and eggs. Additionally, the government has implemented policies to support the dairy industry, such as promoting domestic production and reducing import tariffs. However, challenges such as inflation and fluctuating exchange rates can impact the affordability and availability of dairy products, affecting market performance. Furthermore, global trends like the increasing demand for healthier and sustainable food options are also influencing the Milk 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.