Vietnam Edible Oil Market is expected to generate ~1 USD Bn in the upcoming years, driven by focused marketing, quality assurance, convenience & value to consumer: Ken Research
GURUGRAM, INDIA, Feb. 1, 2023 /PRNewswire/ --The Vietnam Edible Oil Market is expected to witness a steady uptick in the upcoming years generating an annual revenue growth of ~USD 1 Billion, with high –end consumers planning to purchase more premium products. The market has a total of 40 players with key players being Tuong An, Vocaremix, Kido Nha Be, Calofic & others. A major portion of the market is dominated by Kido's & Vocarimex.
- An annual revenue of ~USD 1 Billion, with high income consumers planning to purchase premium products.
- In oils and fats segment, volume is expected to increase by 2027 & is expected to show a volume growth of 10.9% in 2023.
- Vietnam's oil and fats industry will expand annually at a CAGR of 7.7% (2021-2026F) due to rising income levels and the demand for high-quality oil.
- In Vietnam, 82 % of the population prefers low sodium and low fat edible oil, and 34 % prefers trans-fat substitution as the risk of death has increased.
Health Concerns: With the emergence of the global pandemic, people all over the world have become health conscious. The government in Vietnam keeping in mind the public health has ordered the health authorities in making a move on promoting the consumption of low calorie, and cholesterol-free cooking oils. Vegetable oils from sunflower, rapeseed, soybean, palm, cottonseed, and coconut are highly used for their quality as well-known with their low-fat, low cholesterol, and low-calories content.
Monopoly Product: The entire edible oil market in Vietnam is currently growing at 8% with palm oil dominating the industry capturing a whooping 70% of the market share. Being solid at room temperature, palm oil has a competitive edge against competing 'soft' vegetable oil like soybean, sunflower and rapeseed oils because it can be readily used for semi-solid and solid food applications. The popularity of palm in Vietnam can be understood by the fact that the country is the second largest importer of palm oil in the entire ASEAN region. Palm oil is also used widely because of its low price. Widespread closures of restaurants, hotels due to COVID-19, reduced palm oil consumption in the foodservice industry in MY 2020/21. Post projects a higher use of palm oil in the food processing and food service sectors in MY 2021/22 as tourism resumes and industrial zones get back to a normal level of production.
Analysts at Ken Research in their latest publication, "Vietnam Edible Oil Market Outlook 2026F- driven by Rise in Disposable Income, Prevalence of Health Problems and Increasing Inclination towards Healthy Lifestyle" observed that the market will experience a steady uptick in the upcoming years. Rising income levels & demand for high quality oil are expected to be the main growth drivers in the upcoming years. Growing disposable income, an ageing population, and a preference for healthier lifestyles are some of the factors driving the market's expansion.
Key Topics Covered:-
- Vietnam Edible Oil Market Outlook
- Market Size of Vietnam Edible Oil Market, 2021
- Forecast of Vietnam Edible Oil Market
- Historical Data and Forecast of Vietnam Edible Oil Revenues & Volume for the Period 2016 – 2026F
- Vietnam Edible Oil Market Trend Evolution
- Vietnam Edible Oil Market Drivers and Challenges
- Vietnam Edible Oil Import Export Trade Statistics
- Market Opportunity Assessment By Type, application, distribution channel
- Vietnam Edible Oil Top Companies Market Share
- Vietnam Edible Oil Competitive Benchmarking By Technical and Operational Parameters
- Vietnam Edible Oil Company Profiles
- Vietnam Edible Oil Key Strategic Recommendations
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Key Segments Covered:-
By Type
- Palm Oil
- Rapeseed Oil
- Soybean Oil
- Coconut Oil
- Others (Rice barn oil, Sesame oil, Peanut oil, sunflower oil and olive oil.)
By Volume
- Palm Oil
- Rapeseed Oil
- Soybean Oil
- Coconut Oil
- Others (Rice barn oil, Sesame oil, Peanut oil, sunflower oil and olive oil.)
By Mode Of Sales
- Online
- Offline
By type Of Sales Channel
- Super Market
- Grocery Store
- Convenience Store
- Local market
- Specialised Store
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Key Target Audience
- Supermarkets
- High Income Individuals
- Local Stores
- Online Stores
- Convenience Stores
Time Period Captured In the Report:-
- Historical Period: 2016-2021
- Base Period: 2021
- Forecast Period: 2022P-2026F
Companies Covered in Vietnam Edible Oil Market
- Vegetable Oil Trading Jsc
- Vinacommodities Corporation
- Vocarimex (Calofic)
- Kido Nha Be
- Tuong An
- Voe (Vegetable Oil Extraction)
- Quang Minh Corporation Joint Stock Company
- South America Vegetable Oil Joint Stock Company
- Otran Viet Nam Corporation
- Pvn Oil Ltd
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