Vietnam Edible Oil Market Poised for $339 Million Growth by 2027: Fueled by Health, Urbanization, and Food Processing Boom: Ken Research
GURUGRAM, India, Feb. 12, 2024 /PRNewswire/ -- The Vietnam edible oil market is set to sizzle, with a projected 339 million USD growth by 2027, reaching 1.456 billion USD from its 2022 value of 1.117 billion USD, according to a new report by Ken Research titled "Vietnam Edible Oil Market Outlook to 2027: From Palm Power to Premium Picks." This press release reveals the key ingredients driving this market's culinary adventure.
Flavorful Drivers:
- Spiking Demand: A population surge of 1.4% annually fuels demand for diverse oils, with palm (36% market share), soybean (18%), and sunflower (12%) as the frontrunners.
- Health Concoctions: 80% of urban consumers prioritize health, driving demand for high-quality oils.
- Food Processing Fiesta: The industry's 8.4% growth demands various oils for processed food creations.
Market Segments: A Culinary Adventure:
- Oil Types: While palm reigns supreme, soybean and sunflower oils are rising stars. Niche oils like coconut are adding exotic flavors (8.4% domestic consumption growth in 2021).
- Distribution Delights: Traditional stores (87.4% market share) hold strong, but online channels are simmering with potential (70-80% conversion rate on offline regular purchases).
- Sales Channel Sizzle: Supermarkets and hypermarkets are heating up, while convenient stores and e-commerce add their unique flavors to the mix.
Interested to Know More about this Report, Request a Free Sample Report
Competitive Kitchen:
- Master Chefs: Calofic (40% market share), Tuong an (13%), Kido Nha Be (3.2%), and Tan Binh (2.4%) are the top contenders.
- Culinary Showdown: Players are battling it out with innovative recipes, cutting-edge technology, and efficient distribution networks.
Challenges & Opportunities: Balancing Spices & Sweeteners:
- Import Reliance: Vietnam relies heavily on imports, exposing it to price fluctuations and supply chain disruptions.
- Labor Shortages: The agricultural sector faces a lack of manpower, potentially hindering domestic production.
- Sustainability Concerns: Growing environmental awareness demands eco-friendly practices throughout the value chain.
Opportunities Galore: A Foodie Paradise:
- Premium Palates: Consumers are craving premium and functional oils, creating a delicious new market segment.
- Tech Savvy Chefs: Technological advancements will enhance efficiency and reduce costs.
- Sustainable Feast: Bio-based oils and eco-friendly packaging offer a scrumptious way to embrace sustainability.
Visit this Link :- Request for custom report
A Recipe for Success:
The Vietnam edible oil market offers a delicious concoction of growth potential. Urbanization, rising incomes, and health awareness are the key ingredients fueling the market's expansion. Food processing and premium oil demand add further flavor to the mix. Embracing technology, addressing import dependence, and prioritizing sustainability are the essential spices needed for stakeholders to cook up success in this dynamic market.
Taxonomy
Vietnam Edible Oil Market Segmentation
By Type
Palm Oil
Soy Oil
Coconut Oil
Peanut Oil
Others
Request free 30 minutes analyst call
By Mode of Distribution channel
Online
Offline
By Type of sales channel
Small Local Grocers
Supermarket
Hypermarket
Convenient store
E-commerce
By Age-Group
0-14 Years
15-19 Years
20-24 Years
25-44 Years
45-64 Years
65-79 Years
80+ Years
By Income Level
2.5 LPA
5-7 LPA
7-9 LPA
9 LPA and Above
For More Insights On Market Intelligence, Refer To The Link Below: –
Related Reports by Ken Research: –
Indonesia Edible Oil Market will expand at a CAGR of 3.1% between 2022 and 2027 owing to the rising demand for palm oil segment. Consumers are also likely to look for value-for-money options such as products in larger refill packs or private label products. Indeed, there is also likely to be polarisation in terms of pack size. Net Profit of Bimoli Cooking Oil Producer, Salim Ivomas Pratama increases 320% in 2021.
According to Ken Research, this market is anticipated to grow at a CAGR of ~7% in between 2022-2028 owing to rise in allergy cases, rapid urbanization and technological advancements along with rise in demands and sales of gluten free products.
The global snack food market is expected to reach USD 304306 Mn from 2022 to 2027, with a projected increase in market size driven by changing consumer preferences, urbanization, and a rising demand for convenience foods. A major growth driver in the snack food market will be the increasing consumer focus on health and wellness. There is a growing demand for snacks that are not only tasty but also nutritious.
Europe wheat protein market is expected to show constant increase and is expected to grow at a CAGR of ~6% from 2022 to 2028 with increasing focus of concerning health issues. Wheat protein market is expected to grow from 2022-2028 due to factors like increase in trust on organic farming, growing demand of wheat protein, and increase in number of gyms and fitness centers in Europe.
Follow Us –
LinkedIn | Instagram | Facebook | Twitter | YouTube
Contact Us:-
Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
[email protected]
+91-9015378249
Logo: https://mma.prnewswire.com/media/1954972/Ken_Research_Logo.jpg
SOURCE Ken Research
Share this article