Soft Drinks in VietnamFull Market Report

Soft Drinks in Vietnam
Euromonitor International
December 2022
SOFT DRINKS IN VIETNAM Passport i
LIST OF CONTENTS AND TABLES

Soft Drinks in Vietnam - Industry Overview .................................................................................. 1
EXECUTIVE SUMMARY .............................................................................................................. 1
Soft drinks in 2022: The big pictures......................................................................................... 1
2022 key trends ........................................................................................................................ 1
Competitive landscape ............................................................................................................. 2
Retailing developments ............................................................................................................ 2
Foodservice vs retail split ......................................................................................................... 2
What next for soft drinks? ......................................................................................................... 3
MARKET DATA ............................................................................................................................ 3
Table 1 Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: Volume
2017-2022 .................................................................................................... 3
Table 2 Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: %
Volume Growth 2017-2022 .......................................................................... 3
Table 3 Off-trade vs On-trade Sales of Soft Drinks by Channel: Value 2017-
2022 ............................................................................................................. 4
Table 4 Off-trade vs On-trade Sales of Soft Drinks by Channel: % Value
Growth 2017-2022 ....................................................................................... 4
Table 5 Off-trade vs On-trade Sales of Soft Drinks (as sold) by Category:
Volume 2021 ................................................................................................ 4
Table 6 Off-trade vs On-trade Sales of Soft Drinks (as sold) by Category: %
Volume 2021 ................................................................................................ 4
Table 7 Off-trade vs On-trade Sales of Soft Drinks by Category: Value 2021 ........... 5
Table 8 Off-trade vs On-trade Sales of Soft Drinks by Category: % Value 2021....... 5
Table 9 Off-trade Sales of Soft Drinks (RTD) by Category: Volume 2017-2022........ 5
Table 10 Off-trade Sales of Soft Drinks (RTD) by Category: % Volume Growth
2017-2022 .................................................................................................... 6
Table 11 Off-trade Sales of Soft Drinks by Category: Value 2017-2022 ..................... 6
Table 12 Off-trade Sales of Soft Drinks by Category: % Value Growth 2017-
2022 ............................................................................................................. 6
Table 13 Sales of Soft Drinks by Total Fountain On-trade: Volume 2017-2022 .......... 7
Table 14 Sales of Soft Drinks by Total Fountain On-trade: % Volume Growth
2017-2022 .................................................................................................... 7
Table 15 NBO Company Shares of Off-trade Soft Drinks (RTD): % Volume
2018-2022 .................................................................................................... 7
Table 16 LBN Brand Shares of Off-trade Soft Drinks (RTD): % Volume 2019-
2022 ............................................................................................................. 8
Table 17 NBO Company Shares of Off-trade Soft Drinks: % Value 2018-2022 .......... 9
Table 18 LBN Brand Shares of Off-trade Soft Drinks: % Value 2019-2022 .............. 10
Table 19 Distribution of Off-trade Soft Drinks (as sold) by Format: % Volume
2017-2022 .................................................................................................. 11
Table 20 Distribution of Off-trade Soft Drinks (as sold) by Format and Category:
% Volume 2022 .......................................................................................... 12
Table 21 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by
Channel: Volume 2022-2027 ..................................................................... 13
Table 22 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by
Channel: % Volume Growth 2022-2027 ..................................................... 14
© Euromonitor International
SOFT DRINKS IN VIETNAM Passport ii
Table 23 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel:

Value 2022-2027 ........................................................................................ 14
Table 24 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel: %
Value Growth 2022-2027 ........................................................................... 14
Table 25 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: Volume
2022-2027 .................................................................................................. 14
Table 26 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: % Volume
Growth 2022-2027 ..................................................................................... 15
Table 27 Forecast Off-trade Sales of Soft Drinks by Category: Value 2022-
2027 ........................................................................................................... 15
Table 28 Forecast Off-trade Sales of Soft Drinks by Category: % Value Growth
2022-2027 .................................................................................................. 15
Table 29 Forecast Sales of Soft Drinks by Total Fountain On-trade: Volume
2022-2027 .................................................................................................. 16
Table 30 Forecast Sales of Soft Drinks by Total Fountain On-trade: % Volume
Growth 2022-2027 ..................................................................................... 16
APPENDIX ................................................................................................................................. 16
Fountain sales in Vietnam ...................................................................................................... 16
DISCLAIMER ............................................................................................................................. 17
SOURCES.................................................................................................................................. 17
Summary 1 Research Sources ...................................................................................... 17
Bottled Water in Vietnam - Category Analysis ............................................................................ 20
KEY DATA FINDINGS................................................................................................................ 20
2022 DEVELOPMENTS ............................................................................................................. 20
Improved performance in line with recovery of foodservice and rising levels of health and
wellness .................................................................................................................................. 20
Key players bolster their sustainability credentials.................................................................. 20
Imported brands in still natural bottled mineral water witness stronger presence. .................. 21
PROSPECTS AND OPPORTUNITIES....................................................................................... 21
Healthy growth expected, in line with A return to pre-pandemic lifestyles and health and
wellness trends ....................................................................................................................... 21
Sparkling flavoured bottled water will become more significant .............................................. 21
Product innovation will stimulate consumers’ interest, with A focus on sustainability ............. 22
CATEGORY DATA ..................................................................................................................... 22
Table 31 Off-trade Sales of Bottled Water by Category: Volume 2017-2022 ............ 22
Table 32 Off-trade Sales of Bottled Water by Category: Value 2017-2022 ............... 22
Table 33 Off-trade Sales of Bottled Water by Category: % Volume Growth
2017-2022 .................................................................................................. 23
Table 34 Off-trade Sales of Bottled Water by Category: % Value Growth 2017-
2022 ........................................................................................................... 23
Table 35 NBO Company Shares of Off-trade Bottled Water: % Volume 2018-
2022 ........................................................................................................... 23
Table 36 LBN Brand Shares of Off-trade Bottled Water: % Volume 2019-2022 ....... 24
Table 37 NBO Company Shares of Off-trade Bottled Water: % Value 2018-
2022 ........................................................................................................... 24
Table 38 LBN Brand Shares of Off-trade Bottled Water: % Value 2019-2022 .......... 25
Table 39 Forecast Off-trade Sales of Bottled Water by Category: Volume 2022-
2027 ........................................................................................................... 26
SOFT DRINKS IN VIETNAM Passport iii
Table 40 Forecast Off-trade Sales of Bottled Water by Category: Value 2022-

2027 ........................................................................................................... 26
Table 41 Forecast Off-trade Sales of Bottled Water by Category: % Volume
Growth 2022-2027 ..................................................................................... 26
Table 42 Forecast Off-trade Sales of Bottled Water by Category: % Value
Growth 2022-2027 ..................................................................................... 26
Carbonates in Vietnam - Category Analysis ............................................................................... 28
2022 DEVELOPMENTS ............................................................................................................. 28
Return to positive growth, thanks to the recovery of on-trade channels ................................. 28
Reduced sugar carbonates continue to gain popularity .......................................................... 28
Key players pursue A sustainable packaging strategy............................................................ 29
Strong growth predicted for carbonates, in line with rising levels of consumer confidence, but
health and wellness trends will have an impact on sales ........................................................ 29
International players are expected to continue with their marketing and promotional activities,
while corporate responsibility will be an important focus......................................................... 30
Key players to strengthen their e-commerce presence to boost sales.................................... 30
CATEGORY DATA ..................................................................................................................... 30
Table 43 Off-trade vs On-trade Sales of Carbonates: Volume 2017-2022 ................ 30
Table 44 Off-trade vs On-trade Sales of Carbonates: Value 2017-2022 ................... 31
Table 45 Off-trade vs On-trade Sales of Carbonates: % Volume Growth 2017-
2022 ........................................................................................................... 31
Table 46 Off-trade vs On-trade Sales of Carbonates: % Value Growth 2017-
2022 ........................................................................................................... 31
Table 47 Off-trade Sales of Carbonates by Category: Volume 2017-2022 ............... 31
Table 48 Off-trade Sales of Carbonates by Category: Value 2017-2022 .................. 32
Table 49 Off-trade Sales of Carbonates by Category: % Volume Growth 2017-
2022 ........................................................................................................... 32
Table 50 Off-trade Sales of Carbonates by Category: % Value Growth 2017-
2022 ........................................................................................................... 33
Table 51 Total Sales of Carbonates by Fountain On-trade: Volume 2017-2022 ....... 33
Table 52 Total Sales of Carbonates by Fountain On-trade: % Volume Growth
2017-2022 .................................................................................................. 33
Table 53 NBO Company Shares of Off-trade Carbonates: % Volume 2018-
2022 ........................................................................................................... 33
Table 54 LBN Brand Shares of Off-trade Carbonates: % Volume 2019-2022 .......... 34
Table 55 NBO Company Shares of Off-trade Carbonates: % Value 2018-2022 ....... 35
Table 56 LBN Brand Shares of Off-trade Carbonates: % Value 2019-2022 ............. 35
Table 57 Forecast Off-trade Sales of Carbonates by Category: Volume 2022-
2027 ........................................................................................................... 36
Table 58 Forecast Off-trade Sales of Carbonates by Category: Value 2022-
2027 ........................................................................................................... 37
Table 59 Forecast Off-trade Sales of Carbonates by Category: % Volume
Growth 2022-2027 ..................................................................................... 37
Table 60 Forecast Off-trade Sales of Carbonates by Category: % Value Growth
2022-2027 .................................................................................................. 37
Table 61 Forecast Total Sales of Carbonates by Fountain On-trade: Volume
2022-2027 .................................................................................................. 38
SOFT DRINKS IN VIETNAM Passport iv
Table 62 Forecast Total Sales of Carbonates by Fountain On-trade: % Volume

Growth 2022-2027 ..................................................................................... 38
Concentrates in Vietnam - Category Analysis ............................................................................ 39
2022 DEVELOPMENTS ............................................................................................................. 39
Concentrates record stronger growth in 2022, in line with rising levels of consumer confidence39
Powder concentrates witness higher demand than liquid concentrates.................................. 39
International players continue to dominate the market ........................................................... 39
Concentrates will remain A niche area of soft drinks, with value-for-money powder varieties
dominating sales ..................................................................................................................... 40
Nestle Vietnam is expected to lead product innovation in concentrates ................................. 40
Retail e-commerce will help players to expand sales into rural areas..................................... 41
CATEGORY DATA ..................................................................................................................... 41
Concentrates Conversions ..................................................................................................... 41
Summary 2 Concentrates Conversion Factors for Ready-to-Drink (RTD) Format ......... 41
Table 63 Off-trade Sales of Concentrates (RTD) by Category: Volume 2017-
2022 ........................................................................................................... 41
Table 64 Off-trade Sales of Concentrates (RTD) by Category: % Volume
Growth 2017-2022 ..................................................................................... 41
Table 65 Off-trade Sales of Concentrates by Category: Value 2017-2022 ............... 42
Table 66 Off-trade Sales of Concentrates by Category: % Value Growth 2017-
2022 ........................................................................................................... 42
Table 67 LBN Brand Shares of Off-trade Concentrates (RTD): % Volume 2019-
2022 ........................................................................................................... 42
Table 68 NBO Company Shares of Off-trade Concentrates: % Value 2018-
2022 ........................................................................................................... 42
Table 69 LBN Brand Shares of Off-trade Concentrates: % Value 2019-2022 ........... 43
Table 70 NBO Company Shares of Off-trade Liquid Concentrates (RTD): %
Volume 2018-2022 ..................................................................................... 43
Table 71 LBN Brand Shares of Off-trade Liquid Concentrates (RTD): % Volume
2019-2022 .................................................................................................. 43
Table 72 NBO Company Shares of Off-trade Powder Concentrates (RTD): %
Volume 2018-2022 ..................................................................................... 44
Table 73 LBN Brand Shares of Off-trade Powder Concentrates (RTD): %
Volume 2019-2022 ..................................................................................... 44
Table 74 Forecast Off-trade Sales of Concentrates (RTD) by Category: Volume
2022-2027 .................................................................................................. 44
Table 75 Forecast Off-trade Sales of Concentrates (RTD) by Category: %
Volume Growth 2022-2027 ........................................................................ 45
Table 76 Forecast Off-trade Sales of Concentrates by Category: Value 2022-
2027 ........................................................................................................... 45
Table 77 Forecast Off-trade Sales of Concentrates by Category: % Value
Growth 2022-2027 ..................................................................................... 45
Juice in Vietnam - Category Analysis ......................................................................................... 46
2022 DEVELOPMENTS ............................................................................................................. 46
Juice records stronger volume growth in 2022 in line with rising consumer demand ............. 46
Imported brands establish stronger presence in 2022 ............................................................ 46
SOFT DRINKS IN VIETNAM Passport v
Coconut and other plant waters see most dynamic performance in 2022 .............................. 47
Continued positive performance, in line with return to pre-pandemic lifestyles and ongoing
health and wellness trends ..................................................................................................... 47
Key players to focus on juices with functional benefits ........................................................... 47
Coconut and other plant waters to maintain robust growth ..................................................... 48
CATEGORY DATA ..................................................................................................................... 48
Table 78 Off-trade Sales of Juice by Category: Volume 2017-2022 ......................... 48
Table 79 Off-trade Sales of Juice by Category: Value 2017-2022 ............................ 48
Table 80 Off-trade Sales of Juice by Category: % Volume Growth 2017-2022 ......... 48
Table 81 Off-trade Sales of Juice by Category: % Value Growth 2017-2022 ............ 49
Table 82 NBO Company Shares of Off-trade Juice: % Volume 2018-2022 .............. 49
Table 83 LBN Brand Shares of Off-trade Juice: % Volume 2019-2022..................... 50
Table 84 NBO Company Shares of Off-trade Juice: % Value 2018-2022 ................. 50
Table 85 LBN Brand Shares of Off-trade Juice: % Value 2019-2022........................ 51
Table 86 Forecast Off-trade Sales of Juice by Category: Volume 2022-2027 .......... 51
Table 87 Forecast Off-trade Sales of Juice by Category: Value 2022-2027 ............. 52
Table 88 Forecast Off-trade Sales of Juice by Category: % Volume Growth
2022-2027 .................................................................................................. 52
Table 89 Forecast Off-trade Sales of Juice by Category: % Value Growth 2022-
2027 ........................................................................................................... 52
RTD Coffee in Vietnam - Category Analysis............................................................................... 53
2022 DEVELOPMENTS ............................................................................................................. 53
Positive growth trend continues in 2022, but sales remain underdeveloped. ......................... 53
Nestlé Vietnam Ltd sees rapid growth in share as A result of new product development and
extensive distribution .............................................................................................................. 53
Key players strengthen relationships with e-commerce retailers ............................................ 54
RTD coffee still offers much potential for growth .................................................................... 54
Convenience stores and retail e-commerce channel will support sales expansion ................ 54
Players to focus on improving RTD coffee flavour and packaging to stimulate consumer
demand ................................................................................................................................... 54
CATEGORY DATA ..................................................................................................................... 55
Table 90 Off-trade Sales of RTD Coffee: Volume 2017-2022 ................................... 55
Table 91 Off-trade Sales of RTD Coffee: Value 2017-2022 ...................................... 55
Table 92 Off-trade Sales of RTD Coffee: % Volume Growth 2017-2022 .................. 55
Table 93 Off-trade Sales of RTD Coffee: % Value Growth 2017-2022 ..................... 55
Table 94 NBO Company Shares of Off-trade RTD Coffee: % Volume 2018-
2022 ........................................................................................................... 55
Table 95 LBN Brand Shares of Off-trade RTD Coffee: % Volume 2019-2022 .......... 56
Table 96 NBO Company Shares of Off-trade RTD Coffee: % Value 2018-2022....... 56
Table 97 LBN Brand Shares of Off-trade RTD Coffee: % Value 2019-2022 ............. 57
Table 98 Forecast Off-trade Sales of RTD Coffee: Volume 2022-2027 .................... 57
Table 99 Forecast Off-trade Sales of RTD Coffee: Value 2022-2027 ....................... 57
Table 100 Forecast Off-trade Sales of RTD Coffee: % Volume Growth 2022-
2027 ........................................................................................................... 57
Table 101 Forecast Off-trade Sales of RTD Coffee: % Value Growth 2022-2027....... 58
RTD Tea in Vietnam - Category Analysis ................................................................................... 59
SOFT DRINKS IN VIETNAM Passport vi

2022 DEVELOPMENTS ............................................................................................................. 59
Signs of recovery in foodservice sales in 2022 ....................................................................... 59
Health and wellness trends drive consumer behaviour........................................................... 59
Tan Hiep Phat Group loses share in 2022, while its rivals focus on new healthier variants and
new flavour combinations ....................................................................................................... 60
RTD tea is expected to record positive performance .............................................................. 60
Stronger competition between top players .............................................................................. 60
Reduced sugar RTD tea is expected to record stronger presence ......................................... 61
CATEGORY DATA ..................................................................................................................... 61
Table 102 Off-trade Sales of RTD Tea by Category: Volume 2017-2022 ................... 61
Table 103 Off-trade Sales of RTD Tea by Category: Value 2017-2022 ...................... 61
Table 104 Off-trade Sales of RTD Tea by Category: % Volume Growth 2017-
2022 ........................................................................................................... 61
Table 105 Off-trade Sales of RTD Tea by Category: % Value Growth 2017-2022...... 61
Table 106 Leading Flavours for Off-trade RTD Tea: % Volume 2017-2022 ................ 62
Table 107 NBO Company Shares of Off-trade RTD Tea: % Volume 2018-2022 ........ 62
Table 108 LBN Brand Shares of Off-trade RTD Tea: % Volume 2019-2022 .............. 62
Table 109 NBO Company Shares of Off-trade RTD Tea: % Value 2018-2022 ........... 63
Table 110 LBN Brand Shares of Off-trade RTD Tea: % Value 2019-2022 ................. 63
Table 111 Forecast Off-trade Sales of RTD Tea by Category: Volume 2022-
2027 ........................................................................................................... 64
Table 112 Forecast Off-trade Sales of RTD Tea by Category: Value 2022-2027 ....... 64
Table 113 Forecast Off-trade Sales of RTD Tea by Category: % Volume Growth
2022-2027 .................................................................................................. 64
Table 114 Forecast Off-trade Sales of RTD Tea by Category: % Value Growth
2022-2027 .................................................................................................. 65
Energy Drinks in Vietnam - Category Analysis ........................................................................... 66
2022 DEVELOPMENTS ............................................................................................................. 66
Stronger demand in 2022 ....................................................................................................... 66
Product innovation in the form of new flavours and low sugar variants stimulates consumer
interest .................................................................................................................................... 66
Competition becomes more intense ....................................................................................... 67
Continued strong growth, despite health and wellness trends ................................................ 67
Reduced sugar energy drinks will establish stronger presence .............................................. 67
Key players are expected to focus on driving growth in rural areas. ....................................... 67
CATEGORY DATA ..................................................................................................................... 68
Table 115 Off-trade Sales of Energy Drinks: Volume 2017-2022 ............................... 68
Table 116 Off-trade Sales of Energy Drinks: Value 2017-2022 .................................. 68
Table 117 Off-trade Sales of Energy Drinks: % Volume Growth 2017-2022 ............... 68
Table 118 Off-trade Sales of Energy Drinks: % Value Growth 2017-2022 .................. 68
Table 119 NBO Company Shares of Off-trade Energy Drinks: % Volume 2018-
2022 ........................................................................................................... 68
Table 120 LBN Brand Shares of Off-trade Energy Drinks: % Volume 2019-2022....... 69
Table 121 NBO Company Shares of Off-trade Energy Drinks: % Value 2018-
2022 ........................................................................................................... 69
SOFT DRINKS IN VIETNAM Passport vii
Table 122 LBN Brand Shares of Off-trade Energy Drinks: % Value 2019-2022 ......... 69
Table 123 Forecast Off-trade Sales of Energy Drinks: Volume 2022-2027 ................. 70
Table 124 Forecast Off-trade Sales of Energy Drinks: Value 2022-2027.................... 70
Table 125 Forecast Off-trade Sales of Energy Drinks: % Volume Growth 2022-
2027 ........................................................................................................... 70
Table 126 Forecast Off-trade Sales of Energy Drinks: % Value Growth 2022-
2027 ........................................................................................................... 70
Sports Drinks in Vietnam - Category Analysis ............................................................................ 72
2022 DEVELOPMENTS ............................................................................................................. 72
Sports drinks register faster growth, due to the reopening of sporting activities ..................... 72
International players dominate sports drinks, with both 7-Up Revive and Pocari Sweat seeing
their share increase ................................................................................................................ 72
Convenience stores and retail e-commerce grow in importance ............................................ 73
Positive outlook for sports drinks, as consumers resume sporting activities ........................... 73
Sports drink powder poses A potential threat ......................................................................... 74
Multinationals to focus on innovation, in view of increased competition from smaller players 74
CATEGORY DATA ..................................................................................................................... 74
Table 127 Off-trade Sales of Sports Drinks: Volume 2017-2022................................. 74
Table 128 Off-trade Sales of Sports Drinks: Value 2017-2022 ................................... 74
Table 129 Off-trade Sales of Sports Drinks: % Volume Growth 2017-2022 ................ 74
Table 130 Off-trade Sales of Sports Drinks: % Value Growth 2017-2022 ................... 75
Table 131 NBO Company Shares of Off-trade Sports Drinks: % Volume 2018-
2022 ........................................................................................................... 75
Table 132 LBN Brand Shares of Off-trade Sports Drinks: % Volume 2019-2022........ 75
Table 133 NBO Company Shares of Off-trade Sports Drinks: % Value 2018-
2022 ........................................................................................................... 75
Table 134 LBN Brand Shares of Off-trade Sports Drinks: % Value 2019-2022 .......... 76
Table 135 Forecast Off-trade Sales of Sports Drinks: Volume 2022-2027 .................. 76
Table 136 Forecast Off-trade Sales of Sports Drinks: Value 2022-2027..................... 76
Table 137 Forecast Off-trade Sales of Sports Drinks: % Volume Growth 2022-
2027 ........................................................................................................... 77
Table 138 Forecast Off-trade Sales of Sports Drinks: % Value Growth 2022-
2027 ........................................................................................................... 77
Asian Speciality Drinks in Vietnam - Category Analysis ............................................................. 78
2022 DEVELOPMENTS ............................................................................................................. 78
Asian speciality drinks record positive performance in 2022 .................................................. 78
Limited marketing and advertising by the leading players ...................................................... 78
Focus on healthier and fortified variants ................................................................................. 78
Positive outlook in line with rising health and wellness trends ................................................ 79
Immature category offers potential for existing soft drinks players ......................................... 79
Focus on product innovation and distribution, rather than marketing activities ....................... 79
CATEGORY DATA ..................................................................................................................... 79
Table 139 Off-trade Sales of Asian Speciality Drinks: Volume 2017-2022.................. 79
Table 140 Off-trade Sales of Asian Speciality Drinks: Value 2017-2022..................... 80
SOFT DRINKS IN VIETNAM Passport viii
Table 141 Off-trade Sales of Asian Speciality Drinks: % Volume Growth 2017-
2022 ........................................................................................................... 80
Table 142 Off-trade Sales of Asian Speciality Drinks: % Value Growth 2017-
2022 ........................................................................................................... 80
Table 143 NBO Company Shares of Off-trade Asian Speciality Drinks: %
Volume 2018-2022 ..................................................................................... 80
Table 144 LBN Brand Shares of Off-trade Asian Speciality Drinks: % Volume
2019-2022 .................................................................................................. 80
Table 145 NBO Company Shares of Off-trade Asian Speciality Drinks: % Value
2018-2022 .................................................................................................. 81
Table 146 LBN Brand Shares of Off-trade Asian Speciality Drinks: % Value
2019-2022 .................................................................................................. 81
Table 147 Forecast Off-trade Sales of Asian Speciality Drinks: Volume 2022-
2027 ........................................................................................................... 81
Table 148 Forecast Off-trade Sales of Asian Speciality Drinks: Value 2022-2027 ...... 81
Table 149 Forecast Off-trade Sales of Asian Speciality Drinks: % Volume
Growth 2022-2027 ..................................................................................... 82
Table 150 Forecast Off-trade Sales of Asian Speciality Drinks: % Value Growth
2022-2027 .................................................................................................. 82
SOFT DRINKS IN VIETNAM Passport 1
SOFT DRINKS IN VIETNAM -

INDUSTRY OVERVIEW
EXECUTIVE SUMMARY
Soft drinks in 2022: The big pictures

Sales of hot drinks in Vietnam registered a downturn in demand during the height of the
COVID-19 crisis in 2020 and 2021. This was mainly due to a significant declines in foodservice
sales, as pandemic-related restrictions forced the closure of all on-trade channels. Another
major factor placing pressure on the on-trade channel, even after its reopening, was a dramatic
decline in inbound tourism flows. This was due to Vietnam’s borders being closed to foreign
visitors for an extended period, as well as the understandable reluctance of many people to
engage with international air travel due to the elevated risk of contracting or spreading the
COVID-19 virus.
In 2022, volume sales of hot drinks registered a rebound in growth, in line with a more
buoyant economic outlook and stronger consumer demand. One major factor to take into
consideration here is the highly effective management of the COVID-19 situation by the
Vietnamese government, which gained international praise. As a result, consumer confidence
was not severely dented by the event of the pandemic, with the country’s economy rebounding
strongly and quickly. With the Vietnamese government able to control the number of COVID-19
cases, thanks to a high vaccination rate, consumers began to return to on-trade outlets.
2022 key trends

One continuing trend in 2022 was a stronger focus on health and wellness among the
Vietnamese population. This tendency was exacerbated by the COVID-19 pandemic, when
consumers became more interested in preventative health behaviours, in order to mitigate the
worst effects of the virus. Within soft drinks, there was a decline in demand for sugary
beverages, with such drinks having been linked to a variety of lifestyle diseases, notably type II
diabetes, heart disease and metabolic syndrome. By contrast, healthier options saw a surge in
popularity and continued to do so in 2002. This was seen in a rising interest in low- and no-
sugar variants and switches from high-sugar soft drinks to lower-sugar options, for example
from carbonates to flavoured bottled water. Coconut and other plant waters also showed
particularly strong growth, albeit from a low base.
Furthermore, products containing added vitamin C and/or minerals also attracted attention
from consumers, due to the belief that such drinks help to boost the immune system. For
example, Suntory PepsiCo Vietnam Beverage Co Ltd introduced Twister Passion Fruit and
Apple juice with additional vitamin C in July 2021. The addition of added fibre was another
emerging theme, as exemplified by the launch buy from Suntory PepsiCo Vietnam Beverage Co
Ltd of 7-Up Free + Fibre, which had previously been introduced into other Asian countries,
including Malaysia and Singapore.
Sustainability was also a rising trend in the country, with a growing number of manufacturers
signalling their commitment to using 100% recycled rPET in their packaging., La Vie JV Co
(owned by Nestlé SA globally) is cited as the first mineral water brand in Vietnam to use bottles
made from recycled plastic, contributing to the impetus to both promote the circular economy
model in Vietnam and turn waste into a resource instead of releasing it into the environment The
initiative is part of Nestlé SA’s goal of being able to recycle and reuse 100% of product
packaging by 2025. In September 2022, Coca-Cola Beverages Vietnam Co Ltd introduced fully
recycled bottles for its Coca-Cola Original and Coca-Cola Zero Sugar lines, including 300ml
bottles, while Suntory PepsiCo Vietnam Beverage Co Ltd also launched Pepsi 330ml in
packaging made entirely from recycled plastic. Manufacturers also made efforts to encourage
consumers to recycle their bottles, with the Sprite brand Coca-Cola Beverages Vietnam Co Ltd)
switching from its recognisable green bottles to transparent packaging which is easier to
recycle. The company also displayed the words “Recycle Me” on all of its packaging in an effort
to raise awareness about recycling and inspire action.
Following a gradual return to pre-pandemic lifestyles, the leading players, including Suntory
PepsiCo Vietnam Beverage Co Ltd and Coca-Cola Beverages Vietnam Co Ltd, were
increasingly willing to invest in product innovations, supported by various marketing and
promotional activities, in order to stimulate consumers’ interest. Many of these focused on new
flavour variations, as exemplified by the launch of a new a new cold-brew coffee flavour of the
popular energy drink, Red Bull ( Red Bull (Vietnam) Co Ltd), in, 2022.
Competitive landscape
Suntory PepsiCo Vietnam Beverage Co Ltd remained the largest player in soft drinks in
Vietnam in value terms, underpinned by its leading positions in carbonates, juice, bottled water
and sports drinks. Second-ranked Coca-Cola Beverages Vietnam Co Ltd is also a significant
player in carbonates, as well as bottled water and juice. Of the remaining players in the top five,
Tan Hiep Phat Group URC and Vietnam Co Ltd maintained first and second positions,
respectively, in RTD tea, while Red Bull led in Energy Drinks.
Despite difficult reading conditions, Suntory PepsiCo Vietnam Beverage Co Ltd succeeded in
strengthening its position in soft drinks over the review period, a trend which continued into
2022. The company is not only strong in terms of product innovation, but is also quite active with
regard to marketing and advertising activities. Moreover, the company has built a nationwide
distribution network in Vietnam, that covers all 63 provinces across the country.
Retailing developments
During the height of the pandemic in 2020 and 2021, supermarkets and hypermarkets gained
share at the expense of small local grocers, This was due to restrictions put into place by the
Vietnamese government, which dictated that all retailers selling non-essential goods, including
the majority of traditional retailers, had to close. The share accounted for by modern channels
stabilised somewhat in 2022, however, following the ending of pandemic-related restrictions and
a return to more normal shopping habits.
2022 saw Vietnamese consumers become increasingly familiar with purchasing soft drinks via
e-commerce platforms, such as such as tiki.vn, Lazada.vn and shopee.vn, consistent with the
rapid development of the channel in packaged foods as a whole. E-commerce helped the
leading players to expand the consumer base for their products by reaching out to untapped
markets, such as rural areas.
Foodservice vs retail split

At the peak of the COVID-19 pandemic, the Vietnamese government implemented strict
social distancing protocols in an effort to control the spread of the virus. This involved the
closure of all educational institutions such as schools and universities as well as the mandated
closure of all restaurants, bars and pubs. Furthermore, a ban was imposed on all gatherings of
more than 30 people. The result of this was a decline in total volume sales in 2020 and 2021.
At the beginning of 2022, the Vietnamese government lifted almost all restrictions and social
distancing measures with the majority of consumers able to participate once more in social
activities such as parties and family gatherings. As a result, the consumer foodservice channel
registered a strong recovery in 2022 in volume terms. However, volume sales have yet to return
to pre-pandemic levels, as the slow return of international tourism continues to place downwards
pressure on demand.
What next for soft drinks?

Overall, soft drinks will see an improved performance over the forecast period, with all
categories expected to see positive growth in volume terms. Growth will be led by the recovery
of on-trade volumes, following the easing of social distancing measures, given the high
vaccination rate across the country. Retail volume sales meanwhile will also see healthy growth,
in line with rising levels of consumer confidence. However, the rate of growth will be slower than
that registered during the first half of the review period, as major categories, such as RTD tea
and carbonates and bottled water, becomes more mature in the coming years.
Within this, it will be increasingly important for players to ensure a robust approach to
marketing and advertising, in order to reach their desired consumer audiences in both off-trade
and on-trade channels. These leading names will take advantage of the strong growth
opportunities which will emerge during the post-COVID-19 recovery period, as the Vietnamese
economy rebounds and consumers look to make up for lost time by socialising more often with
friends and family.
The forecast period is also set to see the leading players catering to the strongly emerging
demand for premium products, with competition expected to become more intense. A wider
range of more sophisticated offerings is expected to be seen on retail shelves, as the consumer
audience for these types of products continues to widen. In particular, affluent urban
professionals are more likely to be interested in sophisticated, high-quality products, with
manufacturers likely to favour them too, as they are generally more profitable than standard
variants.
MARKET DATA
Table 1 Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: Volume 2017-
2022
million litres
2017 2018 2019 2020 2021 2022
Off-trade 3,441.9 3,718.1 3,972.4 4,206.4 4,308.8 4,528.4

On-trade 1,909.6 2,068.9 2,240.7 1,925.2 1,612.8 1,833.9
Total 5,351.5 5,787.0 6,213.1 6,131.6 5,921.6 6,362.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 2 Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: % Volume Growth
2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
Off-trade 5.1 5.6 31.6

On-trade 13.7 -0.8 -4.0
Total 7.4 3.5 18.9
Table 3 Off-trade vs On-trade Sales of Soft Drinks by Channel: Value 2017-2022
VND billion
2017 2018 2019 2020 2021 2022
Off-trade 61,302.6 66,717.7 71,644.2 77,131.4 80,374.3 88,508.4

On-trade 45,228.7 49,583.6 53,767.9 47,523.2 40,549.3 47,970.8
Total 106,531.3 116,301.4 125,412.2 124,654.6 120,923.6 136,479.2
Table 4 Off-trade vs On-trade Sales of Soft Drinks by Channel: % Value Growth 2017-
2022
% current value growth

2021/22 2017-22 CAGR 2017/22 Total
Off-trade 10.1 7.6 44.4

On-trade 18.3 1.2 6.1
Total 12.9 5.1 28.1
Table 5 Off-trade vs On-trade Sales of Soft Drinks (as sold) by Category: Volume 2021
million litres
Off-trade On-trade Total
Bottled Water 781.4 692.5 1,474.0

Carbonates 796.8 393.9 1,190.7
Concentrates 0.4 - 0.4
Juice 512.9 37.8 550.7
RTD Coffee 2.7 0.4 3.1
RTD Tea 1,503.0 394.1 1,897.0
Energy Drinks 486.0 71.0 557.0
Sports Drinks 179.3 6.3 185.5
Asian Speciality Drinks 23.1 16.8 39.9
Soft Drinks 4,285.5 1,612.8 5,898.3
Note: Excludes powder concentrates
Table 6 Off-trade vs On-trade Sales of Soft Drinks (as sold) by Category: % Volume
2021
% volume analysis
Bottled Water 53.0 47.0 100.0

Carbonates 66.9 33.1 100.0
Juice 93.1 6.9 100.0

RTD Coffee 88.1 11.9 100.0
RTD Tea 79.2 20.8 100.0
Soft Drinks 72.7 27.3 100.0
Table 7 Off-trade vs On-trade Sales of Soft Drinks by Category: Value 2021
VND billion
Bottled Water 5,913.8 9,292.0 15,205.8

Carbonates 16,386.0 10,644.2 27,030.2
Juice 12,550.1 1,800.2 14,350.3
RTD Coffee 154.1 24.6 178.7
RTD Tea 24,999.1 14,813.7 39,812.8
Energy Drinks 16,106.3 2,703.3 18,809.6
Sports Drinks 2,907.1 129.8 3,036.9
Asian Speciality Drinks 894.2 1,141.5 2,035.8
Soft Drinks 80,374.3 40,549.3 120,923.6
Table 8 Off-trade vs On-trade Sales of Soft Drinks by Category: % Value 2021
% value analysis

Carbonates 60.6 39.4 100.0
Juice 87.5 12.5 100.0
RTD Coffee 86.2 13.8 100.0
RTD Tea 62.8 37.2 100.0
Soft Drinks 66.5 33.5 100.0
Table 9 Off-trade Sales of Soft Drinks (RTD) by Category: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
Asian Speciality Drinks 18.3 19.5 20.8 22.1 23.1 24.3

Sports Drinks 131.3 145.7 157.4 168.4 179.3 191.9
Energy Drinks 417.2 438.0 457.7 475.6 486.0 514.1
RTD Tea 1,320.2 1,396.8 1,459.6 1,517.1 1,503.0 1,553.0

RTD Coffee 2.2 2.3 2.4 2.5 2.7 3.1
Juice 372.3 419.2 450.8 480.5 512.9 549.2
Concentrates 17.4 18.6 20.9 22.5 23.6 25.2
Carbonates 646.9 690.9 737.6 779.9 796.8 838.7
Bottled Water 516.3 587.2 665.2 737.8 781.4 828.8
Soft Drinks 3,441.9 3,718.1 3,972.4 4,206.4 4,308.8 4,528.4
Table 10 Off-trade Sales of Soft Drinks (RTD) by Category: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total

RTD Tea 3.3 3.3 17.6
RTD Coffee 13.0 7.1 41.2
Juice 7.1 8.1 47.5
Concentrates 7.0 7.7 45.1
Carbonates 5.3 5.3 29.7
Soft Drinks 5.1 5.6 31.6
Table 11 Off-trade Sales of Soft Drinks by Category: Value 2017-2022
VND billion
2017 2018 2019 2020 2021 2022

Sports Drinks 1,995.3 2,248.0 2,454.5 2,675.4 2,907.1 3,246.3
Energy Drinks 12,700.0 13,600.0 14,484.0 15,364.9 16,106.3 18,077.1
RTD Tea 21,098.7 22,432.3 23,558.9 25,164.5 24,999.1 27,058.0
RTD Coffee 112.8 118.5 128.8 138.8 154.1 180.2
Juice 8,598.2 9,820.0 10,709.7 11,591.5 12,550.1 14,129.5
Concentrates 347.5 376.6 408.5 436.9 463.6 508.8
Carbonates 12,182.1 13,191.3 14,280.3 15,457.2 16,386.0 17,826.9
Bottled Water 3,625.7 4,226.1 4,851.9 5,474.4 5,913.8 6,497.3
Soft Drinks 61,302.6 66,717.7 71,644.2 77,131.4 80,374.3 88,508.4
Table 12 Off-trade Sales of Soft Drinks by Category: % Value Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total

RTD Tea 8.2 5.1 28.2
RTD Coffee 16.9 9.8 59.7

Juice 12.6 10.4 64.3
Table 13 Sales of Soft Drinks by Total Fountain On-trade: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
Total Fountain On-trade 102.6 119.0 136.8 112.2 103.6 125.3

Table 14 Sales of Soft Drinks by Total Fountain On-trade: % Volume Growth 2017-2022
% fountain volume growth

2021/22 2017-22 CAGR 2017/22 Total
Total Fountain On-trade 21.0 4.1 22.2

Table 15 NBO Company Shares of Off-trade Soft Drinks (RTD): % Volume 2018-2022
% off-trade volume
Company 2018 2019 2020 2021 2022
Suntory PepsiCo Vietnam 29.9 30.3 31.5 32.7 33.4

Beverage Co Ltd
Tan Hiep Phat Group 13.7 13.5 13.5 12.0 10.8
Coca-Cola Beverages 9.5 9.8 10.0 10.2 10.3
Vietnam Co Ltd
URC Vietnam Co Ltd 7.4 7.3 7.3 8.1 8.4
La Vie JV Co 3.6 3.8 4.1 4.5 4.6
Red Bull (Vietnam) Co Ltd 3.8 3.8 3.8 3.9 4.1
Masan Group Corp 1.9 2.3 2.5 2.5 2.6
Interfood Shareholding Co 1.8 1.8 1.7 1.8 1.8
Saigon Pure Water Co Ltd 1.7 1.5 1.3 1.3 1.3
Hoang Minh Water JSC 0.8 0.9 1.0 1.1 1.1
Chuong Duong Beverages 1.2 1.0 1.1 1.1 1.1
JSC
Dona New Tower Natural 0.7 0.7 0.7 0.7 0.6
Drink & Food JSC
Tribeco Binh Duong Co Ltd 1.1 0.9 0.9 0.7 0.6
Quang Ngai Sugar JSC 0.4 0.4 0.4 0.4 0.4
Otsuka Thang Nutrition 0.2 0.3 0.3 0.4 0.4
Co Ltd
Nestlé Vietnam Co Ltd 0.2 0.2 0.2 0.3 0.3
Vital JSC 1.2 1.0 0.8 0.4 0.2
Vietnam Dairy Products 0.2 0.2 0.2 0.2 0.2
JSC (Vinamilk)
Sapporo Vietnam Co Ltd 0.2 0.2 0.2 0.2 0.2
Unilever Vietnam 0.2 0.2 0.2 0.2 0.2
International Co Ltd
Taisho Vietnam Co Ltd 0.2 0.2 0.2 0.2 0.2
Tan Quang Minh 0.9 0.8 0.5 0.2 0.2
Manufacture & Trading
Co Ltd
Pepsi-Lipton 1.3 1.3 1.2 0.5 0.1
International
Ben Tre Import Export 0.1 0.1 0.1 0.1 0.1
JSC (Betrimex)
PepsiCo Vietnam (PIVN) - - 0.0 0.1 0.1
Aje Group 0.2 0.2 0.2 0.1 0.1
Malee Sampran Plc 0.1 0.1 0.1 0.1 0.1
National Foods Pty Ltd 0.1 0.1 0.1 0.1 0.1
A&B Foods & Beverage Co 0.2 0.2 0.2 0.0 0.0
Ltd
Multinational Food & 0.0 0.0 0.0 0.0 0.0
Beverage Corp
Tropical Wave Corp 0.2 0.2 0.2 0.1 -
Chia Khim Lee Food 0.2 0.2 0.1 - -
Industries Group
Pioneer Food Group Ltd 0.3 0.3 - - -
Others 16.7 16.5 15.4 15.7 16.2
Total 100.0 100.0 100.0 100.0 100.0
Table 16 LBN Brand Shares of Off-trade Soft Drinks (RTD): % Volume 2019-2022
% off-trade volume
Brand (GBO) Company (NBO) 2019 2020 2021 2022
C2 (JG Summit URC Vietnam Co Ltd 7.3 7.3 8.1 8.4

Holdings Inc)
Zero Degree Green Tea Tan Hiep Phat Group 9.7 9.7 8.6 7.7
Tea+ (Suntory Suntory PepsiCo Vietnam 5.7 5.8 6.1 6.3
Holdings Ltd) Beverage Co Ltd
Twister (PepsiCo Inc) Suntory PepsiCo Vietnam 5.5 5.7 6.0 6.1
Beverage Co Ltd
Aquafina (PepsiCo Suntory PepsiCo Vietnam 4.9 5.5 6.0 6.1
Inc) Beverage Co Ltd
La Vie (Nestlé SA) La Vie JV Co 3.8 4.1 4.5 4.6
Coca-Cola (Coca- Coca-Cola Beverages 4.3 4.2 4.2 4.1
Cola Co, The) Vietnam Co Ltd
Red Bull (TC Red Bull (Vietnam) Co Ltd 3.8 3.8 3.9 4.1
Pharmaceutical
Industry Co Ltd)
7-Up Revive Suntory PepsiCo Vietnam 3.0 3.0 3.1 3.2
(PepsiCo Inc) Beverage Co Ltd
Mirinda (PepsiCo Inc) Suntory PepsiCo Vietnam 2.9 2.9 3.1 3.2
Beverage Co Ltd
7-Up (PepsiCo Inc) Suntory PepsiCo Vietnam 2.7 2.8 2.9 2.9
Beverage Co Ltd
Pepsi (PepsiCo Inc) Suntory PepsiCo Vietnam 2.6 2.6 2.7 2.8
Beverage Co Ltd
Sting (PepsiCo Inc) Suntory PepsiCo Vietnam 2.2 2.2 2.3 2.3
Beverage Co Ltd
Fanta (Coca-Cola Coca-Cola Beverages 1.9 1.9 2.0 2.1

Co, The) Vietnam Co Ltd
Wonderfarm (Kirin Interfood Shareholding Co 1.8 1.7 1.8 1.8
Holdings Co Ltd)
Dasani (Coca-Cola Coca-Cola Beverages 1.3 1.5 1.7 1.7
Number 1 Tan Hiep Phat Group 2.0 1.9 1.8 1.6
Wake-up 247 Masan Group Corp 1.4 1.5 1.4 1.5
Sapuwa Saigon Pure Water Co Ltd 1.5 1.3 1.3 1.3
Dr Thanh Tan Hiep Phat Group 1.5 1.5 1.4 1.2
Vinh Hao Masan Group Corp 0.8 1.1 1.1 1.2
i-on Life Hoang Minh Water JSC 0.9 1.0 1.1 1.1
Chuong Duong (Thai Chuong Duong Beverages 1.0 1.1 1.1 1.1
Beverage PCL) JSC
Sprite (Coca-Cola Coca-Cola Beverages 1.0 1.0 1.1 1.1
Minute Maid (Coca- Coca-Cola Beverages 0.8 0.9 1.0 1.0
Nature (New Tower Dona New Tower Natural 0.7 0.7 0.7 0.6
Ltd) Drink & Food JSC
Green Tea 100 (Uni- Tribeco Binh Duong Co Ltd 0.5 0.5 0.5 0.4
President
Enterprises Corp)
Thach Bich Quang Ngai Sugar JSC 0.4 0.4 0.4 0.4
Pocari Sweat Otsuka Thang Nutrition 0.3 0.3 0.4 0.4
(Otsuka Holdings Co Co Ltd
Ltd)
Ceres (PepsiCo Inc) Suntory PepsiCo Vietnam - 0.3 0.3 0.3
Beverage Co Ltd
Mountain Dew Suntory PepsiCo Vietnam 0.4 0.4 0.1 -
Tam Thanh Tan Quang Minh 0.4 0.1 - -
Co Ltd
Others Others 23.1 21.2 19.6 19.3
Total Total 100.0 100.0 100.0 100.0
Table 17 NBO Company Shares of Off-trade Soft Drinks: % Value 2018-2022
% off-trade value rsp

Company 2018 2019 2020 2021 2022

Beverage Co Ltd
Vietnam Co Ltd
Masan Group Corp 2.2 2.6 2.8 2.7 2.8
La Vie JV Co 1.3 1.4 1.4 1.6 1.6
JSC
Drink & Food JSC

Co Ltd
JSC (Vinamilk)
JSC (Betrimex)
Pepsi-Lipton 1.4 1.4 1.4 0.6 0.2
International
Tan Quang Minh 0.9 0.9 0.6 0.2 0.2
Co Ltd
Vital JSC 0.4 0.4 0.3 0.2 0.1
Aje Group 0.1 0.1 0.1 0.1 0.1
Beverage Corp
Ltd
Industries Group
Others 15.5 14.7 14.2 14.4 14.8
Total 100.0 100.0 100.0 100.0 100.0
Table 18 LBN Brand Shares of Off-trade Soft Drinks: % Value 2019-2022

Pharmaceutical
Industry Co Ltd)
Holdings Inc)
Beverage Co Ltd
Beverage Co Ltd
Beverage Co Ltd
Beverage Co Ltd
Beverage Co Ltd
Holdings Co Ltd)
Beverage PCL) JSC
Beverage Co Ltd
Ltd)
Vinamilk Vietnam Dairy Products 0.4 0.4 0.4 0.4
JSC (Vinamilk)
President
Enterprises Corp)
Ceres Pioneer Food Group Ltd 0.8 - - -
Others Others 21.8 20.6 19.3 18.8
Total Total 100.0 100.0 100.0 100.0
Table 19 Distribution of Off-trade Soft Drinks (as sold) by Format: % Volume 2017-2022
% off-trade
2017 2018 2019 2020 2021 2022
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 98.8 97.9 97.5 95.0 90.9 90.6
-- Grocery Retailers 98.8 97.9 97.5 95.0 90.9 90.6
--- Convenience Retail 3.8 4.2 4.6 4.8 5.2 5.2
---- Convenience Stores 3.8 4.2 4.6 4.8 5.2 5.2
---- Forecourt Retailers - - - - - -
--- Supermarkets 8.0 8.3 8.5 8.8 10.2 10.3
--- Hypermarkets 2.3 2.5 2.7 2.8 3.8 3.9
--- Discounters - - - - - -
--- Warehouse Clubs - - - - - -
--- Food/drink/tobacco 15.0 15.0 14.9 14.9 14.3 14.1
specialists
--- Small Local Grocers 69.7 67.8 66.8 63.7 57.5 57.1
-- Non-Grocery Retailers - - - - - -
--- General Merchandise - - - - - -
Stores
--- Apparel and - - - - - -
Footwear Specialists
--- Appliances and - - - - - -
Electronics Specialists
--- Home Products - - - - - -
Specialists
--- Health and Beauty - - - - - -
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
--- Other Non-Grocery - - - - - -
Retailers
-- Vending - - - - - -
-- Direct Selling - - - - - -
- Retail E-Commerce 1.2 2.1 2.5 5.0 9.1 9.4
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 20 Distribution of Off-trade Soft Drinks (as sold) by Format and Category: %
Volume 2022
% off-trade
Bottled Carbonat Concentr Juice RTD RTD Tea
Water es ates Coffee
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 90.5 92.0 95.2 92.0 89.0 89.5
-- Grocery Retailers 90.5 92.0 95.2 92.0 89.0 89.5
--- Convenience Retail 3.7 6.3 1.8 4.2 7.0 5.9
---- Convenience Stores 3.7 6.3 1.8 4.2 7.0 5.9
---- Forecourt Retailers 0.0 0.0 0.0 0.0 0.0 0.0
--- Supermarkets 6.2 6.8 16.8 9.3 11.8 8.3
--- Hypermarkets 2.7 2.5 4.0 4.8 4.9 4.2
--- Discounters 0.0 0.0 0.0 0.0 0.0 0.0
--- Warehouse Clubs 0.0 0.0 0.0 0.0 0.0 0.0
--- Food/drink/tobacco 16.3 17.4 13.6 15.8 7.6 9.9
specialists
--- Small Local Grocers 61.6 59.0 59.0 57.9 57.7 61.2
-- Non-Grocery Retailers 0.0 0.0 0.0 0.0 0.0 0.0
--- General Merchandise 0.0 0.0 0.0 0.0 0.0 0.0
Stores
--- Apparel and 0.0 0.0 0.0 0.0 0.0 0.0
--- Appliances and 0.0 0.0 0.0 0.0 0.0 0.0
--- Home Products 0.0 0.0 0.0 0.0 0.0 0.0
Specialists
--- Health and Beauty 0.0 0.0 0.0 0.0 0.0 0.0
Specialists
--- Leisure and 0.0 0.0 0.0 0.0 0.0 0.0

Personal Goods
Specialists
--- Other Non-Grocery 0.0 0.0 0.0 0.0 0.0 0.0
Retailers
-- Vending 0.0 0.0 0.0 0.0 0.0 0.0
-- Direct Selling 0.0 0.0 0.0 0.0 0.0 0.0
- Retail E-Commerce 9.5 8.0 4.8 8.0 11.0 10.5
Total 100.0 100.0 100.0 100.0 100.0 100.0
Energy Sports Asian

Drinks Drinks Speciali
ty Drinks
Retail Channels 100.0 100.0 100.0

- Retail Offline 91.1 87.5 94.6
-- Grocery Retailers 91.1 87.5 94.6
--- Convenience Retail 4.4 5.6 4.0
---- Convenience Stores 4.4 5.6 4.0
---- Forecourt Retailers 0.0 0.0 0.0
--- Supermarkets 24.4 25.3 12.3
--- Hypermarkets 5.3 6.5 3.7
--- Discounters 0.0 0.0 0.0
--- Warehouse Clubs 0.0 0.0 0.0
--- Food/drink/tobacco 15.0 17.0 11.3
specialists
--- Small Local Grocers 42.0 33.1 63.3
-- Non-Grocery Retailers 0.0 0.0 0.0
--- General Merchandise 0.0 0.0 0.0
Stores
--- Apparel and 0.0 0.0 0.0
--- Appliances and 0.0 0.0 0.0
--- Home Products 0.0 0.0 0.0
Specialists
--- Health and Beauty 0.0 0.0 0.0
Specialists
--- Leisure and 0.0 0.0 0.0
Personal Goods
Specialists
--- Other Non-Grocery 0.0 0.0 0.0
Retailers
-- Vending 0.0 0.0 0.0
-- Direct Selling 0.0 0.0 0.0
- Retail E-Commerce 8.9 12.5 5.4
Total 100.0 100.0 100.0
Key: BW = bottled water; CB = carbonates; CN = concentrates; JU = juice; RTDC = RTD coffee; RTDT = RTD
tea; ED = energy drinks; SPD = sports drinks; ASD = Asian speciality drinks
Table 21 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: Volume
2022-2027
million litres
2022 2023 2024 2025 2026 2027
Off-trade 4,528.4 4,778.6 5,034.7 5,301.5 5,574.5 5,855.9

On-trade 1,833.9 2,074.0 2,298.2 2,528.0 2,766.2 3,011.8
Total 6,362.3 6,852.6 7,332.9 7,829.4 8,340.8 8,867.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 22 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: %

Volume Growth 2022-2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total
Off-trade 5.5 5.3 29.3

On-trade 13.1 10.4 64.2
Total 7.7 6.9 39.4
trade sources
Table 23 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel: Value 2022-
2027
VND billion
2022 2023 2024 2025 2026 2027
Off-trade 88,508.4 93,363.9 98,748.7 104,643.3 110,982.5 117,804.0

On-trade 47,970.8 54,592.6 60,523.5 66,575.5 72,883.8 79,430.6
Total 136,479.2 147,956.5 159,272.3 171,218.8 183,866.4 197,234.6
trade sources
Table 24 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel: % Value

Growth 2022-2027

2022/23 2022-27 CAGR 2022/27 Total
Off-trade 5.5 5.9 33.1

On-trade 13.8 10.6 65.6
Total 8.4 7.6 44.5
trade sources
Table 25 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: Volume 2022-2027
million litres
2022 2023 2024 2025 2026 2027

Sports Drinks 191.9 203.5 215.1 226.9 238.9 250.9
Energy Drinks 514.1 552.0 595.6 655.0 729.3 819.5
RTD Tea 1,553.0 1,625.1 1,683.6 1,735.9 1,781.0 1,818.4
RTD Coffee 3.1 3.3 3.4 3.6 3.8 4.0
Juice 549.2 572.0 601.6 631.5 661.7 691.9
Concentrates 25.2 26.6 27.9 29.2 30.5 31.8

Carbonates 838.7 877.7 920.5 963.5 1,005.9 1,048.1
Bottled Water 828.8 892.8 959.6 1,026.9 1,092.8 1,159.1
Soft Drinks 4,528.4 4,778.6 5,034.7 5,301.5 5,574.5 5,855.9
trade sources
Table 26 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: % Volume Growth
2022-2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total

RTD Tea 4.6 3.2 17.1
RTD Coffee 6.0 5.2 28.7
Juice 4.1 4.7 26.0
trade sources
Table 27 Forecast Off-trade Sales of Soft Drinks by Category: Value 2022-2027
VND billion
2022 2023 2024 2025 2026 2027
Asian Speciality Drinks 984.4 1,051.3 1,118.8 1,189.9 1,265.3 1,340.0

Sports Drinks 3,246.3 3,414.7 3,622.3 3,834.8 4,051.6 4,268.0
Energy Drinks 18,077.1 19,342.4 20,919.7 23,061.4 25,746.1 29,005.3
RTD Tea 27,058.0 28,404.3 29,498.0 30,484.2 31,346.0 32,071.1
RTD Coffee 180.2 191.6 202.8 213.6 224.7 235.9
Juice 14,129.5 14,529.6 15,347.2 16,181.0 17,029.0 17,890.5
Concentrates 508.8 537.1 568.7 601.0 634.1 667.2
Carbonates 17,826.9 18,885.4 19,920.8 20,975.3 22,034.3 23,111.1
Bottled Water 6,497.3 7,007.4 7,550.5 8,102.1 8,651.4 9,214.8
Soft Drinks 88,508.4 93,363.9 98,748.7 104,643.3 110,982.5 117,804.0
trade sources
Table 28 Forecast Off-trade Sales of Soft Drinks by Category: % Value Growth 2022-
2027
% constant value growth

2022/2023 2022-27 CAGR 2022/27 Total

RTD Tea 5.0 3.5 18.5

RTD Coffee 6.3 5.5 30.9
Juice 2.8 4.8 26.6
trade sources
Table 29 Forecast Sales of Soft Drinks by Total Fountain On-trade: Volume 2022-2027
million litres
2022 2023 2024 2025 2026 2027

trade sources
Table 30 Forecast Sales of Soft Drinks by Total Fountain On-trade: % Volume Growth
2022-2027

2022/23 2022-27 CAGR 2022/27 Total

trade sources
APPENDIX
Fountain sales in Vietnam
▪ The COVID-19 pandemic had a negative impact on fountain sales, with a lower number of
consumers visiting foodservice outlets and cinemas, leading to a steep volume decline in
fountain sales in 2021. With the lifting of most pandemic-related restrictions in 2022, fountain
sales recovered, as consumers resumed their visits to such outlets.
▪ Prior to the onset of the COVID-19 situation in Vietnam, fountain on-trade volume sales had
recorded strong double-digit growth on an annual basis. Busier lifestyles among urban
professionals meant that people were eating out increasingly often, especially more affluent
younger consumers living in major cities such as Hanoi, Da Nang and in particular Ho Chi
Minh.
▪ The bulk of fountain sales are made in chained fast food outlets such as Lotteria, KFC and
Burger King. In addition, fountain sales are also growing in cinemas, including CGV and
Galaxy in the major cities of Ho Chi Minh and Hanoi. This is due to increasing disposable
incomes, which allow more consumers to afford cinema outings. While carbonates brands
such as Coca-Cola and Pepsi are the most common across fast food chains and cinemas,
Nestlé Vietnam is another active player, with its Milo brand available in RTD format in
fountains in fast food chains, together with its Sjora juice brand in cinemas.
DISCLAIMER
Forecast closing date: 31 October 2022
Report closing date: 28 November 2022
Analysis and data in this report give full consideration to consumer behaviour and market
performance in 2022 and beyond as of the dates above. For the very latest insight on this
industry and consumer behaviour, at both global and national level, readers can access
strategic analysis and updates on www.euromonitor.com and via the Passport system, where
new content is being added on a systematic basis.
SOURCES
Sources used during the research included the following:
Summary 1 Research Sources

Official Sources FPT Securities Co
General Statistics Office
Information Center of Industry & Trade -

Ministry of Industry & Trade (VITIC)
Ministry of Finance
Ministry of Industry
Ministry of Planning & Investment
Ministry of Science & Technology for

Agriculture & Rural Development
Ministry of Trade
State Bank of Vietnam
US Vietnam Trade Council
Vietnam Chamber of Commerce & Industry
Trade Associations Asian Bottled Water Association (ABWA)
Association of Beer - Alcohol - Beverage

Vietnam
Association of European Producers of Steel

for Packaging, The
Australian Bottled Water Institute Inc
Canadian Bottled Water Association
European Bottled Watercooler Association

(EBWA)
Food & Foodstuff Association
International Bottled Water Association
International Council of Bottled Water

Associations (ICBWA)
International Federation of Fruit Juice

Producers
UNESDA & CISDA
Vietnam Beverage Association
Vietnam Tea Association
Trade Press Asahi Shimbun
Asian News & Media
Beverage Digest
Beverage Net
Beverage World
Brands Vietnam
Business Forum
Business News for the Food Industry
Cong An Newspaper
Dan Tri
Dau Tu Chung Khoan
Dien Dan Doanh Nghiep
Doanh Nhan Saigon Online
Hanoi Moi
Industry Magazine
Khanh Hoa Newspaper
Market 24hrs
Ngoisao.net
Phap Luat Viet Nam
Saigon Liberation
Saigon News
Saigon Tiep Thi
Saigon Times
Soft Drinks International
Tan Viet Securities
Thanh Nien Online
The Laborer
Tien Phong Mobile
Tin 247
Tin Tuc Vietnam
Tuoi Tre News
Vietnam Business News
Vietnam Economic News
Vietnam Economy
Vietnam Investment Review
Vietnam News
Vietnamnet
Vina Corp
Vinh Phuc Service of Trade
VnExpress
VTC News
Source: Euromonitor International
BOTTLED WATER IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Off-trade volume sales grow by 6% in 2022 to 829 million litres

▪ Flavoured bottled water is the best performing category in 2022, with off-trade volume sales
rising by 6% to 1.6 million litres
▪ Suntory PepsiCo Vietnam Beverage Co Ltd is the leading player in 2022, with an off-trade
volume share of 33%
▪ Off-trade volume sales are set to increase at a CAGR of 7% over the forecast period to 1.2
billion litres
2022 DEVELOPMENTS
Improved performance in line with recovery of foodservice and rising

levels of health and wellness
Bottled water saw a full recovery in volume terms in 2022, following declines in the two
previous years. The later was due to a slump in foodservice sales, due to pandemic-related
lockdowns, which involved the mandated closure of all restaurants, bars and pubs. However,
while foodservice sales fell substantially over the 2020-21 period, due to the unavailability of
cafés and other on-trade venues, retail volume growth remained positive, as demand shifted to
off-trade. Faced with a potentially extensive quarantine lockdown during the early stages of the
pandemic, many consumers stocked up on groceries so as to eliminate any risk of running out
of stock and to reduce the need to go out on a regular basis to replenish their supplies.
In addition to the lifting of pandemic-related restrictions, the improved performance of bottled
water in 2022 was attributable to a sharpened focus on health and wellness, which was
enhanced by the pandemic. In general, a growing number of consumers especially females, are
choosing to drink more bottled water, as it contains no sugar and is naturally healthy compared
to RTD tea or carbonates.
Still varieties account for the bulk of volume sales of bottled water in Vietnam, and were the
main driver of growth in 2022. While still flavoured bottled water is establishing its stronger
presence in the country, underpinned by the marketing efforts Suntory PepsiCo Vietnam
Beverage Co Ltd (with its Good Mood brand) and International Food Industry JSC (with Kirin),
they still have a niche status.
Key players bolster their sustainability credentials.

Suntory PepsiCo Vietnam Beverage Co Ltd maintained its lead in bottled water in 2021,
thanks to the success of its top-ranked Aquafina brand, along with Evervess and Good Mood.
The company is not only strong in terms of product innovation, but is also quite active with
regard to marketing and advertising activities. Moreover, the company has built a nationwide
distribution network in Vietnam, that covers all 63 provinces across the country. In 2022, as part
of it commitment to sustainable development, the company removed the shrink-wrap film from
its Aquafina bottle caps, saving an estimated 140 tonnes of plastic annually. Suntory PepsiCo
Vietnam Beverage Co Ltd also boosted awareness of its Aquafina brand through sponsorship of
the Vietnam International Fashion Week, which took place in May 2022. The event, which aimed
to promote sustainable fashion in the country, featured designs made from plastic bottles.
Second-placed player, La Vie JV Co (owned by Nestlé SA globally), is cited as the first bottled
water brand in Vietnam to use bottles made from recycled plastic, contributing to the impetus to
both promote the circular economy model in Vietnam and turn waste into a resource instead of
releasing it into the environment The initiative is part of Nestlé SA’s goal of being able to recycle
and reuse 100% of product packaging by 2025.
Indeed, in April 2022, La Vie JV Co was recognised as being one of the Top 10 FDI
enterprises for green growth and sustainable development in Vietnam between 2021-2022.
Through this initiative, Nestlé SA’ highlighted the huge demand for recycled plastic from
beverage companies, thereby encouraging domestic enterprises to invest in rPET production.
Currently, such companies face challenges in using recycled plastic because there are no major
enterprises producing food grade recycled plastic in the country. However, this situation is likely
to improve, alongside increased government investment in recycling infrastructure.
Imported brands in still natural bottled mineral water witness stronger

presence.
In 2022, imported still natural bottled mineral water brands witnessed a stronger presence in
popular retail channels such as convenience stores, supermarkets and hypermarkets. Examples
of imported brands included Evian, Perrier, San Pellegrino and Fiji, amongst others. The
majority of these imported brands had a higher unit price relative to local brands and hence
served mainly high-income consumers or expats living in Vietnam.
PROSPECTS AND OPPORTUNITIES
Healthy growth expected, in line with A return to pre-pandemic lifestyles

and health and wellness trends
On-trade sales in bottled water are expected continue the positive growth trend seen in 2022.
This will be attributable to a return to pre-pandemic lifestyles, following the relaxation of social-
distancing measures and the return of Vietnamese consumers to foodservice outlets. Retail
volume sales will also see healthy growth, albeit at a slower rate than during the review period,
as demand shifts back to on-trade. The increasing importance of the health and wellness trend
in Vietnam is also expected to be a major influence on sales of bottled-water, as consumers are
becoming increasingly aware of the negative effects of excessive sugar intake. This could lead
to shift away of perceived unhealth soft drinks, such as carbonates towards bottled water,
particularly amongst female consumers.
Within this, players are expected to pursue a robust approach to marketing and advertising, in
order to reach their desired consumer audiences in both off-trade and on-trade channels. These
leading names will take advantage of the strong growth opportunities which will emerge during
the post-COVID-19 recovery period, as the Vietnamese economy rebounds and consumers look
to make up for lost time by socialising more often with friends and family.
Sparkling flavoured bottled water will become more significant

Together with the growing presence of still flavoured bottled water, sparkling flavoured bottled
water is expected to become more significant over the forecast period. The latter will be
increasingly viewed as a healthy substitute for carbonates, as a growing number of people seek
to lower their sugar consumption. For example, La Vie JV Co’s recent launch of a sparkling
flavoured bottled water range has proved to be highly popular with consumers. The product
comes in a can format, in lemon mint. peach orange; and mixed berry flavours. The beverages
are promoted as being 100% natural, with no preservatives, no artificial sweeteners (the product
uses sugar cane and stevia) and only 54 kcal per can.
Product innovation will stimulate consumers’ interest, with A focus on

sustainability
Over the forecast period, bottled water is projected to see the launch of a myriad of new
products from both local and international players, as the category still has much potential for
growth. Vietnamese consumers are starting to get used to bottled water and more people are
expected to switch from boiled tap water to bottled water for their daily consumption.
Consequently, the key players will focus on new product development to stimulate consumer’
demand. Flavoured bottled water or bottled water with additional vitamins and minerals are
expected to gain traction, as they are seen as being compatible with health and wellness trends.
As bottled water does not show much differentiation between brands, the majority of local
players will focus on expanding their distribution networks to increase sales. Moreover, with
retail e-commerce becoming more popular among Vietnamese consumers, creating a strong
presence on popular retail e-commerce platforms, such as tiki.vn, Lazada.vn and shopee.vn, will
be crucial for local players.
Consistent with trends across the entire soft drinks industry, sustainability will be an important
consideration in bottled water, as manufacturers seek to reduce their environmental footprint.
This will be particularly evident in packaging, as exemplified by the recent commitments made
by La Vie JV Co and Suntory PepsiCo Vietnam Beverage Co Ltd, the latter of which made a
decision to remove the shrink plastic wrap from its bottle caps in 2022. It is expected that more
brands will follow suit over the forecast period, in line with a growing consumer awareness of the
impact of the production processes associated with soft drinks on the environment.
CATEGORY DATA
Table 31 Off-trade Sales of Bottled Water by Category: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
Still Bottled Water 496.1 565.4 640.2 711.2 754.3 800.6

Functional Bottled Water - - - - - -
Flavoured Bottled Water - - 1.3 1.4 1.5 1.6
Carbonated Bottled Water 20.2 21.9 23.7 25.2 25.7 26.7
Bottled Water 516.3 587.2 665.2 737.8 781.4 828.8
Table 32 Off-trade Sales of Bottled Water by Category: Value 2017-2022
VND billion
2017 2018 2019 2020 2021 2022
Still Bottled Water 3,257.2 3,823.9 4,384.2 4,968.9 5,384.2 5,922.6

Flavoured Bottled Water - - 26.7 29.2 32.0 35.2
Bottled Water 3,625.7 4,226.1 4,851.9 5,474.4 5,913.8 6,497.3
Table 33 Off-trade Sales of Bottled Water by Category: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
Still Bottled Water 6.1 10.0 61.4

Functional Bottled Water - - -
Flavoured Bottled Water 6.2 - -
Carbonated Bottled Water 3.9 5.7 32.0
Table 34 Off-trade Sales of Bottled Water by Category: % Value Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total

Flavoured Bottled Water 9.9 - -
Table 35 NBO Company Shares of Off-trade Bottled Water: % Volume 2018-2022
% off-trade volume
Company 2018 2019 2020 2021 2022

Beverage Co Ltd
La Vie JV Co 22.8 22.5 23.3 25.0 25.3
Vietnam Co Ltd
Masan Group Corp 3.9 4.9 6.1 6.3 6.5
Vital JSC 7.7 6.3 4.7 2.4 1.4
JSC
Khanh Hoa Mineral Water 0.2 0.2 0.2 0.2 0.2
JSC
PetroVietnam Oil Thai 0.2 0.2 0.2 0.2 0.2
Binh JSC
International Food - 0.1 0.1 0.1 0.1
Industry JSC
Tribeco Binh Duong Co Ltd 0.2 0.2 0.2 0.1 -
A&B Foods & Beverage Co 0.6 0.6 0.5 - -
Ltd
Others 5.6 9.0 6.4 6.1 7.1

Total 100.0 100.0 100.0 100.0 100.0
Table 36 LBN Brand Shares of Off-trade Bottled Water: % Volume 2019-2022
% off-trade volume

Vital (Bitexco Group) Vital JSC 6.3 4.7 2.4 1.4
Schweppes (Coca- Coca-Cola Beverages 0.7 0.7 0.8 0.8
Beverage PCL) JSC
Danh Thanh Khanh Hoa Mineral Water 0.2 0.2 0.2 0.2
JSC
Tien Hai (Vietnam PetroVietnam Oil Thai 0.2 0.2 0.2 0.2
National Petroleum Binh JSC
Corp)
Kirin (Kirin International Food 0.1 0.1 0.1 0.1
Holdings Co Ltd) Industry JSC
Good Mood (Suntory Suntory PepsiCo Vietnam 0.1 0.1 0.1 0.1
Evervess (PepsiCo Suntory PepsiCo Vietnam 0.7 0.7 0.5 -
Laska Tropical Wave Corp 1.3 1.2 0.4 -
Tribeco Soda (Uni- Tribeco Binh Duong Co Ltd 0.2 0.2 0.1 -
President
Enterprises Corp)
A&B (Advance & Best A&B Foods & Beverage Co 0.6 0.5 - -
Enterprise) Ltd
Chuong Duong Chuong Duong Beverages - - - -
(Saigon Alcohol JSC
Beer & Beverages
Corp (Sabeco))
Others Others 9.0 6.4 6.1 7.1
Total Total 100.0 100.0 100.0 100.0
Table 37 NBO Company Shares of Off-trade Bottled Water: % Value 2018-2022

Company 2018 2019 2020 2021 2022

Beverage Co Ltd
La Vie JV Co 20.2 20.0 20.4 21.8 22.0

Vietnam Co Ltd
Masan Group Corp 4.5 5.6 6.9 7.1 7.3
Vital JSC 6.6 5.4 4.1 2.1 1.2
JSC
PetroVietnam Oil Thai 0.4 0.3 0.4 0.4 0.4
Binh JSC
International Food - 0.4 0.3 0.3 0.3
Industry JSC
Khanh Hoa Mineral Water 0.2 0.2 0.3 0.3 0.3
JSC
Ltd
Others 4.7 6.9 5.4 5.4 6.3
Total 100.0 100.0 100.0 100.0 100.0
Table 38 LBN Brand Shares of Off-trade Bottled Water: % Value 2019-2022


Vital (Bitexco Group) Vital JSC 5.4 4.1 2.1 1.2
Beverage PCL) JSC
Tien Hai (Vietnam PetroVietnam Oil Thai 0.3 0.4 0.4 0.4
National Petroleum Binh JSC
Corp)
Kirin (Kirin International Food 0.4 0.3 0.3 0.3
Danh Thanh Khanh Hoa Mineral Water 0.2 0.3 0.3 0.3
JSC
Good Mood (Suntory Suntory PepsiCo Vietnam 0.1 0.2 0.2 0.2
Evervess (PepsiCo Suntory PepsiCo Vietnam 1.9 1.8 1.4 -
Laska Tropical Wave Corp 1.6 1.4 0.6 -
Tribeco Soda (Uni- Tribeco Binh Duong Co Ltd 0.4 0.4 0.1 -
President
Enterprises Corp)
A&B (Advance & Best A&B Foods & Beverage Co 0.5 0.4 - -
Enterprise) Ltd
(Saigon Alcohol JSC
Beer & Beverages
Corp (Sabeco))
Total Total 100.0 100.0 100.0 100.0
Table 39 Forecast Off-trade Sales of Bottled Water by Category: Volume 2022-2027
million litres
2022 2023 2024 2025 2026 2027
Still Bottled Water 800.6 862.2 927.2 992.5 1,056.2 1,120.4

Flavoured Bottled Water 1.6 1.7 1.8 1.9 2.1 2.3
Bottled Water 828.8 892.8 959.6 1,026.9 1,092.8 1,159.1
trade sources
Table 40 Forecast Off-trade Sales of Bottled Water by Category: Value 2022-2027
VND billion
2022 2023 2024 2025 2026 2027
Still Bottled Water 5,922.6 6,397.3 6,902.4 7,414.0 7,921.7 8,441.6

Flavoured Bottled Water 35.2 37.9 40.9 44.5 48.4 53.0
Bottled Water 6,497.3 7,007.4 7,550.5 8,102.1 8,651.4 9,214.8
trade sources
Table 41 Forecast Off-trade Sales of Bottled Water by Category: % Volume Growth 2022-
2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total

Flavoured Bottled Water 7.1 8.0 47.1
trade sources
Table 42 Forecast Off-trade Sales of Bottled Water by Category: % Value Growth 2022-
2027

2022/2023 2022-27 CAGR 2022/27 Total

Flavoured Bottled Water 7.8 8.5 50.6
trade sources
CARBONATES IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Off-trade volume sales increase by 5% in 2022 to 839 million litres

▪ Reduced sugar carbonates is the best performing category in 2022, with off-trade volume
sales rising by 15% to 14 million litres
volume share of 48%
▪ Off-trade volume sales are set to increase at a CAGR of 5% over the forecast period to 1.0
billion litres
2022 DEVELOPMENTS
Return to positive growth, thanks to the recovery of on-trade channels

Carbonates registered a positive performance in volume terms in 2022, following a slump in
demand in 2020 and 2021, when sales registered negative-figure declines. At the peak of the
pandemic, all restaurants, bars and pubs were required to close, which had a negative impact
on foodservice volumes. Alongside this, supressed levels of tourism placed downward pressure
on on-trade sales. This was due to Vietnam’s borders being closed to foreign visitors for an
extended period, as well as the understandable reluctance of many people to engage with
international air travel due to the elevated risk of contracting or spreading the COVID-19 virus.
Within this context, it is understandable that on-trade volume sales of carbonates recorded such
strong declines during 2020 and 2021, although demand began to recover in 2022, due to the
relaxation COVID-19 measures.
By contrast, retail volume growth for carbonates remained positive in 2020 and 2021, as
many consumers resorted to stockpiling. Faced with a potentially extensive quarantine lockdown
during the early stages of the pandemic, many consumers stocked up on groceries so as to
eliminate the possibility of running out of their favourite beverages and to reduce the need to go
out on a regular basis to replenish their supplies. This positive growth trend continued in 2022,
due to the enduring strong demand for carbonates in the country.
Reduced sugar carbonates continue to gain popularity

One important trend to emerge from the COVID-19 pandemic was a stronger focus on health
and wellness among many consumers. At the same time, consumers became less interested in
sugary beverages, with carbonates having been linked to a variety of lifestyle diseases, notably
type II diabetes, heart disease and metabolic syndrome. For this reason, reduced sugar
carbonates, especially cola varieties, continued to grow popularity, as more Vietnamese
consumers, especially women, became more aware of the health implications of excess sugar
intake in their daily life. This trend helped to offset the pressures caused by a decline in inboard
tourism, as well as the closure of foodservice outlets for a lengthy period of time,
In 2022, only reduced sugar cola carbonates recorded considerable volumes, with other
reduced sugar variants remaining negligible in terms of sales. However, following on from the
successful roll-out of Pepsi Zero Calories brand in lemon and lime flavours, Suntory PepsiCo
Vietnam Beverage Co Ltd attempted to boost the health image of carbonates by launching a
new product, 7-up Free + Fibre, in March 2022. The product contained no sugar or caffeine, as
well as an additional 4,000 mg fibre, equivalent that contained in an apple
Another factor to take into consideration is the strong support given to the leading brands of
low-calorie cola carbonates by players such as Coca-Cola Beverages Vietnam Co Ltd, through
chained foodservice outlets such as Hotpot Story and King BBQ, a trend which continued into
2022.
Key players pursue A sustainable packaging strategy

Suntory PepsiCo Vietnam Beverage Co Ltd maintained its lead in carbonates, ahead of
second-placed Coca-Cola Beverages Vietnam Co Ltd. Between them, these two global giants of
Coca Cola and Pepsi account for almost 90% of total value sales within the category. In 2022,
both of the leading players pursued a sustainable packaging strategy, in order to reduce their
environmental footprint, with the support of Vietnamese government. In September 2022, Coca-
Cola Beverages Vietnam Co Ltd introduced fully recycled bottles for its Coca-Cola Original and
Coca-Cola Zero Sugar lines, including 300ml bottles, while Suntory PepsiCo Vietnam Beverage
Co Ltd also launched Pepsi 330ml in packaging made entirely from recycled plastic. The former
also made efforts to encourage consumers to recycle their bottles, with the Sprite brand
switching from its recognisable green bottles to transparent packaging which is easier to
recycle. The company also displayed the words “Recycle Me” on all of its packaging in an effort
to raise awareness about recycling and inspire action.
There is also a growing focus on corporate social responsibility programmes in carbonates in
Vietnam. Leading players, including key names Suntory PepsiCo Vietnam and Coca-Cola
Vietnam, sought to give something back to the communities which form the companies’ core
consumer bases, with various social activities undertaken to support the relief efforts of the
Vietnamese government to help the population overcome hardship due to the COVID-19
situation, for example. In 2022, in response to the Vietnamese Government’s call to the fight
against climate change, Coca Cola Vietnam announced its continuing support of US$150,000
(VND3.5 billion) to WWF-Vietnam, a conservation organisation, to assist with the control of
water flow at the Tram Chim National Park and surrounding areas.
Strong growth predicted for carbonates, in line with rising levels of

consumer confidence, but health and wellness trends will have an
impact on sales
On-trade sales in carbonates are expected to see healthy growth over the forecast period.
This will be attributable to a return to pre-pandemic lifestyles, following the relaxation of social-
distancing measures and the return of Vietnamese consumers to restaurants and fast food
outlets. The recovery of the on-trade began in 2022 and will continue over the coming years,
with volume sales predicted to exceed 2019 levels by 2025. Retail volume sales will also see
healthy growth, in line with rising levels of consumer confidence.
One major factor to take into consideration here is the highly effective management of the
COVID-19 situation by the Vietnamese government, which resulted in the country weathering
the storm better than many of its Asian neighbours. As a result of this, consumer confidence
was not severely dented by the events of the pandemic, with the country’s economy expected to
rebound strongly and quickly. This will support sales of carbonates during the early stages of the
forecast period, with many consumers becoming less price-sensitive and willing to spend money
on non-essentials once again.
The increasing importance of the health and wellness trend in Vietnam is also expected to be
a major influence on sales of carbonates over the forecast period. In particular, consumers are
becoming increasingly aware of the negative effects of excessive sugar intake, particularly the
increased risk of type II diabetes and metabolic syndrome. Moreover, the wide consumer
awareness of the high levels of sugar that are contained within carbonates means that
consumption of these products is likely to remain under pressure. As a result, more educated,
health-conscious consumers, such as working professionals, are likely to reduce their
consumption of carbonates as a way of reducing their sugar intake.
International players are expected to continue with their marketing and

promotional activities, while corporate responsibility will be an important
focus
During the forecast period, it will be increasingly important for leading players to ensure a
robust approach to marketing and advertising to reach their desired consumer audiences in both
off-trade and on-trade channels. Strong growth opportunities are likely to emerge during the
post-COVID-19 recovery period, as the Vietnamese economy rebounds and consumers look to
make up for lost time by socialising more often with friends and family in both on-trade and the
off-trade channels.
Key players such as Coca-Cola Beverages Vietnam Co Ltd and Suntory PepsiCo Vietnam
Beverage Co Ltd are expected to step up their marketing and advertising activities for
carbonates over the forecast period. Given that the key consumers of carbonates are young
people, who are more willing to spend money on non-essential products, collaborations with
celebrities will be a common theme, especially Korean celebrities and those associated with
popular game shows, such as Rap Viet. In term of local players, such as Chuong Duong
Beverages, it is likely they will be focused mainly on strengthening their distribution networks in
both urban and rural areas of the country, with the aim of maximising sales within their tight
budgets for marketing and advertising activities.
A greater focus on corporate social responsibility programmes is also expected to become
more of a permanent trend over the forecast period. Key players such as Coca-Cola Vietnam
and Suntory PepsiCo Vietnam are likely to continue pursuing sustainable development activities
in Vietnam, as this represents a way for large companies to make a contribution to Vietnam’s
development as well as to build strong brand equity and present themselves as responsible
companies who are able to see things from the consumers’ perspective.
Key players to strengthen their e-commerce presence to boost sales

Retail e-commerce received a boost during the time of the COVID-19 pandemic, due to higher
numbers of consumers embracing this channel due to both necessity and convenience. Within
this, consumers became accustomed to using the online channel for their shopping, attracted by
offers and the ability to purchase groceries in bulk and have them home-delivered. As such,
building a stronger e-commerce offering will become increasingly crucial for both international
and local players to reach out consumers living in rural areas and small cities as well as to
increase sales in urban areas.
CATEGORY DATA
Table 43 Off-trade vs On-trade Sales of Carbonates: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
Off-trade 646.9 690.9 737.6 779.9 796.8 838.7

On-trade 464.4 496.2 528.8 448.3 393.9 439.6
Total 1,111.3 1,187.1 1,266.3 1,228.2 1,190.7 1,278.3
Table 44 Off-trade vs On-trade Sales of Carbonates: Value 2017-2022
VND billion
2017 2018 2019 2020 2021 2022
Off-trade 12,182.1 13,191.3 14,280.3 15,457.2 16,386.0 17,826.9

On-trade 11,509.1 12,514.2 13,488.4 11,734.9 10,644.2 12,235.2
Total 23,691.2 25,705.5 27,768.6 27,192.1 27,030.2 30,062.1
Table 45 Off-trade vs On-trade Sales of Carbonates: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
Off-trade 5.3 5.3 29.7

On-trade 11.6 -1.1 -5.4
Total 7.4 2.8 15.0
Table 46 Off-trade vs On-trade Sales of Carbonates: % Value Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total
Off-trade 8.8 7.9 46.3

On-trade 14.9 1.2 6.3
Total 11.2 4.9 26.9
Table 47 Off-trade Sales of Carbonates by Category: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
- Other Non-Cola 119.0 127.8 137.7 147.4 139.6 142.4

Carbonates
- Orange Carbonates 107.3 115.9 125.5 134.3 140.5 152.7
- Tonic Water/Mixers/ 3.7 3.7 3.8 3.8 3.9 4.1
Other Bitters
- Lemonade/Lime 148.6 160.2 172.3 183.5 192.0 203.1

- Reduced Sugar Non- - - - - - -
Cola Carbonates
- Regular Non-Cola 378.6 407.6 439.3 469.1 476.1 502.2
Carbonates
Non-Cola Carbonates 378.6 407.6 439.3 469.1 476.1 502.2
- Reduced Sugar Cola 9.4 10.2 11.2 12.2 12.3 14.2
Carbonates
- Regular Cola Carbonates 258.9 273.1 287.0 298.6 308.5 322.3
Cola Carbonates 268.3 283.3 298.3 310.8 320.8 336.5
Reduced Sugar Carbonates 9.4 10.2 11.2 12.2 12.3 14.2
Regular Carbonates 637.5 680.7 726.3 767.7 784.5 824.5
Carbonates 646.9 690.9 737.6 779.9 796.8 838.7
Table 48 Off-trade Sales of Carbonates by Category: Value 2017-2022
VND billion
2017 2018 2019 2020 2021 2022
- Other Non-Cola 2,316.8 2,508.1 2,732.5 2,988.0 3,045.0 3,109.0

Carbonates
- Orange Carbonates 2,667.8 2,905.3 3,159.7 3,448.5 3,770.9 4,283.9
Other Bitters
- Lemonade/Lime 2,715.1 2,937.3 3,203.7 3,483.6 3,713.6 4,107.1
Cola Carbonates
- Regular Non-Cola 7,808.5 8,463.4 9,211.1 10,039.0 10,653.0 11,633.0
Carbonates
Non-Cola Carbonates 7,808.5 8,463.4 9,211.1 10,039.0 10,653.0 11,633.0
Carbonates
- Regular Cola Carbonates 4,146.9 4,463.0 4,761.2 5,067.9 5,321.9 5,697.7
Cola Carbonates 4,373.6 4,727.9 5,069.1 5,418.2 5,733.0 6,193.9
Regular Carbonates 11,955.4 12,926.4 13,972.4 15,106.9 15,974.9 17,330.7
Carbonates 12,182.1 13,191.3 14,280.3 15,457.2 16,386.0 17,826.9
Table 49 Off-trade Sales of Carbonates by Category: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
- Other Non-Cola Carbonates 2.0 3.6 19.6

- Orange Carbonates 8.6 7.3 42.2
- Tonic Water/Mixers/Other Bitters 4.3 2.1 11.0
- Lemonade/Lime 5.7 6.4 36.7
- Reduced Sugar Non-Cola Carbonates - - -
- Regular Non-Cola Carbonates 5.5 5.8 32.6
Non-Cola Carbonates 5.5 5.8 32.6
- Reduced Sugar Cola Carbonates 15.4 8.7 51.6
- Regular Cola Carbonates 4.5 4.5 24.5
Cola Carbonates 4.9 4.6 25.5
Reduced Sugar Carbonates 15.4 8.7 51.6

Regular Carbonates 5.1 5.3 29.3
Table 50 Off-trade Sales of Carbonates by Category: % Value Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total

Table 51 Total Sales of Carbonates by Fountain On-trade: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022

Table 52 Total Sales of Carbonates by Fountain On-trade: % Volume Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total

Table 53 NBO Company Shares of Off-trade Carbonates: % Volume 2018-2022
% off-trade volume
Company 2018 2019 2020 2021 2022

Beverage Co Ltd
Vietnam Co Ltd
JSC
Aje Group 1.2 1.1 0.9 0.8 0.8
Tan Quang Minh 0.3 0.3 0.2 0.2 0.2
Co Ltd
Beverage Corp
Others 5.3 4.8 4.7 4.5 4.3
Total 100.0 100.0 100.0 100.0 100.0
Table 54 LBN Brand Shares of Off-trade Carbonates: % Volume 2019-2022
% off-trade volume

Beverage Co Ltd
Beverage Co Ltd
Beverage Co Ltd
Beverage PCL) JSC
Pepsi Zero Calories PepsiCo Vietnam (PIVN) - 0.3 0.7 0.8
(PepsiCo Inc)
Big Aje Group 1.1 0.9 0.8 0.8
Coca-Cola Light Coca-Cola Beverages 0.6 0.6 0.6 0.7
(Coca-Cola Co, The) Vietnam Co Ltd
Bidrico Tan Quang Minh 0.3 0.2 0.2 0.2
Co Ltd
Coca-Cola Plus Coca-Cola Beverages 0.0 0.0 0.2 0.2
Evervess (PepsiCo Suntory PepsiCo Vietnam 0.1 0.1 0.1 0.1
Orangina (Suntory Multinational Food & 0.1 0.1 0.1 0.1
Holdings Ltd) Beverage Corp
Coca-Cola Zero Coca-Cola Beverages 0.2 0.2 0.0 0.0
Sugar (Coca-Cola Vietnam Co Ltd
Co, The)
Tribeco (Uni- Tribeco Binh Duong Co Ltd 1.4 1.1 0.3 -
President
Enterprises Corp)
Pepsi Light Suntory PepsiCo Vietnam 0.8 0.5 - -

(Saigon Alcohol JSC
Beer & Beverages
Corp (Sabeco))
CC Lemon (Suntory Suntory PepsiCo Vietnam - - - -
Total Total 100.0 100.0 100.0 100.0
Table 55 NBO Company Shares of Off-trade Carbonates: % Value 2018-2022

Company 2018 2019 2020 2021 2022

Beverage Co Ltd
Vietnam Co Ltd
JSC
Aje Group 0.6 0.6 0.5 0.4 0.4
Beverage Corp
Tan Quang Minh 0.1 0.1 0.1 0.1 0.1
Co Ltd
Others 4.8 4.4 4.2 4.0 3.8
Total 100.0 100.0 100.0 100.0 100.0
Table 56 LBN Brand Shares of Off-trade Carbonates: % Value 2019-2022

Beverage Co Ltd
Beverage Co Ltd
Beverage Co Ltd
Beverage PCL) JSC
Pepsi Zero Calories PepsiCo Vietnam (PIVN) - 0.4 1.2 1.4
(PepsiCo Inc)
Coca-Cola Light Coca-Cola Beverages 0.8 0.9 1.0 1.1
Big Aje Group 0.6 0.5 0.4 0.4
Coca-Cola Plus Coca-Cola Beverages 0.0 0.0 0.3 0.3
Orangina (Suntory Multinational Food & 0.3 0.3 0.3 0.3
Holdings Ltd) Beverage Corp
Evervess (PepsiCo Suntory PepsiCo Vietnam 0.2 0.1 0.1 0.1
Bidrico Tan Quang Minh 0.1 0.1 0.1 0.1
Co Ltd
Coca-Cola Zero Coca-Cola Beverages 0.2 0.2 0.0 0.0
Sugar (Coca-Cola Vietnam Co Ltd
Co, The)
Tribeco (Uni- Tribeco Binh Duong Co Ltd 1.4 1.1 1.0 -
President
Enterprises Corp)
Pepsi Light Suntory PepsiCo Vietnam 1.1 0.7 - -
(Saigon Alcohol JSC
Beer & Beverages
Corp (Sabeco))
CC Lemon (Suntory Suntory PepsiCo Vietnam - - - -
Total Total 100.0 100.0 100.0 100.0
Table 57 Forecast Off-trade Sales of Carbonates by Category: Volume 2022-2027
million litres
2022 2023 2024 2025 2026 2027
- Other Non-Cola 142.4 147.4 156.6 166.2 175.7 185.3

Carbonates
- Orange Carbonates 152.7 163.0 173.3 183.9 194.5 205.4
Other Bitters
- Lemonade/Lime 203.1 213.6 223.9 234.2 244.5 254.7
Cola Carbonates
- Regular Non-Cola 502.2 528.2 558.2 588.8 619.3 650.3
Carbonates
Non-Cola Carbonates 502.2 528.2 558.2 588.8 619.3 650.3
Carbonates
- Regular Cola Carbonates 322.3 333.6 344.9 355.6 365.6 374.7
Cola Carbonates 336.5 349.4 362.3 374.7 386.6 397.8
Regular Carbonates 824.5 861.8 903.1 944.4 985.0 1,025.0
Carbonates 838.7 877.7 920.5 963.5 1,005.9 1,048.1
trade sources
Table 58 Forecast Off-trade Sales of Carbonates by Category: Value 2022-2027
VND billion
2022 2023 2024 2025 2026 2027
- Other Non-Cola 3,109.0 3,222.2 3,431.1 3,647.2 3,862.6 4,085.5

Carbonates
- Orange Carbonates 4,283.9 4,586.0 4,888.3 5,201.3 5,519.3 5,849.1
Other Bitters
- Lemonade/Lime 4,107.1 4,342.9 4,575.3 4,811.4 5,050.5 5,291.8
Cola Carbonates
- Regular Non-Cola 11,633.0 12,289.5 13,038.7 13,809.4 14,587.0 15,386.0
Carbonates
Non-Cola Carbonates 11,633.0 12,289.5 13,038.7 13,809.4 14,587.0 15,386.0
Carbonates
- Regular Cola Carbonates 5,697.7 6,039.9 6,269.4 6,489.5 6,699.0 6,895.8
Cola Carbonates 6,193.9 6,596.0 6,882.1 7,165.9 7,447.2 7,725.1
Regular Carbonates 17,330.7 18,329.4 19,308.2 20,298.9 21,286.0 22,281.8
Carbonates 17,826.9 18,885.4 19,920.8 20,975.3 22,034.3 23,111.1
trade sources
Table 59 Forecast Off-trade Sales of Carbonates by Category: % Volume Growth 2022-

2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total

trade sources
Table 60 Forecast Off-trade Sales of Carbonates by Category: % Value Growth 2022-

2027

2022/2023 2022-27 CAGR 2022/27 Total

trade sources
Table 61 Forecast Total Sales of Carbonates by Fountain On-trade: Volume 2022-2027
million litres
2022 2023 2024 2025 2026 2027

trade sources
Table 62 Forecast Total Sales of Carbonates by Fountain On-trade: % Volume Growth

2022-2027

2022/23 2022-27 CAGR 2022/27 Total

trade sources
CONCENTRATES IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Off-trade volume sales increase by 6% in 2022 to 383,000 litres

▪ Nana Foodstuffs Co Ltd is the leading player in 2022, with an off-trade volume share of 56%
▪ Off-trade volume sales are set to increase at a CAGR of 5% over the forecast period to
495,200 litres
2022 DEVELOPMENTS
Concentrates record stronger growth in 2022, in line with rising levels of

consumer confidence
Retail sales of concentrates maintained a positive performance in current value and volume
terms during the course of the COVID-19 pandemic, a trend that continued into 2022, due to
enduring popularity of such products for home consumption. In 2022, sales were further boosted
by rising levels of consumer confidence, which translated into a greater willingness to spend
money on non-essential products, including concentrates. By contrast, foodservice volumes
remained insignificant in 2022, hence the mandatory closure of on-trade channels during the
time of the pandemic had little impact on overall sales.
Powder concentrates witness higher demand than liquid concentrates

Within concentrates, powder concentrates continued to account for by far the larger share of
current value sales in 2022. This is due partly to their perceived greater convenience vis-à-vis
liquid varieties, as well as their ease of use. Another reason for the stronger appeal of powder
concentrates is their considerably lower average unit price compared to liquid concentrates,
which positions them as a value-for-money option. In contrast to powder concentrates, notably
iced tea mixes, which are typically consumed at home, liquid concentrates are typically
purchased by consumer foodservice outlets, especially specialist coffee shops, bubble tea
stores and bars/clubs.
During the first year of the COVID-19 pandemic, powder concentrates grew faster than liquid
concentrates in both volume and current value terms, due to the former being easier for
stockpiling. However, this trend was reversed in 2021 and 2022, with liquid concentrates seeing
the stronger growth. However, due the latter’s low share of overall value sales, it is expected
that players will continue to focus their marketing and sales activities more heavily on powder
concentrates over the forecast period.
International players continue to dominate the market

Overall, sales of concentrates remained largely under the control of a handful of international
players, offering mainly powdered iced tea. Multinational operators such as Nestlé Vietnam Ltd
with its Nestea brand, Unilever Vietnam International Co Ltd with its Lipton Ice Tea brand, and
Kraft Heinz Co with its Tang brand continued to benefit from their superior financial resources
and greater experience of marketing their well-known powder concentrates brands in other
countries. Furthermore, these major multinational FMCG companies have strong relationships
with retailers, ensuring wide and consistent distribution for their products in various retail
channels. This proved a particularly crucial factor underpinning the success of these companies
and their brands during 2020 and 2021 as the COVID-19 pandemic placed pressure on supply
chains. The fact that all of these companies are well-placed to engage in dynamic marketing
activity also supports their strong positions in sales of powder concentrates in Vietnam.
Nestlé Vietnam Co Ltd maintained its lead in concentrates in current value terms in 2022,
thanks to the success of its Nestea brand. The player’s overall success also comes from its
incredibly strong brand names across both soft drinks and hot drinks, its strong financial budget,
wide distribution network and dynamic marketing activity. The leading player is also active in
product innovations to meet emerging consumer demands. For example, in April 2021, a new
lychee and jasmine flavour was launched in powder concentrates under the Nestea brand.
In contrast to powder concentrates, there were limited marketing and advertising activities in
liquid concentrates, due to low levels of interest from consumers. During the forecast period, it is
therefore expected that players in liquid concentrates will focus on building distribution and good
relationship with retailers.
Concentrates will remain A niche area of soft drinks, with value-for-

money powder varieties dominating sales
Despite its reputation for offering value for money, concentrates is projected to remain a niche
area compared to carbonates and bottled water, due to low levels of interest from consumers.
Whilst powder concentrates will remain popular to a degree, an increasing number of
consumers are using fresh fruit and/or herbs to make fresh drinks at home. Because sales of
concentrates remain so low, it is unlikely that any of the current leading players in the soft drinks
industry will begin to pay a considerable degree of attention or interest to concentrates during
the forecast period, despite its healthy growth trajectory. However, some innovations are still
expected, with health and wellness likely to major focus of new product development –
particularly so when it comes to sugar content.
In terms of product type, powder concentrates is unlikely to face any serious challenges from
liquid concentrates during the forecast period, as the former’s share of overall volume sales is
expected to remain far higher than that of liquid concentrates. In addition, powder concentrates
is expected to see more dynamic growth than liquid concentrates, a reflection of popularity of
iced tea generally in Vietnam, as well as its reputation for offering value for money. Moreover,
the convenience of powder concentrates, especially instant iced tea mix, makes it a far more
popular category of soft drinks than liquid concentrates and this is unlikely to change
substantially before the end of the forecast period.
Nestle Vietnam is expected to lead product innovation in concentrates

International players will continue to dominate in concentrates, as local players show little
interest in such a small and limited category. Furthermore, the large global players have
stronger overall portfolios across drinks in general, high brand awareness, and more robust
budgets to invest in innovations. Such investments are more likely to be focused on powder
concentrates over liquid concentrates, with players offering the latter more inclined to focus on
building their distribution networks and relationships with retailers, as opposed to investing in
product developments or above-the-line advertising.
Key players, such as Nestlé Vietnam Ltd with its Nestea brand, Unilever Vietnam International
Co Ltd with its Lipton Ice Tea brand, and Kraft Heinz Co with its Tang brand, are expected to
place some focus on product innovations and improvements in order to attract consumers’
attention and increase their sales. In particular, the forecast period is expected to see stronger
competition between the two leading brands in powder concentrates, Nestea and Lipton Iced
Tea. Each of these brands and the parent companies behind them are expected to invest
strongly in marketing and advertising activity as they vie for supremacy in the category.
Retail e-commerce will help players to expand sales into rural areas
E-commerce is expected to continue to grow its share of retail volume sales of concentrates
over the forecast period albeit from a low base. As in other areas of the packaged food market,
e-commerce benefitted from the lockdowns and social distancing measures associated with the
COVID-19 pandemic, which led consumers to make purchases from home. Moreover, even
when the outbreak was brought under control, consumers continued with their habit of shopping
through e-commerce websites such as such as such as tiki.vn, Lazada.vn and shopee.vn,
thanks to a combination of convenience and special discounts. During the forecast period, the
leading players will focus on increasing their presence on these popular sites, in order to expand
the consumer base for their products beyond cities and urban areas.
CATEGORY DATA
Concentrates Conversions
Summary 2 Concentrates Conversion Factors for Ready-to-Drink (RTD) Format

Conversion factors
Powder concentrates 1kg = 7 litres
Liquid concentrates 1 litre = 5 litres
Source: Euromonitor International
Table 63 Off-trade Sales of Concentrates (RTD) by Category: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
Powder Concentrates 16.3 17.4 19.7 21.3 22.3 23.8

Liquid Concentrates 1.1 1.1 1.2 1.3 1.3 1.4
Concentrates 17.4 18.6 20.9 22.5 23.6 25.2
Table 64 Off-trade Sales of Concentrates (RTD) by Category: % Volume Growth 2017-

2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
Powder Concentrates 7.0 7.9 45.9
Liquid Concentrates 6.5 5.7 31.8

Table 65 Off-trade Sales of Concentrates by Category: Value 2017-2022
VND billion
2017 2018 2019 2020 2021 2022

Concentrates 347.5 376.6 408.5 436.9 463.6 508.8
Table 66 Off-trade Sales of Concentrates by Category: % Value Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total

Table 67 LBN Brand Shares of Off-trade Concentrates (RTD): % Volume 2019-2022
% off-trade volume
Nestea (Nestlé SA) Nestlé Vietnam Co Ltd 43.7 44.8 45.5 45.4
Lipton (Unilever Unilever Vietnam 32.0 31.7 31.8 31.3
Group) International Co Ltd
Tang (Mondelez Kraft Heinz Co 10.9 10.7 10.6 10.2
International Inc)
Nana (Dalat Foods Nana Foodstuffs Co Ltd 3.7 3.5 3.5 3.4
Co Ltd)
Siro Trinh Siro Trinh Co Ltd 1.7 1.6 1.6 1.5
Golden Pan (Pan Golden Farm Co Ltd - - - -
Siam Food Products
Co Ltd)
Tang (Mondelez Kraft Foods Group Inc - - - -
International Inc)
Total Total 100.0 100.0 100.0 100.0
Table 68 NBO Company Shares of Off-trade Concentrates: % Value 2018-2022
Company 2018 2019 2020 2021 2022

Kraft Heinz Co 11.4 11.1 11.2 11.3 11.1
Nana Foodstuffs Co Ltd 4.0 3.9 3.8 3.8 3.7
Siro Trinh Co Ltd 2.0 2.0 2.0 1.9 1.9
Golden Farm Co Ltd - - - - -
Kraft Foods Group Inc - - - - -
Others 12.3 11.9 8.7 7.8 7.8
Total 100.0 100.0 100.0 100.0 100.0
Table 69 LBN Brand Shares of Off-trade Concentrates: % Value 2019-2022

Lipton (Unilever Unilever Vietnam 29.6 30.1 30.3 30.0
Group) International Co Ltd
Tang (Mondelez Kraft Heinz Co 11.1 11.2 11.3 11.1
International Inc)
Nana (Dalat Foods Nana Foodstuffs Co Ltd 3.9 3.8 3.8 3.7
Co Ltd)
Golden Pan (Pan Golden Farm Co Ltd - - - -
Siam Food Products
Co Ltd)
Tang (Mondelez Kraft Foods Group Inc - - - -
International Inc)
Total Total 100.0 100.0 100.0 100.0
Table 70 NBO Company Shares of Off-trade Liquid Concentrates (RTD): % Volume

2018-2022
% off-trade volume
Company 2018 2019 2020 2021 2022
Nana Foodstuffs Co Ltd 65.8 64.8 63.5 61.7 60.3

Siro Trinh Co Ltd 28.9 29.2 28.9 27.8 26.9
Golden Farm Co Ltd - - - - -
Others 5.3 5.9 7.6 10.5 12.8
Total 100.0 100.0 100.0 100.0 100.0
Table 71 LBN Brand Shares of Off-trade Liquid Concentrates (RTD): % Volume 2019-
2022
% off-trade volume
Nana Compress Nana Foodstuffs Co Ltd 64.8 63.5 61.7 60.3

Orange (Dalat Foods
Co Ltd)
Golden Pan Golden Farm Co Ltd - - - -
Strawberry (Pan
Siam Food Products
Co Ltd)
Others Others 5.9 7.6 10.5 12.8
Total Total 100.0 100.0 100.0 100.0
Table 72 NBO Company Shares of Off-trade Powder Concentrates (RTD): % Volume

2018-2022
% off-trade volume
Company 2018 2019 2020 2021 2022

Kraft Heinz Co 12.7 11.6 11.3 11.2 10.9
Kraft Foods Group Inc - - - - -
Others 2.3 8.1 7.7 6.9 7.9
Total 100.0 100.0 100.0 100.0 100.0
Table 73 LBN Brand Shares of Off-trade Powder Concentrates (RTD): % Volume 2019-
2022
% off-trade volume
Lipton Ice Tea Unilever Vietnam 34.0 33.6 33.7 33.2
(Unilever Group) International Co Ltd
Tang Orange Kraft Heinz Co 11.6 11.3 11.2 10.9
(Mondelez
International Inc)
Tang Orange Kraft Foods Group Inc - - - -
(Mondelez
International Inc)
Total Total 100.0 100.0 100.0 100.0
Table 74 Forecast Off-trade Sales of Concentrates (RTD) by Category: Volume 2022-

2027
million litres
2022 2023 2024 2025 2026 2027

Concentrates 25.2 26.6 27.9 29.2 30.5 31.8
trade sources
Table 75 Forecast Off-trade Sales of Concentrates (RTD) by Category: % Volume Growth

2022-2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total

trade sources
Table 76 Forecast Off-trade Sales of Concentrates by Category: Value 2022-2027
VND billion
2022 2023 2024 2025 2026 2027

Concentrates 508.8 537.1 568.7 601.0 634.1 667.2
trade sources
Table 77 Forecast Off-trade Sales of Concentrates by Category: % Value Growth 2022-

2027

2022/2023 2022-27 CAGR 2022/27 Total

Liquid Concentrates -3.5 3.8 20.3
trade sources
JUICE IN VIETNAM - CATEGORY

ANALYSIS
KEY DATA FINDINGS

▪ Coconut and other plant waters is the best performing category in 2022, with off-trade volume
sales increasing by 11% to 10 million litres
volume share of 53%
▪ Off-trade volume sales are set to grow at a CAGR of 5% over the forecast period to 692
million litres
2022 DEVELOPMENTS
Juice records stronger volume growth in 2022 in line with rising

consumer demand
Juice recorded a healthy increase in off-trade volumes in 2022, having maintained a positive
performance in in 2020 and 2021. During the pandemic, retail sales of juice benefitted from a
rising interest in health and wellness amongst Vietnamese consumers, due to its perception as
being a healthy drink, being rich in various vitamins and with some variants believed to boost
the immune system. With many Vietnamese people spending much of their time at home during
national lockdowns, this further expanded the potential for at-home consumption of juice. In
2002, growth was sustained by the continuation of health and wellness trends, which translated
into an increase in demand for coconut water and 100% juice in particular.
On-trade volumes, on the other hand, slumped into negative-figure declines in 2020 and
2021. At the peak of the COVID-19 pandemic, all restaurants, bars and pubs were required to
close and consumers switched their juice consumption from foodservice to off trade. At the
beginning of 2022, the Vietnamese government lifted almost all restrictions and social distancing
measures, as a result of which foodservice juice sales registered strong growth in 2022 in
volume terms. However, demand has yet to return to pre-pandemic levels.
Despite this overall healthy performance, packaged juice faces strong competition from
freshly squeezed juice, which are widely regarded as fresher, tastier and, most importantly,
considerably healthier than packaged varieties. Indeed, many middle-income households in
Vietnam have a juice machine, enabling them to save money by buying fresh fruit and
vegetables to be juiced at home.
Imported brands establish stronger presence in 2022

Suntory PepsiCo Vietnam Beverage Co Ltd maintained its robust lead in juice in 2022, with no
close competitors. This is principally due to the leading position of its core brand, Twister.
Twister is benefited from the dynamic marketing activity of its parent company during the review
period, with the brand given strong marketing support due to the leading player’s myriad
strengths. Indeed, the company was very active in terms of social media promotion, using
platforms such as Facebook as a way to increase interaction with consumers and encourage
them to choose packaged juice over fresh juice as a way of having more diversity and
convenience in their lives.
2022 also saw the emergence of more imported brands, such as Woongjin from South Korea,
Tipco from Thailand and Rauch from Austria. Imported brands are typically handled by small
local trading companies, importing from overseas to service a niche market. Imported brands
can be found easily on retail e-commerce platforms such as Lazada.vn or shopee.vn, but are
not so widely available at popular supermarkets or hypermarkets.
Coconut and other plant waters see most dynamic performance in 2022
Coconut and other plant waters continued to show the strongest volume growth in 2022, with
sales maintaining their trajectory from a low base. Consumers are attracted to the novelty of this
category, as well as its strong health and wellness profile. Coconut water, in particular, is
believed to be a good source of B vitamins and calcium, as well as having anti-oxidant
properties. The core consumer base for coconut and other another plant waters comprises
affluent urban consumers who are interested in low-sugar products that are also energy-
boosting and refreshing. Thus, the COVID-19 pandemic motivated affluent consumers to try
these products as a way of staying hydrated and boosting their resistance to the threat of viral
illness.
Continued positive performance, in line with return to pre-pandemic

lifestyles and ongoing health and wellness trends
On-trade sales of juice will continue to recover over the forecast period, with volume sales
expected to exceed 2019 levels by 2024. This is attributable to the loosening of pandemic
restrictions which will encourage consumers to return to foodservice outlets. Retail volume sales
meanwhile, will also see healthy growth, in line with an improving economic outlook, rising levels
of consumer confidence and the perception of juice as being good for one’s health. However,
the rate of growth will be slower than that registered during the first half of the review period, as
the core category of juice drinks (up to 24% juice) becomes more mature in the coming years.
COVID-19 situation by the Vietnamese government, which resulted in the country weathering
the storm better than many of its Asian neighbours. As a result of this, consumer confidence
was not severely dented by the events of the pandemic, with the country’s economy expected to
rebound strongly and quickly. This will support sales of juice during the early stages of the
forecast period, with many consumers becoming less price-sensitive and willing to spend money
on non-essentials once again.
Key players to focus on juices with functional benefits

Health and wellness trends will drive innovation in juice over the forecast period. In view of
this, key players such as Suntory PepsiCo Vietnam Beverage Co Ltd and Coca-Cola Beverages
Vietnam Co Ltd are likely to introduce new fortified/functional 100% juices, such as those with
enhanced immunity boosting properties , along with variants offering other health benefits.
Indeed 100% juice is expected to see buoyant growth in both volume and current value terms
over the forecast period, as consumers pursue the healthiest options.
However, growth in off-trade sales of juice in Vietnam is likely to be hindered by the enduring
consumer preference for fresh juice, which can easily made at home with the support of a
blending machine. Moreover, consumers believe fresh juice to be healthier and more natural
than its packaged counterpart.
Coconut and other plant waters to maintain robust growth

Coconut and other plant waters is expected to maintain its robust growth trend over the
forecast period, driven by the immaturity of the category and its trajectory from a low base,
alongside growing health and wellness trends. Coconut and other plant waters are believed to
be particularly good for health and wellbeing, with coconut water believed to contain various
nutrients and vitamins, including antioxidant properties.
CATEGORY DATA
Table 78 Off-trade Sales of Juice by Category: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
Coconut and Other Plant 3.8 5.9 7.1 8.1 9.2 10.2
Waters
Nectars (25-99% Juice) 2.8 2.9 3.1 3.2 3.4 3.6
Juice Drinks (up to 24% 345.2 387.3 415.2 441.4 471.4 504.2
Juice)
- Reconstituted 100% 20.5 23.1 25.5 27.8 28.9 31.2
Juice
- Not from Concentrate - - - - - -
100% Juice
100% Juice 20.5 23.1 25.5 27.8 28.9 31.2
Juice 372.3 419.2 450.8 480.5 512.9 549.2
Table 79 Off-trade Sales of Juice by Category: Value 2017-2022
VND billion
2017 2018 2019 2020 2021 2022
Waters
Nectars (25-99% Juice) 99.7 106.1 113.0 119.9 127.2 141.0
Juice Drinks (up to 24% 7,407.4 8,410.1 9,073.3 9,760.6 10,559.9 11,903.7
Juice)
- Reconstituted 100% 944.8 1,075.8 1,246.7 1,386.0 1,486.8 1,654.0
Juice
100% Juice
100% Juice 944.8 1,075.8 1,246.7 1,386.0 1,486.8 1,654.0
Juice 8,598.2 9,820.0 10,709.7 11,591.5 12,550.1 14,129.5
Table 80 Off-trade Sales of Juice by Category: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
Coconut and Other Plant Waters 10.8 21.9 169.6

Nectars (25-99% Juice) 7.0 5.3 29.7
Juice Drinks (up to 24% Juice) 7.0 7.9 46.1
- Reconstituted 100% Juice 7.9 8.8 52.3
- Not from Concentrate 100% Juice - - -
100% Juice 7.9 8.8 52.3
Juice 7.1 8.1 47.5
Table 81 Off-trade Sales of Juice by Category: % Value Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total

Nectars (25-99% Juice) 10.9 7.2 41.5
100% Juice 11.3 11.9 75.1
Juice 12.6 10.4 64.3
Table 82 NBO Company Shares of Off-trade Juice: % Volume 2018-2022
% off-trade volume
Company 2018 2019 2020 2021 2022

Beverage Co Ltd
Vietnam Co Ltd
Drink & Food JSC
JSC (Vinamilk)
JSC (Betrimex)
National Grape Co- 0.0 0.0 0.0 0.0 0.0
operative Association Inc
Industries Group
Others 30.0 27.1 26.5 26.4 26.4
Total 100.0 100.0 100.0 100.0 100.0
Table 83 LBN Brand Shares of Off-trade Juice: % Volume 2019-2022
% off-trade volume
Beverage Co Ltd
Holdings Co Ltd)
Beverage Co Ltd
JSC (Vinamilk)
Cocoxim Ben Tre Import Export 1.1 1.3 1.2 1.2
JSC (Betrimex)
Berri (Kirin National Foods Pty Ltd 0.6 0.6 0.6 0.6
Holdings Co Ltd)
Chabaa (Chabaa Malee Sampran Plc 0.4 0.5 0.5 0.5
Bangkok Co Ltd)
Malee Malee Sampran Plc 0.2 0.2 0.2 0.2
Welch's National Grape Co- 0.0 0.0 0.0 0.0
Sagiko Chia Khim Lee Food 1.7 0.5 - -
Industries Group
Others Others 27.2 26.7 26.5 26.5
Total Total 100.0 100.0 100.0 100.0
Table 84 NBO Company Shares of Off-trade Juice: % Value 2018-2022

Company 2018 2019 2020 2021 2022

Beverage Co Ltd
Vietnam Co Ltd
Drink & Food JSC
JSC (Vinamilk)
JSC (Betrimex)
National Grape Co- 0.0 0.0 0.0 0.0 0.0
Industries Group
Others 30.6 27.7 27.0 26.6 26.9

Total 100.0 100.0 100.0 100.0 100.0
Table 85 LBN Brand Shares of Off-trade Juice: % Value 2019-2022

Beverage Co Ltd
Beverage Co Ltd
Holdings Co Ltd)
JSC (Vinamilk)
Cocoxim Ben Tre Import Export 1.9 2.1 2.1 2.1
JSC (Betrimex)
Chabaa (Chabaa Malee Sampran Plc 1.1 1.1 1.2 1.3
Bangkok Co Ltd)
Berri (Kirin National Foods Pty Ltd 1.2 1.2 1.3 1.2
Holdings Co Ltd)
Malee Malee Sampran Plc 0.5 0.5 0.5 0.5
Welch's National Grape Co- 0.0 0.0 0.0 0.0
Sagiko Chia Khim Lee Food 1.9 0.5 - -
Industries Group
Others Others 28.0 27.2 26.8 27.1
Total Total 100.0 100.0 100.0 100.0
Table 86 Forecast Off-trade Sales of Juice by Category: Volume 2022-2027
million litres
2022 2023 2024 2025 2026 2027
Waters
Nectars (25-99% Juice) 3.6 3.7 3.9 4.1 4.2 4.4
Juice Drinks (up to 24% 504.2 523.6 549.8 576.2 602.7 629.2
Juice)
- Reconstituted 100% 31.2 33.4 35.7 38.1 40.6 43.1
Juice
100% Juice
100% Juice 31.2 33.4 35.7 38.1 40.6 43.1
Juice 549.2 572.0 601.6 631.5 661.7 691.9
trade sources
Table 87 Forecast Off-trade Sales of Juice by Category: Value 2022-2027
VND billion
2022 2023 2024 2025 2026 2027
Waters
Nectars (25-99% Juice) 141.0 144.8 152.0 158.9 165.8 172.6
Juice Drinks (up to 24% 11,903.7 12,158.6 12,798.0 13,446.7 14,102.6 14,765.1
Juice)
- Reconstituted 100% 1,654.0 1,753.8 1,882.2 2,016.9 2,157.6 2,304.6
Juice
100% Juice
100% Juice 1,654.0 1,753.8 1,882.2 2,016.9 2,157.6 2,304.6
Juice 14,129.5 14,529.6 15,347.2 16,181.0 17,029.0 17,890.5
trade sources
Table 88 Forecast Off-trade Sales of Juice by Category: % Volume Growth 2022-2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total

Nectars (25-99% Juice) 2.8 4.0 21.9
100% Juice 7.0 6.7 38.2
Juice 4.1 4.7 26.0
trade sources
Table 89 Forecast Off-trade Sales of Juice by Category: % Value Growth 2022-2027

2022/2023 2022-27 CAGR 2022/27 Total

Nectars (25-99% Juice) 2.7 4.1 22.4
100% Juice 6.0 6.9 39.3
Juice 2.8 4.8 26.6
trade sources
RTD COFFEE IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Off-trade volume sales rise by 13% in 2022 to 3.1 million litres

▪ Ajinomoto Co Inc is the leading player in 2022, with an off-trade volume share of 34%
▪ Off-trade volume sales are set to rise at a CAGR of 5% over the forecast period to 4.0 million
litres
2022 DEVELOPMENTS
Positive growth trend continues in 2022, but sales remain

underdeveloped.
RTD coffee maintained a positive performance throughout 2020 and 2021, despite a decline
in on-trade sales, At the peak of the pandemic, all on-trade channels, including coffee shops
and street vendors, were required to close, which resulted in consumers switching their
consumption from foodservice to off-trade. While consumers were able to make their own coffee
at home, the RTD format lent itself to convenience, which was attractive to a number of people,
particularly those in busy, urban areas. Furthermore, RTD coffee offered range of sophisticated
flavour variants which were able to replicate the coffee shop experience, without consumers
having to be able to make such drinks themselves.
In 2022, RTD coffee continued to show healthy growth in volume terms, albeit from a fairly
low base. During the pandemic-related lockdowns, when specialist coffee shops had to close,
Vietnamese consumers became more familiar with drinking RTD coffee and maintained this
habit once the restrictions had been lifted. In addition, the leading players focused on improving
the taste of RTD coffee, in order to more closely replicated high-quality fresh variants.
Nestlé Vietnam Ltd sees rapid growth in share as A result of new

product development and extensive distribution
Ajinomoto Co Inc maintained its lead in RTD coffee in 2022, with its top Birdy brand, closely
followed by Viet Thai International JSC (with Highlands), King Car Co Ltd (with Mr Brown) and
Nestlé Vietnam Co Ltd (with Nescafé). Amongst these players, Nestlé Vietnam Ltd saw
particularly dynamic growth over the review period, having seen a threefold increase in value
share since entering the category in 2018. This was due to buoyant sales of Nescafé, which
benefited from a high degree of product innovation as well as widespread distribution.
RTD coffee is still a relatively new category in soft drinks in Vietnam and one in which there is
plenty of room to increase consumer awareness. Within this context, new product developments
remained a major theme. Among the most active players was the aforementioned Nestlé
Vietnam Ltd , which constantly improves its packaging and range of flavours to be more
appealing to local consumers. One such innovation, introduced earlier in the review period, was
Nescafé Espressoda, a unique combination of pure coffee and chilled soda. This product
contained double the amount of natural caffeine than Nescafe Café instant coffee and was thus
marketed as helping to replenish energy and increase alertness. This was followed up by the
launches of Nescafé Café Viet and Nescafé Café Iced Milk Coffee, both of which appealed to
local tastes. In term of distribution, the company focused on strengthening its distribution in
modern channels, such as convenience stores, supermarkets and hypermarkets.
Key players strengthen relationships with e-commerce retailers

In 2022, key players in RTD coffee such as Ajinomoto Co Inc and Nestlé Vietnam Ltd also
strengthened their relationships with top retail e-commerce platforms such as tiki.vn, Lazada.vn
and shopee.vn, in order to increase sales and broaden their consumer base. Incentives such as
discounts, free gifts and free delivery were offered by the majority of players, in order to
encourage consumers to place orders via these retail e-commerce platforms.
RTD coffee still offers much potential for growth

RTD coffee will see healthy growth over the forecast period, buoyed by the recovery of the
on-trade channel. This will be attributable to the loosening of pandemic-related restrictions and
the reopening of bars, restaurants and cafés. In addition, RTD coffee is still relatively immature
compared to other soft drinks categories, such RTD tea and energy drinks, and therefore has
much potential for expansion. Indeed, the leading players are expected to take advantage of the
strong growth opportunities which will emerge during the post-COVID-19 recovery period, as the
Vietnamese economy rebounds and consumers become more willing to spend money on non-
essential items, including RTD coffee. That said, retail volume growth rates will slow slightly, in
line with the stronger foodservice performance.
Convenience stores and retail e-commerce channel will support sales

expansion
The fast development of convenience stores in Vietnam will create favourable opportunities
for growth in RTD coffee over the forecast period. Convenience stores ae growing rapidly in the
country, especially in urban areas, where they are popular destinations to hang out, especially
for younger consumers. Indeed, many such stores now include dedicated areas to consume
freshly purchased drinks and snacks, as well as free wi-fi, trends that will encourage more
frequent purchasing. Moreover, with many convenience stores open 24/7, it is easy for
consumers to purchase drinks at any time of the day of night.
The forecast period will also see Vietnamese consumers become increasingly familiar with
purchasing soft drinks via e-commerce platforms, such as such as tiki.vn, Lazada.vn and
shopee.vn, consistent with the rapid development of the channel in packaged foods as a whole.
E-commerce will therefore help the leading RTD coffee players to expand the consumer base
for their products by reaching out to untapped markets, such as rural areas.
Players to focus on improving RTD coffee flavour and packaging to

stimulate consumer demand
As RTD coffee continues to grow from a low base, players are expected to focus on
innovation to attract the attention of consumers and tap into rising demand. Whilst many of
these products can be expected to be fairly basic and relatively unremarkable in comparison
with most of the products already available in the category, some of them will inevitably be more
sophisticated options that seek to push the boundaries of flavour innovation in particular.
Players are also likely to focus on the quality of the coffee beans used in their brews, as well as
packaging, in order to command consumers’ attention. However, with the average unit price of
RTD coffee already relatively high in comparison with other categories in soft drinks, it remains
to be seen to what extent consumers will be prepared to pay extra for exotic flavours and other
innovations.
CATEGORY DATA
Table 90 Off-trade Sales of RTD Coffee: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
RTD Coffee 2.2 2.3 2.4 2.5 2.7 3.1

Table 91 Off-trade Sales of RTD Coffee: Value 2017-2022
VND billion
2017 2018 2019 2020 2021 2022
RTD Coffee 112.8 118.5 128.8 138.8 154.1 180.2

Table 92 Off-trade Sales of RTD Coffee: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
RTD Coffee 13.0 7.1 41.2

Table 93 Off-trade Sales of RTD Coffee: % Value Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total
RTD Coffee 16.9 9.8 59.7

Table 94 NBO Company Shares of Off-trade RTD Coffee: % Volume 2018-2022
% off-trade volume
Company 2018 2019 2020 2021 2022
Ajinomoto Co Inc 38.0 37.9 37.0 36.8 34.2

Viet Thai International 30.7 30.5 30.2 28.1 26.2
JSC
King Car Co Ltd 12.2 16.9 18.6 18.4 17.4

Dona New Tower Natural 7.7 2.3 1.5 - -
Drink & Food JSC
Interfood Shareholding Co - - - - -
Others 8.0 7.6 5.8 5.7 5.3
Total 100.0 100.0 100.0 100.0 100.0
Table 95 LBN Brand Shares of Off-trade RTD Coffee: % Volume 2019-2022
% off-trade volume
Birdy Ajinomoto Co Inc 37.9 37.0 36.8 34.2

Highlands Viet Thai International 30.5 30.2 28.1 26.2
JSC
Mr Brown (King Car King Car Co Ltd 16.9 18.6 18.4 17.4
Food Industrial Co
Ltd)
Nescafé (Nestlé SA) Nestlé Vietnam Co Ltd 4.8 6.8 11.0 16.9
Nature Milk Coffee Dona New Tower Natural 1.2 0.8 - -
(New Tower Ltd) Drink & Food JSC
Nature Moka Coffee Dona New Tower Natural 1.1 0.7 - -
Nature Black Coffee Dona New Tower Natural - - - -
Wonderfarm Black Interfood Shareholding Co - - - -
Coffee (Kirin
Holdings Co Ltd)
Wonderfarm Extra Interfood Shareholding Co - - - -
Black coffee (Kirin
Holdings Co Ltd)
Wonderfarm Milk Interfood Shareholding Co - - - -
Coffee (Kirin
Holdings Co Ltd)
Total Total 100.0 100.0 100.0 100.0
Table 96 NBO Company Shares of Off-trade RTD Coffee: % Value 2018-2022

Company 2018 2019 2020 2021 2022
Ajinomoto Co Inc 39.8 40.1 39.3 36.5 34.0

Viet Thai International 32.4 31.5 30.6 27.8 25.8
JSC
King Car Co Ltd 11.8 16.7 18.0 17.1 16.2
Dona New Tower Natural 7.4 2.2 1.4 - -
Drink & Food JSC
Interfood Shareholding Co - - - - -
Others 4.9 4.2 3.5 11.2 12.4
Total 100.0 100.0 100.0 100.0 100.0
Table 97 LBN Brand Shares of Off-trade RTD Coffee: % Value 2019-2022

Birdy Ajinomoto Co Inc 40.1 39.3 36.5 34.0

Highlands Viet Thai International 31.5 30.6 27.8 25.8
JSC
Mr Brown (King Car King Car Co Ltd 16.7 18.0 17.1 16.2
Food Industrial Co
Ltd)
Nescafé (Nestlé SA) Nestlé Vietnam Co Ltd 5.4 7.3 7.4 11.5
Nature Milk Coffee Dona New Tower Natural 1.1 0.8 - -
Nature Moka Coffee Dona New Tower Natural 1.0 0.7 - -
Nature Black Coffee Dona New Tower Natural - - - -
Wonderfarm Black Interfood Shareholding Co - - - -
Coffee (Kirin
Holdings Co Ltd)
Wonderfarm Extra Interfood Shareholding Co - - - -
Black coffee (Kirin
Holdings Co Ltd)
Wonderfarm Milk Interfood Shareholding Co - - - -
Coffee (Kirin
Holdings Co Ltd)
Others Others 4.2 3.5 11.2 12.4
Total Total 100.0 100.0 100.0 100.0
Table 98 Forecast Off-trade Sales of RTD Coffee: Volume 2022-2027
million litres
2022 2023 2024 2025 2026 2027
RTD Coffee 3.1 3.3 3.4 3.6 3.8 4.0

trade sources
Table 99 Forecast Off-trade Sales of RTD Coffee: Value 2022-2027
VND billion
2022 2023 2024 2025 2026 2027
RTD Coffee 180.2 191.6 202.8 213.6 224.7 235.9

trade sources
Table 100 Forecast Off-trade Sales of RTD Coffee: % Volume Growth 2022-2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total
RTD Coffee 6.0 5.2 28.7

trade sources
Table 101 Forecast Off-trade Sales of RTD Coffee: % Value Growth 2022-2027

2022/2023 2022-27 CAGR 2022/27 Total
RTD Coffee 6.3 5.5 30.9

trade sources
RTD TEA IN VIETNAM - CATEGORY

ANALYSIS
KEY DATA FINDINGS
▪ Off-trade volume sales grow by 3% in 2022 to 1.6 billion litres

▪ Tan Hiep Phat Group is the leading player in 2022, with an off-trade volume share of 26%
▪ Off-trade volume sales are set to grow at a CAGR of 3% over the forecast period to 1.8 billion
litres
2022 DEVELOPMENTS
Signs of recovery in foodservice sales in 2022

Volume sales of RTD tea rebounded in 2022, following a two-year period of decline. Off-trade
sales registered a downturn in demand during 2020 and 2021 as measures put in place to
contain the COVID-19 virus, including social distancing and restrictions on indoor dining, led to a
reduction in visits to foodservice outlets. While on-trade sales showed a partial recovery in 2022,
due to the easing of pandemic-related restrictions, demand is not expected to return to pre-
pandemic levels until 2024, owing to a reduced number of tourists and the large number of
people still working from home remotely. By contrast, off-trade sales were less affected by
pandemic-related restrictions, due to the strong tea culture in the country. Moreover, faced with
potentially extensive quarantine lockdown during the early stages of the pandemic, many
consumers stocked up on RTD tea so as to ensure a continued supply. In 2022, off-trade sales
of RTD tea saw positive growth in volume terms, following a stagnant performance in 2021.
Growth was boosted by the return to pre-pandemic lifestyles, including socialising within the
home over a beverage with friends and family.
It should also be noted that carbonated RTD tea remains insignificant in Vietnam, with sales
entirety accounted for by still varieties.
Health and wellness trends drive consumer behaviour

Health and wellness trends are growing in Vietnam, having been further enhanced by the
event of the pandemic. In particular, an increasing number of consumers are seeking healthy-
positioned RTD tea and variants with a no- and low-sugar content. Indeed, reduced sugar
varieties of still RTD tea saw much faster growth than their regular counterparts in 2022, albeit
from a low base. That said, it is taking some time for specifically-positioned health and wellness
teas to take off in the country, as consumers are not embracing the tastes they offer.
Although RTD tea has a generally healthy image, due to the widespread belief that tea,
particularly green tea, is an inherently healthy beverage, many consumers are switching to
healthier choices such as bottled water or juice in an effort to control their sugar intake. As this
situation continues to develop, it is expected that healthier types of RTD tea will be launched to
cater to demand among the growing group of consumers who are increasingly concerned about
the high sugar content of many different types of soft drinks, with the health and wellness trend
likely to become more influential during the forecast period.
Tan Hiep Phat Group loses share in 2022, while its rivals focus on new
healthier variants and new flavour combinations
Tan Hiep Phat Group maintained its lead in RTD tea, closely followed by URC Vietnam Co
Ltd. The company owes the bulk of its trend to its Zero Degree Green Tea brand, which comes
in a range of packaging sizes, as well as a diet version, for maximum consumer choice. The
company lost share in 2022, however, mainly due to supply issues in its domestic market,
particularly in large cities such as Ho Chi Minh. At the time of writing, Tan Hiep Phat products
were unavailable in popular modern retail channels, such as supermarkets, hypermarkets and
convenience stores, and there was no indication as to when this issue would be resolved.
As the market for RTD tea becomes more mature, the key players are constantly focusing on
new product development in order to retain consumers’ interest. Flavour innovation was a major
area of focus, with URC Vietnam Co Ltd consistently launching new flavour innovations under
its C2 brand, such as lychee or peach In 2022, the company introduced C2 Freeze, a mint-
flavoured RTD tea featuring a blend of strawberry and cherry.
In response to the health and wellness trend, specifically the rising concern about the high
sugar content of various different types of soft drinks, low calorie beverages were also a focus of
new product development in RTD tea, with recent new launches including Suntory PepsiCo
Vietnam Beverage Co Ltd’s Tea+ Oolong Tea No Sugar. Other products focused on boosting
the immunity of consumers, as exemplified by C2 Plus Immunity, which was particularly popular
during the time of the pandemic. In 2022, Suntory PepsiCo Vietnam Beverage Co Ltd extended
its Tea+ range to include a variant with additional Vitamin C.
RTD tea is expected to record positive performance

RTD tea is projected to register a positive performance over the forecast period, thanks to the
strong recovery of the on-trade channel. This will be attributable to the loosening of pandemic-
related restrictions and a return to “normal” behaviour patterns. However, off-trade volumes of
RTD tea are expected to see slower growth, as the market becomes more mature.
COVID-19 situation by the Vietnamese government, which gained international praise. As a
result, consumer confidence was not severely dented by the event of the pandemic, with the
country’s economy rebounding strongly and quickly.
This is expected to support sales during the early stages of the forecast period.
Stronger competition between top players

The competitive landscape for RTD in Vietnam is already fairly consolidated, with little room
for new entrants. As the leading players already have solid positions within the category, it
would be incredibly challenging for new players to enter the category. As such, the competitive
status quo is not expected to change over the forecast period and rather, existing players are
expected to compete more strongly with new product developments.
As noted, the leading players are likely to introduce new flavours for their RTD tea brands, in
order to stimulate attract the attention of consumers and tap into rising demand for interesting
and refreshing products that have a healthier image than carbonates, for example. These are
likely to be supported by various marketing activities and events, such as lucky draws or
discounts, in order to keep consumers attracted to the category
Reduced sugar RTD tea is expected to record stronger presence

During the forecast period, the leading players are also expected to concentrate on launching
products with a health and wellness positioning, including no- and low-sugar variants, as well as
those with additional functional ingredients, such as vitamins and minerals, in line with the rising
health and wellness trend in Vietnam. Vietnamese consumers, especially women, are becoming
more conscious of their sugar intake, which will lead to a growing demand for reduced sugar
RTD tea. While there are currently some reduced sugar RTD tea brands present in the market,
such as Tea+ Oolong Tea No Sugar, sales remain negligible, with much potential for growth.
CATEGORY DATA
Table 102 Off-trade Sales of RTD Tea by Category: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
Still RTD Tea 1,320.2 1,396.8 1,459.6 1,517.1 1,503.0 1,553.0

Carbonated RTD Tea and - - - - - -
Kombucha
RTD Tea 1,320.2 1,396.8 1,459.6 1,517.1 1,503.0 1,553.0
Table 103 Off-trade Sales of RTD Tea by Category: Value 2017-2022
VND billion
2017 2018 2019 2020 2021 2022
Still RTD Tea 21,098.7 22,432.3 23,558.9 25,164.5 24,999.1 27,058.0

Kombucha
RTD Tea 21,098.7 22,432.3 23,558.9 25,164.5 24,999.1 27,058.0
Table 104 Off-trade Sales of RTD Tea by Category: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
Still RTD Tea 3.3 3.3 17.6

Carbonated RTD Tea and Kombucha - - -
RTD Tea 3.3 3.3 17.6
Table 105 Off-trade Sales of RTD Tea by Category: % Value Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total

RTD Tea 8.2 5.1 28.2
Table 106 Leading Flavours for Off-trade RTD Tea: % Volume 2017-2022
% retail volume
2017 2018 2019 2020 2021 2022
Black - Sweetened 0.3 0.4 0.5 0.6 0.7 0.8

Chrysanthemum 0.2 0.3 0.4 0.5 0.6 0.7
Green - Sweetened 64.1 62.3 62.0 61.8 61.6 60.9
Herbal 7.5 8.0 8.5 9.0 9.2 9.4
Oolong - Sweetened 21.0 22.0 23.0 23.2 23.4 23.6
Other Flavours 6.9 7.0 5.6 4.9 4.5 4.6
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 107 NBO Company Shares of Off-trade RTD Tea: % Volume 2018-2022
% off-trade volume
Company 2018 2019 2020 2021 2022

Beverage Co Ltd
Pepsi-Lipton 3.5 3.5 3.4 1.4 0.4
International
Tan Quang Minh 2.1 2.1 1.3 0.5 0.3
Co Ltd
International Food - - 0.1 0.1 0.2
Industry JSC
Others 24.0 23.3 22.4 23.3 24.5
Total 100.0 100.0 100.0 100.0 100.0
Table 108 LBN Brand Shares of Off-trade RTD Tea: % Volume 2019-2022
% off-trade volume

Holdings Inc)

Holdings Co Ltd)
President
Enterprises Corp)
Tribeco (Uni- Tribeco Binh Duong Co Ltd 0.5 0.5 0.5 0.5
President
Enterprises Corp)
Lipton (Unilever Pepsi-Lipton 3.5 3.4 1.4 0.4
Group) International
Pokka (Sapporo Sapporo Vietnam Co Ltd 0.4 0.4 0.4 0.4
Holdings Ltd)
A*Nuta Green Tea Tan Quang Minh 1.1 1.0 0.5 0.3
Co Ltd
Kirin (Kirin International Food - 0.1 0.1 0.2
Co Ltd
Others Others 23.5 22.5 23.5 24.6
Total Total 100.0 100.0 100.0 100.0
Table 109 NBO Company Shares of Off-trade RTD Tea: % Value 2018-2022

Company 2018 2019 2020 2021 2022

Beverage Co Ltd
Pepsi-Lipton 4.2 4.2 4.1 1.8 0.6
International
Tan Quang Minh 2.6 2.6 1.7 0.7 0.4
Co Ltd
International Food - - 0.1 0.2 0.2
Industry JSC
Others 19.2 17.7 17.3 18.3 19.0
Total 100.0 100.0 100.0 100.0 100.0
Table 110 LBN Brand Shares of Off-trade RTD Tea: % Value 2019-2022


Holdings Inc)
Holdings Co Ltd)
President
Enterprises Corp)
Pokka (Sapporo Sapporo Vietnam Co Ltd 0.6 0.6 0.6 0.6
Holdings Ltd)
Lipton (Unilever Pepsi-Lipton 4.2 4.1 1.8 0.6
Group) International
Tribeco (Uni- Tribeco Binh Duong Co Ltd 0.4 0.5 0.5 0.5
President
Enterprises Corp)
A*Nuta Green Tea Tan Quang Minh 1.5 1.4 0.7 0.4
Co Ltd
Kirin (Kirin International Food - 0.1 0.2 0.2
Co Ltd
Others Others 17.9 17.5 18.5 19.2
Total Total 100.0 100.0 100.0 100.0
Table 111 Forecast Off-trade Sales of RTD Tea by Category: Volume 2022-2027
million litres
2022 2023 2024 2025 2026 2027
Still RTD Tea 1,553.0 1,625.1 1,683.6 1,735.9 1,781.0 1,818.4

Kombucha
RTD Tea 1,553.0 1,625.1 1,683.6 1,735.9 1,781.0 1,818.4
trade sources
Table 112 Forecast Off-trade Sales of RTD Tea by Category: Value 2022-2027
VND billion
2022 2023 2024 2025 2026 2027
Still RTD Tea 27,058.0 28,404.3 29,498.0 30,484.2 31,346.0 32,071.1

Kombucha
RTD Tea 27,058.0 28,404.3 29,498.0 30,484.2 31,346.0 32,071.1
trade sources
Table 113 Forecast Off-trade Sales of RTD Tea by Category: % Volume Growth 2022-
2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total

RTD Tea 4.6 3.2 17.1
trade sources
Table 114 Forecast Off-trade Sales of RTD Tea by Category: % Value Growth 2022-2027

2022/2023 2022-27 CAGR 2022/27 Total

RTD Tea 5.0 3.5 18.5
trade sources
ENERGY DRINKS IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Red Bull (Vietnam) Co Ltd is the leading player in 2022, with an off-trade volume share of
36%
▪ Off-trade volume sales are set to grow at a CAGR of 10% over the forecast period to 820
million litres
2022 DEVELOPMENTS
Stronger demand in 2022

Volume sales energy drinks of energy drinks witnessed a sharp rebound in 2022, following
declines in the previous two years. On-trade sales of energy drinks saw a slump in demand
during the height of the COVID-19 pandemic, due a dramatic decline in inbound tourism flows
and the closure of mandated closure of consumer foodservice channels. With the Vietnamese
government able to control the number of COVID-19 cases, thanks to a high vaccination rate,
consumers began to return to on-trade outlets in 2022, thereby leading to a renewed demand
for energy drinks.
By contrast, off-trade sales of energy drinks continued to see positive volume growth
throughout the pandemic, , albeit at a slower rate than in previous years. Energy drinks are
particularly popular amongst younger consumers, who value them for their sweet flavour, as
well for their ability to offer a stamina boost when they need to stay up late, for example to
prepare for an exam or to meet a work deadline. Retail volume sales saw accelerated growth in
2022, following a return to pre-pandemic behavioural patterns.
Product innovation in the form of new flavours and low sugar variants
stimulates consumer interest
Red Bull (Vietnam) Co Ltd maintained its notable lead in energy drinks, ahead of second-
placed Suntory PepsiCo Vietnam Beverage Co Ltd with Sting. However, small brands are also
showing a stronger presence, as exemplified by H? V?n, Cherry and Compact from Masan
Consumer Corp, which are found within the share accounted for by “others”.
During the year, the leading brands contained to introduce new products to attract consumers’
attention. Many of these were in the form of new flavour variants, as exemplified by the
launches by Warrior (TC Pharmaceutical Industry Co Ltd) and Rong Do (Red Dragon) of new
grape and pina colada flavoured variants, respectively, as well as the launch by Red Bull
(Vietnam) Co Ltd of a new cold-brew coffee version of its eponymous brand. Tapping into
consumer trends towards health and wellness, Wake-Up 247 (Masan Group Corp) saw the
addition of a new reduced sugar version of its coffee-flavoured energy drink, which succeed in
building its share.
Red Bull Coffee flavour
Competition becomes more intense

The competitive environment in energy drinks became more intense during the latter half of
the review period, with both international and local companies continuing to enter this
increasingly mature category. In response, the established players engaged in various
marketing activities and promotional campaigns to generate greater brand awareness amongst
consumers and to help strengthen their respective positions. The majority of the key players
used TV advertisements to promote their brands, as well as social media, with young urban
adults being most likely to embrace the latter platforms. Free samples were also used to raise
awareness, with Red Bull (Vietnam) Co Ltd, for example, distributing free samples of its new
products at schools and offices. Given, the marketing and financial power of the global giants, it
is unlikely that the leading brands Red Bull, Sting, Number 1 and Wake-up 247 will face any
particularly robust competition from emerging brands or smaller rivals over the forecast period.
Continued strong growth, despite health and wellness trends

Energy drinks will continue to record strong growth in both volume and current value terms
over the forecast period, as Vietnamese consumers seek out such beverages as a refreshing
source of energy during work and study. The rising health and wellness trend will pose the
greatest threat growth, as consumers become more aware of the potentially detrimental impacts
of high consumption of energy drinks on the heart and body. For this reason, it is expected that
some Vietnamese people will begin to pay more attention to the volume of energy drinks they
consume in order to avoid developing resistance to the drinks’ high caffeine content and/or
experiencing unwanted side effects. These health concerns will have the strongest impact
amongst educated consumers, such as working professionals, who are expected to switch to
other, healthier options, such as RTD coffee, However, younger consumers are expected to be
less concerned about the potential health risks and are likely to maintain their habit of
consuming energy drinks as a source of energy.
Reduced sugar energy drinks will establish stronger presence

Reduced sugar energy drinks are expected to establish stronger presence over the forecast
period, in line with the rising trend of health and wellness in Vietnam. In June 2022, for example,
Vinacafe Bien Hoa JSC introduced Wake-up 247 Less Sugar. While the new product is not
widely distributed, it is almost universally available in big cities such as Ho Chi Minh and Hanoi.
If Wake-up 247 Less Sugar receives a positive response from consumers, other players are
likely to introduce their own reduced sugar variants.
Key players are expected to focus on driving growth in rural areas.

The competitive landscape for energy drinks will become more intense over the forecast
period, leaving little room for further new entrants. Both international and local players are
projected to continue to use strong marketing activities to enhance their respective positions,
from advertising on television to embracing online platforms such as TikTok, Facebook and
YouTube. It is expected these efforts will be tailored to the consumer audience and will utilise
Korean trends and influencers in order to attract attention.
As the market for energy drinks becomes more mature, particularly in large cities and urban
districts, the key players are likely to look to rural and suburban areas, in order to expand their
consumer base. Here, the expansion of modern retail channels, especially supermarkets and
hypermarkets, will help manufacturers to expand the distribution of their products.
CATEGORY DATA
Table 115 Off-trade Sales of Energy Drinks: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
Energy Drinks 417.2 438.0 457.7 475.6 486.0 514.1

Table 116 Off-trade Sales of Energy Drinks: Value 2017-2022
VND billion
2017 2018 2019 2020 2021 2022
Energy Drinks 12,700.0 13,600.0 14,484.0 15,364.9 16,106.3 18,077.1

Table 117 Off-trade Sales of Energy Drinks: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total

Table 118 Off-trade Sales of Energy Drinks: % Value Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total

Table 119 NBO Company Shares of Off-trade Energy Drinks: % Volume 2018-2022
% off-trade volume
Company 2018 2019 2020 2021 2022

Beverage Co Ltd
Masan Group Corp 10.6 12.4 13.0 12.3 12.8
Ltd
Coca-Cola Beverages 2.0 1.2 0.6 - -
Vietnam Co Ltd
Others 14.3 14.8 14.3 14.8 15.0
Total 100.0 100.0 100.0 100.0 100.0
Table 120 LBN Brand Shares of Off-trade Energy Drinks: % Volume 2019-2022
% off-trade volume
Pharmaceutical
Industry Co Ltd)
Beverage Co Ltd
Lipovitan (Taisho Taisho Vietnam Co Ltd 1.5 1.5 1.5 1.5
Pharmaceutical
Holdings Co Ltd)
Buffalo (Advance & A&B Foods & Beverage Co 0.4 0.3 0.2 0.2
Best Enterprise) Ltd
Samurai (Monster Coca-Cola Beverages 1.2 0.6 - -
Beverage Corp) Vietnam Co Ltd
Samurai (Coca-Cola Coca-Cola Beverages - - - -
Others Others 14.8 14.3 14.8 15.0
Total Total 100.0 100.0 100.0 100.0
Table 121 NBO Company Shares of Off-trade Energy Drinks: % Value 2018-2022

Company 2018 2019 2020 2021 2022

Beverage Co Ltd
Masan Group Corp 9.6 11.1 11.6 10.9 11.3
Ltd
Coca-Cola Beverages 1.5 0.9 0.5 - -
Vietnam Co Ltd
Others 11.4 11.8 11.3 11.6 11.6
Total 100.0 100.0 100.0 100.0 100.0
Table 122 LBN Brand Shares of Off-trade Energy Drinks: % Value 2019-2022

Pharmaceutical
Industry Co Ltd)
Beverage Co Ltd
Lipovitan (Taisho Taisho Vietnam Co Ltd 1.5 1.6 1.6 1.5
Pharmaceutical
Holdings Co Ltd)
Buffalo (Advance & A&B Foods & Beverage Co 0.3 0.2 0.2 0.2
Samurai (Monster Coca-Cola Beverages 0.9 0.5 - -
Beverage Corp) Vietnam Co Ltd
Samurai (Coca-Cola Coca-Cola Beverages - - - -
Others Others 11.8 11.3 11.6 11.6
Total Total 100.0 100.0 100.0 100.0
Table 123 Forecast Off-trade Sales of Energy Drinks: Volume 2022-2027
million litres
2022 2023 2024 2025 2026 2027
Energy Drinks 514.1 552.0 595.6 655.0 729.3 819.5

trade sources
Table 124 Forecast Off-trade Sales of Energy Drinks: Value 2022-2027
VND billion
2022 2023 2024 2025 2026 2027
Energy Drinks 18,077.1 19,342.4 20,919.7 23,061.4 25,746.1 29,005.3

trade sources
Table 125 Forecast Off-trade Sales of Energy Drinks: % Volume Growth 2022-2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total

trade sources
Table 126 Forecast Off-trade Sales of Energy Drinks: % Value Growth 2022-2027

2022/2023 2022-27 CAGR 2022/27 Total

trade sources
SPORTS DRINKS IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS

volume share of 77%
▪ Off-trade volume sales are set to increase at a CAGR of 6% over the forecast period to 251
million litres
2022 DEVELOPMENTS
Sports drinks register faster growth, due to the reopening of sporting

activities
Sports drinks registered accelerated growth in volume terms in 2002, following the lifting of
pandemic-related social distancing measures at the beginning the year, which saw consumers
return to gyms, sports clubs and fitness centres, as well as participating in large sporting events,
such as marathons and cycling competitions. This led to the partial recovery of on-trade sales,
which had declined in 2020 and 2021. By contrast, retail sales in sports drinks continued to see
healthy growth during the COVID-19 pandemic, in line with the rising health trends inspiring
consumers to exercise more often. Indeed, during the pandemic, the Vietnamese government
actively encouraged consumers to exercise more frequently in order to help boost their natural
immunity. As a result, many consumers embraced sports drinks to promote faster rehydration
and the replenishment of electrolytes after working out.
In 2022, the ongoing influence of Western culture, through movies and TV series, combined
with education from health and fitness experts about the benefits of sports drinks, led more
consumers to choose sports drinks during their exercise activities. Sports drinks claim to
improve athletic performance, by providing energy to muscles and the brain, as well as
replenishing the glucose, fluids and electrolytes lost during exercise.
International players dominate sports drinks, with both 7-Up Revive and
Pocari Sweat seeing their share increase
Suntory PepsiCo Vietnam Beverage Co Ltd maintained its significant lead in sports drinks,
underpinned by the success of its first-ranked 7-Up Revive brand, which accounted for a large
chunk of value sales in 2022. Second-ranked Otsuka Thang Nutrition Co Ltd owes its strength in
sports drinks to Pocari Sweat, which trailed 7-Up Revive by some considerable distance.
However, the brand steadily increased its share during the review period, thanks to active
promotions and discounts through modern retail channels, such as supermarkets and
hypermarkets. In addition, the brand often cooperates with retail outlets to place small
promotional booths in-store. Pocari Sweat has a strong e-commerce presence and therefore
was able to reach consumers through online channels during the lockdown periods in the
country.
Both Suntory PepsiCo Vietnam Beverage Co Ltd and Otsuka Thang Nutrition Co Ltd benefit
from vast marketing and promotional budgets, which focus on the association of sports drinks
with improved fitness and health. At the same time, the superior resources of these companies
ensure wide distribution, even within rural areas. Moreover, the COVID-19 situation encouraged
both of these key players to engage in corporate social responsibility activities to assist
communities throughout Vietnam to overcome the challenges presented by the pandemic.
Convenience stores and retail e-commerce grow in importance

Grocery retailers continued to account for the vast majority of volume sales of sports drinks in
2022, with supermarkets having increased their share over the review period, at the expense of
small local grocers. However, convenience stores became an increasing popular channel for
sales of sports drinks, thanks to the fast development of convenience store network in major
cities, such as Ho Chi Minh and Hanoi. With the leading players in sports drinks having
improved their distribution vis via these outlets, consumers could more easily make on-the-go
purchases during activities such as running, walking or cycling.
The growing importance of e-commerce was another key trend in the distribution of sports
drinks, with the channel more than tripling its share of overall volume sales between 2019 and
2022. As in other areas of the packaged food market, e-commerce benefitted from the
lockdowns and social distancing measures associated with the COVID-19 pandemic, which led
consumers to make purchases from home. Moreover, even when the outbreak was brought
under control, consumers continued with their habit of purchasing sports drinks through e-
commerce websites such as such as such as tiki.vn, Lazada.vn and shopee.vn, thanks to a
combination of convenience and special discounts. In 2022, the leading players in sports drinks
focused on increasing their presence on these popular sites, as well as setting up their own
online platforms. This helped them to expand the consumer base for their products by reaching
out to untapped markets, such as rural areas.
Positive outlook for sports drinks, as consumers resume sporting

activities
Sales in sports drinks are set to remain heavily concentrated within off-trade channels over
the forecast period, with on-trade accounting for only a small share. This is because sports
drinks are not as traditionally popular through the on-trade, as they are consumed when
exercising, rather than for pleasure or to simply quench one’s thirst. However, on-trade sales of
sport drinks are expected to rebound over the forecast period, with volume sales expected to
return to pre-pandemic levels by 2024. Following the easing of social distancing measures at
the beginning of 2022, on-trade sales will benefit from the increasing number of people
frequenting gymnasiums and sports centres and attending larger-scale sporting events. In
addition, key players such as Suntory PepsiCo Vietnam Beverage Co Ltd and Tan Hiep Phat
Group will focus on developing on-trade sales through marketing activities, including the
sponsorship of sporting and other events, to promote sports drinks as a way of staying hydrated,
not only for sportspeople, but also for consumers who are attracted to the taste.
By contrast, off-trade volumes will see a slowdown in growth, due to the fact that sales of
sports drinks are largely confined to major cities, such as Ho Chi Minh and Hanoi. It will
therefore take time for rural consumers to become aware of sports drinks’ potential benefits.
However, rising health and wellness trends will help to promote positive growth for retail sales ,
as consumers to take more exercise in order to remain as fit and healthy as possible.
Sports drink powder poses A potential threat

Sport drink powder is classified under powder concentrates, where it currently accounts for a
relatively low proportion of overall volume sales. However, despite being a niche product, a
growing number of brands ,such as the Japan-imported Fine Pro Sport Drink Powder, attracted
consumers’ attention in 2022. Sports drink powder is claimed to have superior health benefits
compared sports drinks, as well as being highly transportable, with consumers easily able to mix
them with their favourite beverages. Therefore, over the forecast period, sports drink powder
could pose a potential threat to the development of sports drinks.
Multinationals to focus on innovation, in view of increased competition

from smaller players
Although Suntory PepsiCo Vietnam Beverage Co Ltd is not expected to see any direct
challenges to its position, it is expected that stronger competition in the form of smaller players
will appear over the forecast period. This is expected to be focussed on promotions and
discounts through off-trade channels such as supermarkets and hypermarkets, with even some
competition likely between the leading brands, as players vie to make their respective offering
stand out on the shelves. In light of this trend, key players such as Suntory PepsiCo Vietnam
Beverage Co Ltd and Otsuka Thang Nutrition Co Ltd are expected to concentrate on production
innovation to stimulate consumers’ interest. For example, reduced sugar variants or new
flavours of sports drinks might be launched onto the market
CATEGORY DATA
Table 127 Off-trade Sales of Sports Drinks: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
Sports Drinks 131.3 145.7 157.4 168.4 179.3 191.9

Table 128 Off-trade Sales of Sports Drinks: Value 2017-2022
VND billion
2017 2018 2019 2020 2021 2022
Sports Drinks 1,995.3 2,248.0 2,454.5 2,675.4 2,907.1 3,246.3

Table 129 Off-trade Sales of Sports Drinks: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total

Table 130 Off-trade Sales of Sports Drinks: % Value Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total

Table 131 NBO Company Shares of Off-trade Sports Drinks: % Volume 2018-2022
% off-trade volume
Company 2018 2019 2020 2021 2022

Beverage Co Ltd
Co Ltd
Ltd
Others 8.8 8.0 8.0 8.2 7.9
Total 100.0 100.0 100.0 100.0 100.0
Table 132 LBN Brand Shares of Off-trade Sports Drinks: % Volume 2019-2022
% off-trade volume

Ltd)
Active Salt Lemon Tan Hiep Phat Group 8.0 7.8 7.5 6.6
Gatorade (PepsiCo Suntory PepsiCo Vietnam 0.3 0.3 0.3 0.3
Vodik (Advance & A&B Foods & Beverage Co 1.0 0.9 - -
Sting Pro (PepsiCo Suntory PepsiCo Vietnam - - - -
Total Total 100.0 100.0 100.0 100.0
Table 133 NBO Company Shares of Off-trade Sports Drinks: % Value 2018-2022

Company 2018 2019 2020 2021 2022

Beverage Co Ltd
Co Ltd
Ltd
Others 11.1 9.8 8.4 8.6 8.3
Total 100.0 100.0 100.0 100.0 100.0
Table 134 LBN Brand Shares of Off-trade Sports Drinks: % Value 2019-2022


Ltd)
Active Salt Lemon Tan Hiep Phat Group 7.0 7.7 7.6 6.7
Gatorade (PepsiCo Suntory PepsiCo Vietnam 0.5 0.6 0.5 0.5
Vodik (Advance & A&B Foods & Beverage Co 1.7 1.6 - -
Sting Pro (PepsiCo Suntory PepsiCo Vietnam - - - -
Total Total 100.0 100.0 100.0 100.0
Table 135 Forecast Off-trade Sales of Sports Drinks: Volume 2022-2027
million litres
2022 2023 2024 2025 2026 2027
Sports Drinks 191.9 203.5 215.1 226.9 238.9 250.9

trade sources
Table 136 Forecast Off-trade Sales of Sports Drinks: Value 2022-2027
VND billion
2022 2023 2024 2025 2026 2027
Sports Drinks 3,246.3 3,414.7 3,622.3 3,834.8 4,051.6 4,268.0

trade sources
Table 137 Forecast Off-trade Sales of Sports Drinks: % Volume Growth 2022-2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total

trade sources
Table 138 Forecast Off-trade Sales of Sports Drinks: % Value Growth 2022-2027

2022/2023 2022-27 CAGR 2022/27 Total

trade sources
ASIAN SPECIALITY DRINKS IN

VIETNAM - CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Dona New Tower Natural Drink & Food JSC is the leading player in 2022, with an off-trade
volume share of 40%
▪ Off-trade volume sales are set to increase at a CAGR of 6% over the forecast period to 32
million litres
2022 DEVELOPMENTS
Asian speciality drinks record positive performance in 2022

Asian speciality drinks, which include beverages such as bird’s nest drink, glass jelly drink
and sugar cane juice, registered a positive performance in volume terms in 2022, following
declines in the previous two years. On-trade sales took a hit in 2020 and 2021, as a result of
mandated pandemic-related foodservice closures. Following the easing of restrictions in
February 2022, consumers returned to work and school, as well as resuming social activities
and gatherings, which helped to stimulate demand for Asian speciality drinks. By contrast, off-
trade sales remained buoyant throughout the pandemic, due to the perception that Asian
speciality drinks are believed to be good for general health and wellbeing, including boosting the
immune system during the COVID-19 outbreak.
Limited marketing and advertising by the leading players

There are few players in Asian speciality drinks, with Dona New Tower Natural Drink & Food
JSC and Interfood Shareholding Co, together accounting for the majority of total value sales.
The former’s Nature Bird's Nest brand holds the top place, followed by Wonderfarm Bird's Nest
from, Interfood Shareholding and with the latter’s Wonderfarm Grass Jelly Drink holding a
marginal share. Nature Bird's Nest, in particular, is held in high regard among consumers as a
nutritious drink which supports and enhances health.
Asian speciality drinks saw limited marketing and advertising activity over the review period,
as the few players present focused on investing in building their distribution networks, rather
than promotion, in order to save on expenditure. In particular, it is rare for any of the brands of
Asian speciality drinks to be advertised on television or on the radio, and this is reflected in the
low volume of sales overall. Furthermore, in comparison with other soft drinks categories, such
as RTD tea, carbonates or energy drinks, Asian speciality drinks is not particularly profitable for
soft drinks companies and this, together with economic pressures arising from the COVID-19
pandemic, hindered new players from entering the market
Focus on healthier and fortified variants

Despite a lack of marketing activity, some new variants of Asian speciality drinks were
launched towards the end of the review period, particularly those designed to meet health and
wellness trends, For example, VIESKY Co Ltd (Justnet) introduced Justnet Bird’s Nest drink
with vitamin C and kiwi flavour, making it the first product in the category to include vitamin C.
The brand offers 100% bird’s nest drinks without preservatives or artificial colours, which are
mainly targeted at young, health-conscious females who are seeking healthy choices
Positive outlook in line with rising health and wellness trends

On-trade sales in Asian speciality drinks are expected to sustain steady growth throughout the
forecast period, albeit at a slower rate than in 2022, with volumes not expected to return to pre-
pandemic levels until 2025 Demand will be boosted by the loosening of pandemic-related
restrictions and the continued recovery of foodservice, as well as the return of tourism to the
country. Retail volume rates will also grow, in line with rising levels of health consciousness,
which will fuel demand for Asian speciality drinks, especially bird’s nest varieties.
These health and wellness trends were enhanced by the effects of the COVID-19 pandemic,
and thus are expected to continue influencing consumers’ purchasing behaviour, as a higher
number of people seek healthier choices in relation to the food and drinks they consume.
Immature category offers potential for existing soft drinks players

Asian speciality drinks still holds strong growth potential as it is still relatively immature, with
very few players. During the forecast period, it is expected that any new players entering the
category will be predominantly large companies who are already active within soft drinks overall.
These large players will expand their portfolios to include the most popular styles of Asian
speciality drinks, as a supplement to their existing products. It is, however, unlikely that players
will enter the category without already holding strong portfolios overall, as this helps to mitigate
their risk. Furthermore, the equity of these big brands will help to attract consumers’ attention
and create a sense of trust.
Focus on product innovation and distribution, rather than marketing

activities
Over the forecast period, both local and international players are expected to focus on product
innovation and distribution , rather than marketing activities, since Asian speciality drinks is not
expected to develop to into a significant category within soft drinks. In particular, opportunities
will arise from growing health and wellness trends, with more “better-for-you” products expected,
as seen with the launch of Justnet Bird’s Nest with vitamin C and kiwi flavour.
In terms of distribution, retail e-commerce platforms such as tiki.vn, Lazada.vn and
shopee.vn, are forecast to establish a strong share of sales of Asian speciality drinks, in line
with the fast development of the channel the country. An increasing number of consumers are
choosing to shop online, thanks to its greater convenience and wider choice of products and
brands. During the forecast period, the leading players are expected to expand their presence
within this channel, in order to raise awareness and build sales of their bands.
CATEGORY DATA
Table 139 Off-trade Sales of Asian Speciality Drinks: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
Table 140 Off-trade Sales of Asian Speciality Drinks: Value 2017-2022
VND billion
2017 2018 2019 2020 2021 2022

Table 141 Off-trade Sales of Asian Speciality Drinks: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total

Table 142 Off-trade Sales of Asian Speciality Drinks: % Value Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total

Table 143 NBO Company Shares of Off-trade Asian Speciality Drinks: % Volume 2018-
2022
% off-trade volume
Company 2018 2019 2020 2021 2022

Drink & Food JSC
Others 25.4 25.3 24.9 25.1 26.1
Total 100.0 100.0 100.0 100.0 100.0
Table 144 LBN Brand Shares of Off-trade Asian Speciality Drinks: % Volume 2019-2022
% off-trade volume
Nature Bird's Nest Dona New Tower Natural 40.5 41.0 41.2 40.3
Wonderfarm Bird's Interfood Shareholding Co 33.0 33.0 32.5 32.4
Nest (Kirin
Holdings Co Ltd)
Wonderfarm Grass Interfood Shareholding Co 1.2 1.2 1.2 1.2
Jelly Drink (Kirin
Holdings Co Ltd)
Others Others 25.3 24.9 25.1 26.1
Total Total 100.0 100.0 100.0 100.0
Source: Trade Euromonitor International from official statistics, trade associations, trade press, company
research, store checks, trade interviews, trade sources
Table 145 NBO Company Shares of Off-trade Asian Speciality Drinks: % Value 2018-2022

Company 2018 2019 2020 2021 2022

Drink & Food JSC
Others 25.9 25.8 25.4 26.3 27.7
Total 100.0 100.0 100.0 100.0 100.0
Table 146 LBN Brand Shares of Off-trade Asian Speciality Drinks: % Value 2019-2022

Nature Bird's Nest Dona New Tower Natural 42.8 43.2 42.9 41.8
Wonderfarm Bird's Interfood Shareholding Co 30.5 30.6 29.9 29.6
Nest (Kirin
Holdings Co Ltd)
Wonderfarm Grass Interfood Shareholding Co 0.9 0.9 0.9 0.8
Jelly Drink (Kirin
Holdings Co Ltd)
Others Others 25.8 25.4 26.3 27.7
Total Total 100.0 100.0 100.0 100.0
Table 147 Forecast Off-trade Sales of Asian Speciality Drinks: Volume 2022-2027
million litres
2022 2023 2024 2025 2026 2027

trade sources
Table 148 Forecast Off-trade Sales of Asian Speciality Drinks: Value 2022-2027
VND billion
2022 2023 2024 2025 2026 2027
Asian Speciality Drinks 984.4 1,051.3 1,118.8 1,189.9 1,265.3 1,340.0

trade sources
Table 149 Forecast Off-trade Sales of Asian Speciality Drinks: % Volume Growth 2022-
2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total

trade sources
Table 150 Forecast Off-trade Sales of Asian Speciality Drinks: % Value Growth 2022-2027

2022/2023 2022-27 CAGR 2022/27 Total

trade sources

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Soft Drinks in Vietnam

LIST OF CONTENTS AND TABLES

Table 23 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel:

Table 40 Forecast Off-trade Sales of Bottled Water by Category: Value 2022-

Table 62 Forecast Total Sales of Carbonates by Fountain On-trade: % Volume

KEY DATA FINDINGS................................................................................................................ 59

SOFT DRINKS IN VIETNAM -

Soft drinks in 2022: The big pictures

2022 key trends

Foodservice vs retail split

What next for soft drinks?

Off-trade 3,441.9 3,718.1 3,972.4 4,206.4 4,308.8 4,528.4

Off-trade 5.1 5.6 31.6

Table 3 Off-trade vs On-trade Sales of Soft Drinks by Channel: Value 2017-2022

Off-trade 61,302.6 66,717.7 71,644.2 77,131.4 80,374.3 88,508.4

% current value growth

Off-trade 10.1 7.6 44.4

Bottled Water 781.4 692.5 1,474.0

Bottled Water 53.0 47.0 100.0

Juice 93.1 6.9 100.0

Table 7 Off-trade vs On-trade Sales of Soft Drinks by Category: Value 2021

Bottled Water 5,913.8 9,292.0 15,205.8

Table 8 Off-trade vs On-trade Sales of Soft Drinks by Category: % Value 2021

Bottled Water 38.9 61.1 100.0

Table 9 Off-trade Sales of Soft Drinks (RTD) by Category: Volume 2017-2022

Asian Speciality Drinks 18.3 19.5 20.8 22.1 23.1 24.3

RTD Tea 1,320.2 1,396.8 1,459.6 1,517.1 1,503.0 1,553.0

Asian Speciality Drinks 5.2 5.9 33.1

Table 11 Off-trade Sales of Soft Drinks by Category: Value 2017-2022

Asian Speciality Drinks 642.4 705.1 767.8 827.7 894.2 984.4

Table 12 Off-trade Sales of Soft Drinks by Category: % Value Growth 2017-2022

% current value growth

Asian Speciality Drinks 10.1 8.9 53.2

RTD Coffee 16.9 9.8 59.7

Table 13 Sales of Soft Drinks by Total Fountain On-trade: Volume 2017-2022

Total Fountain On-trade 102.6 119.0 136.8 112.2 103.6 125.3

% fountain volume growth

Total Fountain On-trade 21.0 4.1 22.2

Suntory PepsiCo Vietnam 29.9 30.3 31.5 32.7 33.4

C2 (JG Summit URC Vietnam Co Ltd 7.3 7.3 8.1 8.4

Fanta (Coca-Cola Coca-Cola Beverages 1.9 1.9 2.0 2.1

Table 17 NBO Company Shares of Off-trade Soft Drinks: % Value 2018-2022

% off-trade value rsp

Suntory PepsiCo Vietnam 29.7 30.2 31.6 32.7 33.6

Otsuka Thang Nutrition 0.4 0.4 0.5 0.5 0.6

Table 18 LBN Brand Shares of Off-trade Soft Drinks: % Value 2019-2022

% off-trade value rsp

Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

--- Leisure and 0.0 0.0 0.0 0.0 0.0 0.0

Energy Sports Asian

Retail Channels 100.0 100.0 100.0

Off-trade 4,528.4 4,778.6 5,034.7 5,301.5 5,574.5 5,855.9

Table 22 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: %

Off-trade 5.5 5.3 29.3

Off-trade 88,508.4 93,363.9 98,748.7 104,643.3 110,982.5 117,804.0

Table 24 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel: % Value

% current value growth

Off-trade 5.5 5.9 33.1

Asian Speciality Drinks 24.3 25.8 27.4 29.0 30.6 32.3

Concentrates 25.2 26.6 27.9 29.2 30.5 31.8

Asian Speciality Drinks 6.3 5.8 32.7

Table 27 Forecast Off-trade Sales of Soft Drinks by Category: Value 2022-2027