Snacks in Vietnamfull Market Report

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Snacks in Vietnam(Full Market Report)
International Marketing (Trường Đại học Ngoại thương)
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Snacks in Vietnam
Euromonitor International
June 2023

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SNACKS IN VIETNAM Passport i
LIST OF CONTENTS AND TABLES

Snacks in Vietnam - Industry Overview ........................................................................................ 1
EXECUTIVE SUMMARY .............................................................................................................. 1
Snacks in 2023: The big picture ............................................................................................... 1
Key trends in 2023 .................................................................................................................... 1
Competitive Landscape ............................................................................................................ 2
Channel developments ............................................................................................................. 2
What next for snacks? .............................................................................................................. 2
MARKET DATA ............................................................................................................................ 3
Table 1 Sales of Snacks by Category: Volume 2018-2023 ....................................... 3
Table 2 Sales of Snacks by Category: Value 2018-2023 .......................................... 3
Table 3 Sales of Snacks by Category: % Volume Growth 2018-2023 ...................... 4
Table 4 Sales of Snacks by Category: % Value Growth 2018-2023 ......................... 4
Table 5 NBO Company Shares of Snacks: % Value 2019-2023 ............................... 4
Table 6 LBN Brand Shares of Snacks: % Value 2020-2023 ..................................... 5
Table 7 Distribution of Snacks by Format: % Value 2018-2023 ................................ 6
Table 8 Forecast Sales of Snacks by Category: Volume 2023-2028 ........................ 7
Table 9 Forecast Sales of Snacks by Category: Value 2023-2028 ........................... 7
Table 10 Forecast Sales of Snacks by Category: % Volume Growth 2023-2028........ 7
Table 11 Forecast Sales of Snacks by Category: % Value Growth 2023-2028........... 7
DISCLAIMER ............................................................................................................................... 8
SOURCES.................................................................................................................................... 8
Summary 1 Research Sources ........................................................................................ 8
Chocolate Confectionery in Vietnam - Category Analysis .......................................................... 11
KEY DATA FINDINGS................................................................................................................ 11
2023 DEVELOPMENTS ............................................................................................................. 11
Inflationary pressures limit growth in 2023. ............................................................................. 11
Consumers make more health-conscious choices ................................................................. 11
Supermarkets continue to account for the bulk of chocolate confectionery distribution, while
the share accounted for by e-commerce begins to stabilise ................................................... 12
PROSPECTS AND OPPORTUNITIES....................................................................................... 12
Steady growth expected, in line with economic recovery ........................................................ 12
Innovation to centre around “better for you” products and more exotic flavour combinations
with tablets being A key beneficiary of this trend .................................................................... 13
Expanding distribution of small local grocers will be key to growth of this category ............... 13
CATEGORY DATA ..................................................................................................................... 13
Summary 2 Other Chocolate Confectionery by Product Type: 2023 ............................. 13
Table 12 Sales of Chocolate Confectionery by Category: Volume 2018-2023 .......... 14
Table 13 Sales of Chocolate Confectionery by Category: Value 2018-2023 ............. 14
Table 14 Sales of Chocolate Confectionery by Category: % Volume Growth
2018-2023 .................................................................................................. 14
Table 15 Sales of Chocolate Confectionery by Category: % Value Growth
2018-2023 .................................................................................................. 15
Table 16 Sales of Chocolate Tablets by Type: % Value 2018-2023 ......................... 15
Table 17 NBO Company Shares of Chocolate Confectionery: % Value 2019-
2023 ........................................................................................................... 15
Table 18 LBN Brand Shares of Chocolate Confectionery: % Value 2020-2023 ........ 16
© Euromonitor International

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SNACKS IN VIETNAM Passport ii
Table 19 Distribution of Chocolate Confectionery by Format: % Value 2018-

2023 ........................................................................................................... 17
Table 20 Forecast Sales of Chocolate Confectionery by Category: Volume
2023-2028 .................................................................................................. 17
Table 21 Forecast Sales of Chocolate Confectionery by Category: Value 2023-
2028 ........................................................................................................... 18
Table 22 Forecast Sales of Chocolate Confectionery by Category: % Volume
Growth 2023-2028 ..................................................................................... 18
Table 23 Forecast Sales of Chocolate Confectionery by Category: % Value
Growth 2023-2028 ..................................................................................... 18
Gum in Vietnam - Category Analysis .......................................................................................... 20
2023 DEVELOPMENTS ............................................................................................................. 20
Inflationary pressures impact sales of chewing gum, with bubble gum remaining A niche ..... 20
Sugar-free gum trend gathers pace ........................................................................................ 20
Lotte strengthens its competitiveness through continuous advertising and health-focused
message, while plastic jars rise in popularity as A packaging format ...................................... 21
Health-conscious consumers will drive growth ....................................................................... 21
Bubble gum will see slower growth in absence of product innovation .................................... 22
Further investment among category leaders set to spur growth ............................................. 22
CATEGORY DATA ..................................................................................................................... 22
Table 24 Sales of Gum by Category: Volume 2018-2023 ......................................... 22
Table 25 Sales of Gum by Category: Value 2018-2023 ............................................ 22
Table 26 Sales of Gum by Category: % Volume Growth 2018-2023 ........................ 23
Table 27 Sales of Gum by Category: % Value Growth 2018-2023 ........................... 23
Table 28 Sales of Gum by Flavour: Rankings 2018-2023 ......................................... 23
Table 29 NBO Company Shares of Gum: % Value 2019-2023 ................................. 23
Table 30 LBN Brand Shares of Gum: % Value 2020-2023 ....................................... 24
Table 31 Distribution of Gum by Format: % Value 2018-2023 .................................. 24
Table 32 Forecast Sales of Gum by Category: Volume 2023-2028 .......................... 25
Table 33 Forecast Sales of Gum by Category: Value 2023-2028 ............................. 25
Table 34 Forecast Sales of Gum by Category: % Volume Growth 2023-2028 ......... 25
Table 35 Forecast Sales of Gum by Category: % Value Growth 2023-2028 ............ 25
Sugar Confectionery in Vietnam - Category Analysis ................................................................. 27
2023 DEVELOPMENTS ............................................................................................................. 27
Growing levels of health-consciousness, combined with an elevated rate of inflation, limit
growth in 2023 ........................................................................................................................ 27
Flavour innovation remains key in driving demand ................................................................. 27
Local companies remain in favour, due to their competitive pricing and understanding of local
taste preferences .................................................................................................................... 28
Further expansion expected, with growing focus on lower-sugar and functional varieties ...... 28
Traditional items will continue to cater to local tastes ............................................................. 29
E-commerce will have A significant impact on demand .......................................................... 29
CATEGORY DATA ..................................................................................................................... 29
Summary 3 Other Sugar Confectionery by Product Type: 2023 .................................... 29

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SNACKS IN VIETNAM Passport iii
Table 36 Sales of Sugar Confectionery by Category: Volume 2018-2023 ................ 30

Table 37 Sales of Sugar Confectionery by Category: Value 2018-2023 ................... 30
Table 38 Sales of Sugar Confectionery by Category: % Volume Growth 2018-
2023 ........................................................................................................... 30
Table 39 Sales of Sugar Confectionery by Category: % Value Growth 2018-
2023 ........................................................................................................... 31
Table 40 Sales of Pastilles, Gummies, Jellies and Chews by Type: % Value
2018-2023 .................................................................................................. 31
Table 41 NBO Company Shares of Sugar Confectionery: % Value 2019-2023 ........ 31
Table 42 LBN Brand Shares of Sugar Confectionery: % Value 2020-2023 .............. 32
Table 43 Distribution of Sugar Confectionery by Format: % Value 2018-2023 ......... 33
Table 44 Forecast Sales of Sugar Confectionery by Category: Volume 2023-
2028 ........................................................................................................... 34
Table 45 Forecast Sales of Sugar Confectionery by Category: Value 2023-
2028 ........................................................................................................... 34
Table 46 Forecast Sales of Sugar Confectionery by Category: % Volume
Growth 2023-2028 ..................................................................................... 34
Table 47 Forecast Sales of Sugar Confectionery by Category: % Value Growth
2023-2028 .................................................................................................. 35
Ice Cream in Vietnam - Category Analysis ................................................................................. 36
2023 DEVELOPMENTS ............................................................................................................. 36
Continued growth in 2023, but retail volumes see A more muted performance, as inflation
takes its toll on household budgets ......................................................................................... 36
Trend towards local and exotic flavour experiences ............................................................... 36
In-store promotions remain A strong theme ............................................................................ 37
Rising demand for impulse ice cream, thanks to economy recovery and the revival of tourism,
with local brands retaining the competitive edge .................................................................... 37
Rising freezer penetration in homes and small local grocers will boost growth of take-home
and impulse ice cream ............................................................................................................ 37
Despite the wider availability of healthier products, ice cream will continue to be consumed
primarily for indulgence, with local companies continuing to dominate ................................... 38
CATEGORY DATA ..................................................................................................................... 38
Table 48 Sales of Ice Cream by Category: Volume 2018-2023 ................................ 38
Table 49 Sales of Ice Cream by Category: Value 2018-2023 ................................... 39
Table 50 Sales of Ice Cream by Category: % Volume Growth 2018-2023................ 39
Table 51 Sales of Ice Cream by Category: % Value Growth 2018-2023................... 39
Table 52 Sales of Ice Cream by Leading Flavours: Rankings 2018-2023................. 40
Table 53 Sales of Impulse Ice Cream by Format: % Value 2018-2023 ..................... 40
Table 54 NBO Company Shares of Ice Cream: % Value 2019-2023 ........................ 40
Table 55 LBN Brand Shares of Ice Cream: % Value 2020-2023............................... 41
Table 56 NBO Company Shares of Impulse Ice Cream: % Value 2019-2023 .......... 41
Table 57 LBN Brand Shares of Impulse Ice Cream: % Value 2020-2023 ................. 42
Table 58 NBO Company Shares of Take-home Ice Cream: % Value 2019-2023 ..... 42
Table 59 LBN Brand Shares of Take-home Ice Cream: % Value 2020-2023 ........... 43
Table 60 Distribution of Ice Cream by Format: % Value 2018-2023 ......................... 43
Table 61 Forecast Sales of Ice Cream by Category: Volume 2023-2028 ................. 44
Table 62 Forecast Sales of Ice Cream by Category: Value 2023-2028 .................... 44

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Table 63 Forecast Sales of Ice Cream by Category: % Volume Growth 2023-

2028 ........................................................................................................... 45
Table 64 Forecast Sales of Ice Cream by Category: % Value Growth 2023-
2028 ........................................................................................................... 45
Savoury Snacks in Vietnam - Category Analysis ........................................................................ 47
2023 DEVELOPMENTS ............................................................................................................. 47
Rising health concerns and inflationary pressures limit the growth of savoury snacks in 2023,
particularly puffed snacks, which nonetheless remain the largest product type. ..................... 47
New product lines help to attract customers in fragmented market ........................................ 47
Small local grocers continue to dominate sales, while e-commerce becomes less important 48
Economic recovery will boost growth, but health concerns will present challenges as well as
opportunities ........................................................................................................................... 48
Adult consumers will remain key target audience, with unique flavours being key to capturing
their attention .......................................................................................................................... 49
International players will continue to dominate sales, ............................................................. 49
CATEGORY DATA ..................................................................................................................... 49
Summary 4 Other Savoury Snacks by Product Type: 2023 .......................................... 49
Table 65 Sales of Savoury Snacks by Category: Volume 2018-2023 ....................... 50
Table 66 Sales of Savoury Snacks by Category: Value 2018-2023 .......................... 50
Table 67 Sales of Savoury Snacks by Category: % Volume Growth 2018-2023 ...... 50
Table 68 Sales of Savoury Snacks by Category: % Value Growth 2018-2023 ......... 51
Table 69 NBO Company Shares of Savoury Snacks: % Value 2019-2023 ............... 51
Table 70 LBN Brand Shares of Savoury Snacks: % Value 2020-2023 ..................... 52
Table 71 Distribution of Savoury Snacks by Format: % Value 2018-2023 ................ 53
Table 72 Forecast Sales of Savoury Snacks by Category: Volume 2023-2028 ........ 53
Table 73 Forecast Sales of Savoury Snacks by Category: Value 2023-2028 ........... 54
Table 74 Forecast Sales of Savoury Snacks by Category: % Volume Growth
2023-2028 .................................................................................................. 54
Table 75 Forecast Sales of Savoury Snacks by Category: % Value Growth
2023-2028 .................................................................................................. 55
Sweet Biscuits, Snack Bars and Fruit Snacks in Vietnam - Category Analysis .......................... 56
2023 DEVELOPMENTS ............................................................................................................. 56
Inflation limits growth in sweet biscuits, snack bars and fruit snacks in 2023. ........................ 56
Healthy eating trends boost sales of fruit sales and snack bars ............................................. 56
International brands remain dominant in sweet biscuit market ............................................... 57
Better economic conditions and A resulting increase in gift giving will help to boost future
sales ....................................................................................................................................... 57
Health and wellness trends will continue to shape innovation within the category ................. 57
Domestic brands are poised to present stronger competition to international leaders ............ 58
CATEGORY DATA ..................................................................................................................... 59
Table 76 Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category:
Volume 2018-2023 ..................................................................................... 59
Table 77 Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category:
Value 2018-2023 ........................................................................................ 59

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Table 78 Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: %
Volume Growth 2018-2023 ........................................................................ 59
Table 79 Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: %
Value Growth 2018-2023 ........................................................................... 60
Table 80 NBO Company Shares of Sweet Biscuits, Snack Bars and Fruit
Snacks: % Value 2019-2023 ...................................................................... 60
Table 81 LBN Brand Shares of Sweet Biscuits, Snack Bars and Fruit Snacks:
% Value 2020-2023.................................................................................... 61
Table 82 NBO Company Shares of Sweet Biscuits: % Value 2019-2023 ................. 62
Table 83 LBN Brand Shares of Sweet Biscuits: % Value 2020-2023 ........................ 62
Table 84 NBO Company Shares of Fruit Snacks: % Value 2019-2023..................... 63
Table 85 LBN Brand Shares of Fruit Snacks: % Value 2020-2023 ........................... 63
Table 86 Distribution of Sweet Biscuits, Snack Bars and Fruit Snacks by
Format: % Value 2018-2023 ...................................................................... 64
Table 87 Distribution of Sweet Biscuits by Format: % Value 2018-2023 ................... 64
Table 88 Distribution of Fruit Snacks by Format: % Value 2018-2023 ...................... 65
Table 89 Forecast Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by
Category: Volume 2023-2028 .................................................................... 66
Category: Value 2023-2028 ....................................................................... 66
Category: % Volume Growth 2023-2028.................................................... 67
Category: % Value Growth 2023-2028....................................................... 67

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SNACKS IN VIETNAM Passport 1
SNACKS IN VIETNAM - INDUSTRY

OVERVIEW
EXECUTIVE SUMMARY
Snacks in 2023: The big picture

Retail sales of snacks in Vietnam saw a more muted performance in 2023 than in 2022, in
both volume and constant value terms. Rising Inflation, triggered by the energy crisis, had a
considerable impact on purchasing behaviour, with cash-strapped consumers forced to reduce
their expenditure on discretionary items, including snacks, which are usually purchased on
impulse during shopping trips. While manufacturers of snacks tried to their best to limit any price
increases, they were forced to pass on their increased costs to consumers.
Despite this, both local and international companies continued to invest in launching new
products in 2023. Given the impulse nature of most snack purchases, as well as the low level of
customer loyalty in the industry, innovation was vital in ensuring that players stayed competitive.
Health benefits were a particularly strong feature of the market, with snacks with a lower sugar
content, organic ingredients, functional benefits or which were fortified with vitamins and
minerals being a key focus of manufacturer attention, as well as those with novel, more exotic
flavours.
Besides product innovation, one further factor driving growth in snacks in 2023 was the
easing of COVID-19 related social distancing measures, which led consumers to resume their
busy, on-the-go lifestyles The increasing number of international tourists travelling in Vietnam
also contributed to growth, especially in categories such as ice cream. Chocolate confectionery,
on the other hand, benefitted by the revival of social gatherings for festive occasions, such as
Lunar New Year (Tet), which are associated with gift giving.
Key trends in 2023

Health and wellness remained a key trend in snacks in 2023, as a growing number of
Vietnamese consumers chose to make more conscious food choices. The pandemic was a key
motivator behind this shift, owing to the strong link between obesity and poor COVID-19
outcomes. While the healthy eating trend limited the rate of growth within snacks to some
extent, it also brought about opportunities for the industry, as more consumers chose to snack
throughout the day, in preference to sitting down for three larger meals. Hence, snacks made
from natural ingredients such as nuts and fruit, and which were free from artificial additives and
preservatives, as well as those with a lower sugar, salt or fat content, saw strong results during
the year.
Despite rising levels of health consciousness, it should be noted that snacks are typically
consumed for reasons of indulgence, rather than for any specific functional benefits. As such,
the introduction of new flavours remained a key driver in attracting consumers’ attention and
encouraging trial purchases, as manufacturers sought to provide consumers with a satisfying
sensory experience. In sugar confectionery, for example, one notable new flavour introduction
was Alpenliebe in Mango with Chili Salt flavour (Perfetti Van Melle), while in ice cream Celano
(Kido Group) unveiled its newest variety: Matcha Green Tea.

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Competitive Landscape
The overall snacks industry is highly fragmented, with multinational player Mondelez Kinh Do
being only player to hold a double-digit share of retail value sales in 2023. The player benefits
from a strong product portfolio, with key brands including Cosy in sweet biscuits, Toblerone in
chocolate confectionery, and AFC in savoury snacks. However, the company faces tough
competition, both from international players (such as Orion Food Vina and Mayora) and local
players (Bien Hoa Confectionery Corp (Bibica) and Kido Group).
Second-ranked Orion performed particularly well over the review period, having steadily
narrowed the gap between itself and leader Mondelez Kinh Do. This was supported by a host of
new product launches, including An rice snacks (in 2019), Gummies (in 2020) and Boom Jelly
(in 2021), all of which were supported by aggressive marketing activities.
Local brands such as Bibica, Haiha or Kinh Do continued to find favour with Vietnamese
consumers in 2023, due to their affordable price, given the high rate of inflation. Other factors
such improving product quality, familiarity, the ability to cater for local tastes, and growing levels
of patriotism also helped to maintain the profile of domestic brands vis-à-vis their international
counterparts. However, in general, international companies such as Orion, Mondelez, Liwayway
and Mayora continued to dominate the snack market in 2023, due to their strong investment in
marketing, wide range of products and broad distribution network across the country.
Channel developments
Small local grocers remained the dominant channel for distribution of snacks in 2023.
However, such outlets have steadily been losing share over the review period, with modern
grocery retailing channels (like supermarkets, hypermarket, and convenience stores) seeing
gains. This is because urbanisation is accelerating in Vietnam, with a city-dwelling lifestyle
becoming more popular. Supermarkets and hypermarkets are increasingly preferred over wet
markets and street stalls by younger generations due to the perceived better product quality
control in these modern channels. In addition, families are increasingly treating shopping
together in big supermarkets or shopping centres as a weekend leisure activity. Product ranges
in supermarkets and hypermarkets are also wide and plentiful, providing options for all members
of the family, while lending themselves better to bulk buying.
E-commerce managed to register a slight increase in its overall share of retail value sales in
2023, having experienced a decline in the previous year. The channel grew rapidly during the
first half of the review period, driven by factors such as increasing internet penetration, the
convenience of online shopping and regular discounting events. However, while some
Vietnamese consumers accustomed to shopping via e-commerce are likely to keep this habit in
the future, it is unlikely that snacks will become truly popular online, as the time delay involved in
the delivery of snacks will prevent the instant satisfaction that can be enjoyed if purchasing in-
store.
Foodservice volumes saw a second year of rapid growth in volume terms in 2023, following
the easing of pandemic-related restrictions, which saw an increase in travel occasions, such as
family picnics. The increasing number of international tourists travelling in Vietnam also
contributed to the growth of the foodservice segment, especially in categories such as ice
cream. However, foodservice sales of snacks palled in comparison to retail volumes.
What next for snacks?

Snacks are anticipated to maintain a decent rate of volume growth over the forecast period, in
line with the recovery of the Vietnam economy and rising disposable incomes. Product
innovation is also expected to stimulate consumer demand, supported by heavy investment in
marketing and advertising activity by the leading players. Given that Vietnamese consumers are

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becoming more health conscious, new product developments are likely to centre around “better
for you” offerings, with snacks with a lower sugar content, natural ingredients, functional benefits
or which are fortified with vitamins and minerals expected to be the focus of manufacturer
attention. Players are also expected to launch new flavours, in order to capture consumers’
attention and provide them with more exotic taste experiences.
The forecast period is also set to see the leading players catering to the strongly emerging
demand for premium products, 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.
Small local grocers (which is comprised of wet markets, independent groceries, and street
stalls) is expected to remain the dominant channel for sales of snacks in Vietnam, thanks to its
convenience and widespread availability across both urban and rural areas. Most consumers
consider small local grocers to be a quick and easy daily shopping solution that also offers
products at better prices than can be gained through alternate, and especially modern,
channels.
Meanwhile, in terms of the manufacturer landscape, local players are expected to increase
their competitiveness during the forecast period. Firstly, thanks to the international integration of
business, local players can more easily approach food technology and packaging companies to
gain better deals and more fairly compete with global players. Secondly, local players will be
able to leverage the national sentiment of consumers who are increasingly interested in
purchasing domestic products to support local jobs, businesses, and the economy. Finally, local
players have an advantage in terms of designing snacks that meet local tastes and preferences
as well as a plentiful source of raw materials for production, especially in fruit snacks or nuts.
MARKET DATA
Table 1 Sales of Snacks by Category: Volume 2018-2023
2018 2019 2020 2021 2022 2023
Sweet Biscuits, Snack 109.4 115.8 117.0 120.1 130.2 131.3

Bars and Fruit Snacks
('000 tonnes)
Savoury Snacks ('000 79.0 83.5 89.1 92.6 99.0 101.0
tonnes)
Ice Cream (million 37.1 39.0 40.4 41.3 45.3 46.8
litres)
Confectionery ('000 112.9 118.0 124.5 120.6 133.9 137.4
tonnes)
Snacks (Not calculable) - - - - - -
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 2 Sales of Snacks by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
Sweet Biscuits, Snack 9,783.3 11,336.4 12,018.5 12,861.8 15,019.3 16,158.5

Savoury Snacks 13,267.8 14,684.0 16,463.6 17,617.2 20,023.4 21,582.3

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Ice Cream 3,218.2 3,562.7 3,799.1 3,981.8 4,545.2 4,919.6

Confectionery 11,730.1 12,802.3 13,705.3 13,524.1 15,333.3 16,379.1
Snacks 37,999.4 42,385.4 45,986.4 47,985.0 54,921.3 59,039.5
Table 3 Sales of Snacks by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
Sweet Biscuits, Snack Bars and Fruit Snacks 0.8 3.7 20.0
Savoury Snacks 2.1 5.0 27.9
Ice Cream 3.4 4.8 26.2
Confectionery 2.6 4.0 21.7
Snacks - - -
Table 4 Sales of Snacks by Category: % Value Growth 2018-2023
% current value growth

2022/23 2018-23 CAGR 2018/23 Total
Ice Cream 8.2 8.9 52.9
Snacks 7.5 9.2 55.4
Table 5 NBO Company Shares of Snacks: % Value 2019-2023
% retail value rsp

Company 2019 2020 2021 2022 2023
Mondelez Kinh Do Vietnam 10.5 10.9 11.2 10.8 10.9

JSC
Orion Food Vina Co Ltd 7.6 8.3 8.8 9.9 10.0
Liwayway Food Industry Co 4.1 4.1 4.2 4.2 4.1
Ltd
Mayora Vietnam Co Ltd 4.9 3.5 3.8 4.0 3.9
Kido Group 3.6 3.6 3.6 3.8 3.9
PepsiCo Vietnam (PIVN) 3.8 3.6 3.5 3.6 3.6
Perfetti Van Melle 3.5 3.4 3.3 3.2 3.2
Vietnam Ltd
Bien Hoa Confectionery 3.3 3.3 2.6 3.1 3.1
Corp (Bibica)
Wrigley Vietnam Ltd 4.0 3.5 3.1 2.9 2.9
Haiha Confectionery JSC 3.1 3.5 2.6 2.9 2.9
Kaldu Sari Nabati 2.5 2.6 2.6 2.6 2.6
Indonesia PT
Tuyen Ky Co Ltd 2.3 2.4 2.4 2.2 2.2
Lotte Vietnam Co Ltd 2.2 2.1 2.1 2.0 2.0

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Long Hai Co Ltd 1.8 1.8 1.8 1.7 1.7

Triko Foods Co 1.6 1.6 1.7 1.6 1.6
Vietnam One One Food JSC 1.2 1.2 1.2 1.2 1.2
Huu Nghi Food JSC 1.1 1.1 1.1 1.2 1.2
Unilever Vietnam 0.9 0.9 1.0 1.0 1.0
International Co Ltd
Nestlé Vietnam Co Ltd 0.9 0.9 1.0 0.9 1.0
Hai Chau Confectionery JSC 1.3 1.2 1.1 0.9 0.9
Meiji Holdings Co Ltd 0.7 0.8 0.8 0.8 0.8
Vinamit JSC 0.6 0.7 0.7 0.7 0.8
Vietnam Dairy Products 0.8 0.8 0.9 0.8 0.8
JSC (Vinamilk)
Mars Vietnam Co Ltd 0.8 0.7 0.6 0.6 0.6
Biscafun Confectionery Co 0.7 0.7 0.7 0.6 0.6
Thien Ha Kameda JSC 0.6 0.6 0.6 0.6 0.6
Chocolaterie Guylian NV 0.4 0.4 0.4 0.4 0.4
Fanny Vietnam Co Ltd 0.4 0.4 0.4 0.4 0.4
Trang Tien Service & 0.4 0.4 0.4 0.3 0.3
Trading Co Ltd
Procter & Gamble Vietnam 0.3 0.3 0.3 0.3 0.3
Ltd
Others 30.0 30.7 31.6 30.8 30.9
Total 100.0 100.0 100.0 100.0 100.0
Table 6 LBN Brand Shares of Snacks: % Value 2020-2023
% retail value rsp

Brand (GBO) Company (NBO) 2020 2021 2022 2023
Oishi (Liwayway Liwayway Food Industry Co 4.0 4.0 4.0 4.0

Marketing Corp) Ltd
Danisa (Danish Mayora Vietnam Co Ltd 2.8 3.0 3.2 3.2
Speciality Foods ApS)
AFC (Mondelez Mondelez Kinh Do Vietnam 3.1 3.2 3.1 3.1
International Inc) JSC
Cosy (Mondelez Mondelez Kinh Do Vietnam 3.0 3.1 2.9 3.0
Lay's (PepsiCo Inc) PepsiCo Vietnam (PIVN) 3.0 2.9 2.9 2.9
Nabati (Nabati Group) Kaldu Sari Nabati 2.6 2.6 2.6 2.6
Indonesia PT
Toonies (Orion Group) Orion Food Vina Co Ltd 2.2 2.3 2.4 2.4
Hai Ha Haiha Confectionery JSC 2.8 2.1 2.3 2.3
Merino Kido Group 2.0 2.0 2.1 2.2
Tuyen Ky Tuyen Ky Co Ltd 2.4 2.4 2.2 2.2
Goute (Orion Group) Orion Food Vina Co Ltd 1.3 1.5 1.8 1.8
Ostar (Orion Group) Orion Food Vina Co Ltd 1.7 1.7 1.8 1.8
Lotte (Lotte Group) Lotte Vietnam Co Ltd 1.9 1.9 1.8 1.8
Bibica (The PAN Group) Bien Hoa Confectionery 1.9 1.5 1.8 1.7
Corp (Bibica)
Marine Boy (Orion Orion Food Vina Co Ltd 1.6 1.7 1.7 1.7
Group)
Celano Kido Group 1.5 1.5 1.6 1.6
New Choice Jelly Triko Foods Co 1.6 1.7 1.6 1.6
Doublemint (Mars Inc) Wrigley Vietnam Ltd 1.8 1.6 1.5 1.5
Slide (Mondelez Mondelez Kinh Do Vietnam 1.2 1.2 1.2 1.2
OneOne Vietnam One One Food JSC 1.2 1.2 1.2 1.2

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Huu Nghi Huu Nghi Food JSC 1.1 1.1 1.2 1.2
Cool Air (Mars Inc) Wrigley Vietnam Ltd 1.4 1.3 1.2 1.2
Ritz (Mondelez Mondelez Kinh Do Vietnam 1.2 1.2 1.2 1.2
Oreo (Mondelez Mondelez Kinh Do Vietnam 1.1 1.1 1.1 1.1
An (Orion Group) Orion Food Vina Co Ltd 0.6 0.8 0.9 0.9
Happydent (Perfetti Perfetti Van Melle 1.0 1.0 0.9 0.9
Van Melle Group) Vietnam Ltd
Goody (The PAN Group) Bien Hoa Confectionery 0.9 0.7 0.9 0.9
Corp (Bibica)
Long Hai Long Hai Co Ltd 0.9 0.9 0.9 0.9
Hai Chau Hai Chau Confectionery JSC 1.2 1.1 0.9 0.9
Natty Long Hai Co Ltd 0.9 0.9 0.8 0.8
Others Others 46.1 46.9 46.3 46.4
Total Total 100.0 100.0 100.0 100.0
Table 7 Distribution of Snacks by Format: % Value 2018-2023
% retail value rsp

2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 99.5 98.7 98.3 98.2 98.5 98.4
-- Grocery Retailers 99.4 98.6 98.2 98.2 98.4 98.3
--- Convenience Retail 1.3 1.5 1.6 1.9 2.0 2.1
---- Convenience Stores 1.3 1.5 1.6 1.9 2.0 2.1
---- Forecourt Retailers - - - - - -
--- Supermarkets 8.8 9.1 9.4 9.8 9.7 9.9
--- Hypermarkets 4.3 4.4 4.9 5.4 5.5 5.7
--- Discounters - - - - - -
--- Warehouse Clubs - - - - - -
--- Food/drink/tobacco 8.2 8.0 7.6 7.2 6.8 6.7
specialists
--- Small Local Grocers 76.8 75.5 74.6 73.9 74.4 74.0
-- Non-Grocery Retailers 0.1 0.1 0.1 0.1 0.1 0.1
--- General Merchandise - - - - - -
Stores
--- Apparel and - - - - - -
Footwear Specialists
--- Appliances and - - - - - -
Electronics Specialists
--- Home Products - - - - - -
Specialists
--- Health and Beauty 0.1 0.1 0.1 0.1 0.1 0.1
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
--- Other Non-Grocery - - 0.0 0.0 - -
Retailers
-- Vending - - - - - -
-- Direct Selling - - - - - -
- Retail E-Commerce 0.5 1.3 1.7 1.8 1.5 1.6
Total 100.0 100.0 100.0 100.0 100.0 100.0

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Table 8 Forecast Sales of Snacks by Category: Volume 2023-2028
2023 2024 2025 2026 2027 2028

('000 tonnes)
Savoury Snacks ('000 101.0 104.0 107.5 112.0 117.1 122.9
tonnes)
Ice Cream (million 46.8 48.5 50.5 53.0 56.1 59.8
litres)
Confectionery ('000 137.4 141.9 147.0 153.1 160.0 167.7
tonnes)
Snacks (Not calculable) - - - - - -
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 9 Forecast Sales of Snacks by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028

Savoury Snacks 21,582.3 22,540.5 23,636.9 24,944.6 26,397.7 28,008.1
Ice Cream 4,919.6 5,145.6 5,408.5 5,718.6 6,100.2 6,544.7
Confectionery 16,379.1 16,949.4 17,582.7 18,327.0 19,161.4 20,085.7
Snacks 59,039.5 61,567.0 64,382.8 67,721.1 71,511.8 75,749.8
trade sources
Table 10 Forecast Sales of Snacks by Category: % Volume Growth 2023-2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total
Ice Cream 3.7 5.0 27.8
Snacks - - -
trade sources
Table 11 Forecast Sales of Snacks by Category: % Value Growth 2023-2028
% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total
Ice Cream 4.6 5.9 33.0

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Snacks 4.3 5.1 28.3
trade sources
DISCLAIMER
Forecast and scenario closing date: 12 June 2023
Report closing date: 21 June 2023
Analysis and data in this report give full consideration to consumer behaviour and market
performance in 2023 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 research include the following:
Summary 1 Research Sources

Official Sources Agriculture & Agri-Food Canada
Agro.gov.vn
Department General of Vietnam Customer
General Customs Department
Hanoi Commerce Department
Institute of Economics
Ken Ken Vietnam
Ministry of Agriculture & Rural Development
Ministry of Industry & Trade (VITIC)
National Institute of Nutrition
National Stock Exchange Committee
New Zealand Trade & Enterprise
US Commercial Service
US Department of Commerce
Vietnam Custom
Trade Associations American Chamber of Commerce (Vietnam)
Fisheries Scientific Technological Economic

Information Centre (FICEN)
Food & FoodStuff Association of Ho Chi Minh

City

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Phan Thiet Fish Sauce Association
Vietnam Association of Seafood Exporters &

Producers (VASEP)
Vietnam Dairy Association
Vietnam High Quality Goods Association
Trade Press 24/7 News
24h.com
2sao.vn
A family
AmThuc365
Bao Moi News
Bao Viet Nam
Bentre Industry
Binh Dinh
Café Biz
CaféF
Cong An Nhan Dan
Dan Tri News
Dien Dan Thuong Mai Dich Vu
Doanh Nhan Saigon Online
Dunghangviet.vn
Economic Times, The
Food Development Lab
FTA
Giaoduc.net.vn
Ho Chi Minh City Law
Just Food Online Magazine
Kinh Te 24h
Lao Dong News
Marketing Online
Massosurvey
Nguoi Lao Dong
Nhip Cau Dau Tu
Phan Nghiem Lawyer

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Phap Luat TPHCM
Quang Ngai
Retailer
Saigon Economic Times
Saigon Giai Phong
Saigon Marketing
Saigon Tiep Thi
Saigon Times
Sao vang dat Viet
SGGP Online
Thanh Nien Online
Thi Truong Tai Chinh Online
Thoi Bao Kinh Te Saigon
Thuc Pham Che Bien
Thuong hieu Viet
Tin 247
Tuoi Tre Online
Viet Bao
Vietnam Branding
Vietnam Business News
VIetnam Law
Vietnam News
Vietnam+
Vietnamnet
VietTime
Vnanet.vn
VnEconomy
Vnexpress
VnTrades
Source: Euromonitor International

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CHOCOLATE CONFECTIONERY IN
VIETNAM - CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail value sales grow by 8% in current terms in 2023 to VND3.5 trillion

▪ Countlines is the best performing category in 2023, with retail value sales rising by 8% in
current terms to VND503 billion
▪ Mars Vietnam Co Ltd is the leading player in 2023, with a retail value share of 10%
▪ Retail sales are set to grow at a current value CAGR of 9% (2023 constant value CAGR of
5%) over the forecast period to VND5.3 trillion
2023 DEVELOPMENTS
Inflationary pressures limit growth in 2023.

Chocolate confectionery saw a slowdown in demand in retail volume terms in 2023, thanks to
inflationary pressures, which had a negative impact on purchasing power. As a result,
consumers had less disposable income to spend on non-essential items, including chocolate
confectionery, which limited growth within the category as a whole. Indeed, chocolate
confectionery is widely considered to comprise of inherently high-priced, imported products,
despite the fact that Vietnam is able to grow cacao and produce chocolate domestically. As
such, prices are heavily impacted by logistical costs, which rose during the last two years of the
review period, due to rising global energy and commodity prices. However, while most
Vietnamese consumers became more price sensitive, a growing number of middle-class
professionals in the country’s urban centres were willing to pay a premium for higher quality
products that they perceived as being “safer” and more hygienic.
Consumption of chocolate confectionery in Vietnam is closely associated with Valentine’s
Day, with demand for boxed assortments tending to spike during the first half of February as a
result. However, despite the easing of social distancing and public gathering restrictions,
demand for boxed assortments only saw modest growth in retail volume terms 2023, as
consumers cut back on their Valentine’s Day expenditure.
Consumers make more health-conscious choices

With the COVID-19 pandemic having sharpened the focus on health and wellness,
consumers are choosing to make more conscious decisions regarding their food intake and this
includes purchasing lower volumes of chocolate confectionery. As a result there is a growing
trend towards healthier chocolate options, such as dark chocolate products with reduced sugar
or added functional ingredients such as nuts and fruits.
During the review period, a number of brands, including D’ark Chocolate, Marou, Munz, Beryl
and Nature’s Tribe promoted reduced-sugar or non-sugar dark chocolate brands while
Mark&Milk marketed an array of new, functional products, such as Milk Chocolate with Lotus
Seed and Green Tea Chocolate, which were purported to have a variety of health benefits,
including help to control weight loss, reducing stress and providing added nutrition.

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Supermarkets continue to account for the bulk of chocolate

confectionery distribution, while the share accounted for by e-commerce
begins to stabilise
Supermarkets remained the leading retail distribution channel for chocolate confectionery in
Vietnam in 2023 thanks to their modern storage systems and air-conditioned venues. Chocolate
confectionery is difficult to preserve in the typically hot temperatures of Vietnam, which presents
challenges to traditional grocers, few of which have chilled display cabinets or cold chain
distribution systems that maintain the integrity of the product whilst in transit. Supermarkets, on
the other hand, are generally air-conditioned and are far more likely to be able to keep the
products cool during transit. In addition, the most frequent purchasers of chocolate
confectionery are affluent urban consumers who are also the main target market for the
supermarket channel. These consumers value the one-stop shopping experience that this
channel provides, as it allows them to reduce the amount of time they spend shopping for their
groceries.
Nevertheless, the share of retail value sales of chocolate confectionery accounted for by
supermarkets remained lower in 2023 than during the first half of the review period. as both
convenience stores and e-commerce made gains. The former were valued during the pandemic,
thanks to their modern layout (which was considered more hygienic than street stalls and other
traditional retail channels) and their proximity to consumers’ homes. E-commerce, on the other
hand, grew rapidly during the first half of the review period, driven by factors such as increasing
internet penetration, the convenience of online shopping and a wider range of product choices.
Manufacturers also regularly offered discounts and promotions, in order to attract new
customers. This strategy was pursued by a number of smaller brands, such as Figo and
Legendary, given that e-commerce sites have significantly lower costs compared to opening
offline stores. However, the channel registered only a slight increase in its share of retail value
sales of chocolate confectionery in 2023, due to the revival of the face-to-face shopping
experience. Indeed, it is unlikely that chocolate confectionery will become truly popular online,
as the time delay involved in the delivery of snacks will prevent the instant satisfaction that can
be enjoyed if purchasing in-store.
PROSPECTS AND OPPORTUNITIES
Steady growth expected, in line with economic recovery

Chocolate confectionery is anticipated to maintain steady volume growth over the forecast
period, in line with the recovery of the Vietnam economy and rising disposable incomes. In
particular, the category is set to benefited from growing urbanisation, which will widen the
consumer base for these products. The distribution network in urban areas is far more advanced
than in rural areas, with both modern and traditional retailing channels readily available. With
more consumers moving to urban areas where chocolate confectionery is more easily
distributed, this will support sales in the coming years. Furthermore, thanks to Vietnamese
government’s success in weathering the COVID-19 pandemic, foreign investment is poised to
pour into the country, which is increasingly seen as a more attractive alternative to China
amongst foreign entities looking to expand in Asia. This is likely to further support sales growth
in the category during the forecast period.
Vietnam consumers are also expected to become more sophisticated in their tastes, with a
rising demand for premium and artisanal chocolate confectionery. This will be supported by a
growing middle class who will be willing to pay more for higher quality products. The increasing
popularity of chocolate as a gift, during festivals such as the Tet holiday, Valentine’s Day and

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Women’s Day, will also contribute to the growth of the market during the forecast period, with
consumers seeking out specific chocolate products for different occasions.
Innovation to centre around “better for you” products and more exotic
flavour combinations with tablets being A key beneficiary of this trend
One factor that could hamper sales of chocolate confectionery over the forecast period is the
growing interest in health and wellness, as affluent consumers are more likely to be influenced
by this trend. As such, new product developments are likely to centre around chocolate
confectionery with a lower sugar content, fewer calories and/or functional benefits, as well as
highly indulgent products, to be consumed in smaller quantities. Tablets will be the key
beneficiary of this trend, displaying the most dynamic rate of growth in retail volume terms.
Here, the key driver will be dark chocolate bars, which are reputed to be healthier than their milk
chocolate counterparts, as they are a source of antioxidants, which are linked to a lower risk of
heart disease.
In addition, domestic companies such as Marou Chocolate Co Ltd and Belcholat JSC are
likely to focus on launching new, innovative chocolate tablets with local ingredients, such as
durian, salt & pepper, Mekong kumquat or coconut, with more consumers expected to opt for
these distinctive chocolate flavours. One factor that is likely to prove crucial to the expansion
plans of local players is that raw cacao and all other basic ingredients are now cultivated
domestically, making it possible to reduce manufacturing costs by minimising reliance on
imported ingredients. While international brands such as Nestle, Mars, Mondelez will continue to
dominate the market, thanks to their wide distribution networks and dynamic marketing activity,
local brands will continue to cater to the preferences of Vietnamese consumers with their unique
local flavours and packaging.
Expanding distribution of small local grocers will be key to growth of this

category
Supermarkets will continue to account for the largest share of retail distribution in chocolate
confectionery in Vietnam thanks to the channel’s ability to store chocolate confectionery at
appropriate temperatures. Small local grocers, on the other hand, face challenges in preventing
chocolate confectionery from melting when on display in their stores as well as when they are in
transit. Hence, before demand for chocolate confectionery can expand meaningfully, it will be
essential for its distribution to expand into small local grocers, which remains the key channel for
most packaged food categories in Vietnam and the dominant one for snacks. Given the
limitations and difficulties, it is possible that category players in the country will look to launch
new types of chocolate confectionery that are less prone to melting and/or packaging that helps
to preserve products from high temperatures. This is a more likely scenario than the wide-scale
adoption of air-conditioning and cold chain distribution among traditional grocery retailers, which
would require very high levels of investment. Nevertheless, multinational player Mondelez Kinh
Do has opted to invest in Visicoolers (see-through refrigerators) for small local grocers to display
its Cadbury Dairy Milk line. Whilst this brand currently holds minimal share in the category, it is
very popular worldwide, and this investment could help Mondelez Kinh Do greatly improve the
share of this brand in Vietnam.
CATEGORY DATA
Summary 2 Other Chocolate Confectionery by Product Type: 2023
Product type

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Chocolate lollipops
Chocolate paste
Liquid chocolate
Table 12 Sales of Chocolate Confectionery by Category: Volume 2018-2023
'000 tonnes
2018 2019 2020 2021 2022 2023
- Other Chocolate - - - - - -
Confectionery
- Tablets 1.1 1.2 1.2 1.3 1.3 1.4
- Seasonal Chocolate - - - - - -
- Countlines 1.1 1.1 1.1 1.1 1.2 1.3
- Chocolate with Toys - - - - - -
- Boxed Assortments 2.6 2.7 2.8 2.8 3.0 3.1
- Chocolate Pouches and 0.9 0.9 0.9 0.8 0.9 0.9
Bags
Chocolate Confectionery 5.7 5.9 6.1 6.0 6.4 6.6
Table 13 Sales of Chocolate Confectionery by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
Confectionery
- Tablets 558.8 625.9 708.2 764.8 843.2 912.4
- Countlines 341.9 386.4 405.9 414.0 463.8 502.8
- Boxed Assortments 1,125.7 1,266.4 1,380.3 1,407.9 1,561.7 1,680.7
Bags
Chocolate Confectionery 2,311.2 2,601.9 2,822.9 2,919.2 3,234.3 3,483.6
Table 14 Sales of Chocolate Confectionery by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
- Other Chocolate Confectionery - - -

- Tablets 2.0 4.2 23.0
- Seasonal Chocolate - - -
- Countlines 3.7 2.7 14.4
- Chocolate with Toys - - -
- Boxed Assortments 2.5 3.0 15.9

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- Chocolate Pouches and Bags 1.4 0.5 2.5

Chocolate Confectionery 2.5 2.8 14.9
Table 15 Sales of Chocolate Confectionery by Category: % Value Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total

- Tablets 8.2 10.3 63.3
Table 16 Sales of Chocolate Tablets by Type: % Value 2018-2023
% retail value rsp

2018 2019 2020 2021 2022 2023
Plain Dark 26.5 27.0 27.7 28.5 29.0 29.3

Filled 25.7 25.8 25.9 26.5 26.7 27.0
Plain Milk 38.5 38.0 37.4 37.0 36.5 36.2
Plain White 9.3 9.2 9.0 8.0 7.8 7.5
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 17 NBO Company Shares of Chocolate Confectionery: % Value 2019-2023
% retail value rsp

Company 2019 2020 2021 2022 2023

Chocolaterie Guylian NV 7.2 7.2 7.2 7.2 7.1
JSC
Corp (Bibica)
Ferrero SpA 1.4 1.7 1.9 2.2 2.2
Hershey Co, The 1.7 1.8 1.9 2.0 2.0
Morinaga & Co Ltd 1.7 1.8 1.9 2.0 2.0
August Storck KG 2.4 2.2 2.1 1.9 1.9
Belcholat Chocolate JSC 4.2 3.0 2.1 1.6 1.1
Maestro Swiss Chocolate 2.0 1.7 1.4 1.3 1.1
Sdn Bhd
Ritter GmbH & Co KG, Alfred 0.7 0.8 0.9 0.9 0.9
Maestrani Schweizer 3.2 2.7 2.2 1.3 0.6

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Schokoladen AG
Dai Hien Tam Co Ltd 0.4 0.4 0.4 0.4 0.4
Marou Chocolate Co Ltd 0.5 0.5 0.4 0.4 0.4
Pham Nguyen Confectionery 0.3 0.2 0.2 0.1 0.1
& Candy Co Ltd
Delfi Ltd 2.4 1.1 0.4 0.1 0.0
Kinh Do Corp - - - - -
Mondelez International Inc - - - - -
Others 43.0 47.4 50.4 51.6 53.3
Total 100.0 100.0 100.0 100.0 100.0
Table 18 LBN Brand Shares of Chocolate Confectionery: % Value 2020-2023
% retail value rsp

Kit Kat (Nestlé SA) Nestlé Vietnam Co Ltd 8.6 8.9 9.0 9.1
Guylian (Lotte Group) Chocolaterie Guylian NV 7.2 7.2 7.2 7.1
M&M's (Mars Inc) Mars Vietnam Co Ltd 5.8 5.5 5.5 5.6
Bella (The PAN Group) Bien Hoa Confectionery 3.4 2.6 3.2 3.2
Corp (Bibica)
Snickers (Mars Inc) Mars Vietnam Co Ltd 3.3 3.0 3.1 3.1
Ferrero Rocher Ferrero SpA 1.7 1.9 2.2 2.2
(Ferrero & related
parties)
Toblerone (Mondelez Mondelez Kinh Do Vietnam 1.9 2.1 2.1 2.0
Hershey's Kisses Hershey Co, The 1.8 1.9 2.0 2.0
Dars Morinaga & Co Ltd 1.8 1.9 2.0 2.0
Vochelle (Maestro Maestro Swiss Chocolate 1.7 1.4 1.3 1.1
Swiss Corp) Sdn Bhd
Koko Choco (Mondelez Mondelez Kinh Do Vietnam 1.0 1.0 1.0 0.9
Mars (Mars Inc) Mars Vietnam Co Ltd 1.0 0.9 0.9 0.9
Ritter Sport Ritter GmbH & Co KG, Alfred 0.8 0.9 0.9 0.9
Merci August Storck KG 0.8 0.8 0.9 0.8
Wonderland Belcholat Chocolate JSC 0.8 0.7 0.7 0.7
Dove (Mars Inc) Mars Vietnam Co Ltd 1.1 1.0 0.8 0.7
Riesen August Storck KG 0.6 0.6 0.6 0.6
Cadbury Dairy Milk Mondelez Kinh Do Vietnam 0.6 0.6 0.6 0.6
(Mondelez JSC
International Inc)
Munz Maestrani Schweizer 2.7 2.2 1.3 0.6
Schokoladen AG
Belcholat Belcholat Chocolate JSC 2.2 1.4 0.8 0.5
Toffifee August Storck KG 0.8 0.6 0.4 0.4
Mark & Milk Chocolate Dai Hien Tam Co Ltd 0.4 0.4 0.4 0.4
Marou Faiseurs de Marou Chocolate Co Ltd 0.5 0.4 0.4 0.4
Chocolat
P&N Pham Nguyen Confectionery 0.2 0.2 0.1 0.1
& Candy Co Ltd
Van Houten Delfi Ltd 1.1 0.4 0.1 0.0
Bella Bien Hoa Confectionery - - - -
Corp (Bibica)
Van Houten Hershey Co, The - - - -
Koko Choco Kinh Do Corp - - - -
Cadbury Dairy Milk Mondelez International Inc - - - -

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Toblerone Mondelez International Inc - - - -

Others Others 48.2 51.2 52.5 54.2
Total Total 100.0 100.0 100.0 100.0
Table 19 Distribution of Chocolate Confectionery by Format: % Value 2018-2023
% retail value rsp

2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 99.5 98.6 97.9 97.8 97.6 97.5
--- Supermarkets 48.1 46.2 43.6 44.2 44.3 44.4
--- Hypermarkets 13.7 13.5 14.2 14.7 14.8 14.8
specialists
-- Non-Grocery Retailers - - - - - -
Stores
--- Apparel and - - - - - -
Specialists
--- Health and Beauty - - - - - -
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
--- Other Non-Grocery - - - - - -
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 20 Forecast Sales of Chocolate Confectionery by Category: Volume 2023-2028
'000 tonnes
2023 2024 2025 2026 2027 2028
Confectionery
- Tablets 1.4 1.4 1.5 1.5 1.6 1.7
- Countlines 1.3 1.3 1.4 1.4 1.5 1.6

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- Boxed Assortments 3.1 3.1 3.2 3.4 3.5 3.6
Bags
Chocolate Confectionery 6.6 6.8 7.0 7.3 7.6 7.9
trade sources
Table 21 Forecast Sales of Chocolate Confectionery by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028
Confectionery
- Tablets 912.4 958.6 1,015.8 1,083.7 1,157.0 1,238.7
- Countlines 502.8 525.5 550.7 578.2 608.9 642.4
- Boxed Assortments 1,680.7 1,748.1 1,825.1 1,910.9 2,006.4 2,110.8
Bags
Chocolate Confectionery 3,483.6 3,629.4 3,799.6 3,993.1 4,207.3 4,444.3
trade sources
Table 22 Forecast Sales of Chocolate Confectionery by Category: % Volume Growth

2023-2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total

- Tablets 3.0 4.7 25.8
trade sources
Table 23 Forecast Sales of Chocolate Confectionery by Category: % Value Growth 2023-

2028

2023/2024 2023-28 CAGR 2023/28 Total

- Tablets 5.1 6.3 35.8

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trade sources

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GUM IN VIETNAM - CATEGORY

ANALYSIS
KEY DATA FINDINGS
▪ Retail value sales grow by 7% in current terms in 2023 to VND3.3 trillion

▪ Bubble gum is the best performing category in 2023, with retail value sales increasing by 7%
in current terms to VND158 billion
▪ Wrigley Vietnam Ltd is the leading player in 2023, with a retail value share of 52%
▪ Retail sales are set to rise at a current value CAGR of 7% (2023 constant value CAGR of 3%)
over the forecast period to VND4.5 trillion
2023 DEVELOPMENTS
Inflationary pressures impact sales of chewing gum, with bubble gum

remaining A niche
Retail sales of gum continued to see positive growth in volume terms in 2023, albeit at a lower
rate than the previous year. Demand was impacted by rising Inflation, which led consumers to
become more frugal with their spending and prioritise necessities above non-essential items,
including gum, which is usually purchased on impulse during shopping trips. Gum also faces
increasing competition from alternative oral hygiene products, such as mints, lozenges, and
mouthwashes, a trend which took off during the pandemic and which continued to hamper
volume sales in 2023
Nevertheless, as in 2022, growth was boosted by the return of consumers to their physical
offices, as well as an increase in the number of opportunities for socialising, with the product
being frequently used as an on-the-go snack to freshen breath throughout the day. Moreover,
gum is very widely available in traditional and modern grocery retailers , where it is very
common to see the product on display at or alongside points of sale. This comprehensive
distribution means that consumers do not have to search very hard to find their favourite gum
brands and can easily pick up another packet when travelling or commuting.
Gum is comprised of two categories: bubble gum and chewing gum, both of which are only
present in a retail setting, with negligible sales through foodservice. Chewing gum is the far
more popular of the two, with sales of bubble gum being limited mainly to children. Children are
notoriously fickle consumers and are easily distracted by the many options they have in
confectionery. Furthermore, given the low overall sales for bubble gum, the leading players tend
to be fairly reluctant to invest in new product innovation and marketing campaigns. As such,
bubble gum remained a niche in 2023 and is unlikely to emerge strongly as a serious challenger
to chewing gum within the foreseeable future.
Sugar-free gum trend gathers pace

One of the major trends within gum in 2023 was a shift towards healthier and functional
options. Chewing sugar-free gum between meals is promoted by dentists as being good for
one’s oral health, due to its ability or help saliva production, which can protect the teeth against
acid. Towards the end of the review period, Korean player Lotte was particularly effective in
promoting its health-focused “help prevent tooth decay” message, with a focus on the link

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between dental health and other medical problems inside the body, such as heart disease or
dementia. This was in contrast to the approach taken by most other gum companies, which
tended to focus on the benefit of freshening breath. One notable success in 2023 was Lotte
Xylitol, a sugar-free chewing gum which was approved by VOSA (Vietnam Odonto-Stomatology
Association) and which came in a variety of packaging formats, including plastic bottles (in three
sizes), blister packs, bags and jars, as well as flavours.
Lotte strengthens its competitiveness through continuous advertising

and health-focused message, while plastic jars rise in popularity as A
packaging format
The competitive landscape of gum is far more consolidated than many other categories of
snacks. Multinational player Wrigley’s is the clear leader of the category, having continued to
hold more than half of retail value sales in 2023,. However, second-ranked Lotte steadily gained
share throughout the review period to the detriment of its larger competitor. This was achieved
through considerable investment in in-store marketing activities, including rack displays, themed
gift promotions, and collaborating with BTS – a highly successful K-pop band – which was
recruited as its brand ambassador. As previously mentioned, the company also positions itself
differently to other gum companies, with a focus on helping to prevent tooth decay, rather than
just the function of freshening breath, With its unique positioning, Lotte created strong
competitive advantages over the other brands in the category and saw its share rise further in
2023.
In terms of packaging, plastic jars are becoming increasingly popular formats. This type of
packaging is now widely available in modern grocery retailing channels (including convenience
stores and supermarkets) giving it greater visibility. Gum in plastic jars benefits from being more
resilient than other forms of packaging, as well as being more convenient to carry, although it
remains to be seek how popular this format remains in the longer-term, as sustainability
concerns, visible in other markets, turn consumers away from single-use plastic packaging,
Health-conscious consumers will drive growth

Gum is expected to exhibit an accelerated rate of retail volume growth over the forecast
period, as consumers spend a greater amount of time traveling and socialising outside the
home. Sales will continue to be driven by the dominant subcategory of chewing gum, driven by
a growing consumer desire for products that offer additional health benefits, beyond the function
of fresh breath. This will be supported by a growing interest in health and wellness as a result of
the pandemic, which will significantly impact purchasing behaviour. E-commerce is also poised
to have a significant impact on growth in the gum market in Vietnam during the forecast period,
driven by factors such as such as increasing internet penetration, the convenience of online
shopping and competitive pricing. As more consumers turn to online shopping, gum
manufacturers will be able to take advantage of this trend by investing in online marketing and
distribution strategies.
However, the presence of mints, breath fresheners, lozenges or herbal confectionery could
serve to limit the growth rate of gum in the future, as these products can provide similar benefits
or experiences to gum, as well as added healthcare functions (such as antiseptic properties).
Hence, gum manufacturers will need to stay on top of emerging trends and continue to invest in
innovative new products with exclusive attributes, such as sugar-free options, or those that
contain ingredients such as vitamins, probiotics and antioxidants, supported by heavy marketing

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investment, in order to remain relevant to health-conscious consumers in the future. In the

absence if this differentiation, consumers are unlikely to be brand loyal and, amongst basic
products, will likely choose the one with the lowest price.
Bubble gum will see slower growth in absence of product innovation

Bubble gum, on the other hand, will continue to be targeted towards children (particularly
those aged six to 11). The product faces intense competition, with children being easily
distracted by fads in other snacks categories, as well as by toys, games, and other types of
packaged foods. In addition, bubble gum is not considered a healthy snack and given that
parents are becoming increasingly health-conscious, this could limit sales, going forward. As
such, the category is expected to see a more modest rare of volume growth than chewing gum
throughout the forecast period.
Further investment among category leaders set to spur growth

With demand for gum expected to continue to increase throughout the forecast period, it is
natural to expect that the category leaders will seek to increase their level of investment to
capture rising sales. The most obvious result for consumers is likely to be seen in terms of wider
and more diverse product ranges, including new flavours and different types of packaging. This
will enable brands to market their products as suitable for various consumption occasions, such
as when on-the-go or relaxing after a meal at home. Nevertheless, it should be noted that
consumer expenditure on gum is not yet high enough to justify very substantial investment on
the part category players, especially considering the pressure out upon household incomes as a
result of rising prices. Therefore, spending on innovations is likely to be rather measured within
this category.
Given the current state of the competitive landscape, it is likely that international players will
continue to dominate sales of gum during the forecast period. These are the companies that can
afford to invest in new product development, as well as the marketing efforts that are necessary
to maintain consumers interest and will thus hold a monopoly on consumer attention.
Meanwhile, local players in snacks tend not to be attracted by this category and are unlikely to
make the attempt to transfer into gum. Thus, the competitive landscape will remain structured
with only a handful of players set to hold non-negligible shares in the category over the forecast
period.
CATEGORY DATA
Table 24 Sales of Gum by Category: Volume 2018-2023
'000 tonnes
2018 2019 2020 2021 2022 2023
- Chewing Gum 7.8 7.7 7.4 7.1 7.3 7.5

- Bubble Gum 1.1 1.2 1.2 1.1 1.2 1.2
Gum 8.9 8.9 8.6 8.2 8.5 8.7
Table 25 Sales of Gum by Category: Value 2018-2023
VND billion

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2018 2019 2020 2021 2022 2023
- Chewing Gum 2,767.0 2,873.4 2,811.6 2,699.1 2,901.6 3,092.8

- Bubble Gum 125.7 132.6 139.6 136.8 147.3 157.7
Gum 2,892.7 3,006.0 2,951.2 2,835.9 3,048.8 3,250.5
Table 26 Sales of Gum by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
- Chewing Gum 2.0 -0.9 -4.3

- Bubble Gum 3.0 1.7 8.8
Gum 2.1 -0.5 -2.6
Table 27 Sales of Gum by Category: % Value Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total
- Chewing Gum 6.6 2.3 11.8

- Bubble Gum 7.1 4.7 25.5
Gum 6.6 2.4 12.4
Table 28 Sales of Gum by Flavour: Rankings 2018-2023
ranking
2018 2019 2020 2021 2022 2023
Doublemint 1 1 1 1 1 1
Mint 2 2 2 2 2 2
Strawberry - 7 6 3 3 3
Blueberry - 8 7 4 4 4
Melon 6 5 5 6 5 5
Green Tea 4 6 8 7 6 6
Apple Mint 3 3 4 5 7 7
Mixed Fruits 5 4 3 8 8 8
Table 29 NBO Company Shares of Gum: % Value 2019-2023
% retail value rsp

Company 2019 2020 2021 2022 2023


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Vietnam Ltd
Others 1.9 1.6 1.5 1.4 1.4
Total 100.0 100.0 100.0 100.0 100.0
Table 30 LBN Brand Shares of Gum: % Value 2020-2023
% retail value rsp

Cool Air (Mars Inc) Wrigley Vietnam Ltd 22.4 21.8 21.7 21.7
Happydent (Perfetti Perfetti Van Melle 15.8 16.1 16.1 16.0
Extra (Mars Inc) Wrigley Vietnam Ltd 3.8 3.7 3.7 3.5
Big Babol (Perfetti Perfetti Van Melle 3.1 3.1 3.0 3.1
Dr. Xylitol (Orion Orion Food Vina Co Ltd 2.5 2.7 2.7 2.7
Group)
Mentos (Perfetti Van Perfetti Van Melle 0.8 0.9 0.9 0.9
Melle Group) Vietnam Ltd
Hubba Bubba (Mars Inc) Mars Vietnam Co Ltd 0.2 0.2 0.2 0.2
Others Others 1.6 1.5 1.4 1.4
Total Total 100.0 100.0 100.0 100.0
Table 31 Distribution of Gum by Format: % Value 2018-2023
% retail value rsp

2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 100.0 100.0 99.9 99.9 99.9 99.9
--- Supermarkets 16.2 16.4 16.8 16.4 16.5 16.5
--- Hypermarkets 4.9 5.0 5.4 5.8 6.2 6.2
--- Food/drink/tobacco - - - - - -
specialists
Stores
--- Apparel and - - - - - -

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Specialists
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 32 Forecast Sales of Gum by Category: Volume 2023-2028
'000 tonnes
2023 2024 2025 2026 2027 2028
- Chewing Gum 7.5 7.6 7.8 8.1 8.3 8.6

- Bubble Gum 1.2 1.2 1.3 1.3 1.3 1.3
Gum 8.7 8.9 9.1 9.3 9.6 9.9
trade sources
Table 33 Forecast Sales of Gum by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028
- Chewing Gum 3,092.8 3,179.8 3,272.4 3,377.1 3,491.9 3,614.1

- Bubble Gum 157.7 162.1 165.7 168.9 171.7 174.2
Gum 3,250.5 3,341.9 3,438.1 3,546.0 3,663.6 3,788.3
trade sources
Table 34 Forecast Sales of Gum by Category: % Volume Growth 2023-2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total
- Chewing Gum 2.2 2.8 14.5

- Bubble Gum 2.6 1.9 9.9
Gum 2.3 2.6 13.9
trade sources
Table 35 Forecast Sales of Gum by Category: % Value Growth 2023-2028

2023/2024 2023-28 CAGR 2023/28 Total

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- Chewing Gum 2.8 3.2 16.9

- Bubble Gum 2.8 2.0 10.4
Gum 2.8 3.1 16.5
trade sources

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SUGAR CONFECTIONERY IN
VIETNAM - CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail value sales increase by 7% in current terms in 2023 to VND9.6 trillion

▪ Medicated confectionery is the best performing category in 2023, with retail value sales
growing by 12% in current terms to VND130 billion
▪ Perfetti Van Melle Vietnam Ltd is the leading player in 2023, with a retail value share of 13%
2023 DEVELOPMENTS
Growing levels of health-consciousness, combined with an elevated rate

of inflation, limit growth in 2023
Sugar confectionery experienced a marked slowdown in growth in retail volume terms in
2023. Rising Inflation, triggered by the energy crisis, was a key contributor to this trend, as cash-
strapped households were forced to reduce their expenditure on discretionary items, including
items of sugar confectionery, which are usually purchased on impulse during shopping trips.
While manufacturers tried to their best to limit any price increases, they were forced to pass on
their increased costs to consumers. Moreover, a growing number of consumers in Vietnam are
looking to reduce the amount of sugar in their diet, due to growing health and wellness
concerns. This trend was accelerated by the pandemic, due to the strong link between
obesity/diabetes and poor COVID-19 outcomes. However, consumers tended to seek out
‘reduced sugar’ items, rather than forgo these products altogether, they were unwilling to give
up the sweet taste of sugar-based food.
Flavour innovation remains key in driving demand

Sugar confectionery is typically consumed for reasons of indulgence, rather than for any
specific functional benefits. As such, the introduction of new, exotic, flavours remained a key
driver in attracting consumers’ attention and encouraging trial purchases in 2023. This trend was
also fuelled by increasing urbanisation, which led to a higher demand for more sophisticated
flavours. Domestic companies, such as Bibica and Haiha, were particularly active in terms of
launching new products with unique flavours inspired by the local culture, including ginger, salty
lemon and coconut. However, the growing demand for traditional ingredients was also exploited
by multinational Perfetti Van Melle Vietnam Ltd , which launched a new Mango with Chili Salt
variety of its Alpenliebe brand, which extended its lead in toffees, caramels and nougat in 2023.
One factor that has proven crucial for sugar confectionery is that these are by no means seen
as essential products, which means that players are generally heavily focused on marketing
campaigns to spur demand. This also requires manufacturers to keep abreast of evolving
trends, in order to ensure strong engagement with consumers. Thus, innovation is likely to
continue to be one of the most effective ways to gain and maintain a competitive advantage in
the category.

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Local companies remain in favour, due to their competitive pricing and

understanding of local taste preferences
International company Perfetti Van Melle Vietnam Ltd continued to lead in sugar confectionery
in 2023. The company benefits from a strong brand portfolio, including Alpenliebe (which
dominates in toffees, caramels and nougats), Chupa Chups (which maintains a convincing lead
in lollipops) and Mentos (which has a presence in both mints and pastilles, gummies, jellies and
chews). It also continues to innovate within the category, particularly in terms of flavour. As
previously mentioned it recently extended the Alpenliebe range to include a new mango, chili
and salt flavour, as well as a red milk tea variety. The company’s wide range of product options,
reputation for quality, and ability to tap into local tastes ensured that its brands remained firm
favourites amongst Vietnamese consumers.
Local companies Haiha Confectionery JSC and Bien Hoa Confectionery Corp (Bibica)
continued to have a strong presence in sugar confectionery in 2023. Like Perfetti Van Melle,
both players benefit from a wide brand portfolio across multiple categories, with Haiha being
particularly strong in pastilles, gummies, jellies and chews while Bibica’s ubiquitous brand holds
a leading share in boiled sweets. However, both companies lost share during the review period,
mainly to the benefit of the collection of small players under “others”, which held almost a third
of the total category value sales in 2023. Nevertheless, factors such affordable prices, improving
product quality, familiarity, the ability to cater for local tastes, and growing levels of patriotism
also helped to maintain the profile of these domestic brands vis-à-vis their international
counterparts.
Further expansion expected, with growing focus on lower-sugar and

functional varieties
Sugar confectionery is set to see further expansion in volume terms over the forecast period,
in line with the recovery of the Vietnam economy. Product innovation is also expected to
stimulate consumer demand, supported by heavy investment in marketing and advertising
activity by the leading players. However, given that Vietnamese consumers are becoming more
health conscious, many will look to reduce their daily sugar intake. A diet high in sugar is widely
known to be correlated with a higher incidence of obesity and diabetes, as well as other chronic
medical conditions. This shift towards healthier eating will be driven by rising disposable
incomes and improved education levels, with more affluent, knowledgeable consumers being
more likely to make informed choices about their dietary options.
However, it should be noted that most consumers will continue to seek out ‘reduced sugar’
rather than ‘zero sugar’ options, since they will be reluctant to give up the sweet taste of sugar-
based food. Consequently, the leading brands in the category are expected to focus on offering
products with a lower sugar content, rather than sugar-free versions. However, this preference
could change in the coming years, a consumers become more aware of the different types of
sugars in food and how they impact taste and health.
Alongside the development of lower-sugar variants of sugar confectionery, there is likely to be
a rising demand for functional products that offer additional health benefits, such as boosting the
immune system, improving energy levels, or providing stress relief. As such ingredients such as
vitamins, minerals, and herbal extracts will be infused into sugar confectionery products to meet
this need. Oishi, for example, has already introduced a new product line named Energy Candy,
which contains added vitamin C. This trend will also help to boost sales of medicated

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confectionery, which is formulated with active ingredients, such as vitamins, minerals, or herbal
extracts.
However, it should be noted that sugar confectionery is typically considered to be an
indulgence, rather than a part of the everyday diet and will therefore continue to be consumed
as a treat, despite a growing interest in health and nutrition. As such, the development of new
products and flavours will remain a key driver in attracting consumers’ attention and
encouraging trial purchases, as manufacturers seek to provide consumers with satisfying
sensory experiences.
Traditional items will continue to cater to local tastes

One of the more interesting aspects of sugar confectionery in Vietnam is that traditional sugar
confectionery is often preferred over more modern products, especially for consumption during
traditional events. This situation is most evident during Lunar New Year (Tet), when traditional
types of confectionery such as k?o l?c and chè lam are widely consumed. Many people have
strong attachments to such traditional confectionery, which is a comforting reminder of
childhood and often inspires intense nostalgia. This situation is likely to become more pertinent
during the forecast period as Vietnamese people are beginning to appreciate and value
traditions more than they did previously. This can be expected to place pressure on demand for
modern commercial brands in all categories of sugar confectionery throughout the forecast
period.
However, more players are investing in the category, particularly in terms of new product
development and it is expected that there will be many more new launches in the coming years.
Recent successful introductions include Boom Jelly (by Orion) and Playmore (by Mars). In
addition, whilst the hard texture of boiled sweets is very familiar amongst Vietnamese
consumers, they are starting to increasingly enjoy the flexible and soft texture of pastilles,
gummies, jellies and chews. This category is still quite novel in the country and as consumers
emerge from the pandemic, they will be keen to have new experiences and try new foods,
including in sugar confectionery. The soft texture will also make such products suitable for
children. As such, by offering products in the shape of, for example, cute animals, fruits or toys,
the subcategory of pastilles, gummies, jellies and chews will become even more attractive to
children. It is therefore likely that manufacturers in this category will focus their efforts on making
products suitable for children and turn them into the key target audience.
E-commerce will have A significant impact on demand

E-commerce is poised to have a significant impact on growth in sugar confectionery in
Vietnam during the forecast period, driven by factors such as such as increasing internet
penetration, the convenience of online shopping and competitive pricing, including regular
discounts and promotions. As more international and local companies make their debut on e-
commerce platforms such as Shopee, Lazada and Tiki, they will be able to introduce new
products to potential customers with greater efficiency. Digital marketing will also help
companies to build relationships with their customers and to reach out to a broader consumer
base.
CATEGORY DATA
Summary 3 Other Sugar Confectionery by Product Type: 2023
Product type
Jelly cups

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Marshmallows
Popping confectionery
Cotton candy
Lollipop and bubble gum hybrid
Table 36 Sales of Sugar Confectionery by Category: Volume 2018-2023
'000 tonnes
2018 2019 2020 2021 2022 2023
- Other Sugar 44.1 46.7 50.0 52.2 56.0 58.0

Confectionery
- Toffees, Caramels and 2.1 2.1 2.2 1.8 1.6 1.4
Nougat
- Pastilles, Gummies, 38.4 40.2 43.1 38.4 46.4 47.3
Jellies and Chews
-- Standard Mints 0.3 0.3 0.3 0.3 0.3 0.3
-- Power Mints - - - - - -
- Mints 0.3 0.3 0.3 0.3 0.3 0.3
- Medicated Confectionery 0.1 0.1 0.1 0.2 0.2 0.2
- Lollipops 4.6 4.7 4.8 4.7 5.0 5.2
- Liquorice - - - - - -
- Boiled Sweets 8.9 9.0 9.3 8.8 9.6 9.7
Sugar Confectionery 98.3 103.1 109.8 106.4 119.0 122.1
Table 37 Sales of Sugar Confectionery by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
- Other Sugar 2,023.5 2,266.3 2,545.7 2,723.9 3,023.5 3,254.5

Confectionery
Nougat
- Pastilles, Gummies, 2,799.5 3,107.5 3,426.1 3,110.3 3,880.4 4,116.3
Jellies and Chews
-- Standard Mints 117.0 122.9 127.8 128.2 142.7 152.8
-- Power Mints - - - - - -
- Mints 117.0 122.9 127.8 128.2 142.7 152.8
- Lollipops 450.9 478.4 514.3 513.1 568.5 613.4
- Liquorice - - - - - -
- Boiled Sweets 863.5 935.1 992.3 975.7 1,127.3 1,194.9
Sugar Confectionery 6,526.2 7,194.5 7,931.2 7,769.0 9,050.2 9,645.0
Table 38 Sales of Sugar Confectionery by Category: % Volume Growth 2018-2023

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% volume growth
2022/23 2018-23 CAGR 2018/23 Total
- Other Sugar Confectionery 3.5 5.6 31.5

- Toffees, Caramels and Nougat -8.1 -7.2 -31.0
- Pastilles, Gummies, Jellies and Chews 2.0 4.3 23.3
-- Standard Mints 3.0 4.2 23.0
-- Power Mints - - -
- Mints 3.0 4.2 23.0
- Medicated Confectionery 6.9 23.8 190.3
- Lollipops 3.7 2.7 14.5
- Liquorice - - -
- Boiled Sweets 1.4 1.8 9.4
Sugar Confectionery 2.6 4.4 24.3
Table 39 Sales of Sugar Confectionery by Category: % Value Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total

- Toffees, Caramels and Nougat -4.4 -5.0 -22.5
- Mints 7.1 5.5 30.6
- Lollipops 7.9 6.4 36.0
- Liquorice - - -
Table 40 Sales of Pastilles, Gummies, Jellies and Chews by Type: % Value 2018-2023
% retail value rsp

2018 2019 2020 2021 2022 2023
Gummies, Jellies and 87.9 87.9 88.2 86.3 88.0 87.9

Chews
Pastilles 12.1 12.1 11.8 13.7 12.0 12.1
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 41 NBO Company Shares of Sugar Confectionery: % Value 2019-2023
% retail value rsp

Company 2019 2020 2021 2022 2023

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Vietnam Ltd
Corp (Bibica)
Long Hai Co Ltd 10.5 10.4 11.0 10.2 10.2
Triko Foods Co 9.5 9.6 10.3 9.5 9.5
Orion Food Vina Co Ltd - - 0.1 2.8 2.9
Mars Inc 0.8 0.8 0.8 0.8 0.8
Hanh Dung Co Ltd 0.8 0.8 0.8 0.8 0.8
Trang An JSC 0.7 0.7 0.7 0.6 0.6
Ltd
Arcor SAIC 0.5 0.5 0.5 0.4 0.4
URC Vietnam Co Ltd 0.3 0.3 0.3 0.3 0.3
Hamido Co Ltd 0.2 0.2 0.2 0.2 0.2
Lofthouse of Fleetwood Ltd 0.1 0.1 0.2 0.2 0.2
Ha Noi Confectionery Co 0.1 0.0 0.0 0.0 0.0
Others 30.9 31.3 33.8 32.1 32.5
Total 100.0 100.0 100.0 100.0 100.0
Table 42 LBN Brand Shares of Sugar Confectionery: % Value 2020-2023
% retail value rsp

Bibica (The PAN Group) Bien Hoa Confectionery 10.8 9.0 10.6 10.5
Corp (Bibica)
New Choice Jelly Triko Foods Co 9.6 10.3 9.5 9.5
Long Hai Long Hai Co Ltd 5.4 5.7 5.3 5.3
Natty Long Hai Co Ltd 5.0 5.3 4.9 4.8
Chupa Chups (Perfetti Perfetti Van Melle 4.8 5.0 4.7 4.7
Mentos (Perfetti Van Perfetti Van Melle 3.7 4.0 3.8 3.9
Boom Jelly (Orion Orion Food Vina Co Ltd - 0.1 2.8 2.9
Group)
Golia (Perfetti Van Perfetti Van Melle 2.3 2.5 2.3 2.4
Kopiko (Mayora Indah Mayora Vietnam Co Ltd 1.9 2.0 2.0 2.0
Tbk PT)
Alpenliebe (Perfetti Perfetti Van Melle 1.7 1.8 1.7 1.7
Chip Chip Jellies Haiha Confectionery JSC 1.8 1.5 1.6 1.6
Skittles Mars Inc 0.8 0.8 0.8 0.8
Hanh Dung Jelly Hanh Dung Co Ltd 0.8 0.8 0.8 0.8
Anytime (Lotte Group) Lotte Vietnam Co Ltd 0.8 0.8 0.7 0.7
Hai Ha Toffee Haiha Confectionery JSC 0.8 0.6 0.7 0.6
Trang An Trang An JSC 0.6 0.6 0.6 0.5

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Marketing Corp) Ltd

Arcor Arcor SAIC 0.5 0.5 0.4 0.4
Dynamite (Universal URC Vietnam Co Ltd 0.3 0.3 0.3 0.3
Robina Corp)
Biscafun (Quang Ngai Biscafun Confectionery Co 0.3 0.4 0.3 0.3
Sugar JSC)
Haihapop Haiha Confectionery JSC 0.4 0.3 0.3 0.3
Milkita Hamido Co Ltd 0.2 0.2 0.2 0.2
Fisherman's Friend Lofthouse of Fleetwood Ltd 0.1 0.2 0.2 0.2
Volcano (The PAN Group) Bien Hoa Confectionery 0.1 0.1 0.1 0.1
Corp (Bibica)
Lolly Trang An JSC 0.1 0.1 0.1 0.1
Gold Bell Haiha Confectionery JSC 0.4 0.3 0.1 0.0
Others Others 31.4 33.8 32.1 32.5
Total Total 100.0 100.0 100.0 100.0
Table 43 Distribution of Sugar Confectionery by Format: % Value 2018-2023
% retail value rsp

2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 99.5 98.7 98.2 98.1 98.0 97.8
--- Supermarkets 6.4 6.9 7.5 8.5 8.1 8.8
--- Hypermarkets 6.0 6.1 6.4 7.3 7.1 7.7
specialists
Stores
--- Apparel and - - - - - -
Specialists
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0

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Table 44 Forecast Sales of Sugar Confectionery by Category: Volume 2023-2028
'000 tonnes
2023 2024 2025 2026 2027 2028
- Other Sugar 58.0 60.3 62.9 65.9 69.2 72.9

Confectionery
Nougat
- Pastilles, Gummies, 47.3 48.7 50.3 52.3 54.6 57.2
Jellies and Chews
-- Standard Mints 0.3 0.3 0.3 0.3 0.4 0.4
-- Power Mints - - - - - -
- Mints 0.3 0.3 0.3 0.3 0.4 0.4
- Lollipops 5.2 5.4 5.6 5.8 6.0 6.3
- Liquorice - - - - - -
- Boiled Sweets 9.7 9.9 10.1 10.3 10.6 11.0
Sugar Confectionery 122.1 126.3 130.9 136.5 142.8 149.9
trade sources
Table 45 Forecast Sales of Sugar Confectionery by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028
- Other Sugar 3,254.5 3,390.1 3,541.2 3,715.6 3,905.3 4,119.4

Confectionery
Nougat
- Pastilles, Gummies, 4,116.3 4,246.6 4,387.7 4,567.8 4,777.2 5,009.5
Jellies and Chews
-- Standard Mints 152.8 158.0 163.7 170.1 177.1 184.6
-- Power Mints - - - - - -
- Mints 152.8 158.0 163.7 170.1 177.1 184.6
- Lollipops 613.4 634.0 656.4 683.3 717.7 755.2
- Liquorice - - - - - -
- Boiled Sweets 1,194.9 1,223.6 1,255.4 1,293.1 1,334.5 1,381.2
Sugar Confectionery 9,645.0 9,978.1 10,345.0 10,788.0 11,290.5 11,853.1
trade sources
Table 46 Forecast Sales of Sugar Confectionery by Category: % Volume Growth 2023-

2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total

- Toffees, Caramels and Nougat 2.5 4.1 22.2

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- Mints 3.2 3.7 20.1
- Lollipops 3.2 3.9 21.0
- Liquorice - - -
trade sources
Table 47 Forecast Sales of Sugar Confectionery by Category: % Value Growth 2023-

2028

2023/2024 2023-28 CAGR 2023/28 Total

- Toffees, Caramels and Nougat 2.7 4.2 22.9
- Mints 3.4 3.8 20.8
- Lollipops 3.4 4.2 23.1
- Liquorice - - -
trade sources

lOMoARcPSD|30554637
ICE CREAM IN VIETNAM - CATEGORY

ANALYSIS
KEY DATA FINDINGS

▪ Take-home ice cream is the best performing category in 2023, with retail value sales growing
by 9% in current terms to VND1.5 trillion
▪ Kido Group is the leading player in 2023, with a retail value share of 47%
2023 DEVELOPMENTS
Continued growth in 2023, but retail volumes see A more muted

performance, as inflation takes its toll on household budgets
Ice cream saw a second year of positive volume growth in 2023, albeit at a slower rate than
the previous year. As in 2022, Foodservice sales saw a more buoyant demand, thanks to the
return of international tourism to Vietnam, following several years of pandemic-related
restrictions. Retail sales also benefitted from the increased levels of mobility, as more people
chose to purchase single-portion ice creams at the country’s tourist attractions. Within this
subcategory, convenient, on-the-go options were particularly popular, including cups, sticks and
cones.
Retail volume sales of take home ice cream also increased in 2023, but the rate of expansion
was much slower than that witnessed throughout the rest of the review period. During the
pandemic, the government’s strict approach taken to home seclusion and social distancing
meant that there were far more opportunities to eat ice cream within the comfort and safety of
home. At the same time, restrictions placed on the ability of Vietnamese people to spend time
outside of the home reduced opportunities for impulse purchases of ice cream for on-the-go
consumption. While consumers had returned to their pre-pandemic behaviours by 2023, inflation
took its toll om household budgets, with a resultant decline in non-essential purchases. In
addition, growing concerns over health and wellness had an impact on demand, as consumers
tried to cut down on foods containing large amounts of sugar, such as ice cream
Trend towards local and exotic flavour experiences

Given that ice cream is widely viewed as an affordable indulgence, the introduction of new
flavours remained a key driver in attracting consumers’ attention and encouraging trial
purchases. During 2023, manufacturers such as Kido Group, Unilever Vietnam International Co
Ltd and Nestlé Vietnam Co Ltd were very active in terms of incorporating new, exotic flavours,
such as black sugar pearl, guava, watermelon and strawberry yoghurt, into their products, in
order to add excitement to the ice cream eating experience. Kido Group’s Merino Xplus, for
example, blended red bean ice cream with white chocolate and brown rice, to create a crunchy
texture. The product was offered in a range of traditional flavours, including durian, taro, red
bean and green bean, to appeal to specifically to Vietnamese customers. Kido Group benefits
from owning its own production facilities, a factor which allows it to shorten the amount of time it

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takes to develop new products. This allows it to perform better than its rivals in terms of keeping
up with consumer trends.
In-store promotions remain A strong theme

Investment in in-store promotional activities remained a common theme in ice cream during
2023, as the category’s leading players sought to engage with consumers at the point of
purchase. With demand for take-home ice cream continuing to grow, albeit at a slower rate than
the previous year, numerous brands attempted to influence purchasing decisions in a category
notorious for its low levels of consumer loyalty. In fact, Vietnamese consumers are generally
open to new flavours and new brands of ice cream and within this context, in-store promotion is
seen as a sound investment. Moreover, low consumer loyalty means that brands can drive trial
purchases and recruit new consumers via in-store promotions. It should be noted that the
requirement for ice cream to be stored in a freezer or frozen display cabinet means that there
are some limits to the extent that ice cream can be sold in traditional grocery retailers in
Vietnam. Thus, ice cream brands are beginning to understand the value of offering traditional
grocery retailers the use of branded freezers or frozen display cabinets to expand distribution
and spread awareness of their brand name and logo.
Rising demand for impulse ice cream, thanks to economy recovery and
the revival of tourism, with local brands retaining the competitive edge
The forecast period is set to see rising demand for ice cream in Vietnam, thanks to a stronger
economic performance, rising disposable incomes and the full revival of domestic and
international tourism. Impulse ice cream will see the more dynamic performance, with
accelerating retail volume growth anticipated from 2025 onwards. This will be supported by
consumers spending more time outside the home, as well as the return of international tourists
to the country. Single portion dairy ice cream will benefit most from this trend as consumers
continue to prefer its richer taste over water-based varieties. As such, the former will record
increasingly robust retail volume growth rates, whilst single portion water ice cream will see a
more modest increase in sales during the forecast period. In terms of brand preference, local
offerings such as Merino, Celano (both Kido Group), Vinamilk and Trang Tien etc will find more
favour with Vietnamese consumers, not only because of their affordable pricing, but also due to
strong patriotic sentiments, rising product quality and their ability to adapt quickly to local tastes.
Rising freezer penetration in homes and small local grocers will boost
growth of take-home and impulse ice cream
Within take-home ice cream, one of the major factors supporting growth will be the rising
household penetration of refrigeration appliances. Recent years have seen a surge in purchases
of freezers amongst middle-class urban Vietnamese consumers and the opportunity to store ice
cream at home is likely to support a strong increase in demand for take-home ice cream.
Although Vietnam’s economy took a hit in 2023,, thanks to high inflation and the continuing
effects of the war in Ukraine, the country has seen phenomenal economic growth and
development in recent years, and this is expected to return once greater inflation stability has
been achieved. This will further increase the penetration of refrigeration appliances in the
country and thus the audience for take-home ice cream.
In addition to refrigerators becoming a more common sight in Vietnamese homes, they are
also becoming more prevalent in traditional grocery retailers, with this is set to prove crucial to

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boosting sales of both impulse ice cream and take-home ice cream. Consumers prefer to buy
ice cream from nearby shops, rather than travelling to a further away supermarket or
hypermarket as the ice cream is likely to melt on the journey home. However, smaller local
venues do not typically have the resources to implement their own frozen storage and display
facilities, so players are expected to invest in providing these and support retailers with
electricity costs to ensure their products can be sold in these locations. This will favour the major
players in the category, which have advantages in terms of distribution.
Despite the wider availability of healthier products, ice cream will

continue to be consumed primarily for indulgence, with local companies
continuing to dominate
Demand for “better for you” variants of ice cream is expected to increase gradually over the
forecast period as consumers seek out products that are compatible with their healthier
lifestyles. Consequently, reduced-fat and low-sugar varieties are expected to be launched by
manufacturers, although these products will remain niche in terms of sales. Indeed, ice cream
will continue to be a product consumed for indulgence, rather than for health reasons. As such,
being able to offer new sensory and flavour experiences will remain an important aspect of the
operations of the leading companies, especially given the low levels of consumer loyalty within
the category.. Moreover, younger generations of Vietnamese people are far more focused on
pampering themselves than previous generations and have therefore become the target
audience of key ice cream players. The result is likely to be a widening of the variety of products
available, fuelling positive sales growth in the category as a whole
CATEGORY DATA
Table 48 Sales of Ice Cream by Category: Volume 2018-2023
million litres
2018 2019 2020 2021 2022 2023
-- Multi-Pack Water Ice - - - - - -

Cream
-- Bulk Water Ice Cream - - - - - -
- Take-Home Water Ice - - - - - -
Cream
-- Multi-Pack Dairy Ice 1.5 1.6 1.8 1.9 2.0 2.1
Cream
-- Ice Cream Desserts - - - - - -
-- Bulk Dairy Ice Cream 7.6 8.2 8.8 9.3 9.9 10.1
- Take-Home Dairy Ice 9.1 9.8 10.5 11.1 11.9 12.2
Cream
Take-Home Ice Cream 9.1 9.8 10.5 11.1 11.9 12.2
Unpackaged Ice Cream - - - - - -
Plant-based Ice Cream - - - - - -
- Single Portion Water 8.5 7.8 7.3 6.5 7.4 7.8
Ice Cream
- Single Portion Dairy 19.5 21.3 22.6 23.7 26.0 26.8
Ice Cream
Impulse Ice Cream 28.0 29.1 29.9 30.2 33.4 34.6
Frozen Yoghurt - - - - - -
Ice Cream 37.1 39.0 40.4 41.3 45.3 46.8

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Table 49 Sales of Ice Cream by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023

Cream
Cream
Cream
- Take-Home Dairy Ice 865.7 994.3 1,090.0 1,177.1 1,351.0 1,468.8
Cream
Take-Home Ice Cream 865.7 994.3 1,090.0 1,177.1 1,351.0 1,468.8
Ice Cream
- Single Portion Dairy 1,903.2 2,164.0 2,337.1 2,477.3 2,807.7 3,028.7
Ice Cream
Impulse Ice Cream 2,352.5 2,568.3 2,709.1 2,804.7 3,194.2 3,450.8
Ice Cream 3,218.2 3,562.7 3,799.1 3,981.8 4,545.2 4,919.6
Table 50 Sales of Ice Cream by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
-- Multi-Pack Water Ice Cream - - -

-- Bulk Water Ice Cream - - -
- Take-Home Water Ice Cream - - -
-- Multi-Pack Dairy Ice Cream 4.0 7.1 40.6
-- Ice Cream Desserts - - -
-- Bulk Dairy Ice Cream 2.5 5.9 33.5
- Take-Home Dairy Ice Cream 2.7 6.1 34.7
Take-Home Ice Cream 2.7 6.1 34.7
Unpackaged Ice Cream - - -
Plant-based Ice Cream - - -
- Single Portion Water Ice Cream 5.0 -1.8 -8.8
- Single Portion Dairy Ice Cream 3.2 6.6 37.5
Impulse Ice Cream 3.6 4.3 23.5
Frozen Yoghurt - - -
Ice Cream 3.4 4.8 26.2
Table 51 Sales of Ice Cream by Category: % Value Growth 2018-2023

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2022/23 2018-23 CAGR 2018/23 Total

- Single Portion Water Ice Cream 9.2 -1.2 -6.0
Ice Cream 8.2 8.9 52.9
Table 52 Sales of Ice Cream by Leading Flavours: Rankings 2018-2023
ranking
2018 2019 2020 2021 2022 2023
Vanilla 2 1 1 1 1 1
Chocolate 1 2 2 2 2 2
Strawberry 3 3 3 3 3 3
Coconut 5 4 4 4 4 4
Banana 7 7 6 5 5 5
Green Tea 4 5 8 7 6 6
Mango 6 8 5 6 7 7
Durian 9 6 7 8 8 8
Raisin 8 9 9 9 9 9
Lemon 10 10 10 10 10 10
Table 53 Sales of Impulse Ice Cream by Format: % Value 2018-2023
% retail value rsp

2018 2019 2020 2021 2022 2023
Cones 14.0 14.5 15.0 16.0 17.0 17.5

Sticks 43.4 43.2 43.0 44.0 45.0 46.0
Others 42.6 42.3 42.0 40.0 38.0 36.5
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 54 NBO Company Shares of Ice Cream: % Value 2019-2023
% retail value rsp

Company 2019 2020 2021 2022 2023

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Kido Group 42.5 43.1 43.7 45.9 46.7

JSC (Vinamilk)
Trading Co Ltd
Phan Nam Monterosa 2.0 2.0 1.9 1.8 1.7
Trading JSC
Thuy Ta JSC 1.1 0.9 0.8 0.8 0.7
Others 21.2 20.1 19.1 18.8 18.7
Total 100.0 100.0 100.0 100.0 100.0
Table 55 LBN Brand Shares of Ice Cream: % Value 2020-2023
% retail value rsp


Vinamilk Vietnam Dairy Products 10.2 10.4 9.3 9.0
JSC (Vinamilk)
Cornetto (Unilever Unilever Vietnam 7.2 7.4 7.3 7.4
Group) International Co Ltd
Fanny Fanny Vietnam Co Ltd 4.9 4.8 4.5 4.3
Trang Tien Trang Tien Service & 4.3 4.2 4.1 4.0
Trading Co Ltd
Paddle Pop (Unilever Unilever Vietnam 2.3 2.3 2.2 2.1
Wall's (Unilever Group) Unilever Vietnam 1.8 2.0 2.0 2.0
Monterosa Phan Nam Monterosa 2.0 1.9 1.8 1.7
Trading JSC
Wel Yo Kido Group 1.1 1.1 1.2 1.2
Thuy Ta Thuy Ta JSC 0.9 0.8 0.8 0.7
Celano Kinh Do Corp - - - -
Merino Kinh Do Corp - - - -
Others Others 23.4 22.4 22.1 22.0
Total Total 100.0 100.0 100.0 100.0
Table 56 NBO Company Shares of Impulse Ice Cream: % Value 2019-2023
% retail value rsp

Company 2019 2020 2021 2022 2023
Kido Group 42.0 43.0 44.0 46.2 47.0


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JSC (Vinamilk)
Trading Co Ltd
Trading JSC
Thuy Ta JSC 1.1 1.0 0.9 0.8 0.8
Others 23.5 22.2 21.1 20.7 20.4
Total 100.0 100.0 100.0 100.0 100.0
Table 57 LBN Brand Shares of Impulse Ice Cream: % Value 2020-2023
% retail value rsp


JSC (Vinamilk)
Trang Tien Trang Tien Service & 6.0 6.0 5.8 5.8
Trading Co Ltd
Paddle Pop (Unilever Unilever Vietnam 3.3 3.3 3.1 3.0
Trading JSC
Wel Yo Kido Group 1.5 1.6 1.6 1.7
Others Others 26.9 25.8 25.3 25.1
Total Total 100.0 100.0 100.0 100.0
Table 58 NBO Company Shares of Take-home Ice Cream: % Value 2019-2023
% retail value rsp

Company 2019 2020 2021 2022 2023
Kido Group 43.8 43.4 43.0 45.3 45.8

JSC (Vinamilk)
Trading JSC
Thuy Ta JSC 0.9 0.8 0.7 0.6 0.6
Others 15.1 14.6 14.3 14.4 14.6

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Total 100.0 100.0 100.0 100.0 100.0

Table 59 LBN Brand Shares of Take-home Ice Cream: % Value 2020-2023
% retail value rsp


JSC (Vinamilk)
Wall's (Unilever Group) Unilever Vietnam 6.1 6.7 6.8 6.9
Trading JSC
Others Others 14.6 14.3 14.4 14.6
Total Total 100.0 100.0 100.0 100.0
Table 60 Distribution of Ice Cream by Format: % Value 2018-2023
% retail value rsp

2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 100.0 99.9 99.8 99.8 99.8 99.8
--- Supermarkets 8.2 8.8 10.1 11.0 11.1 11.2
--- Hypermarkets 3.9 4.1 4.6 5.5 5.9 6.1
specialists
Stores
--- Apparel and - - - - - -
Specialists
Specialists

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--- Leisure and - - - - - -

Personal Goods
Specialists
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 61 Forecast Sales of Ice Cream by Category: Volume 2023-2028
million litres
2023 2024 2025 2026 2027 2028

Cream
Cream
Cream
- Take-Home Dairy Ice 12.2 12.6 13.1 13.7 14.4 15.1
Cream
Take-Home Ice Cream 12.2 12.6 13.1 13.7 14.4 15.1
Ice Cream
- Single Portion Dairy 26.8 27.9 29.3 31.0 33.4 36.2
Ice Cream
Impulse Ice Cream 34.6 35.9 37.4 39.3 41.8 44.7
Ice Cream 46.8 48.5 50.5 53.0 56.1 59.8
trade sources
Table 62 Forecast Sales of Ice Cream by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028

Cream
Cream
Cream
-- Bulk Dairy Ice Cream 995.6 1,041.9 1,091.3 1,146.3 1,206.2 1,271.6
- Take-Home Dairy Ice 1,468.8 1,541.3 1,619.7 1,707.4 1,803.8 1,909.8
Cream

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Take-Home Ice Cream 1,468.8 1,541.3 1,619.7 1,707.4 1,803.8 1,909.8

Ice Cream
- Single Portion Dairy 3,028.7 3,168.7 3,343.8 3,558.6 3,837.0 4,171.4
Ice Cream
Impulse Ice Cream 3,450.8 3,604.3 3,788.8 4,011.3 4,296.5 4,635.0
Ice Cream 4,919.6 5,145.6 5,408.5 5,718.6 6,100.2 6,544.7
trade sources
Table 63 Forecast Sales of Ice Cream by Category: % Volume Growth 2023-2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total

- Single Portion Water Ice Cream 3.0 1.8 9.1
Ice Cream 3.7 5.0 27.8
trade sources
Table 64 Forecast Sales of Ice Cream by Category: % Value Growth 2023-2028

2023/2024 2023-28 CAGR 2023/28 Total

- Single Portion Water Ice Cream 3.2 1.9 9.8
Ice Cream 4.6 5.9 33.0

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trade sources

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SAVOURY SNACKS IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Other savoury snacks is the best performing category in 2023, with retail value sales
increasing by 16% in current terms to VND531 billion
▪ Orion Food Vina Co Ltd is the leading player in 2023, with a retail value share of 21%
▪ Retail sales are set to increase at a current value CAGR of 9% (2023 constant value CAGR of
2023 DEVELOPMENTS
Rising health concerns and inflationary pressures limit the growth of

savoury snacks in 2023, particularly puffed snacks, which nonetheless
remain the largest product type.
Retail sales of savoury snacks saw continued growth in volume terms in 2023, albeit at a
much slower pace than the previous year. Besides inflationary pressures, which caused
consumers to become more frugal with their spending, this was due to rising health concerns,
triggered by the pandemic, which led many Vietnamese people to cut back on overly fatty and
salty food items. In addition, consumers proactively sought out products labelled as containing
natural ingredients, as these are considered better for one’s health than their processed
alternatives, even if they have a similar salt or fat content. These trends were particularly
prevalent amongst younger generations of consumers living in urban areas, who are exposed to
social media influencers who regularly promote their “clean eating” regimes. However, demand
was sustained by an increase in the number of opportunities for socialising, as well as on-the-go
consumption, as consumers spent more time outside the home. Manufacturers were also very
active in terms of in-store promotional campaigns, in a bid to encourage impulse purchases.
Puffed snacks remained the largest product type in terms of volume sales in 2023, despite
being the least dynamic in terms of growth. Such products have a long history in Vietnam and
benefit from a high degree of consumer loyalty, as well as appealing to younger and older
consumers. One of the key factors that has enabled puffed snacks to appeal to such a wide
target consumer audience is the diverse range of products and brands available. This diverse
range of products has also ensured that puffed snacks are seen as suitable for a wide range of
consumption occasions, including during parties and social gatherings or as a tasty breaktime
snack during work or study. As such, puffed snacks are expected to remain the largest
subcategory throughout the forecast period.
New product lines help to attract customers in fragmented market

The competitive landscape for savoury snacks is fairly fragmented, with a mix of local and
international players. Vietnamese consumers are not generally loyal to any particular brands in
this category, with small players avoiding direct competition with their big-budget counterparts
by distributing their products to unique markets or regions. Indeed, most local brands only

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distribute their products in a specific area of the country, focusing on serving local needs rather
than expanding to other provinces. This prevents them from gaining a higher overall share in the
category, even if they are highly successful within their own region. As such, the combined
group of smaller players under ‘others’ retained largest retail value share of savoury snacks,
significantly ahead of leading player Orion Food Vina which benefits from its wide portfolio of
brands (namely, Toonies, Ostar, Marine Boy, An, and Khoai Tayo!) in salty snacks. This
situation is unlikely to change anytime soon, with the category expected to remain diverse and
fragmented into the coming years.
During the review period, manufacturers such as Orion, PepsiCo and Mondelez focussed on
launching offerings with innovative new flavours and shapes to target the Gen Z generation.
Orion, for example, introduced a product line called O'Star Zing, which contained luxurious, bold
ingredients such as Himalayan Salted Grilled Beef and Sweet and Sour Prawn Tempura.
PepsiCo, meanwhile, also launched new brand named My Chiu, which targeted Gen Z
consumers with its lower pricing.
Small local grocers continue to dominate sales, while e-commerce

becomes less important
Small local grocers remained by far the largest distribution channel for savoury snacks in
Vietnam in 2023. Traditional grocery retailers are virtually ubiquitous in residential and
commercial districts throughout the country and, unlike ice cream or chocolate confectionery,
savoury snacks have relatively few storage or display requirements. However, it should be
noted that modern grocery retailers are expanding their presence in the country, and for this
reason, sales of savoury snacks are increasingly accounted for by supermarkets, hypermarkets,
and convenience stores. Nevertheless, the fact that the presence of these types of modern retail
outlets is limited to major urban areas means that many consumers have limited or no access to
these channels, forcing them to turn to small local grocers when sourcing savoury snacks.
Further underpinning the strong position of traditional grocery retailers is the fact that many
Vietnamese people visit such stores daily to top up on essentials, whilst visits to supermarkets
and hypermarkets tend to be far less frequent (often weekly or fortnightly). This means that
savoury snacks brands are generally very interested in maximising consumer exposure to their
products by ensuring widen consistent availability in small local grocers that consumers visit
more regularly, thus broadening the opportunities for spontaneous purchases.
The share of retail value sales of savoury snacks accounted for by e-commerce grew during
the first three years of the review period, driven by factors such as increasing internet
penetration, wider product choices and the convenience of online shopping, as well as
promotions or discounts to encourage purchases. However, sales via this channel declined in
2022, with only modest growth in 2023. This is due to the fact that savoury snacks are largely
purchased on impulse, something which e-commerce is unable to satisfy, due to the delay
between placing an order and delivery. With consumers returning to more active, outdoor
lifestyles, purchasing savoury snacks online became less relevant.
Economic recovery will boost growth, but health concerns will present
challenges as well as opportunities
Savoury snacks will see further expansion in retail volume terms over the forecast period, with
the rate of growth set to accelerate over the next five years, in line with the recovery of the
Vietnam economy. However, the fact that local consumers are expected to become increasingly

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health conscious has the potential to present serious challenges to the category, given that
savoury snacks are typically high in fat and salt. This rising health awareness is the result of
better access to information about diet and nutrition, mainly via the internet, but also due to
public health awareness campaigns that have been prominent in Vietnam in recent years. With
many consumers automatically assuming that the most popular types of savoury snacks (such
as puffed snacks and potato chips) are inherently unhealthy, demand for these items could
come under pressure. However, while this health trend could be seen as an unfavourable
scenario, it does also present opportunities for nuts, seeds and trail mixes, which currently suffer
from a low level of consumer awareness as their nutritional properties. Rice snacks (crackers)
could also benefit from this trend, as many consumers believe these products can help them to
control their weight, due to the fact that they are lower in calories than many other savoury
snack alternatives. Manufacturers also have the opportunity to develop other types of “healthy”
savoury snacks, akin to those seen in other countries. However, it is important to note that such
products will need to be marketed explicitly with reference to their health and wellness attributes
if they are going to attract health-conscious Vietnamese consumers.
Adult consumers will remain key target audience, with unique flavours
being key to capturing their attention
Adults are expected to remain the target audience for savoury snacks in Vietnam over the
forecast period, with an increasing number of consumes showing an interest in categories such
savoury biscuits, and meat and seafood snacks. Whilst sweet snacks (such as gum and sugar
confectionery) are thought to be most attractive to children, spicy and salty flavours are
preferred by adults as such products are considered more sophisticated in flavour. In fact, the
combination of the spicy and salty flavours in a single product is becoming more common to
create a unique taste. For example, chilli and salt is becoming a more sought-after flavour,
particularly in potato chips. Given that volume consumption of savoury snacks per adult
consumer is high in Vietnam, the development of further flavour combinations, supported by
marketing and advertising activity, is likely give the category a welcome boost over the forecast
period.
International players will continue to dominate sales,

During the forecast period, international players such as Orion, PepsiCo, Mondelez etc will
continue to dominate the market, due to their wide distribution networks and dynamic marketing
activity. These companies offer a range of products, which can be found in most channels, and
often cater to the preferences of local Vietnamese consumers, which can be found in most
channels. However local brands such as Viet Hoa and Tuyen Ky will continue to hold their
ground, due to their lower prices and ability to cater to local tastes and preferences.
CATEGORY DATA
Summary 4 Other Savoury Snacks by Product Type: 2023
Product type
Seaweed snacks
Rice paper snacks
Salted and sweetened fruits (“ô mai, xí mu?i” in Vietnamese)
Snack noodles

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Table 65 Sales of Savoury Snacks by Category: Volume 2018-2023
'000 tonnes
2018 2019 2020 2021 2022 2023
Other Savoury Snacks 4.2 4.9 5.8 6.8 8.0 8.7

Seafood Snacks 1.1 1.2 1.3 1.4 1.5 1.5
Meat Snacks 3.1 3.3 3.4 3.5 3.8 3.8
Pretzels - - - - - -
Popcorn - - - - - -
Savoury Biscuits 15.5 16.5 17.5 18.2 19.2 19.6
- Vegetable, Pulse and - - - - - -
Bread Chips
- Rice Snacks 8.2 8.6 9.1 9.4 9.8 10.0
- Puffed Snacks 29.4 30.7 32.8 33.7 36.0 36.3
- Tortilla Chips - - - - - -
- Potato Chips 11.9 12.6 13.3 13.7 14.6 14.8
Salty Snacks 49.5 51.9 55.2 56.7 60.4 61.1
Nuts, Seeds and Trail 5.6 5.7 5.9 6.0 6.2 6.3
Mixes
Savoury Snacks 79.0 83.5 89.1 92.6 99.0 101.0
Table 66 Sales of Savoury Snacks by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023

Seafood Snacks 427.0 489.0 568.3 613.8 694.1 756.5
Meat Snacks 1,590.6 1,769.6 1,980.5 2,119.1 2,375.0 2,565.1
Popcorn - - - - - -
Savoury Biscuits 1,950.5 2,223.6 2,512.8 2,695.6 2,994.4 3,233.9
Bread Chips
- Rice Snacks 1,098.3 1,268.5 1,467.7 1,630.6 1,868.6 2,014.5
- Puffed Snacks 4,523.9 4,840.6 5,469.9 5,826.0 6,709.5 7,179.2
- Potato Chips 2,657.1 2,975.9 3,243.8 3,413.9 3,905.1 4,213.8
Salty Snacks 8,279.3 9,085.0 10,181.3 10,870.5 12,483.2 13,407.5
Nuts, Seeds and Trail 823.0 872.3 916.0 952.6 1,019.3 1,088.6
Mixes
Savoury Snacks 13,267.8 14,684.0 16,463.6 17,617.2 20,023.4 21,582.3
Table 67 Sales of Savoury Snacks by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total

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Other Savoury Snacks 9.4 15.6 106.4

Seafood Snacks 2.8 6.4 36.1
Meat Snacks 1.9 4.4 23.8
Pretzels - - -
Popcorn - - -
Savoury Biscuits 1.9 4.8 26.7
- Vegetable, Pulse and Bread Chips - - -
- Rice Snacks 1.7 3.9 21.3
- Puffed Snacks 0.9 4.4 23.7
- Tortilla Chips - - -
- Potato Chips 1.3 4.4 24.0
Salty Snacks 1.2 4.3 23.4
Nuts, Seeds and Trail Mixes 2.2 2.4 12.5
Table 68 Sales of Savoury Snacks by Category: % Value Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total

Pretzels - - -
Popcorn - - -
- Rice Snacks 7.8 12.9 83.4
Table 69 NBO Company Shares of Savoury Snacks: % Value 2019-2023
% retail value rsp

Company 2019 2020 2021 2022 2023

JSC
Ltd
PepsiCo Vietnam (PIVN) 11.0 10.1 9.7 9.8 9.8
Tuyen Ky Co Ltd 6.6 6.7 6.6 6.1 5.9
Vietnam One One Food JSC 3.4 3.3 3.4 3.3 3.3
Thien Ha Kameda JSC 1.7 1.6 1.6 1.6 1.6
Procter & Gamble Vietnam 0.8 0.7 0.7 0.7 0.7
Ltd
Viet Hoa Co 0.7 0.7 0.7 0.7 0.6

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LBB Vietnam Foodstuff JSC 0.6 0.6 0.6 0.6 0.6

Tan Tan Food & Foodstuff Co 0.2 0.2 0.2 0.2 0.2
Nhat Anh Trading Pte 0.4 0.3 0.2 0.2 0.2
Tai Tai Co 0.2 0.2 0.2 0.2 0.2
Trang An Confectionery Co 0.3 0.2 0.1 0.1 0.1
Ha Noi Confectionery Co 0.2 0.2 0.1 0.1 0.0
Haiha - Kotobuki Co Ltd - - - - -
Vinabico Confectionery JSC - - - - -
Others 26.8 26.9 27.3 27.1 27.6
Total 100.0 100.0 100.0 100.0 100.0
Table 70 LBN Brand Shares of Savoury Snacks: % Value 2020-2023
% retail value rsp


Marketing Corp) Ltd
AFC (Mondelez Mondelez Kinh Do Vietnam 8.6 8.6 8.4 8.5
Lay's (PepsiCo Inc) PepsiCo Vietnam (PIVN) 8.3 7.9 8.0 8.0
Toonies (Orion Group) Orion Food Vina Co Ltd 6.2 6.1 6.6 6.6
Tuyen Ky Tuyen Ky Co Ltd 6.7 6.6 6.1 5.9
Ostar (Orion Group) Orion Food Vina Co Ltd 4.6 4.7 5.0 5.0
Marine Boy (Orion Orion Food Vina Co Ltd 4.5 4.6 4.7 4.6
Group)
Slide (Mondelez Mondelez Kinh Do Vietnam 3.4 3.4 3.3 3.4
OneOne Vietnam One One Food JSC 3.3 3.4 3.3 3.3
Ritz (Mondelez Mondelez Kinh Do Vietnam 3.3 3.4 3.3 3.2
An (Orion Group) Orion Food Vina Co Ltd 1.8 2.1 2.4 2.4
Khoai Tayo! (Orion Orion Food Vina Co Ltd 1.9 1.9 1.9 1.9
Group)
Poca (PepsiCo Inc) PepsiCo Vietnam (PIVN) 1.8 1.8 1.8 1.8
ICHI (Kameda Seika Co Thien Ha Kameda JSC 1.6 1.6 1.6 1.6
Ltd)
Kinh Do (Mondelez Mondelez Kinh Do Vietnam 1.3 1.3 1.2 1.2
Pringles (Kellogg Co) Procter & Gamble Vietnam Ltd 0.7 0.7 0.7 0.7
Meiji Meiji Holdings Co Ltd 0.7 0.7 0.7 0.7
Viet Hoa Viet Hoa Co 0.7 0.7 0.7 0.6
Richy LBB Vietnam Foodstuff JSC 0.6 0.6 0.6 0.6
Pinattsu (Liwayway Liwayway Food Industry Co 0.4 0.4 0.4 0.4
Marketing Corp) Ltd
Roma Malkist (Mayora Mayora Vietnam Co Ltd 0.2 0.2 0.2 0.3
Indah Tbk PT)
Tan Tan Tan Tan Food & Foodstuff Co 0.2 0.2 0.2 0.2
Nhat Anh Nhat Anh Trading Pte 0.3 0.2 0.2 0.2
Tai Tai Tai Tai Co 0.2 0.2 0.2 0.2
Teppy Trang An Confectionery Co 0.2 0.1 0.1 0.1
Ha Noi Ha Noi Confectionery Co 0.2 0.1 0.1 0.0

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Bim Bim Haiha - Kotobuki Co Ltd - - - -

AFC Kinh Do Corp - - - -
Ritz Mondelez International Inc - - - -
Others Others 26.9 27.3 27.1 27.6
Total Total 100.0 100.0 100.0 100.0
Table 71 Distribution of Savoury Snacks by Format: % Value 2018-2023
% retail value rsp

2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 99.4 98.5 98.0 97.9 98.6 98.6
--- Supermarkets 3.2 3.4 4.0 4.3 4.5 4.6
--- Hypermarkets 2.4 2.4 2.8 3.2 3.5 3.5
specialists
Stores
--- Apparel and - - - - - -
Specialists
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 72 Forecast Sales of Savoury Snacks by Category: Volume 2023-2028
'000 tonnes
2023 2024 2025 2026 2027 2028

Seafood Snacks 1.5 1.6 1.7 1.8 1.9 2.0
Meat Snacks 3.8 3.9 4.1 4.2 4.4 4.6

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Popcorn - - - - - -
Savoury Biscuits 19.6 20.1 20.8 21.7 22.8 24.1
Bread Chips
- Rice Snacks 10.0 10.3 10.7 11.2 11.7 12.4
- Puffed Snacks 36.3 37.1 38.0 39.3 40.9 42.7
- Potato Chips 14.8 15.2 15.8 16.6 17.5 18.6
Salty Snacks 61.1 62.6 64.5 67.1 70.1 73.7
Nuts, Seeds and Trail 6.3 6.4 6.6 6.7 6.8 6.9
Mixes
Savoury Snacks 101.0 104.0 107.5 112.0 117.1 122.9
trade sources
Table 73 Forecast Sales of Savoury Snacks by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028

Seafood Snacks 756.5 802.5 866.0 937.1 1,016.7 1,106.1
Meat Snacks 2,565.1 2,681.8 2,828.4 2,991.5 3,173.0 3,371.6
Popcorn - - - - - -
Savoury Biscuits 3,233.9 3,381.1 3,565.9 3,789.7 4,038.9 4,316.4
Bread Chips
- Rice Snacks 2,014.5 2,116.5 2,236.4 2,369.7 2,518.1 2,683.1
- Puffed Snacks 7,179.2 7,454.6 7,747.9 8,115.3 8,524.3 8,979.2
- Potato Chips 4,213.8 4,403.7 4,621.3 4,900.9 5,217.0 5,574.2
Salty Snacks 13,407.5 13,974.7 14,605.6 15,385.9 16,259.4 17,236.5
Nuts, Seeds and Trail 1,088.6 1,117.0 1,142.8 1,166.8 1,190.8 1,213.5
Mixes
Savoury Snacks 21,582.3 22,540.5 23,636.9 24,944.6 26,397.7 28,008.1
trade sources
Table 74 Forecast Sales of Savoury Snacks by Category: % Volume Growth 2023-2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total

Pretzels - - -
Popcorn - - -
- Rice Snacks 3.0 4.4 24.0

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trade sources
Table 75 Forecast Sales of Savoury Snacks by Category: % Value Growth 2023-2028

2023/2024 2023-28 CAGR 2023/28 Total

Pretzels - - -
Popcorn - - -
- Rice Snacks 5.1 5.9 33.2
trade sources

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SWEET BISCUITS, SNACK BARS AND

FRUIT SNACKS IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Snack bars is the best performing category in 2023, with retail value sales growing by 14% in
current terms to VND152 billion
▪ Mondelez Kinh Do Vietnam JSC is the leading player in 2023, with a retail value share of 17%
2023 DEVELOPMENTS
Inflation limits growth in sweet biscuits, snack bars and fruit snacks in
2023.
In contrast to the relatively strong performance of the previous year, sweet biscuits, snack
bars and fruit snacks saw minimal growth in retail volume terms in 2023. Sales were negatively
impacted to a return to pre-pandemic lifestyles, which saw consumers snack less on these items
whilst working, studying, or entertaining themselves at home. Growth was also impacted by high
domestic inflation, which weighed heavily on household budgets, leaving consumers with less
disposable income to spend on non-essential items. This was even evident during local festivals
and holidays, such as Tet (Lunar New Year), when consumers and took a cautious approach to
their gift-buying. However, while most Vietnamese consumers became more price sensitive,
middle-class professionals in the country’s urban centres remained willing to pay a premium for
higher quality products that they perceived as being “safer” and more hygienic.
Healthy eating trends boost sales of fruit sales and snack bars
Sweet biscuits continued to account for the vast proportion of category volume sales, with
smaller contributions from fruit snacks and snack bars, However, the latter two products were
the key drivers of growth in 2023, thanks to consumers’ rising health consciousness. The
pandemic had a positive effect on consumer eating habits, with a growing and demand for
products containing more natural ingredients, such as fruit and nuts. Although some fruit snacks
are still made with added sugar, the fact that these products are derived from natural fruits
means that consumers still consider them to be better for their health than items manufactured
from artificial ingredients. This perception is boosting demand for these products and led to
continued strong growth in fruit snacks in 2023. Snack bars, meanwhile, particularly those made
with whole grains, nuts, seeds, and dried fruits, also catered to this demand and started to gain
more attention from both manufacturers and Vietnamese consumers, despite of their higher
pricing compared to other snack options. The healthy eating trend also impacted sweet biscuits,
with products made from wholegrains, less sugar, organic and natural ingredients and which
were free from artificial additives and preservatives all gaining traction in 2023.

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International brands remain dominant in sweet biscuit market

International brands are believed to have a better taste and quality, leading international
players to remain dominant within the category’s competitive landscape. Mondelez Kinh Do
remained the overall leader in 2023, thanks to its lead in sweet biscuits, by virtue of its by virtue
of its Cosy, Oreo and LU brands. Mondelez is followed by Mayora Vietnam Co Ltd, which has a
long-standing and leading presence in plain biscuits with Danisa. These two companies are
followed by Kaldu Sari Nabati, whose Nabati brand is dominant in wafers.
During the pandemic these brands, along with other international offerings, faced import-
export issues, which undermined their parent companies’ efforts to ensure consistent availability
of their products. Now that players are better prepared to adapt to these situations, it will only
improve the leading position of imported brands, going forward.
Moreover, the successful handling of the COVID-19 pandemic by the national government
has led to rising levels of direct foreign investment amongst major international companies
looking to Vietnam as an alternative Asian market to invest in instead of China. More players are
entering the category and amongst existing players, many are expanding their distribution
networks. This is especially true for local players such as Ohla or Mekong Fruits. This
investment, alongside the development of better contingency plans in terms of both supply
chains and marketing responses will aid continued growth during the forecast period.
Better economic conditions and A resulting increase in gift giving will

help to boost future sales
Sweet biscuits, snack bars, and fruit snacks are projected see an improved performance in
comparison with 2023, in line with an expected increase in disposable incomes. Within this,
snack bars is expected to witness the strongest rate of growth in retail volume terms, albeit from
a low base, thanks to rising health and wellness trends. Fruit snacks is also expected to benefit
from this shift in consumer behaviour, while sweet biscuits is predicted to witness slower growth,
as people choose to reduce their sugar consumption.
Despite the accelerating growth of fruit snacks and snack bars, sweet biscuits is expected to
remain by far the largest subcategory in sweet biscuits, snack bars and fruit snacks during the
forecast period. While sales will continue to be dominated by plain biscuits, other biscuit types,
such as filled biscuits and chocolate coated biscuits, will see a stronger rate of volume growth,
in line with greater levels of consumer sophistication. The anticipated recovery of the
Vietnamese economy is also likely to lead to an increase in gift giving, with sweet biscuits being
one of the most popular types of gift chosen for family and friends during festivals such as the
Tet holiday. This will contribute to the growth of the market during the forecast period, as even
the most price sensitive consumers become less reluctant to spend money.
Health and wellness trends will continue to shape innovation within the
category
During the forecast period, consumers will begin to make more conscious dietary choices and
will opt for healthier snack options. While fruit snacks and snack bars are already set to benefit
this trend, due to their inherently “healthy” positioning, sweet biscuit manufacturers will need to
adapt to these changes by launching new products which are lower in sugar, given the rising
awareness of the potential effects of excessive sugar consumption on long-term health. This is
especially important in Vietnam due to the higher prevalence of conditions such as diabetes and
metabolic syndrome amongst East Asian people. Whilst this presents a potential threat to sales

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growth in sweet biscuits during the forecast period, it also presents opportunities to
manufacturers who are willing to invest in the development of healthier products.
Besides products that are lower in sugar, there will also be a focus on variants that are gluten-
free, fat-free, fortified (for example, with more fibre or protein) and which contain functional
ingredients, such as prebiotics and probiotics. This will be particularly relevant for players in fruit
snacks - a category which is already seen as less harmful and more nutritious than most other
types of commercially manufactured snacks. Air-dried fruit snacks are likely to become
increasingly preferred over oil-fried alternatives, which have traditionally been the most popular
types of fruit snacks in Vietnam.
As well as investing in the development of “better for you” alternatives, players will also need
to assert their health claims on their packaging, in order to gain the attention of an increasingly
knowledgeable audience. Consistent with trends in other countries, Vietnamese consumers are
likely to spend more time checking product labels for factors such as ingredients, nutritional
content and place of origin before making a purchase.
In addition, companies also need to ensure that their products are easily transportable and
packaged for on-the-go consumption, as Vietnamese consumers lead increasingly busy
lifestyles.
Domestic brands are poised to present stronger competition to

international leaders
The forecast period is expected to see the leading domestic names in sweet biscuits, snack
bars and fruit snacks present stronger competition to the international companies that continue
to account for the majority of sales. As the category continues to develop, brands and
manufacturers of local origin will be increasingly intent on investing in both above-the-line and
below-the line marketing campaigns in order to attract the attention of consumers and position
their products as attractive alternatives to the leading international brands. Nevertheless, sweet
biscuits offered by most domestic brands will be unable to match their international rivals in
terms of quality and this means that the latter will be regarded as offering better value for
money, despite their higher unit prices. Thus, in order to become more competitive, domestic
players will need to invest in their production processes, packaging, and distribution operations
to ensure sufficient product quality and maximum freshness.. Some players are already leading
the way in this respect, with Bien Hoa Confectionery Corp (Bibica) and Haiha Confectionery
JSC among the most prominent names in this regard. In addition, Kido Group has also recently
re-entered the category, following a five year absence, which is likely to result in stronger
competition among domestic manufacturers going forward.
In terms of distribution, manufacturers are likely to try to expand their products into more rural
and suburban areas. Currently, consumers in urban areas in Vietnam have greater access to a
wider variety of brands thanks to the plethora of modern and traditional grocery retailing
channels in the country. They also have higher awareness of and loyalty to brands, compared to
their counterparts in rural and suburban areas. In the case of the latter, people often decide
what to purchase based on convenience and the shop owner’s recommendation. As such,
expanding the distribution network in rural and suburban areas is predicted to be an important
source of growth for brands in the forecast period.
As in other area of the snacks market, e-commerce is also expected to have a significant
impact on growth during the forecast period, driven by factors such as such as increasing
internet penetration, the convenience of online shopping and competitive pricing, including
regular discounts and promotions. As more international and local companies forge links with e-
commerce platforms such as Shopee, Lazada and Tiki, they will be able to introduce new
products to potential customers with greater efficiency.

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CATEGORY DATA
Table 76 Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: Volume
2018-2023
'000 tonnes
2018 2019 2020 2021 2022 2023
- Wafers 22.6 23.5 24.7 25.0 26.9 27.0

- Plain Biscuits 41.8 45.4 43.9 45.3 51.2 51.6
- Filled Biscuits 32.8 33.8 34.5 35.2 36.3 36.6
- Cookies 8.4 8.9 9.3 9.7 10.5 10.5
- Chocolate Coated 1.2 1.2 1.3 1.3 1.4 1.5
Biscuits
Sweet Biscuits 106.8 112.8 113.7 116.5 126.3 127.1
- Fruit and Nut Bars - - - - - -
- Protein/Energy Bars 0.0 0.0 0.0 0.0 0.0 0.0
- Cereal Bars 0.1 0.1 0.2 0.2 0.2 0.2
Snack Bars 0.1 0.2 0.2 0.2 0.2 0.3
- Processed Fruit Snacks - - - - - -
- Dried Fruit 2.6 2.8 3.1 3.3 3.7 3.9
Fruit Snacks 2.6 2.8 3.1 3.3 3.7 3.9
Table 77 Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: Value 2018-
2023
VND billion
2018 2019 2020 2021 2022 2023
- Wafers 1,685.8 1,989.2 2,188.1 2,305.5 2,665.0 2,853.4

- Plain Biscuits 4,132.2 4,671.9 4,669.6 4,993.2 6,071.6 6,510.9
- Filled Biscuits 2,273.2 2,682.6 2,959.9 3,196.8 3,525.2 3,783.9
- Cookies 814.3 890.0 952.3 1,004.7 1,159.3 1,228.9
Biscuits
Sweet Biscuits 9,238.7 10,640.5 11,224.8 11,996.1 14,009.7 15,025.5
- Cereal Bars 27.8 56.5 71.3 83.5 100.2 114.1
Snack Bars 47.1 93.9 107.5 110.9 133.9 152.3
- Dried Fruit 497.5 602.0 686.3 754.9 875.7 980.8
Fruit Snacks 497.5 602.0 686.3 754.9 875.7 980.8
Source: Euromonitor International from official statistics, trade associations, trade
press, company research, store checks, trade interviews, trade sources
Table 78 Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: % Volume
Growth 2018-2023

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% volume growth
2022/23 2018-23 CAGR 2018/23 Total
- Wafers 0.5 3.7 19.8

- Plain Biscuits 0.7 4.3 23.3
- Filled Biscuits 0.8 2.2 11.6
- Cookies 0.0 4.4 24.2
- Chocolate Coated Biscuits 3.0 4.8 26.5
Sweet Biscuits 0.7 3.6 19.1
- Fruit and Nut Bars - - -
- Protein/Energy Bars 6.1 7.0 40.0
- Cereal Bars 7.0 24.6 200.2
Snack Bars 6.9 21.0 158.9
- Processed Fruit Snacks - - -
- Dried Fruit 7.2 9.1 54.7
Fruit Snacks 7.2 9.1 54.7
Table 79 Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: % Value
Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total
- Wafers 7.1 11.1 69.3

- Cookies 6.0 8.6 50.9
- Cereal Bars 13.9 32.7 311.0
Snack Bars 13.7 26.4 223.0
- Dried Fruit 12.0 14.5 97.1
Table 80 NBO Company Shares of Sweet Biscuits, Snack Bars and Fruit Snacks: %
Value 2019-2023
% retail value rsp

Company 2019 2020 2021 2022 2023

JSC
Indonesia PT
Huu Nghi Food JSC 4.1 4.2 4.3 4.3 4.4

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Corp (Bibica)
Vinamit JSC 2.4 2.6 2.7 2.7 2.8
Glico Dairy Products Co Ltd 0.6 0.6 0.6 0.6 0.6
Nha Be Import Export Co 0.3 0.2 0.2 0.2 0.2
Quynh Anh Food Co Ltd 0.2 0.2 0.2 0.2 0.2
Hoang Gia Fruit Food JSC 0.2 0.2 0.1 0.2 0.2
San Nam Food Co Ltd 0.1 0.1 0.1 0.1 0.1
Others 28.2 30.3 31.6 30.3 30.1
Total 100.0 100.0 100.0 100.0 100.0
Table 81 LBN Brand Shares of Sweet Biscuits, Snack Bars and Fruit Snacks: % Value
2020-2023
% retail value rsp


Indonesia PT
Corp (Bibica)
Vinamit Vinamit JSC 2.6 2.7 2.7 2.8
LU (Mondelez Mondelez Kinh Do Vietnam 1.9 2.1 2.2 2.2
Sugar JSC)
Yan Yan Meiji Holdings Co Ltd 0.9 0.9 0.9 1.0
Cal Cheese (Mayora Mayora Vietnam Co Ltd 1.0 1.0 1.0 1.0
Indah Tbk PT)
Hello Panda Meiji Holdings Co Ltd 0.9 0.9 0.9 0.9
Goody Chips (The PAN Bien Hoa Confectionery 0.9 0.7 0.9 0.8
Group) Corp (Bibica)
Pocky (Ezaki Glico Co Glico Dairy Products Co Ltd 0.6 0.6 0.6 0.6
Ltd)
Roma Marie (Mayora Mayora Vietnam Co Ltd 0.3 0.4 0.4 0.4
Indah Tbk PT)
Milo (Nestlé SA) Nestlé Vietnam Co Ltd 0.3 0.4 0.4 0.4
Lucky Meiji Holdings Co Ltd 0.3 0.3 0.3 0.3
Nhabexim Nha Be Import Export Co 0.2 0.2 0.2 0.2
Quynh Anh Quynh Anh Food Co Ltd 0.2 0.2 0.2 0.2

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Hoang Gia Foods Hoang Gia Fruit Food JSC 0.2 0.1 0.2 0.2
Koko Krunch (Nestlé SA) Nestlé Vietnam Co Ltd 0.2 0.2 0.2 0.2
Toppo (Lotte Group) Lotte Vietnam Co Ltd 0.2 0.2 0.2 0.1
San Nam San Nam Food Co Ltd 0.1 0.1 0.1 0.1
Goody Bien Hoa Confectionery - - - -
Corp (Bibica)
Goody Chips Bien Hoa Confectionery - - - -
Corp (Bibica)
Cosy Kinh Do Corp - - - -
Good Choice Kinh Do Corp - - - -
Others Others 31.1 32.2 31.0 30.8
Total Total 100.0 100.0 100.0 100.0
Table 82 NBO Company Shares of Sweet Biscuits: % Value 2019-2023
% retail value rsp

Company 2019 2020 2021 2022 2023

JSC
Indonesia PT
Huu Nghi Food JSC 4.3 4.5 4.6 4.6 4.7
Corp (Bibica)
Glico Dairy Products Co Ltd 0.6 0.6 0.6 0.6 0.7
Others 27.4 29.5 30.7 29.3 29.0
Total 100.0 100.0 100.0 100.0 100.0
Table 83 LBN Brand Shares of Sweet Biscuits: % Value 2020-2023
% retail value rsp


Indonesia PT

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Corp (Bibica)
LU (Mondelez Mondelez Kinh Do Vietnam 2.1 2.3 2.4 2.4
Sugar JSC)
Yan Yan Meiji Holdings Co Ltd 1.0 1.0 1.0 1.0
Cal Cheese (Mayora Mayora Vietnam Co Ltd 1.1 1.1 1.1 1.0
Indah Tbk PT)
Hello Panda Meiji Holdings Co Ltd 0.9 0.9 0.9 0.9
Goody Chips (The PAN Bien Hoa Confectionery 1.0 0.8 0.9 0.9
Group) Corp (Bibica)
Pocky (Ezaki Glico Co Glico Dairy Products Co Ltd 0.6 0.6 0.6 0.7
Ltd)
Roma Marie (Mayora Mayora Vietnam Co Ltd 0.4 0.4 0.5 0.4
Indah Tbk PT)
Lucky Meiji Holdings Co Ltd 0.3 0.3 0.3 0.3
Toppo (Lotte Group) Lotte Vietnam Co Ltd 0.2 0.2 0.2 0.2
Goody Bien Hoa Confectionery - - - -
Corp (Bibica)
Goody Chips Bien Hoa Confectionery - - - -
Corp (Bibica)
Cosy Kinh Do Corp - - - -
Good Choice Kinh Do Corp - - - -
Kinh Do Kinh Do Corp - - - -
Korento Kinh Do Corp - - - -
Oreo Mondelez International Inc - - - -
Korento (Mondelez Mondelez Kinh Do Vietnam - - - -
Others Others 30.4 31.4 30.0 29.8
Total Total 100.0 100.0 100.0 100.0
Table 84 NBO Company Shares of Fruit Snacks: % Value 2019-2023
% retail value rsp

Company 2019 2020 2021 2022 2023
Vinamit JSC 45.1 45.9 45.9 45.8 46.5

Nha Be Import Export Co 5.0 4.2 3.0 3.0 2.9
Quynh Anh Food Co Ltd 3.7 3.4 2.6 2.8 2.8
Hoang Gia Fruit Food JSC 4.4 3.5 2.5 2.6 2.6
San Nam Food Co Ltd 1.8 1.6 1.2 1.3 1.3
Others 40.0 41.5 44.8 44.5 43.9
Total 100.0 100.0 100.0 100.0 100.0
Table 85 LBN Brand Shares of Fruit Snacks: % Value 2020-2023
% retail value rsp

Vinamit Vinamit JSC 45.9 45.9 45.8 46.5

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Nhabexim Nha Be Import Export Co 4.2 3.0 3.0 2.9

Quynh Anh Quynh Anh Food Co Ltd 3.4 2.6 2.8 2.8
Hoang Gia Foods Hoang Gia Fruit Food JSC 3.5 2.5 2.6 2.6
San Nam San Nam Food Co Ltd 1.6 1.2 1.3 1.3
Others Others 41.5 44.8 44.5 43.9
Total Total 100.0 100.0 100.0 100.0
Table 86 Distribution of Sweet Biscuits, Snack Bars and Fruit Snacks by Format: % Value
2018-2023
% retail value rsp

2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 99.3 98.2 98.0 98.1 98.1 97.9
--- Supermarkets 6.8 7.6 8.1 8.5 8.6 8.8
--- Hypermarkets 3.6 3.8 4.6 4.9 5.0 5.1
specialists
Stores
--- Apparel and - - - - - -
Specialists
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 87 Distribution of Sweet Biscuits by Format: % Value 2018-2023
% retail value rsp

2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

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- Retail Offline 99.4 98.5 98.3 98.3 98.3 98.2

--- Supermarkets 4.3 5.1 5.7 6.0 6.2 6.3
--- Hypermarkets 3.1 3.2 3.6 4.0 4.1 4.2
specialists
Stores
--- Apparel and - - - - - -
Specialists
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 88 Distribution of Fruit Snacks by Format: % Value 2018-2023
% retail value rsp

2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 99.5 98.7 98.0 97.9 97.9 97.9
--- Supermarkets 49.3 46.5 41.4 42.0 40.4 40.6
--- Hypermarkets 11.5 11.4 17.9 18.2 17.8 17.7
specialists
-- Non-Grocery Retailers - - 0.0 0.0 - -
Stores
--- Apparel and - - - - - -

lOMoARcPSD|30554637
Specialists
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 89 Forecast Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category:
Volume 2023-2028
'000 tonnes
2023 2024 2025 2026 2027 2028
- Wafers 27.0 27.4 28.3 29.5 30.9 32.6

- Plain Biscuits 51.6 52.4 53.8 55.6 57.7 60.3
- Filled Biscuits 36.6 38.4 40.1 42.2 44.7 47.4
- Cookies 10.5 10.7 11.0 11.3 11.7 12.2
Biscuits
Sweet Biscuits 127.1 130.5 134.8 140.4 146.9 154.5
- Cereal Bars 0.2 0.2 0.3 0.3 0.3 0.3
Snack Bars 0.3 0.3 0.3 0.3 0.4 0.4
- Dried Fruit 3.9 4.3 4.6 5.0 5.5 6.0
Fruit Snacks 3.9 4.3 4.6 5.0 5.5 6.0
trade sources
Table 90 Forecast Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category:
Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028
- Wafers 2,853.4 2,953.3 3,086.2 3,255.9 3,451.3 3,675.6

- Plain Biscuits 6,510.9 6,750.3 7,009.6 7,313.0 7,664.8 8,070.3
- Filled Biscuits 3,783.9 4,043.5 4,275.8 4,551.1 4,866.7 5,204.1
- Cookies 1,228.9 1,262.2 1,301.0 1,346.5 1,397.7 1,456.4
Biscuits
Sweet Biscuits 15,025.5 15,700.2 16,411.2 17,258.5 18,231.8 19,323.4

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- Cereal Bars 114.1 125.7 138.4 152.5 168.7 187.2

Snack Bars 152.3 167.1 183.6 202.1 223.5 248.4
- Dried Fruit 980.8 1,064.1 1,159.9 1,270.1 1,397.1 1,539.6
Fruit Snacks 980.8 1,064.1 1,159.9 1,270.1 1,397.1 1,539.6
trade sources
Table 91 Forecast Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: %
Volume Growth 2023-2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total
- Wafers 1.5 3.8 20.6

- Cookies 2.2 3.1 16.4
- Cereal Bars 8.5 9.2 55.0
Snack Bars 8.2 9.1 54.3
- Dried Fruit 7.9 8.9 53.1
trade sources
Table 92 Forecast Sales of Sweet Biscuits, Snack Bars and Fruit Snacks by Category: %
Value Growth 2023-2028

2023/2024 2023-28 CAGR 2023/28 Total
- Wafers 3.5 5.2 28.8

- Cookies 2.7 3.5 18.5
- Cereal Bars 10.1 10.4 64.0
Snack Bars 9.8 10.3 63.1
- Dried Fruit 8.5 9.4 57.0
trade sources

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Snacks in Vietnamfull Market Report

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Snacks in Vietnam(Full Market Report)

International Marketing (Trường Đại học Ngoại thương)

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SNACKS IN VIETNAM Passport i

LIST OF CONTENTS AND TABLES

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SNACKS IN VIETNAM Passport ii

Table 19 Distribution of Chocolate Confectionery by Format: % Value 2018-

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SNACKS IN VIETNAM Passport iii

Table 36 Sales of Sugar Confectionery by Category: Volume 2018-2023 ................ 30

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SNACKS IN VIETNAM Passport iv

Table 63 Forecast Sales of Ice Cream by Category: % Volume Growth 2023-

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SNACKS IN VIETNAM Passport v

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SNACKS IN VIETNAM Passport 1

SNACKS IN VIETNAM - INDUSTRY

Snacks in 2023: The big picture

Key trends in 2023

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SNACKS IN VIETNAM Passport 2

What next for snacks?

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SNACKS IN VIETNAM Passport 3

2018 2019 2020 2021 2022 2023

Sweet Biscuits, Snack 109.4 115.8 117.0 120.1 130.2 131.3

Table 2 Sales of Snacks by Category: Value 2018-2023

Sweet Biscuits, Snack 9,783.3 11,336.4 12,018.5 12,861.8 15,019.3 16,158.5

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SNACKS IN VIETNAM Passport 4

Ice Cream 3,218.2 3,562.7 3,799.1 3,981.8 4,545.2 4,919.6

Table 3 Sales of Snacks by Category: % Volume Growth 2018-2023

Table 4 Sales of Snacks by Category: % Value Growth 2018-2023

% current value growth

Table 5 NBO Company Shares of Snacks: % Value 2019-2023

% retail value rsp

Mondelez Kinh Do Vietnam 10.5 10.9 11.2 10.8 10.9

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SNACKS IN VIETNAM Passport 5

Long Hai Co Ltd 1.8 1.8 1.8 1.7 1.7

Table 6 LBN Brand Shares of Snacks: % Value 2020-2023

% retail value rsp

Oishi (Liwayway Liwayway Food Industry Co 4.0 4.0 4.0 4.0

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SNACKS IN VIETNAM Passport 6

Table 7 Distribution of Snacks by Format: % Value 2018-2023

% retail value rsp

Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

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SNACKS IN VIETNAM Passport 7

Table 8 Forecast Sales of Snacks by Category: Volume 2023-2028

2023 2024 2025 2026 2027 2028

Sweet Biscuits, Snack 131.3 135.0 139.7 145.7 152.8 161.0

Table 9 Forecast Sales of Snacks by Category: Value 2023-2028

Sweet Biscuits, Snack 16,158.5 16,931.4 17,754.7 18,730.8 19,852.5 21,111.3

Table 10 Forecast Sales of Snacks by Category: % Volume Growth 2023-2028

Table 11 Forecast Sales of Snacks by Category: % Value Growth 2023-2028

% constant value growth

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SNACKS IN VIETNAM Passport 8