BANKING ACADEMY

-FACULTY OF FOREIGN LANGUAGE-

GROUP RESEARCH PROJECT

Topic: Market analysis of stainless steel vacuum flask

Instructor: Ms. Thinh Phuong Hanh

Group 4 - Class K25ATCB

HA NOI – JUNE/2023
 Group members
STT Student’s name Student’s ID
01 Nguyễn Thị Ngọc Bích 25A7510294
02 Cao Thị Ngọc Diễm 25A7510302
03 Nguyễn Thu Hằng 25A7510566
04 Phạm Kiều Linh 25A7510594
05 Trần Thị Tài Linh 25A7510597
06 Nguyễn Yến Nhi 25A7510866
07 Nguyễn Thu Trang 25A7511207

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Contents
I.1. Foreword 4
I.2. Reasons for choosing to research this product 4
I.3. Research subjects 5
I.4. Survey research content 5
I.5. Survey research methods 5
I.6. General information about survey subjects 5
II. Circumstances, the trend of supply, demand and the prices & quantities of
the market....................................................................................................................7
II.1. Circumstances..................................................................................................7
II.2. The trend of supply..........................................................................................8
II.3. The trend of demand:.......................................................................................9
II.4. Price.................................................................................................................11
III. Determinants influence demand and supply affecting the market outcome.11
III.1. Determinants of demand..............................................................................12
III.1.1. Price factor 12
III.1.2. Non-price factors.......................................................................................12
III.1.2.1. Income 12
III.1.2.2. Tastes and preferences 13
III.1.2.3. The price of related goods 14
III.2. Determinants of supply................................................................................17
III.2.1. Price factors................................................................................................17
III.2.2. Non-price factors.......................................................................................17
III.2.2.1. Input prices 17
III.2.2.2. Technology 17
III.3. Conclusions about the interaction between supply and demand and
prices in the market................................................................................................17
IV. Other data from the survey................................................................................19
V. Summary...............................................................................................................21
Reference material.....................................................................................................21

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I. Introduction
I.1. Foreword
Vacuum flasks are a staple product in many people’s lives and in Viet Nam most
of the citizens here always carry one of the. We are fascinated by its many abilities
and contributions to the ecosystem. Beside our fascination, we are also curious on
how the product contributes to the economic market? And we would like you to have
a look at our research paper on the market analysis of stainless steel vacuum flasks.
I.2. Reasons for choosing to research this product
In recent years, in the context of environmental pollution becoming more and
more serious, climate change is considered a global urgent issue. Green lifestyle has
attracted many people's attention and gradually become a trend throughout time. The
change of users toward green consumption causes manufacturers to also change to
match new needs and tastes. Environmentally friendly products are especially popular
in developed countries and are spreading strongly to developing countries with
middle income and above. This is considered as a practical and important
implementation on the concept of sustainable consumption, in order to reduce the
impact of society on the environment. Using eco-friendly products help to reduce
plastic waste and create a positive impact on the environment. Consumption in
modern society not only sets requirements for quality, utility, and cost, but also
requires sustainability and environmental friendliness in each product. From here,
"green products'' are prioritized for use by many people, aiming to protect the health
for themselves and their families, also to contribute in preserving resources as well as
a clean and beautiful environment for future generations. Limiting the use of single-
use products or plastic products has also become part of a sustainable lifestyle. More
interestingly, eco-friendly products also become a signal for civility, fashion, and a
help to spread the message of environmental protection in a more practical way.
Campaigns such as "reduce plastic, add water" encourage customers to use personal
cups to receive discounts when buying take away has been initiated by some coffee
and milk tea brands a few years ago. Since then, vacuum flasks and cups seem to
have become inseparable objects for everyone, especially students and office
workers. Not only are they used to preserve drinks, vacuum cups are also a perfect
substitute for disposable plastic cups, contributing to reducing plastic waste into the
environment.
According to a 2019 consumption trends report, most consumers are willing to
pay more for food packaged with eco-friendly materials. Meanwhile, a survey by
market research from the company Nielsen shows that up to 86% of Vietnamese
consumers are willing to pay more for products from brands that have a positive

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impact on society and the environment. The average rate of Southeast Asia is 76%.
Businesses' commitment to environmental responsibility also affects the purchasing
decisions of 62% of Vietnamese consumers.
The use of vacuum flasks is a trend to protect the environment in the current
period. Many types of materials have good heat retention, and designs are suitable for
everyone's needs. Compared to using plastic bottles that contain harmful substances
that are harmful to health when used for a long time to store drinks, we can replace
them with vacuum flasks because they are made of stainless steel, which helps the
bottle to come into direct contact with safe drinking water to ensure the health of the
user as well as easy to clean the bottle after use. The use of vacuum flasks helps limit
the use of cups made of plastic or paper to ensure that they do not pollute the
environment because paper cups, plastic cups, … are very difficult to decompose in
the environment. Instead, using vacuum flasks can help keep the environment green
and they can be used over and over again. The price of vacuum flasks fluctuates in
line with consumer choice.
The trend of using eco-friendly products and green living is forecasted to
continue to thrive in the coming time. In addition, this also demonstrates their
individual responsibility to the community-society, in order to join hands to protect
the environment and the common ecosystem.
I.3. Research subjects
- Survey subjects in the study are all ages from under 18 to over 30 years old.
I.4. Survey research content
- The content includes: analyze market trends of an environmentally friendly product
(vacuum bottles).
I.5. Survey research methods
- Method of sociological investigation: through the online form on Google Form.
Select a sample when the population is known using the formula of Yamane [1]:
N
n= 2
1+ N (e)

Inside:
n: number of samples to be determined
N: overall quantity
e: admissible error
The larger the sample size, the smaller the sample error. The maximum allowable
error is 10%.
- Statistical methods and data processing.

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I.6. General information about survey subjects
Research and conduct a survey with the online form using a survey on Google
Form.
Total number of people from under 18 to over 30 years old is 200 guys. If we
choose the error e = 5%, the total sample to be surveyed is:
N 200
n= 2
= 2
=133 (votes)
1+ N ( e ) 1+200 (0 , 05)

In fact, the research team conducted a survey of 145 votes, so the reliability of the
data is higher than expected (e = 4%).
The results of the survey on the classification of research subjects are shown in
Table 1 and Figure 1.
Table 1. The rate of classification of research subjects

Total number of people surveyed: 145 people

Percentage of survey subjects Sex ratio

(145 answers) (145 answers)

Under 18-22 22-30 Over 30 Female Male Other

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15,2% 76,6% 6,9% 1,3% 82,8% 15,9% 1.3%

The most surveyed subjects were aged from 18 to 22, accounting for 76,6%, who
had a certain awareness of environmental protection issues and they are target
customers.
In term of gender, compared to the total of 145 surveyed people, with 120 women
accounting for 82,8% and 25 men accounting for 15,9%, the gender disparity rate is
quite high, accounting 66,9%.

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(a)

(b)

Figure 3. The rate of classification of research subjects

(a)-Percentage of study subjects by age
(b)-Sex ratio

II. Circumstances, the trend of supply, demand and the prices

& quantities of the market.
II.1. Circumstances
The threat of pollution is caused by the consumption of plastic. In addition, the use
of single-use plastic water bottles has an adverse impact on our environment. These
factors are further predicted to propel the demand for a wide variety of reusable water
bottles around the world. Reusable water bottles are being adopted at an increased
rate at homes, schools, colleges, and workplaces owing to the need to follow a

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healthier lifestyle. Moreover, reusable water bottles are also helpful in reducing
landfills, which is a key cause of groundwater as well as underground pollution.
Reusable water bottles are being accepted at an increased rate since plastic bottles
contain BPA (Bisphenol A), which is believed to be responsible for cancer.
Manufacturers, in recent years, are providing water bottles with a BPA-free tag.
People around the world are giving preference to glass and stainless-steel water
bottles owing to their health benefits. Glass water bottles, even after multiple washes,
are free from any kind of contamination and germs as the material coated on the
bottles does not degrade even after extensive use. More people are demanding
stainless steel water bottles due to their preference for accessible products.
Furthermore, the trend to use stainless steel water bottles is helpful to reduce
petrochemicals for the protection of our environment. In addition, the use of these
bottles is also helpful to reduce the amount of plastic waste.
The prices of stainless-steel water bottles have been dispersed based on the
features of the material and new inventions. Furthermore, the growing adoption of
stainless-steel water bottles across fitness centers is also estimated to push growth
opportunities in the global market.
II.2. The trend of supply
In terms of key players, companies such as Nanlong, Shinetime, Haers, Thermos,
Zojirushi, Peacock, PMI, TIGER, Lock&Lock (HanaCobi Plastic) and EMSA GmbH
would win more market share, the website energysiren.co.ke reported. Among them,
Garmany's brand EMSA is developing both stainless steel flasks and vacuum flasks.
Zojirushi and Tiger belong to Japan, turning out the top-quality flasks. These
manufacturers have been focusing on advertising, designing, and developing
promotion initiatives, which are expected to turn the market more competitive.
Based on the date of Volza, the top exporting countries of thermos flasks are
China, India, United Arab Emirates, Vietnam and South Africa. In 2021, China
exported $3.26B in vacuum flask, making it the 1st largest exporter of Vacuum Flask
in the world. In the same year, Vacuum Flask was the 193rd most exported product in
China. The main destinations of vacuum flask exports from China are: United States
($1.16B), Japan ($194M), Canada ($132M), South Korea ($121M), and India
($104M).
In Vietnam, up to now, Rang Dong, Vietnam’s leading manufacturer of thermos
vacuum flasks, has shipped the products to more than 20 countries and territories
including Brazil, Argentina, Bolivia, Peru, Cuba, Italy, Egypt, Sudan, Madagascar,
the Middle East as well as Asian nations such as China, Japan, Singapore, Indonesia,
the Philippines and Laos. In 2020, the Hanoi-based company’s total export revenue
of vacuum flasks reached about USD 9.6 million. Brazil is the main market, with
total imports worth USD 5.1 million. It was followed by Indonesia, with import
spending totaling USD 1.76 million, and China, with a turnover of more than USD

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0.8 million. It can be seen that Rang Dong’s vacuum flasks have been becoming
more popular in many countries around the world in recent years.
II.3. The trend of demand:
Demand is a principle of economics that captures the consumer's desire to buy
the product or service. The demand is calculated as the price the consumers are
willing to pay for the product or service. If we keep all other factors constant, the
demand should go up as the prices go down, and the demand should go down as the
prices go up. This simple principle keeps the market in equilibrium. Market and
aggregate demand are used to understand the demand for goods and services.
The COVID-19 has impacted on the customer’s thermos choice for recent
years. People tend to buy the individual flask other than the bigger size one for a
group. The most favorite flasks are around 1-liter capacity with a stainless steel bottle
for preventing physical impact and easy bringing with. The demand on the big-sized
thermos might grow after the pandemic subdues. Customers would also pay the most
attention to the safe items which have satisfied food-contact standards.
In terms of geography, there is a high demand for thermos in the cold regions
where people need to keep their beverage warm. These regions are likely North
America, most European nations and a part of Asia. Besides, the Middle East, the
famous region for hot tea drinking culture, also observes a high demand for tea pots
and coffee pots.
Based on the thermos type, individual items will surely grow faster in the
coming years, and a majority of consumers will each own at least one personal
thermos. Pupils, students, staff and travelers might become the loyalty customers for
this type of thermos. Moreover, any stuff designed for individual use should be
unique, expressing the personality by using color, pattern, letter or image on the
thermos body. Therefore, the customized personal thermos trend will surely become
the mainstream in the near future.
Based on distribution channels, both online and offline distribution are
expected to grow fast. However, due to concerns over infections and also because of
a wide choice, customers may prefer online shopping to going directly to the shop.
Moreover, online payment methods which are encouraged in most developing
countries will provide solid support.
Based on OEC’s reporter, in 2021, the top importers of Vacuum Flask were
the United States ($1.2B), Japan ($286M), Germany ($162M), Canada ($156M), and
South Korea ($130M). In Vietnam, with market demand improving and new orders
returning to growth, optimism continued to grow regarding production prospects for
the year.
+ The key market insight:
The global vacuum flask market is segmented on the basis of material,
application, distribution channel, and geography. Based on material, the vacuum flask
market can be segmented into plastic, glass, stainless steel, and others. As compared
to other materials, plastic flasks are cheaper and easy to clean. Vacuum flasks are

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designed to carry drinks ranging from around two liters to less than half a liter. Some
flasks are used specifically for soups and cold drinks. Based on application, the
vacuum flask market is segmented into indoor and outdoor. Indoor can be sub
segmented as office, school, and household, whereas outdoor can be sub segmented
as outdoor sports, travel. Travel and outdoor sports are expected to boost the demand
for vacuum flasks. Based on distribution channel, the vacuum flask market is
segmented into online distribution channel and offline distribution channel.
In terms of geography, the global vacuum flask market is classified into Asia
Pacific (India, China, Japan, and Rest of Asia Pacific), Europe (Germany, France,
U.K, and Rest of Europe), North America (U.S, Canada, and Rest of North America),
Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa), and
South America (Brazil and Rest of South America). Some regions in North America,
Asia, and most of Europe have cold weather. Vacuum bottles have high demand in
these regions as people need to keep their liquid content warm. These regions are
likely to hold comparatively more share in the global vacuum flask market. Demand
for vacuum bottles also varies according to season. People prefer vacuum bottles in
winter more than the summer. The rising demand for premium products among
people across Asia Pacific and North America is expected to increase the demand for
vacuum flasks during the forecast period. The top five players hold a share of about
20%. China is the largest producer, holding a share around 68%, followed by Europe
and North America, with 8% and 7%, separately. The largest market is Europe, with
a share of about 27%, followed by North America and China, with around 23% and
21% market share respectively.
The major companies in the vacuum flask market are Thermos, ZOJIRUSHI,
Peacock, Lock & Lock, Tiger, Tupperware, HAERS, Nanlong, Shinetime,
HEENOOR, SOLIDWARE, Pacific Market International (PMI), BAOKANG,
Fuguang, SIBAO, and EMSA GmbH. In detail, Thermos LLC, Eternal and Nanlong
are the key players in the global market. Manufacturers are focusing on branding,
advertising, and designing which is expected to make the market more competitive.

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 The global Thermos Bottle market was valued at USD 4284.6 million in 2022 and
is anticipated to reach USD 5788.7 million by 2029, witnessing a CAGR of 4.3%
during the forecast period 2023-2029.
The global thermos flask market is segregated into household and commercial
based on application. The commercial segment holds a major market share due to
significant demand from students and working professionals for these bottles.
II.4. Price
Stainless steel vacuum bottle can come at many price, with the lowest price around
50.000 VND to 70.000 VND but the common price range for one stainless steel
vacuum bottle is around 100.000 VND to 300.000 VND.
III. Determinants influence demand and supply affecting the
market outcome

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III.1. Determinants of demand
III.1.1. Price factor
Price is one determinant that plays a central role in the relationship between
price and the quantity demanded. This relationship is later called the law of demand.
Question: How much are you willing to pay for a vacuum bottle?

Based on the pie chart above we have statistic records as follow:

+ 68,3% are willing to pay for prices less than 200.000 VND.
+ 29,7% are willing to payfor prices at 200.000 VND - 500.000 VND.
+ 2% are willing to pay for prices under 500.000 VND.

- The pie chart shows that 68,3% of respondents, which is the largest proportion, said
that they preferred the cost of less than 200.000 VND for a vacuum flask. And only
2% of participants completing this survey agreed with the price of a vacuum flask
under 500.000 VND.

- Thus, less than 200.000 VND is the reasonable price for most people.

- Through the research, we suppose that the higher the price, the fewer people were
willing to pay.

III.1.2. Non-price factors

III.1.2.1. Income
In Gregory Mankiw famous book about economics “Principles of economics”
he wrote what is consider to be one of the most important determinants of demand is
income. As stated in the book, gregory said “A lower income means that you have

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less to spend in total”. This saying proves that when consumer have lower income
they will have lower demand. Similarly, when income rises, they will begin to
demand more goods. This will be prove under our survey respondents.
Question: Your avarage income?

Based on the pie chart we have statistic records as follow:

+ 57,9% of student receiving subsidies from parents or relatives.
+ 29,7% incomes are below 5 million.
+ 6,2% incomes are from 5 million - 10 million.
+ 2,8% incomes are from 10 million - 20 million.
+ 3,4% incomes are above 20 million.

- The survey showed a fluctuating pattern with most of the respondents receiving
subsidies from parents or relatives at 57,9% and coming in second is below 5 million
per month on income. With most of the survey takers are student, the reason behind
the stats is as follows.

Reason: Because a common wage student on average receiving per month is below 5
million, specifically 1 million – 3 million. This income can come neither from a part-
time job and receiving subsidies from parents and relatives.

=> From the average income of student we can conclude that most student couldn’t
spend much on a vacuum bottle due to the high price per one item.

- Vacuum bottles belong to the normal good category, so the more money they
earned, the more they could pay for a vacuum bottle.

III.1.2.2. Tastes and preferences

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 The second determinant of demand in the non-price factor is tastes and
preferences. It can be explained as simply as if you like something, you will buy it
more. And it is perhaps the most obvious determinant for your demand on any goods.

Question: Factors influenced a vacuum bottle choice

According to the graph, we conducted 4 factors that we think people were most
concerned about when they chose a vacuum flask: price, the design (styles and
colors), the quality of the product, capacity and weight.
● Price:
First, about the price, the table indicated that the respondents highly rated its
importance. Therefore, it can be said that an affordable product would attract more
people.
● The design of a vacuum flask:
The majority of participants completing this survey are concerned about the
design of a vacuum flask so beside the purpose of use, they also pay special attention
to the appearance of a product.
● The quality of the product:
Approximately more than 90% of participants prioritized the importance of the
product quality because it was considered as a prerequisite to ensure the quality of
using a vacuum bottle. As a result, the better the quality of a vacuum bottle, the more
people want to choose this product.
● Capacity and weight:

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 Another important criterion is capacity and weight as most of people joining this
survey highly appreciated it.
III.1.2.3. The price of related goods
At the present time, like vacuum bottles, plastic bottles are a common item that
people use to hold drinks or used it for many other purposes. However, it was evident
that the number of people who inclined to vacuum bottles exceeded that of plastic
bottles. We can see, 85,7% of respondents chose vacuum bottles, while the figure for
plastic bottles was only about 14,3%.

Figure 1. would people choose vacuum bottles or plastic bottles

But when the price of vacuum flasks increased, there was a change:
- The proportion of respondents choosing vacuum bottles decreased (by 48,2%) to
37,5%.
- The percentage of respondents choosing plastic bottles increased by roughly five
times and reached the figure of 62,5%.

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Figure 2. A change in choice if the price of vacuum bottles increases

Theoretically, vacuum bottles and plastic bottles are substitute goods. A higher
price of vacuum bottles prompts consumers to buy more plastic bottles, so the
demand for plastic bottles increased. As a result, an increase in the price of vacuum
bottles causes an increase in the demand for plastic ones.
Thereby, we can conclude that the price of substitute goods is also a factor
affecting the demand of consumers. If the price of products increases, people tend to
decrease the demand for that goods and the demand for substitute goods will increase
and vice versa.

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III.2. Determinants of supply
III.2.1. Price factors
Price plays a special role in the relationship between quantity supplied and
price, which is later be called the law of supply. This law affects seller and their
production, profit of products.
It can be explain briefly as follow, when the price of a product is high, selling
the product became profitable, so the quantity of the product is large. By contrast,
when the price of a product is low, the business get less profit, so the quantity of the
product is low because sellers produce less of that product.
III.2.2. Non-price factors
III.2.2.1. Input prices
To produce output of vacuum flask, sellers use various inputs: stainless steel,
rubber, sillicon, the manufacture, the labor of workers who assemble the bottle
together. When the price of one of these inputs rises, producing vacuum flask
becomes less profitable. If input prices rises substantially, the business might shut
down and no longer provide vacuum bottles.
III.2.2.2. Technology
The technology for turning inputs into vacuum flasks is another determinant of
supply. The invention of machinery that can help with the process of producing
goods, helps reduced in the amount of labor necessary to make ice cream. By
reducing firms cost, the advance in technology raised the supply of vacuum bottles.

III.3. Conclusions about the interaction between supply and demand

and prices in the market
- In general: Supply and demand have both increased sharply in recent years, prices
range from low to high to meet all consumer needs. From that, we can see that the
demand for using vacuum bottles today is very large.
- In the market, the price of each commodity can be higher or lower than the value of
the goods not only due to the impact of competition, but also due to the impact of the
supply-demand relationship. Supply-demand relationship is the interaction
relationship between sellers and buyers or between producers and consumers taking
place in the market to determine the price and quantity of goods and services.
- In the market, the supply-demand relationship is quite complicated in different
directions and levels.

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+ Supply and demand interact with each other: When demand increases, production
and business expand, the supply of goods increases, and vice versa, when demand
decreases, production and business narrows, the supply of goods decreases.

● Demand increased, but the control of counterfeit goods was not really good,
leading to fake goods and fake goods floating in the market, affecting genuine
businesses.
● An increase in demand shows that living standards are getting higher and more
modern.
● When demand increases, supply increases, producer revenue increases,
creating more jobs, partially solving unemployment.

+ Supply - demand affects market prices: When supply is greater than demand, or
supply is smaller than demand, both affect the market price. Where supply is greater
than demand, the market price is usually lower than the value of goods in production.
When supply is less than demand, the market price is usually higher than the value of
goods in production. Only when supply equals demand will the market price equal
the value of goods in production.

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Market prices affect supply and demand.

● On the supply side, when prices increase, businesses expand production,

supply increases, and vice versa, when prices fall, businesses narrow
production, supply decreases.
● On the demand side, when prices go down, in general demand tends to increase
and vice versa.

IV. Other data from the survey

Figure 3. Owning a vacuum flask

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 Figure 4. The purpose of using a vacuum bottle

Figure 5. People’s concern about the environment

Figure 6. Awareness of the danger of environmental pollution

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 Figure 7. Owning a vacuum flask in the future

V. Summary
Market research of vacuum bottles, environmentally friendly products, is a necessity.
It helps researchers better understand this product’s position in the market as well as
better understand the supply and demand of commodities in general and vacuum
bottles in private. Therefore, we can clarify the theory of supply and demand about
the market through actual research and survey in the online form of Google Form to
have actual numbers, proving that our arguments are completely transparent.

Reference material
https://vuphong.vn/san-xuat-xanh/#:~:text=Xu%20h%C6%B0%E1%BB%9Bng%20s%E1%BB
%91ng%20xanh%2C%20ti%C3%AAu%20d%C3%B9ng%20xanh&text=Ti%C3%AAu%20d
%C3%B9ng%20xanh%20l%C3%A0%20mua,l%C6%B0%E1%BB%A3ng%20s%E1%BB%91ng
%20cho%20con%20ng%C6%B0%E1%BB%9Di.

https://tuoitre.vn/lua-chon-song-xanh-cung-cac-san-pham-than-thien-voi-moi-truong-
20220604214716253.htm

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