Vietnam: Market for Butter And Dairy Spreads 2024

Market Size for Butter And Dairy Spreads in Vietnam

In 2022, the Vietnamese butter and dairy spreads market increased by 5.2% to $X for the first time since 2017, thus ending a four-year declining trend. In general, consumption saw a resilient expansion. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Exports of Butter And Dairy Spreads

Exports from Vietnam

In 2022, the amount of butter and dairy spreads exported from Vietnam declined rapidly to X tons, dropping by -15% against 2021 figures. Over the period under review, exports continue to indicate a deep setback. The growth pace was the most rapid in 2013 when exports increased by 210% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, butter and dairy spreads exports shrank markedly to $X in 2022. In general, exports continue to indicate a noticeable setback. The pace of growth was the most pronounced in 2018 with an increase of 195% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Myanmar (X tons), Cambodia (X tons) and Lao People's Democratic Republic (X tons) were the main destinations of butter and dairy spreads exports from Vietnam.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Myanmar (with a CAGR of +3.6%), while the other leaders experienced a decline.

In value terms, the largest markets for butter and dairy spreads exported from Vietnam were Myanmar ($X), Cambodia ($X) and Lao People's Democratic Republic ($X).

Myanmar, with a CAGR of +12.5%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average butter and dairy spreads export price stood at $X per ton in 2022, falling by -4.7% against the previous year. Overall, the export price, however, saw a remarkable increase. The pace of growth was the most pronounced in 2018 when the average export price increased by 42%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while the average price for exports to Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lao People's Democratic Republic (+10.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Butter And Dairy Spreads

Imports into Vietnam

In 2022, supplies from abroad of butter and dairy spreads was finally on the rise to reach X tons after three years of decline. Overall, total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -29.6% against 2018 indices. The pace of growth was the most pronounced in 2016 with an increase of 47%. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, butter and dairy spreads imports expanded significantly to $X in 2022. In general, imports recorded a resilient increase. The growth pace was the most rapid in 2017 with an increase of 95% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest butter and dairy spreads supplier to Vietnam, with a 74% share of total imports. Moreover, butter and dairy spreads imports from New Zealand exceeded the figures recorded by the second-largest supplier, France (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from New Zealand amounted to +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+4.6% per year) and Australia (-9.0% per year).

In value terms, New Zealand ($X) constituted the largest supplier of butter and dairy spreads to Vietnam, comprising 75% of total imports. The second position in the ranking was taken by France ($X), with a 21% share of total imports.

From 2012 to 2022, the average annual growth rate of value from New Zealand amounted to +6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+6.9% per year) and Australia (-5.2% per year).

Import Prices by Country

The average butter and dairy spreads import price stood at $X per ton in 2022, standing approx. at the previous year. Overall, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter and dairy spreads import price decreased by -0.7% against 2020 indices. The pace of growth appeared the most rapid in 2017 an increase of 65% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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