Vietnam: Canned Food Market 2024

Canned Food Market Size in Vietnam

The Vietnamese canned food market shrank to $X in 2021, with a decrease of -1.5% against the previous year. Overall, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Canned Food Production in Vietnam

In value terms, canned food production fell slightly to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 48% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Canned Food Exports

Exports from Vietnam

In 2021, overseas shipments of canned food increased by 6.5% to X tons, rising for the second consecutive year after two years of decline. Overall, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 16%. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, canned food exports surged to $X in 2021. Over the period under review, total exports indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +44.6% against 2019 indices. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X tons) was the main destination for canned food exports from Vietnam, with a 36% share of total exports. Moreover, canned food exports to Russia exceeded the volume sent to the second major destination, the United States (X tons), threefold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 9.7% share.

From 2012 to 2020, the average annual growth rate of volume to Russia stood at -2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+10.3% per year) and Hong Kong SAR (+29.0% per year).

In value terms, the largest markets for canned food exported from Vietnam were the United States ($X), Russia ($X) and Japan ($X), together accounting for 58% of total exports. Hong Kong SAR, South Korea, Saudi Arabia, China, Malaysia, Taiwan (Chinese), Germany, the Philippines and Poland lagged somewhat behind, together accounting for a further 47%.

Malaysia, with a CAGR of +65.0%, 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 more modest paces of growth.

Export Prices by Country

In 2020, the average canned food export price amounted to $X per ton, surging by 3.4% against the previous year. Over the period from 2012 to 2020, it increased at an average annual rate of +1.0%. The pace of growth was the most pronounced in 2016 when the average export price increased by 3.5% against the previous year. Over the period under review, the average export prices hit record highs in 2020 and is expected to retain growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to China (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Canned Food Imports

Imports into Vietnam

In 2021, approx. X tons of canned food were imported into Vietnam; with an increase of 6.4% on the year before. The total import volume increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 26% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, canned food imports expanded sharply to $X in 2021. In general, total imports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +9.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +36.0% against 2018 indices. The growth pace was the most rapid in 2013 with an increase of 74%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

Imports by Country

Japan (X tons), Thailand (X tons) and Singapore (X tons) were the main suppliers of canned food imports to Vietnam, with a combined 28% share of total imports.

From 2012 to 2020, the biggest increases were recorded for Japan (with a CAGR of +64.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest canned food suppliers to Vietnam were Japan ($X), Thailand ($X) and Singapore ($X), together comprising 46% of total imports.

Among the main suppliers, Japan, with a CAGR of +62.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2020, the average canned food import price amounted to $X per ton, with an increase of 7.8% against the previous year. Over the period from 2012 to 2020, it increased at an average annual rate of +4.9%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 42%. The import price peaked at $X per ton in 2016; however, from 2017 to 2020, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Switzerland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by the Philippines (+1.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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