Vietnam: Milk Market 2024

Milk Market Size in Vietnam

The Vietnamese milk market was estimated at $X in 2022, flattening at the previous year. Overall, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. Milk consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Milk Production in Vietnam

In value terms, milk production expanded slightly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Milk Exports

Exports from Vietnam

In 2022, shipments abroad of milk decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons, and then declined sharply in the following year.

In value terms, milk exports shrank markedly to $X in 2022. Overall, exports showed a noticeable descent. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then declined significantly in the following year.

Exports by Country

Hong Kong SAR (X tons) was the main destination for milk exports from Vietnam, with a X% share of total exports. Moreover, milk exports to Hong Kong SAR exceeded the volume sent to the second major destination, Macao SAR (X tons), eightfold. China (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (X% per year) and China (X% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for milk exports from Vietnam, comprising X% of total exports. The second position in the ranking was taken by Macao SAR ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (X% per year) and China (X% per year).

Export Prices by Country

In 2022, the average milk export price amounted to $X per ton, almost unchanged from the previous year. In general, the export price showed a pronounced reduction. The pace of growth was the most pronounced in 2017 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to China ($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 China (X%), while the prices for the other major destinations experienced mixed trend patterns.

Milk Imports

Imports into Vietnam

In 2022, the amount of milk imported into Vietnam stood at X tons, surging by X% against the previous year. In general, imports enjoyed a resilient increase. The pace of growth appeared the most rapid in 2016 when imports increased by X%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, milk imports rose sharply to $X in 2022. Over the period under review, imports showed a strong increase. The pace of growth was the most pronounced in 2019 with an increase of X%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Australia (X tons) constituted the largest supplier of milk to Vietnam, accounting for a X% share of total imports. Moreover, milk imports from Australia exceeded the figures recorded by the second-largest supplier, France (X tons), threefold. Poland (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Australia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: France (X% per year) and Poland (X% per year).

In value terms, Australia ($X) constituted the largest supplier of milk to Vietnam, comprising X% of total imports. The second position in the ranking was taken by France ($X), with an X% share of total imports. It was followed by Germany, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Australia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: France (X% per year) and Germany (X% per year).

Import Prices by Country

In 2022, the average milk import price amounted to $X per ton, declining by X% against the previous year. Over the period under review, the import price continues to indicate a pronounced downturn. The pace of growth was the most pronounced in 2013 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Australia ($X per ton) and New Zealand ($X per ton), while the price for Uruguay ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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