Vietnam: Soft Drink Market 2024

Soft Drink Market Size in Vietnam

In 2021, after three years of decline, there was significant growth in the Vietnamese soft drink market, when its value increased by 22% to $X. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Soft Drink Production in Vietnam

In value terms, soft drink production stood at $X in 2021 estimated in export price. In general, production, however, saw a mild shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of 36%. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Soft Drink Exports

Exports from Vietnam

After three years of decline, shipments abroad of soft drinks increased by 6.7% to X litres in 2021. Over the period under review, exports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of 61%. As a result, the exports attained the peak of X litres. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, soft drink exports surged to $X in 2021. In general, exports posted resilient growth. The pace of growth was the most pronounced in 2014 with an increase of 62% against the previous year. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X litres), China (X litres) and Lao People's Democratic Republic (X litres) were the main destinations of soft drink exports from Vietnam, with a combined 44% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Lao People's Democratic Republic (with a CAGR of +113.6%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Lao People's Democratic Republic ($X) constituted the largest markets for soft drink exported from Vietnam worldwide, with a combined 44% share of total exports.

Among the main countries of destination, Lao People's Democratic Republic, with a CAGR of +114.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average soft drink export price amounted to $X per litre, picking up by 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.7%. The pace of growth was the most pronounced in 2014 when the average export price increased by 21% against the previous year. The export price peaked in 2021 and is expected to retain growth in years to come.

Average prices varied somewhat for the major foreign markets. In 2021, the highest price was recorded for prices to Canada ($X per litre) and Australia ($X per litre), while the average price for exports to Singapore ($X per litre) and Russia ($X per litre) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Soft Drink Imports

Imports into Vietnam

For the seventh consecutive year, Vietnam recorded growth in overseas purchases of soft drinks, which increased by 276% to X litres in 2021. Overall, imports posted a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, soft drink imports surged to $X in 2021. Over the period under review, imports enjoyed a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

South Korea (X litres), Malaysia (X litres) and Thailand (X litres) were the main suppliers of soft drink imports to Vietnam, with a combined 73% share of total imports. These countries were followed by Indonesia, Japan, Australia, the United States, Italy, Singapore, France and Cambodia, which together accounted for a further 19%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +107.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Malaysia ($X) and Thailand ($X) constituted the largest soft drink suppliers to Vietnam, with a combined 74% share of total imports. These countries were followed by Indonesia, Japan, Australia, the United States, Italy, France, Singapore and Cambodia, which together accounted for a further 19%.

Among the main suppliers, Japan, with a CAGR of +112.0%, 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

The average soft drink import price stood at $X per litre in 2021, shrinking by -2.1% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average import price increased by 35%. As a result, import price attained the peak level of $X per litre. From 2015 to 2021, the average import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, the countries with the highest prices were Cambodia ($X per litre) and Thailand ($X per litre), while the price for Singapore ($X per litre) and Italy ($X per litre) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cambodia (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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