Vietnam: Market for Spirits, Liqueurs And Other Spirituous Beverages 2024

Market Size for Spirits, Liqueurs And Other Spirituous Beverages in Vietnam

In 2022, the Vietnamese market for spirits, liqueurs and other spirituous beverages increased by 10% to $X, rising for the second consecutive year after three years of decline. Overall, consumption recorded mild growth. Consumption of peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Production of Spirits, Liqueurs And Other Spirituous Beverages in Vietnam

In value terms, production of spirits, liqueurs and other spirituous beverages reduced to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 15%. Production of peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Spirits, Liqueurs And Other Spirituous Beverages

Exports from Vietnam

Exports of spirits, liqueurs and other spirituous beverages from Vietnam soared to X litres in 2022, jumping by 148% against the year before. Over the period under review, exports recorded a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, exports of spirits, liqueurs and other spirituous beverages soared to $X in 2022. In general, exports recorded a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X litres) was the main destination for exports of spirits, liqueurs and other spirituous beverages from Vietnam, with a 78% share of total exports. Moreover, exports of spirits, liqueurs and other spirituous beverages to Japan exceeded the volume sent to the second major destination, Thailand (X litres), more than tenfold. The third position in this ranking was held by the United Arab Emirates (X litres), with a 3.6% share.

From 2012 to 2022, the average annual growth rate of volume to Japan amounted to +6.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+15.4% per year) and the United Arab Emirates (+38.9% per year).

In value terms, Japan ($X) remains the key foreign market for spirits, liqueurs and other spirituous beverages exports from Vietnam, comprising 60% of total exports. The second position in the ranking was held by Thailand ($X), with a 20% share of total exports. It was followed by Australia, with a 3.7% share.

From 2012 to 2022, the average annual growth rate of value to Japan stood at +6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+26.7% per year) and Australia (+24.2% per year).

Export Prices by Country

In 2022, the average export price for spirits, liqueurs and other spirituous beverages amounted to $X per litre, rising by 3.8% against the previous year. In general, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for spirits, liqueurs and other spirituous beverages decreased by -20.1% against 2016 indices. The most prominent rate of growth was recorded in 2014 an increase of 96%. Over the period under review, the average export prices hit record highs at $X per litre in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per litre), while the average price for exports to Togo ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+9.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Spirits, Liqueurs And Other Spirituous Beverages

Imports into Vietnam

In 2022, purchases abroad of spirits, liqueurs and other spirituous beverages increased by 266% to X litres, rising for the second year in a row after four years of decline. Over the period under review, imports continue to indicate a mild increase. Imports peaked at X litres in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, imports of spirits, liqueurs and other spirituous beverages soared to $X in 2022. Overall, imports enjoyed a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X litres), Hong Kong SAR (X litres) and Singapore (X litres) were the main suppliers of imports of spirits, liqueurs and other spirituous beverages to Vietnam, together comprising 61% of total imports. These countries were followed by South Korea, Panama, Suriname, the UK, New Zealand, Japan, Chile and Russia, which together accounted for a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Chile (with a CAGR of +253.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constituted the largest supplier of spirits, liqueurs and other spirituous beverages to Vietnam, comprising 52% of total imports. The second position in the ranking was held by China ($X), with a 12% share of total imports. It was followed by Hong Kong SAR, with a 9.8% share.

From 2012 to 2022, the average annual growth rate of value from Singapore totaled +25.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+25.7% per year) and Hong Kong SAR (-4.5% per year).

Import Prices by Country

The average import price for spirits, liqueurs and other spirituous beverages stood at $X per litre in 2022, growing by 20% against the previous year. Overall, the import price recorded resilient growth. The pace of growth was the most pronounced in 2018 an increase of 63% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per litre), while the price for Russia ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+33.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform