Vietnam: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in Vietnam

After four years of growth, the Vietnamese waffle and wafer market decreased by -2.2% to $X in 2021. The market value increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Waffle and wafer consumption peaked at $X in 2020, and then dropped in the following year.

Waffle And Wafer Production in Vietnam

In value terms, waffle and wafer production reduced to $X in 2021 estimated in export price. In general, the total production indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +64.6% against 2016 indices. The growth pace was the most rapid in 2018 when the production volume increased by 23% against the previous year. Waffle and wafer production peaked at $X in 2020, and then declined in the following year.

Waffle And Wafer Exports

Exports from Vietnam

In 2021, approx. X tons of waffles and wafers were exported from Vietnam; shrinking by -35% compared with the previous year. Overall, exports, however, showed a prominent increase. The pace of growth was the most pronounced in 2016 when exports increased by 226% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, waffle and wafer exports shrank remarkably to $X in 2021. Over the period under review, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2016 when exports increased by 174%. The exports peaked at $X in 2020, and then declined significantly in the following year.

Exports by Country

China (X tons), the Philippines (X tons) and South Korea (X tons) were the main destinations of waffle and wafer exports from Vietnam, with a combined 53% share of total exports. Malaysia, Lao People's Democratic Republic, Cambodia, Angola, the United States, Thailand, Singapore, Myanmar and Iran lagged somewhat behind, together comprising a further 32%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Angola (with a CAGR of +71.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for waffle and wafer exported from Vietnam were China ($X), the Philippines ($X) and South Korea ($X), with a combined 54% share of total exports. Malaysia, Lao People's Democratic Republic, Cambodia, Angola, the United States, Thailand, Singapore, Myanmar and Iran lagged somewhat behind, together accounting for a further 32%.

In terms of the main countries of destination, Angola, with a CAGR of +76.4%, saw the highest rates of growth with regard to 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

The average waffle and wafer export price stood at $X per ton in 2021, increasing by 19% against the previous year. In general, the export price recorded a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Iran (+8.6%), while the prices for the other major destinations experienced more modest paces of growth.

Waffle And Wafer Imports

Imports into Vietnam

In 2021, the amount of waffles and wafers imported into Vietnam amounted to X tons, approximately reflecting 2020. Over the period under review, imports enjoyed a strong expansion. The pace of growth appeared the most rapid in 2016 with an increase of 65%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, waffle and wafer imports rose notably to $X in 2021. Overall, imports saw a resilient expansion. The pace of growth appeared the most rapid in 2016 with an increase of 46%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest waffle and wafer supplier to Vietnam, accounting for a 72% share of total imports. Moreover, waffle and wafer imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), eightfold. The third position in this ranking was held by China (X tons), with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Indonesia stood at +12.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+14.3% per year) and China (+66.1% per year).

In value terms, Indonesia ($X) constituted the largest supplier of waffles and wafers to Vietnam, comprising 71% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 9% share of total imports. It was followed by China, with an 8.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Indonesia stood at +16.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+16.8% per year) and China (+63.5% per year).

Import Prices by Country

The average waffle and wafer import price stood at $X per ton in 2021, picking up by 7.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2013 an increase of 23%. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were Indonesia ($X per ton) and Thailand ($X per ton), while the price for China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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