Vietnam: Yoghurt Market 2024

Yoghurt Market Size in Vietnam

After four years of decline, the Vietnamese yoghurt market increased by 0.9% to $X in 2022. In general, consumption recorded a abrupt curtailment. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Yoghurt Production in Vietnam

In value terms, yoghurt production expanded slightly to $X in 2022 estimated in export price. Overall, production, however, enjoyed a pronounced increase. The pace of growth appeared the most rapid in 2015 when the production volume increased by 244%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Yoghurt Exports

Exports from Vietnam

In 2022, shipments abroad of yoghurt decreased by -6.4% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 3,998%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, yoghurt exports reduced to $X in 2022. Over the period under review, exports, however, continue to indicate a significant expansion. The growth pace was the most rapid in 2013 with an increase of 2,424% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Cambodia (X tons) was the main destination for yoghurt exports from Vietnam, accounting for a 88% share of total exports. Moreover, yoghurt exports to Cambodia exceeded the volume sent to the second major destination, China (X tons), more than tenfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cambodia stood at +75.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+52.3% per year) and Taiwan (Chinese) (+81.6% per year).

In value terms, Cambodia ($X) remains the key foreign market for yoghurt exports from Vietnam, comprising 88% of total exports. The second position in the ranking was held by China ($X), with a 7.4% share of total exports. It was followed by Taiwan (Chinese), with a 2% share.

From 2012 to 2022, the average annual growth rate of value to Cambodia totaled +68.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+46.2% per year) and Taiwan (Chinese) (+74.4% per year).

Export Prices by Country

The average yoghurt export price stood at $X per ton in 2022, stabilizing at the previous year. In general, the export price saw a pronounced decline. The pace of growth was the most pronounced in 2017 an increase of 6.9% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were China ($X per ton) and Taiwan (Chinese) ($X per ton), while the average price for exports to Thailand ($X per ton) and the Philippines ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+2.4%), while the prices for the other major destinations experienced mixed trend patterns.

Yoghurt Imports

Imports into Vietnam

In 2022, purchases abroad of yoghurt decreased by -5.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, recorded resilient growth. The growth pace was the most rapid in 2015 with an increase of 51%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, yoghurt imports fell to $X in 2022. Overall, imports, however, saw prominent growth. The most prominent rate of growth was recorded in 2015 when imports increased by 52% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then reduced in the following year.

Imports by Country

Thailand (X tons), China (X tons) and Indonesia (X tons) were the main suppliers of yoghurt imports to Vietnam, with a combined 79% share of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +119.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest yoghurt suppliers to Vietnam were Thailand ($X), China ($X) and Australia ($X), together accounting for 80% of total imports.

Among the main suppliers, China, with a CAGR of +149.4%, saw the highest growth rate of 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 2022, the average yoghurt import price amounted to $X per ton, waning by -4.6% against the previous year. Over the period under review, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, yoghurt import price increased by +67.3% against 2016 indices. The pace of growth appeared the most rapid in 2019 an increase of 46% against the previous year. The import price peaked at $X per ton in 2021, and then fell in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Australia ($X per ton) and China ($X per ton), while the price for Germany ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+13.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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