Vietnam Edible Oil Market is expected to generate ~1 USD Bn in the upcoming years, driven by focused marketing, quality assurance, convenience & value to consumer: Ken Research
GURUGRAM, INDIA, Feb. 1, 2023 /PRNewswire/ --The Vietnam Edible Oil Market is expected to witness a steady uptick in the upcoming years generating an annual revenue growth of ~USD 1 Billion, with high –end consumers planning to purchase more premium products. The market has a total of 40 players with key players being Tuong An, Vocaremix, Kido Nha Be, Calofic & others. A major portion of the market is dominated by Kido's & Vocarimex.
An annual revenue of ~USD 1 Billion, with high income consumers planning to purchase premium products.
In oils and fats segment, volume is expected to increase by 2027 & is expected to show a volume growth of 10.9% in 2023.
Vietnam's oil and fats industry will expand annually at a CAGR of 7.7% (2021-2026F) due to rising income levels and the demand for high-quality oil.
In Vietnam, 82 % of the population prefers low sodium and low fat edible oil, and 34 % prefers trans-fat substitution as the risk of death has increased.
Health Concerns: With the emergence of the global pandemic, people all over the world have become health conscious. The government in Vietnam keeping in mind the public health has ordered the health authorities in making a move on promoting the consumption of low calorie, and cholesterol-free cooking oils. Vegetable oils from sunflower, rapeseed, soybean, palm, cottonseed, and coconut are highly used for their quality as well-known with their low-fat, low cholesterol, and low-calories content.
Monopoly Product: The entire edible oil market in Vietnam is currently growing at 8% with palm oil dominating the industry capturing a whooping 70% of the market share. Being solid at room temperature, palm oil has a competitive edge against competing 'soft' vegetable oil like soybean, sunflower and rapeseed oils because it can be readily used for semi-solid and solid food applications. The popularity of palm in Vietnam can be understood by the fact that the country is the second largest importer of palm oil in the entire ASEAN region. Palm oil is also used widely because of its low price. Widespread closures of restaurants, hotels due to COVID-19, reduced palm oil consumption in the foodservice industry in MY 2020/21. Post projects a higher use of palm oil in the food processing and food service sectors in MY 2021/22 as tourism resumes and industrial zones get back to a normal level of production.
Analysts at Ken Research in their latest publication, "Vietnam Edible Oil Market Outlook 2026F- driven by Rise in Disposable Income, Prevalence of Health Problems and Increasing Inclination towards Healthy Lifestyle" observed that the market will experience a steady uptick in the upcoming years. Rising income levels & demand for high quality oil are expected to be the main growth drivers in the upcoming years. Growing disposable income, an ageing population, and a preference for healthier lifestyles are some of the factors driving the market's expansion.
Key Topics Covered:-
Vietnam Edible Oil Market Outlook
Market Size of Vietnam Edible Oil Market, 2021
Forecast of Vietnam Edible Oil Market
Historical Data and Forecast of Vietnam Edible Oil Revenues & Volume for the Period 2016 – 2026F
Vietnam Edible Oil Market Trend Evolution
Vietnam Edible Oil Market Drivers and Challenges
Vietnam Edible Oil Import Export Trade Statistics
Market Opportunity Assessment By Type, application, distribution channel
Vietnam Edible Oil Top Companies Market Share
Vietnam Edible Oil Competitive Benchmarking By Technical and Operational Parameters
Vietnam Edible Oil Company Profiles
Vietnam Edible Oil Key Strategic Recommendations
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Key Segments Covered:-
Others (Rice barn oil, Sesame oil, Peanut oil, sunflower oil and olive oil.)
Others (Rice barn oil, Sesame oil, Peanut oil, sunflower oil and olive oil.)
By Mode Of Sales
By type Of Sales Channel
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Key Target Audience
High Income Individuals
Time Period Captured In the Report:-
Historical Period: 2016-2021
Base Period: 2021
Forecast Period: 2022P-2026F
Companies Covered in Vietnam Edible Oil Market
Vegetable Oil Trading Jsc
Kido Nha Be
Voe (Vegetable Oil Extraction)
Quang Minh Corporation Joint Stock Company
South America Vegetable Oil Joint Stock Company
Otran Viet Nam Corporation
Pvn Oil Ltd
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SOURCE Ken Research