Consumer awareness of and interest in BFY beverages remained low in Vietnam in 2020. One reason for the lack of interest on the part of the majority of Vietnamese consumers, even when they are aware of the BFY beverages on offer in the retailing channel, is that many people find BFY variants to have a less pleasant taste than standard beverages.
In addition to rising consumer health awareness which was present prior to the pandemic and stimulated further by the severity of this unprecedented health crisis, there remained a general lack of interest among consumers and limited investment from manufacturers in the category in 2020. As a result, BFY beverages in Vietnam remained underdeveloped at the end of the review period.
Coca-Cola Beverages Vietnam, the leader in BFY beverages, saw another strong performance in 2020 as the company actively pursued wider distribution of its Coca-Cola brand in modern channels such as supermarkets and hypermarkets. The company ensured its products were always available during the pandemic, as many consumers opted to stockpile at the onset of the health crisis.
During 2021, BFY beverages is expected to achieve a growth spike and recover well from the pandemic. At the time of writing, the Vietnamese government and its population had brought the virus under control, generating confidence that the economy was likely to rebound and stimulate consumer spending, including on BFY beverages.
Over the forecast period, Vietnamese consumers are expected to increasingly embrace the health and wellness trend stimulated by the shockwaves created by the pandemic and real fears over personal health and wellbeing. This will create opportunities for the growth of BFY beverages particularly other low-calorie cola among female consumers who are likely to particularly focus on reducing their sugar intake in beverages.
Over the forecast period, the competitive environment within BFY beverages is unlikely to change significantly; Coca-Cola, Suntory PepsiCo and Aje Group are expected to remain the clear leaders. While competition between Coca-Cola and Suntory PepsiCo in reduced-sugar carbonates will remain intense, their strong positions are likely to continue discouraging local companies from entering this category.
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Understand the latest market trends and future growth opportunities for the Better For You Beverages industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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