Thanks to Vietnam’s stable economic growth and increase in average income, families are becoming more willing to spend on ice cream they can store at home to enjoy on demand. Thus, multi-pack dairy ice cream and bulk ice cream continued to see the highest value growth again in 2019.
In Vietnam, dairy ice cream accounts for the majority of display space in stores. Moreover, single-portion water ice cream, the only type of water-based product present in the Vietnamese market, continues to see only single-digit growth and its growth slowed down in 2019.
The increased offer of new products and entry of new players such as TH Food Chain, which entered the ice cream space in 2018, is expected to expand the overall size of ice cream and frozen desserts over the forecast period. However, so far the category has not developed as rapidly as expected.
Although in 2019 it faced tough competition in a more mature category, Kido Group continued to lead in ice cream and frozen desserts, where it ranks first in single-portion dairy ice cream and bulk dairy ice cream. Its leading Merino and Celano brands hold a large share of value sales, benefiting from high brand recognition and consumer loyalty.
No ice cream brand has benefitted more from the increased demand and high value growth of multi-pack dairy ice cream than Wall’s Cornetto. The Unilever Vietnam brand saw its value share in this category increase for the fifth consecutive year in 2019 and its sales rose by double digits over the entire 2014-2019 review period.
The ice cream and frozen desserts landscape is crowded with both local and international players that distinguish themselves by introducing diverse new flavours and premium options. Amongst the domestic players is TH Food Chain, Vietnam’s largest fresh, clean and organic milk producer.
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Discover the latest market trends and uncover sources of future market growth for the Ice Cream and Frozen Desserts industry in Vietnam with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport.