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Soft Drinks in Vietnam
January 2022
Soft drinks in 2021: The big picture
Retail sales in soft drinks have maintained a positive performance over the time of the COVID-19 pandemic in Vietnam, in both 2020 and 2021 and in both value and volume terms. On the other hand, foodservice sales declined significantly in 2020 and remain in negative figures in 2021, albeit at less steep rates.
2021 key trends
One important trend to have emerged from the COVID-19 pandemic is the stronger focus on health and wellness among many consumers. At the same time, consumers are becoming less interested in sugary beverages, with such drinks having been linked to a variety of lifestyle diseases, notably type II diabetes, heart disease and metabolic syndrome.
Competitive landscape
Suntory PepsiCo Vietnam Beverage Co Ltd is a major player in soft drinks in Vietnam, leading carbonates, juice, bottled water and sports drinks. Meanwhile, Red Bull (Vietnam) Co Ltd maintains its lead in energy drinks; Nestlé Vietnam Co Ltd maintains its lead in concentrates; Tan Hiep Phat Group maintains its lead in RTD tea; Ajinomoto Co Inc maintains its lead in RTD coffee; and Dona New Tower Natural Drink & Food JSC maintains its lead in Asian speciality drinks (with the latter category having very few players).
Retailing developments
In 2021, the Vietnamese government executed another lockdown, according to Directive 16, whereby all retailers selling non-essential goods must close. In addition, as the number of COVID-19 cases in traditional channels were recorded as high, the majority of traditional channels were also required to close.
Foodservice vs retail split
During the pandemic lockdowns, all on-trade channels were required to close and thus consumers switched their consumption from foodservice to off-trade. The negative impact on foodservice is at lower levels in 2021 than seen in 2020, albeit further on-trade closures during another peak of infections from May 2021, alongside supressed tourism, continue to place downwards pressure on the foodservice channel.
What next for soft drinks?
On-trade sales are expected to rebound to positive growth figures in 2022. This is attributed to a loosening of pandemic restrictions as the Vietnamese government aims to reach high COVID-19 vaccination rates by mid-2022.
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Overview:
Understand the latest market trends and future growth opportunities for the Soft Drinks industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
Bottled Water
Carbonates
Concentrates
Juice
RTD Coffee
RTD Tea
Energy Drinks
Sports Drinks
Asian Speciality Drinks
If you're in the Soft Drinks industry in Vietnam, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Soft Drinks in Vietnam report includes:
Analysis of key supply-side and demand trends
Detailed segmentation of international and local products
Historic volume and value sizes, company and brand market shares
Five year forecasts of market trends and market growth
Robust and transparent research methodology, conducted in-country
This report answers:
What is the market size of Soft Drinks in Vietnam?
To what extent are health considerations impacting consumption of Soft Drinks in Vietnam?
How are changing social attitudes and legislation (eg sugar tax) reshaping demand and consumption?
How are changing demographics (for example, an ageing or predominantly young population) determining consumption of Soft Drinks in Vietnam?
Which are the leading brands in Soft Drinks in Vietnam?
What potential exists for multinational or domestic soft drinks companies to expand in Vietnam?
How are products distributed in Soft Drinks in Vietnam?
How is the rise of e-commerce changing the retail and competitive landscape?
How have home seclusion and social distancing measures following COVID-19 impacted sales of Soft Drinks?
How are sustainability issues, such as environmentally-friendly packaging, legislation on recyclability, or the amount of plastic in bottles, impacting the soft drinks industry?
Where is future growth expected to be most dynamic?
Table 1 Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: Volume 2016-2021Table 2 Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: % Volume Growth 2016-2021Table 3 Off-trade vs On-trade Sales of Soft Drinks by Channel: Value 2016-2021Table 4 Off-trade vs On-trade Sales of Soft Drinks by Channel: % Value Growth 2016-2021Table 5 Off-trade vs On-trade Sales of Soft Drinks (as sold) by Category: Volume 2020Table 6 Off-trade vs On-trade Sales of Soft Drinks (as sold) by Category: % Volume 2020Table 7 Off-trade vs On-trade Sales of Soft Drinks by Category: Value 2020Table 8 Off-trade vs On-trade Sales of Soft Drinks by Category: % Value 2020Table 9 Off-trade Sales of Soft Drinks (RTD) by Category: Volume 2016-2021Table 10 Off-trade Sales of Soft Drinks (RTD) by Category: % Volume Growth 2016-2021Table 11 Off-trade Sales of Soft Drinks by Category: Value 2016-2021Table 12 Off-trade Sales of Soft Drinks by Category: % Value Growth 2016-2021Table 13 Sales of Soft Drinks by Total Fountain On-trade: Volume 2016-2021Table 14 Sales of Soft Drinks by Total Fountain On-trade: % Volume Growth 2016-2021Table 15 NBO Company Shares of Off-trade Soft Drinks (RTD): % Volume 2017-2021Table 16 LBN Brand Shares of Off-trade Soft Drinks (RTD): % Volume 2018-2021Table 17 NBO Company Shares of Off-trade Soft Drinks: % Value 2017-2021Table 18 LBN Brand Shares of Off-trade Soft Drinks: % Value 2018-2021Table 19 Distribution of Off-trade Soft Drinks (as sold) by Format: % Volume 2016-2021Table 20 Distribution of Off-trade Soft Drinks (as sold) by Format and Category: % Volume 2021Table 21 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: Volume 2021-2026Table 22 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: % Volume Growth 2021-2026Table 23 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel: Value 2021-2026Table 24 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel: % Value Growth 2021-2026Table 25 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: Volume 2021-2026Table 26 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: % Volume Growth 2021-2026Table 27 Forecast Off-trade Sales of Soft Drinks by Category: Value 2021-2026Table 28 Forecast Off-trade Sales of Soft Drinks by Category: % Value Growth 2021-2026Table 29 Forecast Sales of Soft Drinks by Total Fountain On-trade: Volume 2021-2026Table 30 Forecast Sales of Soft Drinks by Total Fountain On-trade: % Volume Growth 2021-2026
APPENDIX
Fountain sales in Vietnam
Trends
DISCLAIMER
SOURCES
Summary 1 Research Sources
Carbonates in Vietnam
KEY DATA FINDINGS
2021 DEVELOPMENTS
Carbonates maintains a positive retail performance over the time of the pandemic, thanks to on-trade to off-trade switch
Other low-calorie cola carbonates gain attention from health-conscious consumers
Pepsi x Black Pink limited-edition is successful to attract attention from young and trendy consumers who follow Korean culture
PROSPECTS AND OPPORTUNITIES
On-trade sales expected to rebound to positive figures in 2022, in line with the recovery of foodservice channels
Players set to strengthen their online offerings in response to the fast development of the e-commerce channel
Strong and targeted marketing, social responsibility, and health and wellness trends will drive developments over the forecast period
CATEGORY DATA
Table 31 Off-trade vs On-trade Sales of Carbonates: Volume 2016-2021Table 32 Off-trade vs On-trade Sales of Carbonates: Value 2016-2021Table 33 Off-trade vs On-trade Sales of Carbonates: % Volume Growth 2016-2021Table 34 Off-trade vs On-trade Sales of Carbonates: % Value Growth 2016-2021Table 35 Off-trade Sales of Carbonates by Category: Volume 2016-2021Table 36 Off-trade Sales of Carbonates by Category: Value 2016-2021Table 37 Off-trade Sales of Carbonates by Category: % Volume Growth 2016-2021Table 38 Off-trade Sales of Carbonates by Category: % Value Growth 2016-2021Table 39 Total Sales of Carbonates by Fountain On-trade: Volume 2016-2021Table 40 Total Sales of Carbonates by Fountain On-trade: % Volume Growth 2016-2021Table 41 NBO Company Shares of Off-trade Carbonates: % Volume 2017-2021Table 42 LBN Brand Shares of Off-trade Carbonates: % Volume 2018-2021Table 43 NBO Company Shares of Off-trade Carbonates: % Value 2017-2021Table 44 LBN Brand Shares of Off-trade Carbonates: % Value 2018-2021Table 45 Forecast Off-trade Sales of Carbonates by Category: Volume 2021-2026Table 46 Forecast Off-trade Sales of Carbonates by Category: Value 2021-2026Table 47 Forecast Off-trade Sales of Carbonates by Category: % Volume Growth 2021-2026Table 48 Forecast Off-trade Sales of Carbonates by Category: % Value Growth 2021-2026Table 49 Forecast Total Sales of Carbonates by Fountain On-trade: Volume 2021-2026Table 50 Forecast Total Sales of Carbonates by Fountain On-trade: % Volume Growth 2021-2026
Juice in Vietnam
KEY DATA FINDINGS
2021 DEVELOPMENTS
Health and wellness trends, as boosted by the event of the pandemic, support sales in juice overall
Coconut and other plant waters maintain the most robust growth, albeit from a low base
Suntory PepsiCo Vietnam maintains its robust lead with no close competitors
PROSPECTS AND OPPORTUNITIES
On-trade sales expected to rebound to positive figures in 2022, in line with the recovery of foodservice channels
Health and wellness trends will drive both sales and innovations in juice
Coconut and other plant waters is expected to maintain its robust growth
CATEGORY DATA
Table 51 Off-trade Sales of Juice by Category: Volume 2016-2021Table 52 Off-trade Sales of Juice by Category: Value 2016-2021Table 53 Off-trade Sales of Juice by Category: % Volume Growth 2016-2021Table 54 Off-trade Sales of Juice by Category: % Value Growth 2016-2021Table 55 NBO Company Shares of Off-trade Juice: % Volume 2017-2021Table 56 LBN Brand Shares of Off-trade Juice: % Volume 2018-2021Table 57 NBO Company Shares of Off-trade Juice: % Value 2017-2021Table 58 LBN Brand Shares of Off-trade Juice: % Value 2018-2021Table 59 Forecast Off-trade Sales of Juice by Category: Volume 2021-2026Table 60 Forecast Off-trade Sales of Juice by Category: Value 2021-2026Table 61 Forecast Off-trade Sales of Juice by Category: % Volume Growth 2021-2026Table 62 Forecast Off-trade Sales of Juice by Category: % Value Growth 2021-2026
Bottled Water in Vietnam
KEY DATA FINDINGS
2021 DEVELOPMENTS
Bottled water maintains a positive retail performance during the time of the pandemic, due to being an essential product
Still flavoured bottled water continues to gain in popularity, thanks to meeting the growing health and wellness trends
La Vie launches a new rPET format, premium-positioned variant – La Vie Prestige
PROSPECTS AND OPPORTUNITIES
On-trade sales expected to rebound to positive figures in 2022, in line with the recovery of foodservice channels
Sparkling flavoured bottled water is expected to become more significant over the forecast period
Key players will continue focus on product innovations and health and wellness trends to boost sales
CATEGORY DATA
Table 63 Off-trade Sales of Bottled Water by Category: Volume 2016-2021Table 64 Off-trade Sales of Bottled Water by Category: Value 2016-2021Table 65 Off-trade Sales of Bottled Water by Category: % Volume Growth 2016-2021Table 66 Off-trade Sales of Bottled Water by Category: % Value Growth 2016-2021Table 67 NBO Company Shares of Off-trade Bottled Water: % Volume 2017-2021Table 68 LBN Brand Shares of Off-trade Bottled Water: % Volume 2018-2021Table 69 NBO Company Shares of Off-trade Bottled Water: % Value 2017-2021Table 70 LBN Brand Shares of Off-trade Bottled Water: % Value 2018-2021Table 71 Forecast Off-trade Sales of Bottled Water by Category: Volume 2021-2026Table 72 Forecast Off-trade Sales of Bottled Water by Category: Value 2021-2026Table 73 Forecast Off-trade Sales of Bottled Water by Category: % Volume Growth 2021-2026Table 74 Forecast Off-trade Sales of Bottled Water by Category: % Value Growth 2021-2026
Sports Drinks in Vietnam
KEY DATA FINDINGS
2021 DEVELOPMENTS
Sports drinks maintains positive growth in line with rising health and wellness trends inspiring consumers to exercise more often
International players dominate sports drinks, with Pocari Sweat seeing its shares increase
On-trade sales remain in a decline, due to pandemic restrictions
PROSPECTS AND OPPORTUNITIES
Health and wellness trends will continue to support sports drinks
On-trade sales expected to rebound back to positive figures in 2022
Stronger competition expected over the forecast period, although the overall status quo is not expected to change
CATEGORY DATA
Table 75 Off-trade Sales of Sports Drinks: Volume 2016-2021Table 76 Off-trade Sales of Sports Drinks: Value 2016-2021Table 77 Off-trade Sales of Sports Drinks: % Volume Growth 2016-2021Table 78 Off-trade Sales of Sports Drinks: % Value Growth 2016-2021Table 79 NBO Company Shares of Off-trade Sports Drinks: % Volume 2017-2021Table 80 LBN Brand Shares of Off-trade Sports Drinks: % Volume 2018-2021Table 81 NBO Company Shares of Off-trade Sports Drinks: % Value 2017-2021Table 82 LBN Brand Shares of Off-trade Sports Drinks: % Value 2018-2021Table 83 Forecast Off-trade Sales of Sports Drinks: Volume 2021-2026Table 84 Forecast Off-trade Sales of Sports Drinks: Value 2021-2026Table 85 Forecast Off-trade Sales of Sports Drinks: % Volume Growth 2021-2026Table 86 Forecast Off-trade Sales of Sports Drinks: % Value Growth 2021-2026
Energy Drinks in Vietnam
KEY DATA FINDINGS
2021 DEVELOPMENTS
Energy drinks remain popular with consumers and continue to attract both international and domestic players
The global names maintain their leads, whilst smaller brands also show a stronger presence
Robust advertising and promotional activities become increasingly important for key players
PROSPECTS AND OPPORTUNITIES
Slow recovery expected in a mature category, as health and wellness trends also pose challenges
More intense competition expected between international and local players, with television and social media marketing ramping up
Growth in rural and sub-urbans areas expected in a post-pandemic landscape
CATEGORY DATA
Table 87 Off-trade Sales of Energy Drinks: Volume 2016-2021Table 88 Off-trade Sales of Energy Drinks: Value 2016-2021Table 89 Off-trade Sales of Energy Drinks: % Volume Growth 2016-2021Table 90 Off-trade Sales of Energy Drinks: % Value Growth 2016-2021Table 91 NBO Company Shares of Off-trade Energy Drinks: % Volume 2017-2021Table 92 LBN Brand Shares of Off-trade Energy Drinks: % Volume 2018-2021Table 93 NBO Company Shares of Off-trade Energy Drinks: % Value 2017-2021Table 94 LBN Brand Shares of Off-trade Energy Drinks: % Value 2018-2021Table 95 Forecast Off-trade Sales of Energy Drinks: Volume 2021-2026Table 96 Forecast Off-trade Sales of Energy Drinks: Value 2021-2026Table 97 Forecast Off-trade Sales of Energy Drinks: % Volume Growth 2021-2026Table 98 Forecast Off-trade Sales of Energy Drinks: % Value Growth 2021-2026
Concentrates in Vietnam
KEY DATA FINDINGS
2021 DEVELOPMENTS
Concentrates maintains a positive performance during the time of the pandemic, due to ongoing consumer demand
Powder concentrates maintains its popularity over liquid variants, thanks to ease of use, suitability for stockpiling, and lower average unit prices
Nestlé maintains its notable lead, thanks to myriad global strengths
PROSPECTS AND OPPORTUNITIES
Concentrates expected to remain a small and niche category, with health and wellness trends expected to pose a challenge
Competition between the leading brands expected to ramp up over the forecast period
International players will continue to dominate in a small and limited category
CATEGORY DATA
Concentrates Conversions
Summary 2 Concentrates Conversion Factors for Ready-to-Drink (RTD) FormatTable 99 Off-trade Sales of Concentrates (RTD) by Category: Volume 2016-2021Table 100 Off-trade Sales of Concentrates (RTD) by Category: % Volume Growth 2016-2021Table 101 Off-trade Sales of Concentrates by Category: Value 2016-2021Table 102 Off-trade Sales of Concentrates by Category: % Value Growth 2016-2021Table 103 LBN Brand Shares of Off-trade Concentrates (RTD): % Volume 2018-2021Table 104 NBO Company Shares of Off-trade Concentrates: % Value 2017-2021Table 105 LBN Brand Shares of Off-trade Concentrates: % Value 2018-2021Table 106 NBO Company Shares of Off-trade Liquid Concentrates (RTD): % Volume 2017-2021Table 107 LBN Brand Shares of Off-trade Liquid Concentrates (RTD): % Volume 2018-2021Table 108 NBO Company Shares of Off-trade Powder Concentrates (RTD): % Volume 2017-2021Table 109 LBN Brand Shares of Off-trade Powder Concentrates (RTD): % Volume 2018-2021Table 110 Forecast Off-trade Sales of Concentrates (RTD) by Category: Volume 2021-2026Table 111 Forecast Off-trade Sales of Concentrates (RTD) by Category: % Volume Growth 2021-2026Table 112 Forecast Off-trade Sales of Concentrates by Category: Value 2021-2026Table 113 Forecast Off-trade Sales of Concentrates by Category: % Value Growth 2021-2026
RTD Tea in Vietnam
KEY DATA FINDINGS
2021 DEVELOPMENTS
RTD tea maintains a positive retail performance over the time of the pandemic, despite being a mature category
Health and wellness trends are driving consumers’ behaviour, both assisting and hindering sales in RTD tea
Players launch new flavours and health and wellness positioned variants to attract sales
PROSPECTS AND OPPORTUNITIES
On-trade sales will rebound in 2022, in line with the recovery of foodservice
Mature and consolidated category means the competitive status quo is unlikely to change
Key players will focus on new product developments to keep consumers attracted to the category
CATEGORY DATA
Table 114 Off-trade Sales of RTD Tea by Category: Volume 2016-2021Table 115 Off-trade Sales of RTD Tea by Category: Value 2016-2021Table 116 Off-trade Sales of RTD Tea by Category: % Volume Growth 2016-2021Table 117 Off-trade Sales of RTD Tea by Category: % Value Growth 2016-2021Table 118 Leading Flavours for Off-trade RTD Tea: % Volume 2016-2021Table 119 NBO Company Shares of Off-trade RTD Tea: % Volume 2017-2021Table 120 LBN Brand Shares of Off-trade RTD Tea: % Volume 2018-2021Table 121 NBO Company Shares of Off-trade RTD Tea: % Value 2017-2021Table 122 LBN Brand Shares of Off-trade RTD Tea: % Value 2018-2021Table 123 Forecast Off-trade Sales of RTD Tea by Category: Volume 2021-2026Table 124 Forecast Off-trade Sales of RTD Tea by Category: Value 2021-2026Table 125 Forecast Off-trade Sales of RTD Tea by Category: % Volume Growth 2021-2026Table 126 Forecast Off-trade Sales of RTD Tea by Category: % Value Growth 2021-2026
RTD Coffee in Vietnam
KEY DATA FINDINGS
2021 DEVELOPMENTS
RTD coffee maintains a positive retail performance, thanks to offering convenience during the time of on-trade closures
Does new packaging in RTD coffee herald the growing sustainability trend?
New product developments help brands stand out from the crowd in a relatively new category
PROSPECTS AND OPPORTUNITIES
On-trade sales will rebound in 2022, in line with the recovery of foodservice
Players will continue to focus on innovations over the forecast period, as the category grows from a low base
Significant growth potential will attract new players to the category
CATEGORY DATA
Table 127 Off-trade Sales of RTD Coffee: Volume 2016-2021Table 128 Off-trade Sales of RTD Coffee: Value 2016-2021Table 129 Off-trade Sales of RTD Coffee: % Volume Growth 2016-2021Table 130 Off-trade Sales of RTD Coffee: % Value Growth 2016-2021Table 131 NBO Company Shares of Off-trade RTD Coffee: % Volume 2017-2021Table 132 LBN Brand Shares of Off-trade RTD Coffee: % Volume 2018-2021Table 133 NBO Company Shares of Off-trade RTD Coffee: % Value 2017-2021Table 134 LBN Brand Shares of Off-trade RTD Coffee: % Value 2018-2021Table 135 Forecast Off-trade Sales of RTD Coffee: Volume 2021-2026Table 136 Forecast Off-trade Sales of RTD Coffee: Value 2021-2026Table 137 Forecast Off-trade Sales of RTD Coffee: % Volume Growth 2021-2026Table 138 Forecast Off-trade Sales of RTD Coffee: % Value Growth 2021-2026
Asian Speciality Drinks in Vietnam
KEY DATA FINDINGS
2021 DEVELOPMENTS
Asian speciality drinks maintains a positive retail performance due to such products being seen as good for general health and wellbeing during the pandemic
Few players in the category due to low levels of investment return, with Nature Bird’s Nest being the most popular
New variants in health and wellness Asian speciality drinks are being introduced
PROSPECTS AND OPPORTUNITIES
On-trade sales will rebound in 2022, in line with the recovery of foodservice
Asian speciality drinks has potential to grow in line with increasing health and wellness trends
Big soft drinks players expected to expand their portfolios into Asian speciality drinks
CATEGORY DATA
Table 139 Off-trade Sales of Asian Speciality Drinks: Volume 2016-2021Table 140 Off-trade Sales of Asian Speciality Drinks: Value 2016-2021Table 141 Off-trade Sales of Asian Speciality Drinks: % Volume Growth 2016-2021Table 142 Off-trade Sales of Asian Speciality Drinks: % Value Growth 2016-2021Table 143 NBO Company Shares of Off-trade Asian Speciality Drinks: % Volume 2017-2021Table 144 LBN Brand Shares of Off-trade Asian Speciality Drinks: % Volume 2018-2021Table 145 NBO Company Shares of Off-trade Asian Speciality Drinks: % Value 2017-2021Table 146 LBN Brand Shares of Off-trade Asian Speciality Drinks: % Value 2018-2021Table 147 Forecast Off-trade Sales of Asian Speciality Drinks: Volume 2021-2026Table 148 Forecast Off-trade Sales of Asian Speciality Drinks: Value 2021-2026Table 149 Forecast Off-trade Sales of Asian Speciality Drinks: % Volume Growth 2021-2026Table 150 Forecast Off-trade Sales of Asian Speciality Drinks: % Value Growth 2021-2026
The following categories and subcategories are included:
This is the aggregation of the following categories; Carbonates, Fruit/vegetable juice, Bottled water, Functional drinks, Concentrates, RTD tea, RTD coffee and Asian speciality drinks.