Total volume sales of sugar and sweeteners declined for the first time in four years during 2020. Foodservice volume sales declined by more than a fifth due to a significant decline in international tourism and the fact that local consumers ate out less due to a combination of the economic impact of COVID-19 and the temporary closure of restaurants.
In contrast, the rate of growth in retail volume sales of sugar and sweeteners accelerated modestly during 2020, as a fear of shortages led some consumers to stockpile a product that is an essential ingredient in many local dishes and home-made beverages. Moreover, retail volume sales of sugar and sweeteners was supported by the fact that the unit price of sugar, which had increased significantly during the review period, rose at a much more modest pace in 2020.
Total volume sales of sugar and sweeteners will rebound strongly during 2021, with increased foodservice and institutional demand the main drivers of this. With the threat posed by COVID-19 set to fade, international tourism will begin to recover, while local consumers will begin to eat out more often as consumer confidence revives.
Although the rate of obesity in Vietnam remains low by global standards, it is rising. As a result, local consumers are becoming more conscious of the possible negative health effects of sugar consumption.
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This report originates from Passport, our Sugar and Sweeteners research and analysis database.
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