Sugar confectionery registered a remarkably stable performance during 2021 as the impact of the COVID-19 pandemic was not enough to put strong limits on the category’s sales potential. One factor to take into consideration is that the low unit price of sugar confectionery means that many products in the category are affordable for all Vietnamese people, irrespective of income level.
One factor that the placed considerable pressure on demand for sugar confectionery during 2021 was the restrictions placed on large-scale social gatherings, special events and major celebrations as part of the official response to the COVID-19 pandemic. With the Vietnamese population unable to celebrate or at the very least reluctant to gather together to do so, demand for sugar confectionery suffered as consumption of these products has traditionally been higher at such types of events.
Innovation returned to sugar confectionery in 2021 as some of the category’s leading players invested in the development and launch of new products in an effort to remain relevant as demand began to recover. Many of the new products that were launched during the year received very positive feedback from consumers, including Alpenliebe with salt and chili, which offers something different to consumers bored with the snacks that they have been eating whilst practising home seclusion and social distancing since the onset of the COVID-19 pandemic.
With the leading players in sugar confectionery expected to step up their promotional efforts during the forecast period, it is likely that in-store promotions will become a major focus in sugar confectionery. Investment in advertising and marketing is considered crucial for success in sugar confectionery and with the economic situation expected to improve in Vietnam in the post-COVID-19 environment, sugar confectionery is slated to benefit from rising demand.
One of the more interesting aspects of sugar confectionery in Vietnam is that traditional sugar confectionery is often preferred over more modern products, especially for consumption during traditional events. This situation is most evident during Lunar New Year, when traditional types of confectionery such as k?o l?c and chè lam are widely consumed.
Recent years have seen the population of Vietnam become increasingly health-conscious, and this has been reflected in a strong acceleration of the health and wellness trend across packaged food. While this situation has placed pressure on demand for sugar confectionery generally, it has also motivated the category’s leading players to increasingly focus on products that can be promoted as healthier options than what is on offer from rival brands.
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Understand the latest market trends and future growth opportunities for the Sugar Confectionery industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Sugar Confectionery research and analysis database.
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