PROSPECTS AND OPPORTUNITIES
Overall baked goods expected to maintain total volume growth in the forecast period
Over the forecast period, baked goods is expected to demonstrate a solid total volume CAGR, with growth for both foodservice and retail, which is attributable to the expansion of the urban population, as well as potential for growth consumption in rural areas. Pastries is expected to outperform other categories within baked goods, with the highest total volume CAGR in the forecast period, owing to the wide variety of products available both in retail and foodservice.
Sustainable practices and deepening involvement with local communities drives favourable brand reputation
Sustainability is expected to have an increasing presence in baked goods in the forecast period, which in part can be attributed to the challenges brought about by climate change, as manufacturers grapple with increasing prices and fluctuating supplies of raw materials. In addition, social responsibility and deepening involvement with local community initiatives can create a favourable brand reputation for a company, by associating it with socially responsible practices.
Gifting occasions may emerge as a segment to tap into, especially during festive seasons
In the short term, local consumers are expected to continue to grapple with the rising cost of living, as disposable incomes remain constrained by a multitude of factors, including rising electricity prices, and unstable global conditions affecting supply chains. Nonetheless, there are signs pointing towards the stabilisation of disposable incomes; for instance, the minimum wage in Vietnam increased by 6% in July 2024.
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Overview:
Understand the latest market trends and future growth opportunities for the Baked Goods 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 a comprehensive range of core packaged food categories.
If you're in the Baked Goods 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 Baked Goods 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 Baked Goods in Vietnam?
- Which are the leading brands in Baked Goods in Vietnam?
- How are products distributed in Baked Goods in Vietnam?
- How is the rise of e-commerce and/or the expansion of modern grocery retail impacting traditional retail?
- What are the key health and wellness concerns driving, or challenging, sales in Baked Goods?
- How significant are vegan and vegetarian dietary requirements in determining sales growth in Vietnam?
- How has COVID-19 impacted consumer demand? To what extent have lockdown, home seclusion and stockpiling boosted sales? Will the longer term economic repercussions of the pandemic stimulate or suppress future growth?
- Where is future growth expected to be most dynamic?
- How significant will values-based claims, such as sustainability and ethical labelling, be in supporting future growth and brand equity?
Baked Goods in Vietnam - Category analysis
KEY DATA FINDINGS
Baked goods maintains total volume growth in 2024; leading brands target price-sensitive consumers
Leading companies maintain their positions, and brands are active with product launches
International brands remain key within baked goods
Overall baked goods expected to maintain total volume growth in the forecast period
Sustainable practices and deepening involvement with local communities drives favourable brand reputation
Gifting occasions may emerge as a segment to tap into, especially during festive seasons
Staple Foods in Vietnam - Industry Overview
Staple foods in 2024: The big picture
Key trends in 2024
Competitive landscape
Channel developments
What next for staple foods?
DISCLAIMER
The following categories and subcategories are included:
Baked Goods
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- Packaged Flat Bread
- Unpackaged Flat Bread
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- Packaged Leavened Bread
- Unpackaged Leavened Bread
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- Packaged Cakes
- Unpackaged Cakes
- Dessert Mixes
- Frozen Baked Goods
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- Packaged Pastries
- Unpackaged Pastries
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- Sweet Pies and Tarts
- Frozen Cakes, Sweet Pies and Tarts
Baked Goods
This is the aggregation of bread, pastries, dessert mixes, frozen baked goods and cakes. Note: in most cases, baked goods from in-store bakeries are classified under unpackaged/artisanal. While many such offerings may be finished on-site, they are often prepared, then frozen or par-baked, at other locations. Such production models are very important for supermarket in-store bakeries, which are often used to drive traffic and fill stores with appetising aromas, but for which the labour resources required to run a full-service scratch bakery are not always available. Baked goods baked from central bakeries sold unpackaged in other outlets are classified as unpackaged/artisanal. In the specific case of in-store bakery counters (for example, in supermarkets), if baked goods are finished on-site but then packaged (for example, in a box or bag) with a barcode and price, set out in the store for sale in this packaging and sold like any other packaged food product (i.e. a customer takes the packaged item from a shelf) then this is classified as packaged. If however the baked good is finished on-site, displayed unpackaged but then placed in packaging as part of the transaction (i.e. a supermarket worker at an in-store bakery counter/a customer places it in a box/bag after it has been chosen, to allow it to be carried safely) this is still classified as unpackaged.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Baked Goods research and analysis database.
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