COMPETITIVE LANDSCAPE
Suntory PepsiCo retains dominance of carbonates in 2025
The competitive landscape of carbonates in Vietnam remained highly consolidated in 2025, with Suntory PepsiCo Vietnam Beverage Co Ltd continuing to dominate off-trade volume sales. The company's success was underpinned by significant investments in production plants in key cities, which facilitated a broad and efficient distribution network.
Coca-Cola Beverages emerges as most dynamic player
Coca-Cola Beverages Vietnam Co Ltd emerged as the most dynamic performer in the competitive landscape of carbonates in Vietnam, achieving significant off-trade volume growth and market share gains through its active and innovative marketing activities. 2025 began with a record-breaking New Year and T?t Holiday on Nguy?n Hu?, which drew large crowds and ensured that Coca-Cola and Sprite remained front and centre during peak gifting and gathering times.
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Overview:
Understand the latest market trends and future growth opportunities for the Carbonates 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.
If you're in the Carbonates 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 Carbonates 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 Carbonates in Vietnam?
- To what extent are health considerations impacting consumption of Carbonates 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 Carbonates in Vietnam?
- Which are the leading brands in Carbonates in Vietnam?
- What potential exists for multinational or domestic soft drinks companies to expand in Vietnam?
- How are products distributed in Carbonates 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 Carbonates?
- 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?
Carbonates in Vietnam - Category analysis
KEY DATA FINDINGS
Mixed performance as economy and health concerns influence purchases
Affordability is reshaping competitive dynamics within carbonates
Rising health awareness helps drive sales of reduced sugar carbonates
Further pressures will likely drive stronger performance of reduced sugar variants
Innovation to include limited editions and health-positioned ingredients
Sugar tax regulation to potentially impact demand for carbonates
Suntory PepsiCo retains dominance of carbonates in 2025
Coca-Cola Beverages emerges as most dynamic player
Small local grocers continues to dominate the distribution of carbonates
Retail e-commerce makes further gains in 2025 by offering convenience and discounts
Soft Drinks in Vietnam - Industry Overview
Innovating for growth amidst economic caution and health trends
KEY DATA FINDINGS
Resilience for soft drinks despite economic pressures
Multi-packs and larger bottles favoured for greater savings
Premium-positioned carbonated soft drink Cela focuses on functionality
Rising health concerns drive up sales of reduced sugar options
On-trade to remain dynamic channel, while sugar tax is likely to marginally impact pricing and consumers’ decisions
Sustainability efforts to increasingly shape future development
Suntory PepsiCo retains leadership with wide portfolio and marketing efforts
Masan Group benefits from partnership with major football club
Proximity to neighbourhoods drives popularity of small local grocers
Retail e-commerce makes further share gains in 2025
Foodservice vs retail split
Fountain sales in Vietnam
COUNTRY REPORTS DISCLAIMER
The following categories and subcategories are included:
Carbonates
- Regular Carbonates
- Reduced Sugar Carbonates
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- Regular Cola Carbonates
- Reduced Sugar Cola Carbonates
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- Regular Non-Cola Carbonates
- Reduced Sugar Non-Cola Carbonates
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- Regular Lemonade/Lime
- Reduced Sugar Lemonade/Lime
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- Regular Tonic Water/Mixers/Other Bitters
- Reduced Sugar Tonic Water/Mixers/Other Bitters
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- Regular Orange Carbonates
- Reduced Sugar Orange Carbonates
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- Regular Other Non-Cola Carbonates
- Reduced Sugar Other Non-Cola Carbonates
Carbonates
Sweetened, non-alcoholic drinks containing carbon dioxide are included here. All carbonated products containing fruit juice (“sparkling juices”) are included here, unless they are tea-based (these are included in carbonated RTD tea) or carbonated Energy drinks, which are included in Energy Drinks. Carbonated bottled water is also excluded. Carbonates are an aggregation of cola carbonates and non-cola carbonates, whether regular or low calorie. Euromonitor International includes both naturally and artificially-sweetened carbonates.
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 Carbonates research and analysis database.
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