Cooking ingredients and meals in 2024: The big picture
Overall, cooking ingredients and meals in Vietnam is set to record steady total volume growth in 2024, with growth in both retail and foodservice sales, despite challenges from the global economic situation. The sustained demand reflects the essential nature of many of the categories in this industry, such as edible oils, and sauces, dips and condiments, which are considered daily use items by local consumers.
Key trends in 2024
In terms of total volume sales, the key categories in cooking ingredients and meals are expected to remain edible oils, and sauces, dips and condiments (mainly cooking and table sauces). Despite the uncertain economic conditions affecting consumer confidence in 2024, these products remain a necessity in daily life, which ensures consistent demand across households.
Competitive landscape
In 2024, overall cooking ingredients and meals is expected to continue to be led by Calofic Corp and Masan Consumer Corp in value terms, with their key brands Simply and Nam Ngu. Edible oils is dominated by Calofic Corp, with its Simply brand benefiting from strong brand awareness and its strategic positioning.
Channel developments
In 2024, the dominant off-trade retail channel in cooking ingredients and meals in retail value terms is expected to remain small local grocers. These traditional grocery stores are widely available in both urban and rural areas, making them highly accessible to consumers.
What next for cooking ingredients and meals?
Cooking ingredients and meals in Vietnam is expected to maintain solid total volume growth throughout the forecast period, with growth for both retail and foodservice. Health-conscious consumers are expected to fuel demand for reformulated products which address consumer concerns about high levels of salt, sugar, and other negative nutrients.
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Overview:
Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals 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 Cooking Ingredients and Meals 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 Cooking Ingredients and Meals 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 Cooking Ingredients and Meals in Vietnam?
- Which are the leading brands in Cooking Ingredients and Meals in Vietnam?
- How are products distributed in Cooking Ingredients and Meals 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 Cooking Ingredients and Meals?
- 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?
Cooking Ingredients and Meals in Vietnam
Cooking ingredients and meals in 2024: The big picture
Key trends in 2024
Competitive landscape
Channel developments
What next for cooking ingredients and meals?
DISCLAIMER
Edible Oils in Vietnam
KEY DATA FINDINGS
Edible oils sees steady total volume growth in 2024, driven by the essential nature of such products
Production of edible oils faces supply volatility due to adverse weather in key producing regions
Calofic Corp leads edible oils through strong branding and influencer-driven marketing
Prominence of health consciousness expected to shape edible oils
Efforts to expand production capacity and price stabilisation measures likely to keep edible oils affordable
Leading brands will continue to leverage strong marketing, festive promotions, and community involvement
Meals and Soups in Vietnam
KEY DATA FINDINGS
Ready meals faces challenges from economic uncertainty, with players focusing on affordability and distribution
In 2024 ready meals continues to be led by Vissan Co Ltd
Frozen ready meals sees greater diversity in snacking products
Ready meals set to record significant retail volume growth, driven by demand for convenient and safe options
Growing prominence of modern off-trade channels and e-commerce set to drive the growth of ready meals
Greater availability of international dishes expected, and diversity in frozen ready meals
Sauces, Dips and Condiments in Vietnam
KEY DATA FINDINGS
Sauces, dips and condiments sees slow total volume growth, supported by the essential role of these products, and health-conscious product innovations
Chilli sauces sees a greater variety of both local- and international-inspired flavours
Sauces, dips and condiments continues to be led by Masan Consumer Corp in 2024
Stable growth expected for sauces, dips and condiments, driven by the growing convenience trend
Brands will need to balance innovation with tradition, and digital engagement with localised strategies in an increasingly competitive market
Health trends will continue to drive innovation
Sweet Spreads in Vietnam
KEY DATA FINDINGS
Sweet spreads exhibits continued total volume growth despite a lack of marketing activities
Honey appeals through its health benefits, while players focus on boosting product visibility through e-commerce
Sweet spreads continues to be led by Golden Farm in 2024, although the category remains fragmented
Limited usage of sweet spreads offers potential for growth through extended distribution and marketing efforts
Small local grocers expected to remain the main retail channel for sweet spreads
Brands likely to target gifting occasions to effectively position products that are perceived as non-essential
The following categories and subcategories are included:
Cooking Ingredients and Meals
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- Olive Oil
- Corn Oil
- Palm Oil
- Rapeseed Oil
- Soy Oil
- Sunflower Oil
- Other Edible Oil
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- Dried Ready Meals
- Shelf Stable Ready Meals
- Chilled Ready Meals
- Frozen Ready Meals
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- Dry Soup
- Shelf Stable Soup
- Chilled Soup
- Frozen Soup
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- Chilled Pizza
- Frozen Pizza
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- Meal Kits
- Quick Recipe Kits
- Chilled Lunch Kits
- Prepared Salads
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- Liquid Stocks and Fonds
- Stock Cubes and Powders
- Gravy Cubes, Powders and Pots
- Monosodium Glutamate
- Herbs and Spices
- Tomato Pastes and Purées
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- Liquid Recipe Sauces (excl pasta sauces)
- Dry Recipe Sauces
- Pasta Sauces
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- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
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- Dips
- Yeast-based Spreads
- Pickled Products
- Other Sauces and Condiments
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- Honey
- Chocolate Spreads
- Jams and Preserves
- Nut and Seed Based Spreads
Why buy this report?
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This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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