Hot drinks in 2024: The big picture
In 2024, the unit price of raw coffee, especially Robusta, has increased markedly due to various factors, such as production losses due to the El Nino phenomenon, wars, and the security crisis in the Red Sea, resulting in increased shipping and related costs. Many financial speculators are now investing in coffee, following oil and gold, which is also driving up prices.
2024 key trends
In 2024, hot drinks has seen innovative products with new flavours and formats, alongside a rise in sugar-free and reduced sugar options. However, consumer brand loyalty has been decreasing, as some individuals are focusing on saving money, therefore opting for more affordable products, or delaying purchases until discounts are available.
Competitive landscape
In 2024, Nestlé Vietnam Co Ltd, Masan Group Corp, and Trung Nguyen Corp are expected to remain the top three players in hot drinks in Vietnam in retail value terms, which has been the situation for many years. All of these are active in terms of marketing and advertising activities to build strong brand names.
Retailing developments
In 2024, Vietnamese consumers have shown an increasing interest in retail e-commerce, driven by frequent discount campaigns and the ease of use this distribution channel offers. Brands such as Milo have placed a greater emphasis on online platforms to boost their sales via retail e-commerce sites such as Shopee and Lazada.
Foodservice vs retail split
Locals are still concerned about the economy and their job security in 2024. People are therefore more selective about what and where they consume, with some putting off outings to restaurants and cafés, or waiting for sales at online retailers to make retail purchases.
What next for hot drinks?
The World Bank’s 2024 forecast indicates that Vietnam’s GDP is expected to experience positive economic growth in the coming years, with projections of 6.0% for 2025 and 6.
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Overview:
Understand the latest market trends and future growth opportunities for the Hot Drinks 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 the following key categories, where applicable:
- Coffee
- Tea
- Other Hot Drinks
If you're in the Hot Drinks 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 Hot Drinks 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 Hot Drinks in Vietnam?
- To what extent are health considerations impacting consumption of Hot Drinks in Vietnam?
- What are the traditional preferences in Hot Drinks in Vietnam? To what extent are these tastes changing amidst increasing international influence and the growth of chained cafés?
- How are changing demographics (for example, an ageing or predominantly young population) determining consumption of Hot Drinks in Vietnam?
- Which are the leading brands in Hot Drinks in Vietnam?
- How are products distributed in Hot Drinks in Vietnam?
- How is the rise of e-commerce changing the retail and competitive landscape?
- Have home seclusion and social distancing measures following COVID-19 benefited sales of Hot Drinks?
- Where is future growth expected to be most dynamic?
Hot Drinks in Vietnam
Hot drinks in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
Foodservice vs retail split
What next for hot drinks?
DISCLAIMER
Coffee in Vietnam
KEY DATA FINDINGS
Players struggle to maintain prices amidst rising prices of raw materials
Product innovation stimulates interest and consumer demand
Trung Nguyen Corp leverages its chained coffee shops to strengthen its brand name
Coffee predicted to see healthy growth in the forecast period
Stronger presence expected of small local brands
Players likely to focus on sustainable activities to enhance brand awareness
Tea in Vietnam
KEY DATA FINDINGS
Vietnamese consumers continue to tighten their spending, affecting the growth of tea
Product innovation stimulates consumer demand and interest
Online channels help boost sales of tea in 2024
Tea predicted to grow well thanks to a brighter economic performance
The category will see diversification in the future
Both the government and manufacturers will continue to focus on the sustainable development of tea in the future
Other Hot Drinks in Vietnam
KEY DATA FINDINGS
Other hot drinks records positive value growth, while volumes continue to decline
Rapid expansion of snack bars could be impacting the growth of other hot drinks
A greater emphasis on online channels in hot drinks in 2024
Other hot drinks expected to maintain a mixed performance in the future
Health trend will continue to increase within other hot drinks
Innovative products could help attract consumers’ attention
The following categories and subcategories are included:
Hot Drinks
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- Fresh Coffee Beans
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- Fresh Ground Coffee Pods
- Standard Fresh Ground Coffee
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- Instant Standard Coffee
- Instant Coffee Mixes
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- Loose Black Tea
- Tea Bags Black
- Fruit/Herbal Tea
- Green Tea
- Instant Tea
- Other Tea
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- Chocolate-based Flavoured Powder Drinks
- Malt-based Hot Drinks
- Non-Chocolate-based Flavoured Powder Drinks
- Other Plant-based Hot Drinks
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This report originates from Passport, our Hot Drinks research and analysis database.
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