Innovating for growth amidst economic caution and health trends
Soft drinks in Vietnam experienced positive value growth, fuelled by product innovation, dynamic marketing, e-commerce expansion, and increased tourism, particularly boosting on-trade sales. However, an economic slowdown led to decelerated off-trade volume growth as consumers prioritised essential spending. Companies adapted by offering affordable multi-packs and larger bottle sizes. A premiumisation trend also emerged, with functional and wellness-focused drinks like Cela gaining popularity. Rising health awareness, supported by government campaigns, significantly increased demand for reduced sugar options. Suntory PepsiCo maintained market leadership, while e-commerce continued to gain distribution share from traditional small grocers. Looking ahead, continued growth is anticipated, with on-trade remaining dynamic. A sugar tax from 2027 is expected to have a marginal impact, while sustainability will increasingly shape future product development.
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Overview:
Understand the latest market trends and future growth opportunities for the Soft 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:
- Bottled Water
- Carbonates
- Concentrates
- Juice
- RTD Coffee
- RTD Tea
- Energy Drinks
- Sports Drinks
- Asian Speciality Drinks
If you're in the Soft 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 Soft 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 Soft Drinks in Vietnam?
- To what extent are health considerations impacting consumption of Soft Drinks 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 Soft Drinks in Vietnam?
- Which are the leading brands in Soft Drinks in Vietnam?
- What potential exists for multinational or domestic soft drinks companies to expand in Vietnam?
- How are products distributed in Soft Drinks 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 Soft Drinks?
- 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?
Soft Drinks in Vietnam
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
Bottled Water in Vietnam
KEY DATA FINDINGS
Health, heat and tourism drive demand for bottled water
Health concerns and environmental factors support demand for bottled water
Still water drives off-trade demand, while carbonated options are popular on-trade
Strong future performance for bottled water, with on-trade set to be more dynamic
Direct-to-consumer and downstream logistics move to digital platforms
Sustainable lifestyle will continue to receive attention from both manufacturers and consumers
Suntory PepsiCo retains lead of consolidated competitive landscape
Healthy positioning and consumer engagement drive strong growth of i-on Life
Convenient locations support dominance of small local grocers
Convenience helps drive e-commerce share gain and growth in 2025
Carbonates in Vietnam
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
Concentrates in Vietnam
KEY DATA FINDINGS
Resilient growth driven by value, wellness innovation, and e-commerce expansion
Concentrates continues to grow in 2025, albeit more slowly
Powder concentrates remains most popular format with lower price points
Stable performance anticipated for concentrates as affordable soft drink
Functional and health trends will drive premium growth
Future innovation likely to adapt to local preferences
Nestlé Vietnam Co Ltd retains leadership with Nestea in powder format
Small local grocers remains popular distribution channel for concentrates
Further gains for retail e-commerce driven by convenience and social media
Concentrates Conversions
Juice in Vietnam
KEY DATA FINDINGS
Health trends and tourism drive resilience amid economic pressures
On-trade demand for juice remains strong with improving tourism sector
Health trends and greater availability support growth of coconut and other plant waters
Juice set to quickly regain growth momentum over forecast period
Manufacturers will continue to focus on innovative products to attract customers.
Sugar tax regulation to potentially impact certain types of juice
Suntory PepsiCo retains convincing leadership of juice in 2025
Several players outperform category leaders
Wide reach supports dominance of small local grocers in juice distribution
Retail e-commerce makes further share gains in 2025
RTD Coffee in Vietnam
KEY DATA FINDINGS
RTD coffee’s resilience and innovation amidst economic shifts
Positive performance for niche of RTD coffee in local market
RTD coffee faces competition from innovative non-RTD options
Despite positive outlook, RTD coffee’s reach will remain limited in Vietnam
Innovation to focus on taste experience and functionality
Sustainable packaging is predicted to further diversify in the future
Ajinomoto Co Inc retains lead of consolidated competitive landscape
Smaller players make further gains, targeting urban consumers
Small local grocers continues to lose share to other channels
Viet Thai livestreams delivery of new RTD coffee brand
RTD Tea in Vietnam
KEY DATA FINDINGS
RTD tea sustains growth amid economic headwinds, driven by on-trade resilience and innovation
Rise in tourism drives stronger on-trade growth of RTD tea
Fresh tea from convenience stores offers competition to RTD format
Despite pessimistic outlook, RTD tea offers stronger potential via on-trade
Future innovation likely to focus on local preferences
Sugar tax regulation to potentially influence RTD tea’s performance
Tan Hiep Phat Group continues to lead RTD tea despite competitive pressures
International Food Industry’s dynamic growth driven by reduced sugar option
Smaller players continue to enter competitive landscape
Share of small local grocers gradually being eroded
Strong growth and share gain for retail e-commerce
Energy Drinks in Vietnam
KEY DATA FINDINGS
Resilient growth driven by health innovation and digital channels amidst economic shifts
Energy drinks continues to gain growth momentum due to busy lifestyles
Rising focus on sugar intake creates market opportunities
Energy drinks set to continue on positive growth trajectory over forecast period
Functional beverages and health needs will drive premium growth
Sugar tax regulation to potentially impact future growth of energy drinks
Red Bull (Vietnam) Co Ltd retains leadership of energy drinks
Strong growth for Wake-up 247 supported by strategic partnerships
Small local grocers continues to lose share to alternative channels
Retail e-commerce makes further gains in 2025
Sports Drinks in Vietnam
KEY DATA FINDINGS
Sports drinks in Vietnam: Navigating economic shifts and health trends
Despite marginal decline, overall demand for sport drinks remains high
6-pack format continues to gain traction as practical solution
Sport drinks will continue to appeal to active consumers
Manufacturers will continue to focus on innovative products to attract customers.
Sugar tax regulation could potentially impact growth of sport drinks
Suntory PepsiCo retains dominance of sport drinks in 2025
Pocari Sweat continues to make gains through various sponsorships
Small local grocers benefits from close proximity to neighbourhoods
Retail e-commerce continues to make impressive gains
Asian Speciality Drinks in Vietnam
KEY DATA FINDINGS
Health, tourism, and digital channels fuel growth amidst evolving competition
On-trade’s performance offsets marginal off-trade decline for Asian speciality drinks
Rising presence of rice water drinks in Vietnam
Positive outlook to be driven by tourism and health trends
Opportunities for reduced sugar Asian speciality drinks
Innovation likely to focus on functionality to target specific health concerns
Interfood maintains lead amidst growing fragmentation in Asian speciality drinks
Room for new players to emerge in competitive landscape
Dominant small local grocers continues to lose share
E-commerce’s growth driven by convenience and attractive discounts
COUNTRY REPORTS DISCLAIMER
The following categories and subcategories are included:
Soft Drinks
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- Carbonated Natural Mineral Bottled Water
- Carbonated Spring Bottled Water
- Carbonated Purified Bottled Water
-
- Still Flavoured Bottled Water
- Sparkling Flavoured Bottled Water
- Functional Bottled Water
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- Still Natural Mineral Bottled Water
- Still Spring Bottled Water
- Still Purified Bottled Water
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- 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
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- Liquid Concentrates
- Powder Concentrates
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- Not from Concentrate 100% Juice
- Reconstituted 100% Juice
- Coconut and Other Plant Waters
- Juice Drinks (up to 24% Juice)
- Nectars
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- RTD Coffee
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- Carbonated RTD Tea and Kombucha
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- Regular Still RTD Tea
- Reduced Sugar Still RTD Tea
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- Regular Energy Drinks
- Reduced Sugar Energy Drinks
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- Regular Sports Drinks
- Reduced Sugar Sports Drinks
- Asian Speciality Drinks
Soft Drinks
This is the aggregation of the following categories; Carbonates, Fruit/vegetable juice, Bottled water, Functional drinks, Concentrates, RTD tea, RTD coffee and Asian speciality drinks.
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This report originates from Passport, our Soft Drinks research and analysis database.
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