Vietnam Edible Oil Market Poised for $339 Million Growth by 2027: Fueled by Health, Urbanization, and Food Processing Boom: Ken Research
GURUGRAM, India, Feb. 12, 2024 /PRNewswire/ -- The Vietnam edible oil market is set to sizzle, with a projected 339 million USD growth by 2027, reaching 1.456 billion USD from its 2022 value of 1.117 billion USD, according to a new report by Ken Research titled "Vietnam Edible Oil Market Outlook to 2027: From Palm Power to Premium Picks." This press release reveals the key ingredients driving this market's culinary adventure.
Flavorful Drivers:
- Spiking Demand: A population surge of 1.4% annually fuels demand for diverse oils, with palm (36% market share), soybean (18%), and sunflower (12%) as the frontrunners.
- Health Concoctions: 80% of urban consumers prioritize health, driving demand for high-quality oils.
- Food Processing Fiesta: The industry's 8.4% growth demands various oils for processed food creations.
Market Segments: A Culinary Adventure:
- Oil Types: While palm reigns supreme, soybean and sunflower oils are rising stars. Niche oils like coconut are adding exotic flavors (8.4% domestic consumption growth in 2021).
- Distribution Delights: Traditional stores (87.4% market share) hold strong, but online channels are simmering with potential (70-80% conversion rate on offline regular purchases).
- Sales Channel Sizzle: Supermarkets and hypermarkets are heating up, while convenient stores and e-commerce add their unique flavors to the mix.
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Competitive Kitchen:
- Master Chefs: Calofic (40% market share), Tuong an (13%), Kido Nha Be (3.2%), and Tan Binh (2.4%) are the top contenders.
- Culinary Showdown: Players are battling it out with innovative recipes, cutting-edge technology, and efficient distribution networks.
Challenges & Opportunities: Balancing Spices & Sweeteners:
- Import Reliance: Vietnam relies heavily on imports, exposing it to price fluctuations and supply chain disruptions.
- Labor Shortages: The agricultural sector faces a lack of manpower, potentially hindering domestic production.
- Sustainability Concerns: Growing environmental awareness demands eco-friendly practices throughout the value chain.
Opportunities Galore: A Foodie Paradise:
- Premium Palates: Consumers are craving premium and functional oils, creating a delicious new market segment.
- Tech Savvy Chefs: Technological advancements will enhance efficiency and reduce costs.
- Sustainable Feast: Bio-based oils and eco-friendly packaging offer a scrumptious way to embrace sustainability.
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A Recipe for Success:
The Vietnam edible oil market offers a delicious concoction of growth potential. Urbanization, rising incomes, and health awareness are the key ingredients fueling the market's expansion. Food processing and premium oil demand add further flavor to the mix. Embracing technology, addressing import dependence, and prioritizing sustainability are the essential spices needed for stakeholders to cook up success in this dynamic market.
Taxonomy
Vietnam Edible Oil Market Segmentation
By Type
Palm Oil
Soy Oil
Coconut Oil
Peanut Oil
Others
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By Mode of Distribution channel
Online
Offline
By Type of sales channel
Small Local Grocers
Supermarket
Hypermarket
Convenient store
E-commerce
By Age-Group
0-14 Years
15-19 Years
20-24 Years
25-44 Years
45-64 Years
65-79 Years
80+ Years
By Income Level
2.5 LPA
5-7 LPA
7-9 LPA
9 LPA and Above
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