Juices - Vietnam

The Juices market in Vietnam has experienced significant growth in recent years, driven by changing consumer preferences and a growing health-conscious population.

Customer preferences: Vietnamese consumers are increasingly seeking healthier beverage options, and this has led to a surge in demand for juices. With rising awareness about the importance of a balanced diet and the benefits of consuming fruits and vegetables, consumers are turning to juices as a convenient and nutritious option. Additionally, the younger population in Vietnam is more inclined towards trying new and exotic flavors, leading to a wider variety of juice options available in the market.

Trends in the market: One of the key trends in the Juices market in Vietnam is the shift towards natural and organic products. Consumers are becoming more conscious about the ingredients used in their food and beverages, and are actively seeking out products that are free from artificial additives and preservatives. This has led to an increase in the availability of natural and organic juices in the market, catering to the growing demand from health-conscious consumers. Another trend in the market is the rise of functional juices. These are juices that are fortified with additional nutrients or ingredients that offer specific health benefits. For example, juices enriched with vitamins or antioxidants are gaining popularity among consumers looking for products that can boost their immune system or improve their overall well-being. This trend is driven by the increasing awareness about the importance of preventive healthcare and the desire to lead a healthier lifestyle.

Local special circumstances: Vietnam is a country with a rich agricultural heritage, and this plays a significant role in the Juices market. The abundance of tropical fruits in Vietnam allows for a wide variety of fruit juices to be produced locally. This not only ensures a steady supply of fresh and high-quality ingredients, but also supports the local economy by promoting the growth of the agriculture sector.

Underlying macroeconomic factors: The economic growth in Vietnam has led to an increase in disposable income among consumers, enabling them to spend more on premium and healthier products such as juices. Additionally, the rapid urbanization in the country has resulted in a busy and fast-paced lifestyle, leading to a higher demand for convenient and on-the-go beverage options. Juices, with their easy availability and portability, are well-suited to meet this demand. In conclusion, the Juices market in Vietnam is experiencing growth due to changing consumer preferences, the rise of health-consciousness, and the availability of a wide variety of fruit options. The shift towards natural and organic products, as well as the emergence of functional juices, are key trends in the market. The local agricultural heritage and the underlying macroeconomic factors of economic growth and urbanization further contribute to the development of the Juices market in Vietnam.

Data coverage:

The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on Non-Alcoholic Drinks, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Non-Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.