Vietnam Food Sweetener Market - Growth, Trends and Forecast (2019 - 2024)

Market Overview

Vietnam Food Sweetener Market is growing at a CAGR of 2.24% during the forecast period(2019-2024).

• Vietnam market is driven by the growing economy and stable financial conditions. This has led to an increase in disposable income and spending patterns.
• Increased demand for natural, non-caloric sweeteners, and high demand for sweeteners in various applications, such as processed food and beverages from emerging economies, are the major factors driving the market growth.
• The increase in the confectionery sector of the country has also led to the growth of the sweetener market in the nation.

Scope of the Report

Vietnam Food Sweetener Market is segmented by Type into Sucrose, Starch Sweeteners, and Sugar Alcohols and High-Intensity Sweeteners. The market is segmented by Application into Dairy, Bakery, Beverages, Soups, Sauces and Dressings, Confectionery and Others.

Key Market Trends

Growing Confectionery Sector

The confectionery market in Vietnam is driven by the increase in demand for premium chocolates, along with innovation in packaging and several product launches. Additionally, gifting of chocolates has been a key trend in Vietnam for premium chocolate confectionery, as consumers see these items as luxury products. The high content of sugar in chocolates and candies is likely to hamper the market. The health-conscious consumers have turned to snack bars and other categories of snacks that are perceived to be healthier and part of the low-caloric diet, which opens an opportunity for the sweetener market.

Saccharine Is A Major Sweetener In The Region

Saccharin, is the oldest low-calorie sugar substitute, is 300 times sweeter than sugar, and provides no calories. It is available in the form of sweet and low or sugar-free brands. Saccharin finds its usage in the confectionery industry for the manufacture of mints and candies. It is largely used in sugar-free cakes and in packaged desserts, as it is not affected by heat. The number of elderly is growing and this upward trend will clearly continue in the near future, this leads to the increasing demand of low sugar and low-calorie foods.

Competitive Landscape

Vietnam food sweetener market is a fragmented market with the presence of various local and major players. The major players are investing in the development of new products. To expand their presence in the market, strategies such as acquiring smaller production units and mergers with the already existing players are being adopted. The leading players in this segment are Cargill, Kerry Group, Stevia First Corporation, and Tate and Lyle Plc.


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