Vietnam Baby Food - Market Assessment and Forecasts to 2029

The number of live births in the Vietnamese grew by 6.5% during 2017-23, reaching 1.5 million in 2023. This resulted in a baby population of 4.6 million in 2023. The GDP of Vietnam grew by 5.1% in 2023, while consumer price inflation stood at 3.3%. Overall sales in value terms grew in recent years with the sector registering a CAGR of 2.8% during 2017-23. In volume terms, sales increased in 2023 registering a CAGR of 0.5% during 2017-23. Baby milks remained the largest category in value terms with over 95% of the baby food sector, followed by cereals & dry meals. Vinamilk and Abbott Laboratories were the top two companies in 2023. Hypermarkets & supermarkets remained the leading distribution channel, accounting for over 65% of overall value sales in 2023. The analyst estimates that the number of live births will decrease over the forecast period in Vietnam. The market for baby food in the country is expected to increase in value terms during 2023-29, registering a CAGR of 4.3%.

Key Highlights

• Value sales of the baby milks category increased from VND13 trillion ($581.1 million) in 2017 to VND15.2 trillion ($637.6 million) in 2023, registering a CAGR of 2.6%.
• The baby cereals & dry meals category grew from VND2.1 trillion ($95.7 million) in 2017 to VND2.7 trillion ($113 million) in 2023, yielding a CAGR of 4.5%.
• Value sales of the baby wet meals and other category increased from VND356.8 billion ($15.9 million) in 2017 to VND454.6 billion ($19.1 million) in 2023, at a CAGR of 4.1%.
• During 2017-23, PCE on baby finger food grew by 22.1% in current price terms.
• During 2017-23, PCE on baby drinks grew by 16.5% in current price terms.

Scope

• This report brings together multiple data sources to provide a comprehensive overview of the baby food sector in Vietnam, as part of the analyst’s global coverage of the sector. It includes an analysis of the following:
• Market environment: The report provides a comparative analysis of the value and volume shares of Vietnam against the Asia-Pacific and global baby food sectors. Additionally, the per capita consumption (PCC)* of and per capita expenditure (PCE)* on baby food in Vietnam are compared at regional and global levels.
• Background: Provides an overview of births, consumer trends, socio-demographic trends, working women population, and regulations in the Vietnamese baby food sector.
• Category coverage and competitive landscape: The report offers an overview of growth at a sector level and provides an analysis of five categories: baby milks, baby cereals & dry meals, baby wet meals & others, baby finger food, and baby drinks. These categories are analyzed by value, volume, and CAGR for the 2017-29 period. The analysis also includes the PCC of and PCE on baby food in Vietnam, by category. The report provides an analysis of leading manufacturers and brands in the Vietnamese baby food sector in 2023 and their market shares in each category.
• Production and trade: The report provides an analysis of imports and exports in the Vietnamese baby food sector (2015-22).
• Distribution channel: Provides analysis on the leading distribution channels at both sector and category level in 2023.
• Economic background: The report also provides an outlook on macroeconomic indicators in Vietnam, with a detailed summary of the economy and labor market.

Reasons to Buy

• Evaluate important changes in consumer behavior and identify profitable markets and areas for product innovation.
• Analyse current and forecast behavior trends in each category to identify the best opportunities to exploit.
• Detailed understanding of consumption by individual product categories in order to align your sales and marketing efforts with the latest trends in the market.
• Investigates which categories are performing the best and how this is changing market dynamics.