According to the Markets and Data Research report, “Vietnam Ice Cream Market Assessment, Opportunities and Forecast, 2016-2030F”, the ice cream market in Vietnam is estimated at USD 210.67 million in 2022 and is expected to reach USD 405.51 million by 2030, growing at a CAGR of 8.53% during the projected period. In Vietnam, increasing demand for innovative flavors and investment in smoother distribution have increased the production of high-quality, innovative, and easily available ice creams. The demand for uniquely flavored ice creams has expanded due to the expanding younger population, growing awareness towards health concerns, and rising disposable income. Moreover, market players are investing hugely on in-store promotional activities to engage with consumers at the point of purchase.
Additionally, in Vietnam, ice cream is typically consumed as a treat rather than for its health or other advantages. As a result, one crucial component of the business strategies of the major players is being able to provide novel sensory and flavored experiences. Low levels of consumer loyalty would result from a lack of innovation, giving firms the chance to draw in new customers with intriguing product ideas and flavors. Vietnamese kids today are far more self-indulgent than Vietnamese seniors were. As a result, ice cream players now primarily target younger generations. As a result, the category’s product offerings will likely be more varied, and customers will likely like having more choices. For instance, rather than depending on prefabricated goods, Ralf’s smooth, creamy gelato parlor in Ho Chi Minh City takes pleasure in using natural ingredients to create amazing scoops from scratch. Many of the flavors on the menu include Vietnamese influences, such as fish sauce and balance of sour, spicy and sweet tastes.
As refrigerators are more prominent in traditional grocery shops and Vietnamese households, they are perfect for boosting sales of both impulse ice cream and take-home ice cream. Instead of going to a distant supermarket, customers choose to purchase ice cream from neighboring stores. Small local venues, however, usually lack the necessary funding to set up their own frozen storage and display facilities.
The Vietnam market attracts international players as well. Entering a developing country, the players keep their focus on limited in-store dining and smaller and cost-effective locations along with takeaway services. It allows selling at affordable prices when compared to local players while providing exclusive international flavoring.
Spread through 85 pages, the “Vietnam Ice Cream Market” report includes an in-depth TOC, over 14 market data figures, latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.
Key Takeaways:
1. Innovation in the flavors along with expansion and optimization of supply chain management are two crucial factors to be considered to increase the market size of ice creams in Vietnam.
2. Introduction of new flavors will add to a larger variety for the younger population, which is the targeted segment for Vietnam ice cream market. Also, it adds to a more significant factor of introducing creative marketing as young population requires engagement.
3. In-store promotions can generate a substantial exposure for brands and product line through point-of-sale marketing (POSM) and media exposure.
4. Although, consumers are moving towards plant-based category of ice creams, it is mandatory for the market players to maintain a fair share of ice creams which are unique to Vietnamese taste profiles.
Vietnam ice cream market is segmented in the following categories:
By Type: Dairy Based and Non-Dairy Based
By Category: Impulse Ice Cream, Take-home Ice Cream, and Artisanal Ice Cream
By Package Size: Less Than 100 ml, 100 to 500 ml, and More Than 500 ml
By Packaging Type: Cones, Cups, Tubs, Sticks, Bricks, and Others
By Distribution Channel: Online and Offline
By Region: Northern, Central, and Southern
Based on the ice cream type, dairy based ice cream segment has dominated the market share in 2022, owing to optimal prices with consumer’s satiety, easy availability at online and offline stores, vast product line, and use with bakery products. However, as people are inclining more towards cleaner diets, plant-based or non-dairy ice creams are gaining a larger market share growing at a fast-paced CAGR. The growth of the segment is supported by rising veganism and introduction of alternatives for dairy such as almond, soy, oat milk, etc.
Based on category, impulse ice cream market is expected to grow due to the rising trend of single-service product consumption, advancements in logistics and manufacturing processes, addition of new flavors, and high level of indulgence. Ice cream manufacturers are providing advanced and premium ingredients to gain competitive edge. Different herbal and organic ice creams are being added by the market players to expand their product line as impulse ice creams do not require preservatives as compared to take-home ice cream. Moreover, in the forecast period, ice creams are expected to gain popularity as snack food, which in turn increases the segmental share of impulse ice cream.
Major Players Operating in Vietnam Ice Cream Market Include:
- Kido Group (Merino, Celano)
- Can Do Limited Liability Company (Bellany)
- American Foods Co., Ltd (BUD’S)
- General Mills, Inc. (Häagen-Dazs)
- Blue Star Food Corporation (Baskin-Robbins)
- Inn Saigon Ltd. (Snowee Gelato)
- Trang Tien Ice-Cream Joint Stock Company
- Phan Nam Mon Te Ro Sa Trading JSC (Monte Rosa)
- Fanny Vietnam JSC
- Vietnam Dairy Products Joint Stock Company (Vinamilk)
Companies in Vietnam ice cream market are actively involved in research and development initiatives to promote innovation, improve current technologies, and create new solutions.
To ensure that their products may be sold in certain areas, market actors must invest to build these facilities and cover the retailers’ electricity bills. New items can be easily copied by competitors, but distribution presents a more difficult and expensive problem, therefore new companies in the market with a greater pool of resources are likely to extend their lead. For instance, according to the development strategy in 2022-2026, Vietnam Dairy Products Joint Stock Company is expected to create new business opportunities through expanding multi-channel distribution. In 2023, the company made 6% increase in revenue and 27% in profit as compared to 2022, by improvements in infrastructure including enhancement of refrigeration system, addition of a production line, and a new warehouse.
“Vietnam Ice Cream Market Assessment, 2016-2030F”, evaluates the future growth potential of Vietnam ice cream market and provides statistics and information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision-makers to take investment decisions for their organizations more strategically. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in Vietnam ice cream market.
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