VIETNAM'S CONFECTIONARY MARKET IS BOOMING
Confectionery Firms Compete for $1.76-billion market
Vietnam’s 90-million market is attracting foreign investors. As it grows far faster than the global confectionary market (1.5 per cent), and the Southeast Asian one (3 per cent).
The Vietnamese market for candies, sweets, and nonchocolate confectionery skyrocketed in 2020
Revenue in the Confectionery & Snacks segment amounts to $13,493m in 2021. The market is expected to grow annually by 8.23% (CAGR 2021-2025).
In relation to total population figures, per person revenues of $137.45 are generated in 2021.
In the Confectionery & Snacks segment, volume is expected to amount to 2,205.4mkg by 2025. The Confectionery & Snacks segment is expected to show a volume growth of 4.2% in 2022.
The average volume per person in the Confectionery & Snacks segment is expected to amount to 17.5kg in 2021.
The chocolate confectionery market is increasingly growing as the new generation is more and more exposed by Western culture. Today, chocolate is a meaningful gift for lovers, friends and corporate clients, especially in special days like Valentine, Christmas, weddings and new year.
Imported chocolate accounts for 60% volume of Vietnamese retail chocolate market and increase 15-20% every year.