Vietnam Sugar Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (White Sugar, Brown Sugar, Confectioner Sugar, Cane Sugar, Others), By Crop (Sugarcane, Sugar Beets), By Form (Liquid, Solid), By Distribution Channel (Online, Offline), By Application (Preservative, Texture Modifier, Sweetener, Flavoring & Coloring Agent, Bulking Agent, Others), And By Industry Vertical (Food & Beverage, Pharmaceutical) - Forecasts From 2023 To 2028

The Vietnam sugar market is projected to witness a compound annual growth rate of 3.78%, growing to US$2,141.508 million by 2028 from US$1,651.680 million in 2021.

According to Vietnam Sugar and Sugarcane Association (VASA), 120,000 hectares of sugarcane were lost in 2016-21. In addition to it, as per FAOSTAT, sugarcane production declined from 16,313,144.85 tons in 2016 to 10,740,873.28 tons in 2021. However, a rebound in the Vietnamese sugar market is anticipated because of increased sugar prices and anti-dumping actions toward Thailand's cane products. According to the Food and Agriculture Organization of the United Nations, domestic sugar prices rose by 8–10% year-on-year in 2022 because of the global rise in sugar prices.

The decreasing production of refined or white sugar in the country is anticipated to boost the imports to meet the consumption demand.

According to the March 2023 Food Processing Ingredients Report by the United States Department of Agriculture (USDA), the domestic production of refined or white sugar in the country declined majorly from 1,927 thousand tons in 2018 to 924 thousand tons by 2022. The declining trend of domestic white or refined sugar production in the country is anticipated to increase the projections of international penetration of foreign players, thereby increasing the scope for imports and overall market growth in the forecast period.

Growth Factors:

At present, urbanization in Vietnam can be observed at a steady pace. For instance, the percentage of the population residing in urban regions reached 38% in 2021. Furthermore, the country has been following a long-term plan to diversify the tourism industry. According to the United Nations World Tourism Organization, Vietnam registered 18 million foreign tourists. It was the fifth most visited nation in the Asia-Pacific region. The expanding tourism sector has complemented the demand for sugar, as sugar is a vital ingredient in Vietnamese street food. As Vietnamese food is a major attraction in the nation, the tourism sector is also expected to propel the demand for the food and beverage industry.

Furthermore, Vietnam was the third-fastest growing nation in Asia in terms of food expenditure, according to the 2020 report of the British Chamber of Commerce Vietnam. Additionally, as per the same source, food & beverages accounted for 35% of Vietnamese spending expenditures. With such a rise in food and beverage consumption, the sector's demand for and use of sugar for flavoring and sweetening purposes is also anticipated to rise, supporting the overall development of the Vietnam sugar market over the forecast period.

Furthermore, per the source, in FY 2022-23, the nation increased its 41 sugar factories to 67 for domestic production in 2022. The increasing number of sugar factories in the country is another strong factor in propelling the overall growth of the sugar industry, thereby pushing the white sugar market growth.

The liquid segment of the Vietnam sugar market will grow due to factors such as the growing food and beverage industry, increasing consumer demand for convenience, and the versatility of liquid sugar as a sweetener.

In addition to being a sweetener in typical baked goods and drinks, liquid sugar may be used in various products and applications, such as syrups, sauces, and marinades. Furthermore, the Vietnam sugar market has profited from the advantages of the global sugar price boom, with an average increase in sugar prices in the first quarter of 2021. Therefore, while the sector produced 611 thousand tons of sugar from 5.8 million tons of sugarcane in the first quarter of 2021, liquid sugar has emerged as an important commodity due to its convenience, adaptability, and increasing demand in the food and beverage industry. Furthermore, according to Rogers Lantic in 2019, food manufacturers are converting more HFCS to liquid sugar because of the increased customer preference for liquid sugar over High Fructose Corn Syrup (HFCS). Therefore, the demand for liquid sugar in the food and beverage sector keeps growing, underlining its adaptability and customer acceptance.

Vietnam Sugar Market Scope:

 

Report Metric	Details
Market Size Value in 2021	US$1,651.680 million
Market Size Value in 2028	US$2,141.508 million
Growth Rate	CAGR of 3.78% from 2021 to 2028
Base Year	2021
Forecast Period	2023 – 2028
Forecast Unit (Value)	USD Million
Segments Covered	Type, Crop, Form, Distribution Channel, Application, and Industry Vertical
Companies Covered	TTC Group, Quang Ngai Sugar Joint Stock Company, Lasuco, Vietnam Sugar Joint Stock Company, KCP Limited, NGHE AN Sugar Limited Liability Company
Customization Scope	Free report customization with purchase

 

Market Segmentation:

• BY TYPE
  • White Sugar
  • Brown Sugar
  • Confectioners' Sugar
  • Cane Sugar
  • Others
• BY CROP
  • Sugarcane
  • Sugar Beets
• BY FORM
  • Liquid
  • Solid
• BY DISTRIBUTION CHANNEL
  • Online
  • Offline
• BY APPLICATION
  • Preservative
  • Texture Modifier
  • Sweetener
  • Flavoring & Coloring Agent
  • Bulking Agent
  • Others
• BY INDUSTRY VERTICAL
  • Food & Beverage
  • Pharmaceutical

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. VIETNAM SUGAR MARKET, BY TYPE

5.1. Introduction

5.2. White Sugar

5.3. Brown Sugar

5.4. Confectioners' Sugar

5.5. Cane Sugar

5.6. Others

6. VIETNAM SUGAR MARKET, BY CROP

6.1. Introduction

6.2. Sugarcane

6.3. Sugar Beets

7. VIETNAM SUGAR MARKET, BY FORM

7.1. Introduction

7.2. Liquid

7.3. Solid

8. VIETNAM SUGAR MARKET, BY DISTRIBUTION CHANNEL

8.1. Introduction

8.2. Online

8.3. Offline

9. VIETNAM SUGAR MARKET, BY APPLICATION

9.1. Introduction

9.2. Preservative

9.3. Texture Modifier

9.4. Sweetener

9.5. Flavoring & Coloring Agent

9.6. Bulking Agent

9.7. Others

10. VIETNAM SUGAR MARKET, BY INDUSTRY VERTICAL

10.1. Introduction

10.2. Food & Beverage

10.3. Pharmaceutical

11. COMPETITIVE ENVIRONMENT AND ANALYSIS

11.1. Major Players and Strategy Analysis

11.2. Emerging Players and Market Lucrativeness

11.3. Mergers, Acquisitions, Agreements, and Collaborations

11.4. Vendor Competitiveness Matrix

12. COMPANY PROFILES

12.1. TTC Group

12.2. Quang Ngai Sugar Joint Stock Company

12.3. Lasuco

12.4. Vietnam Sugar Joint Stock Company

12.5.  KCP Limited

12.6. NGHE AN Sugar Limited Liability Company

TTC Group

Quang Ngai Sugar Joint Stock Company

Lasuco

Vietnam Sugar Joint Stock Company

KCP Limited

NGHE AN Sugar Limited Liability Company