Drinking Milk Products in

Vietnam
Euromonitor International
September 2022
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LIST OF CONTENTS AND TABLES

KEY DATA FINDINGS.................................................................................................................. 1
2022 DEVELOPMENTS ............................................................................................................... 1
Drinking milk products is attracting more investment from local players ................................... 1
Price pressures impacting drinking milk products as COVID-19 continues to have A negative
impact on the market ................................................................................................................ 2
Vinamilk maintains its strong lead despite challenges .............................................................. 2
PROSPECTS AND OPPORTUNITIES......................................................................................... 2
Drinking milk products set for further strong growth thanks to its healthy and nutritious image 2
Health and wellness likely to be A key focus of new product development .............................. 3
Traditional retail channels remain key to the distribution of drinking milk products but modern
grocery retailers set to boost sales of fresh milk ....................................................................... 3
CATEGORY DATA ....................................................................................................................... 3
Table 1 Sales of Drinking Milk Products by Category: Volume 2017-2022 ............... 3
Table 2 Sales of Drinking Milk Products by Category: Value 2017-2022 .................. 4
Table 3 Sales of Drinking Milk Products by Category: % Volume Growth 2017-
2022 ............................................................................................................. 5
Table 4 Sales of Drinking Milk Products by Category: % Value Growth 2017-
2022 ............................................................................................................. 5
Table 5 NBO Company Shares of Drinking Milk Products: % Value 2018-2022 ....... 5
Table 6 LBN Brand Shares of Drinking Milk Products: % Value 2019-2022 ............. 6
Table 7 Distribution of Drinking Milk Products by Format: % Value 2017-2022 ........ 7
Table 8 Forecast Sales of Drinking Milk Products Products by Category:
Volume 2022-2027 ....................................................................................... 8
Table 9 Forecast Sales of Drinking Milk Products Products by Category:
Value 2022-2027 .......................................................................................... 9
Table 10 Forecast Sales of Drinking Milk Products Products by Category: %
Volume Growth 2022-2027 .......................................................................... 9
Table 11 Forecast Sales of Drinking Milk Products Products by Category: %
Value Growth 2022-2027 ........................................................................... 10

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DRINKING MILK PRODUCTS IN

VIETNAM
KEY DATA FINDINGS
▪ Retail value sales grow by 9% in current terms in 2022 to VND62.1 trillion
▪ Flavoured milk drinks is the best performing category in 2022, with retail value sales growing
by 11% in current terms to VND20.8 trillion
▪ Vietnam Dairy Products JSC (Vinamilk) is the leading player in 2022, with a retail value share
of 47%
▪ Retail sales are set to rise at a current value CAGR of 11% (2022 constant value CAGR of
7%) over the forecast period to VND103 trillion

2022 DEVELOPMENTS

Drinking milk products is attracting more investment from local players

Drinking milk has become seen as an essential food for children and young adults in Vietnam,
especially in urban areas, which is making the category more attractive for investors. Drinking
milk products are perceived to be an important source of nutrition in Vietnam and continue to
play a key role in supporting the growth and development of local children. Full fat shelf stable
milk remains the most popular format as it offers greater convenience to local consumers many
of whom do not have larger refrigeration storage and therefore can purchase this product in bulk
prior to opening due to its longer shelf life compared to the smaller category of fresh milk. Shelf
stable milk also supports sales through small local grocers, which is the dominant distribution
channel for drinking milk products. Unlike modern outlets such as hypermarkets, small local
grocers do not generally have the larger refrigeration capacity required to store a wide range of
fresh dairy products. Nonetheless, urbanisation is supporting a shift towards modern grocery
retailers, with demand for fresh milk increasing due its healthier and less processed image.
As demand for drinking milk products grows there are an increasing number of local players
investing in this category which is helping to expand the category and drive growth. For
example, VPmilk has invested aggressively in marketing its drinking milk products and in
expanding its portfolio from shelf-stable milk to fresh milk. Meanwhile, Nutifood Nutrition Food
JSC has also been heavily investing in its NutiMilk brand of drinking milk products in 2021/2022.
Nutifood Nutrition Food JSC claims that its NutiMilk 100 points Fresh Milk line offers a higher
protein (at 3.5g) and natural fat content (4g) per 100ml than other domestic products which it
states allows it to offer nutritional content that is comparable to imported milk brands. Its aim is
for the new line to become a standard in high-quality fresh milk which can be enjoyed by adults
and children alike while meeting specific nutritional needs of a wide range of consumers. While
these players have a small share in drinking milk products they are nonetheless fuelling
competition which is benefiting the category overall. This competition is also encouraging
leading domestic players Vietnam Dairy Products JSC (Vinamilk) and TH Food Chain JSC to
invest in new product development, marketing and business strategies as they look to maintain
their dominant position.

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Price pressures impacting drinking milk products as COVID-19

continues to have A negative impact on the market
Despite Vietnam lifting its COVID-19 containment measures in early 2022 the pandemic
continues to have a lingering effect on the local economy and the incomes of many households,
but especially low/mid-income ones. High inflation rates in 2022 are placing further pressure on
the disposable income of most consumers, with basic essentials such as food and energy
spiralling upwards. Meanwhile, production costs have also increased for many producers of
drinking milk products due to COVID-19 and Russia’s war in Ukraine, which has led to rising
logistical costs, supply shortages of cattle feed and other challenges. As a result, the retail price
of drinking milk products is increasing in 2022 and this could have a growing impact on sales,
with some consumers potentially having to reduce their intake or switch to cheaper products and
brands.

Vinamilk maintains its strong lead despite challenges

Vinamilk remains the clear leader in drinking milk products in Vietnam; however, it is facing
growing competition with it being set to lose share for the second year running. Vinamilk is
having to invest a much larger amount than its competitors to maintain its leading position
because of the larger scale of its business. Additionally, there are many active players joining
the category and eating into Vinamilk’s share. Although being present in fresh milk, Vinamilk’s
strength lies in its dominant position in shelf stable milk, which is the largest category.
Nonetheless, Vinamilk remains resilient despite the challenges it faces and the growing
competition. Over the review period, the company, which has strong distribution in the southern
region of Vietnam, increased its portfolio through the acquisition of another dairy manufacturer –
Moc Chau Milk – which has strong distribution in the northern region of the country. This
broadened Vinamilk’s distribution reach and brand presence in Vietnam. The company is also
constantly innovating to improve on its product range as well as investing in e-commerce and
marketing. As a result, the company has been able to hold onto a strong lead in drinking milk
products in Vietnam.

PROSPECTS AND OPPORTUNITIES

Drinking milk products set for further strong growth thanks to its healthy
and nutritious image
Drinking milk products should continue to experience further stable demand over the forecast
period, as many Vietnamese perceive milk to be a healthy addition to their diets due to its high
nutritional content, supported by government campaigns and players’ marketing efforts. For
example, the government is aiming to try and improve the health of the Vietnamese population
by encouraging people to consume more nutritious food and beverages like drinking milk
products. This includes its “milk at school” programme (in Vietnamese “s?a h?c du?ng”).
Heightened health awareness as a result of the pandemic is also likely to boost its positive
perception, with products that are exposed to fewer processes likely to increase in popularity.
For example, fresh milk is projected to see stronger growth than shelf stable milk in retail
volume terms. However, fresh milk will remain the smaller category due to the logistics of
keeping it cool in a hot climate, thereby limiting its distribution through small local grocers which
often lack refrigeration cabinets.
Flavoured milk products will also remain popular, with both dairy only and variants with fruit
juice set to record further strong growth over the forecast period. This demand is likely to be
driven by parents who are looking to encourage their children to consume more drinking milk

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products, which often appeal to this younger age group. In general, drinking milk products
should also benefit from the growing number of players in the market, which should help to
make these products more affordable and more accessible.

Health and wellness likely to be A key focus of new product

development
People are likely to become even more health-conscious and knowledgeable in the forecast
period, with the COVID-19 pandemic having encouraged more people to reflect on their
lifestyles and diet. Drinking milk products are strongly associated to health and nutrition in the
minds of consumers in Vietnam and therefore innovation in this category is likely to focus on
health and wellness. This is likely to include the promotion of ingredients with immunity boosting
claims and/or products that are fortified with vitamins and minerals to provide a more complete
nutrition. Health-led trends in Vietnam are still at a relatively early stage of development and
therefore there is significant room for local players to learn from international markets in order to
develop new products that meet the needs and demands of the local population. For instance, a
wide product range of low-sugar drinking milk products is already being promoted by leading
brands including Vinamilk, TH True Milk and Dutch Lady.
Inflation and economic pressures are affecting consumer incomes and consumption
behaviour in 2022 and thus many manufacturers are focusing more on providing distribution and
marketing support for their core products instead of investing in new product development.
However, as the market stabilises and the economy improves they are expected to launch more
products with this health and wellness positioning in mind.

Traditional retail channels remain key to the distribution of drinking milk

products but modern grocery retailers set to boost sales of fresh milk
Small local grocers remains the dominant distribution channel for drinking milk products in
Vietnam in 2022, with this situation being unlikely to change significantly over the forecast
period. These stores offer convenience and are able to reach a mass audience, which gives
them a key advantage. Furthermore, in some areas, especially rural ones, these small local
grocers are the only option form purchasing groceries, including drinking milk products.
Nonetheless, supported by urbanisation, there is likely to be a continuing slow shift towards
modern grocery retailers. There is a growing presence of convenience stores, hypermarkets and
supermarkets in Vietnam, with consumers attracted to the wider range of products that are often
available in these stores. Furthermore, hypermarkets and supermarkets tend to have more
refrigeration space allowing them to stock not only shelf stable products but also fresh milk. As
such, as the share of modern grocery retailers grows so too should the sales share of fresh milk.

CATEGORY DATA
Table 1 Sales of Drinking Milk Products by Category: Volume 2017-2022

2017 2018 2019 2020 2021 2022

- Powder Milk ('000 4.6 4.4 4.2 4.0 3.9 3.9

tonnes)
-- Goat Milk (million - - - - - -
litres)
---- Full Fat Shelf 563.8 616.4 674.9 708.7 733.5 762.8
Stable Milk (million
litres)

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---- Semi Skimmed Shelf 12.6 13.5 14.5 15.5 16.3 17.3
Stable Milk (million
litres)
---- Fat-free Shelf - - - - - -
Stable Milk (million
litres)
--- Shelf Stable Milk 576.4 629.9 689.4 724.1 749.8 780.1
(million litres)
---- Full Fat Fresh 34.1 36.9 41.3 45.4 48.0 50.8
Milk (million litres)
---- Semi Skimmed Fresh - - - - - -
Milk (million litres)
---- Fat-free Fresh - - - - - -
Milk (million litres)
--- Fresh Milk (million 34.1 36.9 41.3 45.4 48.0 50.8
litres)
-- Cow's Milk (million 610.5 666.8 730.7 769.5 797.8 830.9
litres)
- Milk (million litres) 610.5 666.8 730.7 769.5 797.8 830.9
-- Flavoured Milk 61.5 69.7 75.0 87.0 93.1 100.5
Drinks with Fruit Juice
(million litres)
-- Dairy Only Flavoured 282.6 310.1 347.3 382.1 405.0 432.1
Milk Drinks (million
litres)
- Flavoured Milk Drinks 344.1 379.8 422.4 469.1 498.1 532.6
(million litres)
Drinking Milk Products - - - - - -
(Not calculable)
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 2 Sales of Drinking Milk Products by Category: Value 2017-2022

VND billion
2017 2018 2019 2020 2021 2022

- Powder Milk 1,935.7 1,877.7 1,812.0 1,732.5 1,715.1 1,792.2

-- Goat Milk - - - - - -
---- Full Fat Shelf 24,491.2 27,237.5 30,370.0 32,344.0 33,960.9 36,505.3
Stable Milk
---- Semi Skimmed Shelf 552.9 613.7 684.3 745.8 798.0 877.8
Stable Milk
---- Fat-free Shelf - - - - - -
Stable Milk
--- Shelf Stable Milk 25,044.1 27,851.2 31,054.2 33,089.9 34,758.9 37,383.1
---- Full Fat Fresh Milk 1,254.0 1,401.7 1,611.0 1,803.1 1,942.3 2,130.4
---- Semi Skimmed Fresh - - - - - -
Milk
---- Fat-free Fresh Milk - - - - - -
--- Fresh Milk 1,254.0 1,401.7 1,611.0 1,803.1 1,942.3 2,130.4
-- Cow's Milk 26,298.1 29,252.9 32,665.3 34,893.0 36,701.3 39,513.5
- Milk 26,298.1 29,252.9 32,665.3 34,893.0 36,701.3 39,513.5
-- Flavoured Milk 2,200.1 2,492.5 2,684.5 3,112.3 3,361.2 3,764.3
Drinks with Fruit Juice
-- Dairy Only Flavoured 9,997.9 11,162.3 12,873.1 14,417.9 15,427.0 17,045.6
Milk Drinks
- Flavoured Milk Drinks 12,197.9 13,654.8 15,557.6 17,530.2 18,788.2 20,809.9
Drinking Milk Products 40,431.7 44,785.3 50,034.8 54,155.6 57,204.6 62,115.6

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Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 3 Sales of Drinking Milk Products by Category: % Volume Growth 2017-2022

% volume growth
2021/22 2017-22 CAGR 2017/22 Total

- Powder Milk 1.0 -3.2 -15.1

-- Goat Milk - - -
---- Full Fat Shelf Stable Milk 4.0 6.2 35.3
---- Semi Skimmed Shelf Stable Milk 6.0 6.5 37.2
---- Fat-free Shelf Stable Milk - - -
--- Shelf Stable Milk 4.0 6.2 35.3
---- Full Fat Fresh Milk 5.9 8.3 49.0
---- Semi Skimmed Fresh Milk - - -
---- Fat-free Fresh Milk - - -
--- Fresh Milk 5.9 8.3 49.0
-- Cow's Milk 4.2 6.4 36.1
- Milk 4.2 6.4 36.1
-- Flavoured Milk Drinks with Fruit 8.0 10.3 63.5
Juice
-- Dairy Only Flavoured Milk Drinks 6.7 8.9 52.9
- Flavoured Milk Drinks 6.9 9.1 54.8
Drinking Milk Products - - -
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 4 Sales of Drinking Milk Products by Category: % Value Growth 2017-2022

% current value growth

2021/22 2017-22 CAGR 2017/22 Total

- Powder Milk 4.5 -1.5 -7.4

-- Goat Milk - - -
---- Full Fat Shelf Stable Milk 7.5 8.3 49.1
---- Semi Skimmed Shelf Stable Milk 10.0 9.7 58.8
---- Fat-free Shelf Stable Milk - - -
--- Shelf Stable Milk 7.5 8.3 49.3
---- Full Fat Fresh Milk 9.7 11.2 69.9
---- Semi Skimmed Fresh Milk - - -
---- Fat-free Fresh Milk - - -
--- Fresh Milk 9.7 11.2 69.9
-- Cow's Milk 7.7 8.5 50.3
- Milk 7.7 8.5 50.3
-- Flavoured Milk Drinks with Fruit 12.0 11.3 71.1
Juice
-- Dairy Only Flavoured Milk Drinks 10.5 11.3 70.5
- Flavoured Milk Drinks 10.8 11.3 70.6
Drinking Milk Products 8.6 9.0 53.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 5 NBO Company Shares of Drinking Milk Products: % Value 2018-2022

% retail value rsp

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Company 2018 2019 2020 2021 2022

Vietnam Dairy Products 45.3 48.0 48.3 47.9 47.1

JSC (Vinamilk)
TH Food Chain JSC 12.2 13.9 14.3 14.8 14.9
FrieslandCampina 17.6 13.6 11.4 10.4 9.9
Vietnam Co Ltd
Nestlé Vietnam Co Ltd 7.7 7.9 8.2 8.3 8.5
Coca-Cola Beverages 4.0 3.8 4.1 4.2 4.4
Vietnam Co Ltd
International Dairy 2.6 2.5 3.2 3.7 4.3
Products JSC (IDP)
Lothamilk JSC 0.8 1.0 1.1 1.1 1.2
Nutifood Nutrition Food 1.1 1.1 1.1 1.1 1.1
JSC
Interfood Shareholding Co 0.7 0.7 0.7 0.7 0.7
Fonterra Brands 1.2 0.9 0.8 0.6 0.6
(Vietnam) Co Ltd
Mead Johnson Nutrition 0.8 0.7 0.6 0.5 0.5
(Vietnam) Co Ltd
Abbott Vietnam Co Ltd 0.6 0.6 0.5 0.5 0.5
Murray Goulburn Co- 0.4 0.4 0.4 0.4 0.4
operative Co Ltd
Suntory PepsiCo Vietnam 0.3 0.3 0.4 0.4 0.4
Beverage Co Ltd
Hanoi Milk JSC 0.4 0.3 0.3 0.4 0.4
Namyang Dairy Products 0.1 0.1 0.1 0.1 0.1
Co Ltd
Moc Chau Dairy 0.5 - - - -
Cooperative
Casmilk JSC - - - - -
Others 3.8 4.2 4.4 4.9 5.1
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 6 LBN Brand Shares of Drinking Milk Products: % Value 2019-2022

% retail value rsp

Brand (GBO) Company (NBO) 2019 2020 2021 2022

Vinamilk Vietnam Dairy Products 40.8 41.1 40.7 40.1

JSC (Vinamilk)
TH True Milk TH Food Chain JSC 12.3 12.9 13.3 13.4
Milo (Nestlé SA) Nestlé Vietnam Co Ltd 7.9 8.2 8.3 8.5
Dutch Lady (Royal FrieslandCampina 11.4 9.2 8.3 7.8
FrieslandCampina NV) Vietnam Co Ltd
Nutriboost (Coca- Coca-Cola Beverages 3.8 4.1 4.2 4.4
Cola Co, The) Vietnam Co Ltd
KUN International Dairy 2.4 3.1 3.7 4.3
Products JSC (IDP)
Lothamilk Lothamilk JSC 1.0 1.1 1.1 1.2
Ovaltine FrieslandCampina 1.2 1.2 1.1 1.1
(Associated British Vietnam Co Ltd
Foods Plc)
Dalat Milk TH Food Chain JSC 1.0 1.0 1.0 1.0
Nuvita Nutifood Nutrition Food 1.0 1.0 1.0 1.0
JSC
Fristi (Royal FrieslandCampina 0.8 0.8 0.8 0.8

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FrieslandCampina NV) Vietnam Co Ltd

Latte (Bega Cheese Interfood Shareholding Co - - 0.7 0.7
Ltd)
Anlene (Fonterra Fonterra Brands 0.8 0.7 0.5 0.5
Cooperative Group (Vietnam) Co Ltd
Ltd)
Enfamama (Reckitt Mead Johnson Nutrition 0.7 0.6 0.5 0.5
Benckiser Group Plc (Vietnam) Co Ltd
(RB))
TH True Nut TH Food Chain JSC 0.6 0.4 0.5 0.5
Similac (Abbott Abbott Vietnam Co Ltd 0.6 0.5 0.5 0.5
Laboratories Inc)
Dielac Vietnam Dairy Products 0.6 0.5 0.5 0.5
JSC (Vinamilk)
Devondale (Saputo Murray Goulburn Co- 0.4 0.4 0.4 0.4
Inc) operative Co Ltd
Moc Chau Vietnam Dairy Products 0.4 0.4 0.4 0.4
JSC (Vinamilk)
Tropicana (PepsiCo Suntory PepsiCo Vietnam 0.3 0.4 0.4 0.4
Inc) Beverage Co Ltd
Izzi Hanoi Milk JSC 0.3 0.3 0.4 0.4
Frisomum (Royal FrieslandCampina 0.2 0.2 0.2 0.2
FrieslandCampina NV) Vietnam Co Ltd
XO Namyang Dairy Products 0.1 0.1 0.1 0.1
Co Ltd
Anmum (Fonterra Fonterra Brands 0.1 0.1 0.1 0.1
Cooperative Group (Vietnam) Co Ltd
Ltd)
Nuti Nutifood Nutrition Food 0.1 0.1 0.1 0.1
JSC
Latte (Kirin Interfood Shareholding Co 0.7 0.7 - -
Holdings Co Ltd)
Casmilk Casmilk JSC - - - -
Enfamama (Mead Mead Johnson Nutrition - - - -
Johnson Nutrition Co) (Vietnam) Co Ltd
Moc Chau Moc Chau Dairy Cooperative - - - -
Devondale Murray Goulburn Co- - - - -
operative Co Ltd
Others Others 10.5 10.8 11.2 11.2
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 7 Distribution of Drinking Milk Products by Format: % Value 2017-2022

% retail value rsp

2017 2018 2019 2020 2021 2022

Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 100.0 100.0 100.0 100.0 99.9 99.9
-- Grocery Retailers 100.0 100.0 100.0 100.0 99.9 99.9
--- Convenience Retail 3.3 3.4 3.8 3.9 4.2 4.5
---- Convenience Stores 3.3 3.4 3.8 3.9 4.2 4.5
---- Forecourt Retailers - - - - - -
--- Supermarkets 3.8 3.9 5.0 5.5 5.8 6.0
--- Hypermarkets 3.8 4.0 4.2 4.2 4.4 4.5
--- Discounters - - - - - -
--- Warehouse Clubs - - - - - -
--- Food/drink/tobacco 9.6 9.4 9.1 8.6 7.9 7.6

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specialists
--- Small Local Grocers 79.5 79.3 77.9 77.7 77.7 77.4
-- Non-Grocery Retailers - - - - - -
--- General Merchandise - - - - - -
Stores
--- Apparel and - - - - - -
Footwear Specialists
--- Appliances and - - - - - -
Electronics Specialists
--- Home Products - - - - - -
Specialists
--- Health and Beauty - - - - - -
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
--- Other Non-Grocery - - - - - -
Retailers
-- Vending - - - - - -
-- Direct Selling - - - - - -
- Retail E-Commerce 0.0 0.0 0.0 0.0 0.1 0.1
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 8 Forecast Sales of Drinking Milk Products Products by Category: Volume 2022-
2027

2022 2023 2024 2025 2026 2027

- Powder Milk ('000 3.9 4.0 4.0 4.1 4.2 4.3

tonnes)
-- Goat Milk (million - - - - - -
litres)
---- Full Fat Shelf 762.8 795.6 832.2 873.0 918.4 968.9
Stable Milk (million
litres)
---- Semi Skimmed Shelf 17.3 18.4 19.7 21.1 22.7 24.5
Stable Milk (million
litres)
---- Fat-free Shelf - - - - - -
Stable Milk (million
litres)
--- Shelf Stable Milk 780.1 814.0 851.9 894.0 941.0 993.4
(million litres)
---- Full Fat Fresh 50.8 54.1 57.9 62.2 67.2 72.9
Milk (million litres)
---- Semi Skimmed Fresh - - - - - -
Milk (million litres)
---- Fat-free Fresh - - - - - -
Milk (million litres)
--- Fresh Milk (million 50.8 54.1 57.9 62.2 67.2 72.9
litres)
-- Cow's Milk (million 830.9 868.1 909.7 956.3 1,008.3 1,066.3
litres)
- Milk (million litres) 830.9 868.1 909.7 956.3 1,008.3 1,066.3
-- Flavoured Milk 100.5 108.9 118.2 128.8 140.6 154.0
Drinks with Fruit Juice
(million litres)

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-- Dairy Only Flavoured 432.1 463.2 498.0 536.8 585.7 640.7

Milk Drinks (million
litres)
- Flavoured Milk Drinks 532.6 572.1 616.2 665.6 726.3 794.7
(million litres)
Drinking Milk Products - - - - - -
(Not calculable)
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 9 Forecast Sales of Drinking Milk Products Products by Category: Value 2022-
2027

VND billion
2022 2023 2024 2025 2026 2027

- Powder Milk 1,792.2 1,822.7 1,859.1 1,901.9 1,951.3 2,007.9

-- Goat Milk - - - - - -
---- Full Fat Shelf 36,505.3 38,148.0 40,055.4 42,258.5 44,794.0 47,705.6
Stable Milk
---- Semi Skimmed Shelf 877.8 937.5 1,005.0 1,081.3 1,167.9 1,266.0
Stable Milk
---- Fat-free Shelf - - - - - -
Stable Milk
--- Shelf Stable Milk 37,383.1 39,085.5 41,060.4 43,339.8 45,961.9 48,971.6
---- Full Fat Fresh Milk 2,130.4 2,279.5 2,450.5 2,646.5 2,871.5 3,129.9
---- Semi Skimmed Fresh - - - - - -
Milk
---- Fat-free Fresh Milk - - - - - -
--- Fresh Milk 2,130.4 2,279.5 2,450.5 2,646.5 2,871.5 3,129.9
-- Cow's Milk 39,513.5 41,365.0 43,510.9 45,986.4 48,833.3 52,101.5
- Milk 39,513.5 41,365.0 43,510.9 45,986.4 48,833.3 52,101.5
-- Flavoured Milk 3,764.3 4,095.6 4,464.2 4,874.9 5,333.1 5,845.1
Drinks with Fruit Juice
-- Dairy Only Flavoured 17,045.6 18,324.0 19,789.9 21,472.1 23,404.6 25,628.0
Milk Drinks
- Flavoured Milk Drinks 20,809.9 22,419.6 24,254.1 26,346.9 28,737.7 31,473.1
Drinking Milk Products 62,115.6 65,607.3 69,624.1 74,235.2 79,522.3 85,582.5
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 10 Forecast Sales of Drinking Milk Products Products by Category: % Volume

Growth 2022-2027

% volume growth
2022/23 2022-27 CAGR 2022/27 Total

- Powder Milk 1.2 1.7 9.0

-- Goat Milk - - -
---- Full Fat Shelf Stable Milk 4.3 4.9 27.0
---- Semi Skimmed Shelf Stable Milk 6.4 7.2 41.6
---- Fat-free Shelf Stable Milk - - -
--- Shelf Stable Milk 4.3 5.0 27.3
---- Full Fat Fresh Milk 6.5 7.5 43.5
---- Semi Skimmed Fresh Milk - - -
---- Fat-free Fresh Milk - - -
--- Fresh Milk 6.5 7.5 43.5

© Euromonitor International
DRINKING MILK PRODUCTS IN VIETNAM Passport 10

-- Cow's Milk 4.5 5.1 28.3

- Milk 4.5 5.1 28.3
-- Flavoured Milk Drinks with Fruit 8.3 8.9 53.2
Juice
-- Dairy Only Flavoured Milk Drinks 7.2 8.2 48.3
- Flavoured Milk Drinks 7.4 8.3 49.2
Drinking Milk Products - - -
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 11 Forecast Sales of Drinking Milk Products Products by Category: % Value

Growth 2022-2027

% constant value growth

2022/2023 2022-27 CAGR 2022/27 Total

- Powder Milk 1.7 2.3 12.0

-- Goat Milk - - -
---- Full Fat Shelf Stable Milk 4.5 5.5 30.7
---- Semi Skimmed Shelf Stable Milk 6.8 7.6 44.2
---- Fat-free Shelf Stable Milk - - -
--- Shelf Stable Milk 4.6 5.5 31.0
---- Full Fat Fresh Milk 7.0 8.0 46.9
---- Semi Skimmed Fresh Milk - - -
---- Fat-free Fresh Milk - - -
--- Fresh Milk 7.0 8.0 46.9
-- Cow's Milk 4.7 5.7 31.9
- Milk 4.7 5.7 31.9
-- Flavoured Milk Drinks with Fruit 8.8 9.2 55.3
Juice
-- Dairy Only Flavoured Milk Drinks 7.5 8.5 50.3
- Flavoured Milk Drinks 7.7 8.6 51.2
Drinking Milk Products 5.6 6.6 37.8
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

© Euromonitor International