Vietnam dairy industry plays a vital role in the socio-economic development of country. The industry provides nutritional food to the vast population of country and also generates massive employment opportunities for people in rural places. Dairy is an establishment, as a building, a room, where milk & cream are kept and butter or cheese are made. Dairy products are a type of food that is produced from the milk of mammals such as cattle, goats, sheep, water buffaloes and camels. Dairy products include food items for instance yogurt, cheese and butter.
According to study, “Vietnam Dairy Industry Comprehensive Report Q4/2019” the key companies operating in the Vietnam dairy industry are Vietnam Dairy Products Joint Stock Company (Vinamilk), 3A Nutrition Company Limited, Nestle Vietnam Company Limited, Moc Chau Dairy Cattle Breeding Joint Stock Company, NutiFood Nutrition Food Joint, International Dairy Products Joint Stock Company (IDP), TH True Milk Joint Stock Company, KIDO Frozen Food Joint Stock Company (KDF), Mead Johnson Nutrition (Vietnam) Company Limited, BEL VIETNAM LTD.
Based on product type, Vietnam dairy industry is segmented into butter, dairy desserts, milk, cheese, lactose, yogurt, and other product types. The other dairy-based products include quark, and sour cream, fromage frais. Among these products, cheese, milk, and lactose are predictable to hold major share in the market owing to increase in demand and rise in usage rates in all levels of population during the forecast period. Based on form, market is segmented into granules, liquid and powder. Based on distribution channel, the market studied is segmented into convenience stores, online retail stores, specialist stores, supermarkets or hypermarkets, and other distribution channels. In addition, based on application, market is segmented into functional food, dietary supplements, nutraceuticals and beverages. Dietary supplements segment holds major share in market due to its high functional & nutritional properties.
The Vietnam dairy industry is driven by rise in consumer awareness level regarding nutritional values of dairy products, followed by growth in young population & rise in number of middle-class people in urban areas, change in consumer dietary patterns, rise in per capita income and growth in technological advancements & innovations for obtaining more milk from dairy animals. However, health risks associated with whey protein and rise in consumer inclination toward vegan products may impact the market. Moreover, growth in support by government & non-government bodies in funding small & medium enterprises (SMEs) or startups to support dairy businesses is a key opportunity for market. Furthermore, increase in incidences of lactose intolerance & allergies and high capital investment in manufacturing dairy ingredients are major challenges for market.
Vietnam dairy industry has been actively contributing to the country’s economy with rapid growth owing to growth in innovative mechanisms and rise in policies to help businesses in the development of industry. In upcoming years, it is anticipated that future of the industry will be optimistic due to increase in number of cattle & rise in milk production, surge in fondness of Western Cuisine and rise in domestic demand during the forecast period.
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Ankur Gupta, Head Marketing & Communications