According to the report analysis, ‘Vietnam Sugar Comprehensive Report Q1/2020’ states that in the Vietnam sugar market there are several corporates which recently performing more significantly for leading the fastest market growth and dominating the effective value of market share across the region throughout the coming duration while developing the productivity, durability and applications of the sugar, spreading the awareness related to the sugar, decreasing the linked price, employing the young workforce, implementing the profitable strategies and studying the competitor’s and government guidelines includes Thanh Thanh Cong Bien Hoa JSC, Quang Ngai Sugar JSC, Vietnam Sugar JSC, Lam Son Sugar and Sugarcane JSC, Can Tho sugar and sugarcane JSC, Nghe An Sugar Co.,ltd, Son Duong sugar and sugarcane JSC, Son La sugar and sugar cane JSC, Sugar Corporation II-Joint Stock Company, La Nga Sugar and Sugarcane JSC and several others.
However, the Vietnam sugar market is split, due to the existence of large regional and domestic players. The corporates are accentuating on mergers, expansions, acquisitions, and partnerships of the corporates, along with new product developments, as strategic approaches to boom their brand existence amongst the customers.
In addition, the 2018/2019 crop year noted sugar production of 179 million tons, down 7.9% associated to the 2017/2018 season. According to USDA forecasts worldwide crop sugar introduction for the year 2019/2020 will drop 6 million tons to 174 million tons. The major reason is owing to the deduction of sugar production and sugarcane location from India. Sugar consumption depends on the foremost aspects such as populace growth rate, accessible income level and income growth rate, sugar price is interrelated with the other products (energy price, sweetener price). Other), cultural appearances and awareness of health issues.
Vietnam’s sugar ingestion in the 2018/2019 season is approximately 1.69 million tons, up 1.8% from the previous crop. Men tend to augment day by day. Vietnam’s import worth of sugar in the first 10 months of 2019 reached USD 1.26 million, down 22% associated to the same duration in 2018. Compared to 2018, the wholesale cost of sugar in 2019 endured low and tended to deduction.
In addition, with the supporting government policies and augmenting crop areas, Vietnam is predicted to observe a peak in its sugar production during the review period. The market is majorly increasing due to the abundance of sugarcane accessibility, coupled with other belongings such as better flavor and caramelization which are greater to beet sugar. Also, inventions in the prevailing conventional sugar such as brown cane sugar which comprises of added molasses to advance the flavor and presence, by the leading worldwide players as well as the small domestic players have propelled the market growth. Therefore, in the coming years, it is predicted that the market of Vietnam sugar will increase around the globe more effectively over the coming duration along the investment of handsome amount by the organized as well as unorganized players.
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Ankur Gupta, Head Marketing & Communications