Vietnam sugar industry is an industry that subsumes production, processing and marketing of sugars. Sugar refers to a sweet translucent substance which is prepared from sugar beet and sugar cane. It is used as a preservative and prevents the growth of microorganisms. It is also used for preventing formation of huge ice crystals in frozen products like ice cream. It is used for soft drinks, convenience foods, fast food, sweetened beverages, baked products, candy, confectionery, and other sweetened foods. As compared to its alternatives, sugar is more economical & easily available. It is consumed through all socioeconomic age groups and is easily available across the globe in a variety of retails formats including departmental stores, convenience stores, supermarkets/hypermarkets, etc.
According to study, “Vietnam Sugar Comprehensive Report Q2/2019” the key companies operating in the Vietnam sugar industry are Thanh Thanh Cong Bien Hoa JSC, Vietnam Sugar JSC, Quang Ngai Sugar JSC, Can Tho sugar and sugarcane JSC, Lam Son Sugar and Sugarcane JSC, Son Duong sugar and sugarcane JSC, Nghe An Sugar Co.,ltd., Sugar Corporation II-Joint Stock Company, Son La sugar and sugar cane JSC, La Nga Sugar and Sugarcane JSC.
Based on type, Vietnam sugar industry is segmented into brown sugar, white sugar and liquid sugar. Based on form type, market is segmented into powdered sugar, granulated sugar and syrup sugar. Based on source, market is segmented into sugar beet and sugarcane. Based on application, market is segmented into processed food, dairy, confectionary & bakery, beverages and others. In addition, based on end-use sector, market is segmented into pharma & personal care, food & beverages and household. In the pharmaceutical sector, it is used in the preparation of cough syrups and antibiotics. In the skincare or personal care sector, it is used in the manufacturing of scrubs due to its exfoliating properties.
The Vietnam sugar industry is driven by growth in sugar crop production, followed by increase in consumption of products containing sugar, rise in plantation of sugarcane, growth in retail markets, increase in disposable income of consumers in developing economies and rapid urbanization of low-income economies. However, rise in awareness of health concerns caused by consuming sugar, availability of substitute sweeteners and fluctuation in the price & supply of sugar may impact the market. Moreover, rise in demand for the product in the manufacturing of marmalade, chocolates, sweets, and chewing gum is a key opportunity for market. Furthermore, rise in shift of trend towards gifting confectionery items is a major trend for market.
Globally, the Vietnam country stands tenth (10th) position in sugar growing area and volume. The production of sugar volume fluctuated moderately closely to the fluctuation of the sugar cane production. Vietnam sugar industry is likely to grow at the highest rate owing to the nutritional transition compounded by lifestyle changes during the forecast period. In upcoming years, it is anticipated that future of the Vietnam sugar industry will be optimistic as a result of rise in demand for organic and premium candies during the forecast period.
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Ankur Gupta, Head Marketing & Communications