Vietnam: The race for milk market share is heating up

Source: nhipcaudautu.vn Forecasts show that milk consumption demand will remain low in 2024 but will gradually recover towards the end of the year. Photo: nhipcaudautu.vn. According to Euromonitor, Vietnam's milk market is estimated to reach VND 147,218 billion in 2020, an increase of 7.7% compared to 2021 thanks to the rapid growth of the yogurt and drinking milk industries. At the end of 2022, Vinamilk still holds the highest market share in the dairy industry with 44%. Behind Vinamilk is FrieslandCampina with 9.4%, the remaining businesses hold less than 7% market share. New competitors appear Sweetened condensed milk is said to be a very difficult category to "overtake" Vinamilk's throne with big brands that have a solid foothold, such as Ong Tho and Southern Star. However, liquid milk and baby formula are industries that witness extremely fierce competition with hundreds of new products launched each year. Although Vinamilk is leading the powdered milk segment, it faces many ...