Boston, MA -- (SBWIRE) -- 07/29/2014 -- In 2013, food preparation appliances grew by 11% in volume terms and 14% in current value terms. According to the Ministry of Planning and Investment, several signs of a recovering economy with better GDP and lower inflation rate 2013 contributed to improve consumers' income. As such, it helped to stimulate the category to record faster volume and value growth. In addition, with the increasing popularity of YouTube and online newspapers over the review period, food recipes can be easily found which makes home cooking much more interesting and abundant. This trend also accounted for the category's positive performance in 2013 as consumers have more money to equip their kitchens with convenient food preparation appliances.
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Philips Electronics Vietnam Co Ltd led with volume share of 30%, followed by Son Thang Co Ltd with 15% and Panasonic Vietnam Co Ltd with 14%. Philips has a longstanding presence in Vietnam, with a reputation for good quality and competitive prices in small appliances, including food preparation appliances. This explained the company's strong performance in the category over the review period.
Over the forecast period, the category is expected to record a volume CAGR of 8% and a constant value CAGR of 1%. In comparison with the review period volume CAGR of 19%, this is predicted to be a decelerating trend. However, regarding the forecast performance of overall consumer appliances' performance, food preparation appliances' is predicted to be more positive. With a rather humble penetration rate of 8% in Vietnamese households owning food preparation appliances in 2013, the category has strong potential to continue growing over the forecast period.
Discover the latest market trends and uncover sources of future market growth for the Food Preparation Appliances industry in Vietnam with research from Euromonitor's team of in-country analysts.
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If you're in the Food Preparation Appliances industry in Vietnam, our research will save you time and money while empowering you to make informed, profitable decisions.
The Food Preparation Appliances in Vietnam market research report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- What is the market size of Food Preparation Appliances in Vietnam?
- What are the major brands in Vietnam?
- Has there been a growth in penetration for food preparation appliances?
- What is the category share for food processors? Is this a growth opportunity market?
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Product coverage: Blenders, Citrus Pressers, Food Processors, Grinders and Choppers, Juice Extractors, Mixers, Other Food Preparation Appliances.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
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