New Food research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 04/14/2014 -- Despite slower than expected economic recovery in 2013, our outlook for Vietnam's economy in 2014 is positive. Recently released macroeconomic data shows a strong rebound in domestic consumption, which is felt across a wide spectrum of consumer industries. The consumer is expected to benefit from rising inflow of remittances and suppressed levels of inflation over the coming quarters. While we have maintained our 2014 GDP growth forecast at 6.0%, we see potential for upside surprises. Food and drink consumption within the country will grow at a thoroughly impressive based, delivering double-digit annual growth through to our forecast period.
Headline Industry Data
- 2014 total food consumption (local currency) growth: +19.2%; compound annual growth rate (CAGR) 2014 to 2018: +15.5%.
- 2014 per capita food consumption (local currency) growth: +18.1%; CAGR to 2018: +14.7%.
- 2014 alcoholic drinks value (local currency) sales growth: +12.0%; CAGR to 2018: +8.7%.
- 2014 soft drinks value (local currency) sales growth: +10.5%; CAGR to 2018: +7.5%.
- 2014 MGR sales (local currency) growth: +13.3%; compound annual growth rate (CAGR) 2014 to 2018: +9.9%.
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Key Industry Trends
McDonald's Opens First Ho Chi Minh Restaurant In February: US fast-food restaurant McDonald's, with its partner Vietnam-based company Good Day Hospitality, has forayed into the Vietnamese food market in a bid to compete with its rivals, such as KFC and Burger King Worldwide. The company launched its first outlet in the Vietnamese city of Ho Chi Minh on February 8 2014.
Sabeco Begins Construction On New Brewery: Vietnam-based brewer Saigon Beer Alcohol And Beverage Corporation (Sabeco) has started construction on a new brewery in Vietnam's Ninh Thuan region. The US $21mn facility will have an estimated annual capacity of 50mn litres of beer. The brewery will cover an area of 20 hectares and is expected to address the rising demand for Sabeco products in the south-central region. The brewery is scheduled to become operational in the next 12 months.
Vinamilk Opens US$110mn Milk Plant And Invests In Cambodia: Vietnam-based dairy group Vietnam Dairy Products Joint Stock Company (Vinamilk) has opened a new dairy plant in Vietnam's Binh Duong province, investing US$110mn. The plant will cover an area of 20 hectares and have an annual capacity of 400mn litres of milk in the first stage. The plant will help the company to achieve its goals of raising its annual revenue to US$3bn by 2017 and becoming one of the 50 largest dairy companies in the world, according to Vinamilk's CEO, Mai Kieu Lien.
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