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Cheese In Vietnam Essay

3276 words - 14 pages

CHEESE IN VIETNAM
Euromonitor International
October 2015

CHEESE IN VIETNAM

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LIST OF CONTENTS AND TABLES
Headlines ..................................................................................................................................... 1
Trends .......................................................................................................................................... 1
Competitive Landscape ................................................................................................................ 1
Prospects ..................................................................................................................................... 2 ...view middle of the document...

....................... 6
Forecast Sales of Cheese by Category: Value 2015-2020........................... 6
Forecast Sales of Cheese by Category: % Volume Growth 2015-2020 ....... 7
Forecast Sales of Cheese by Category: % Value Growth 2015-2020 .......... 7

© Euromonitor International

I

CHEESE IN VIETNAM

CHEESE IN VIETNAM
HEADLINES
 Cheese registers value growth of 16%, to reach VND1,444 billion in 2015
 Exposure to Western culture boosts demand for cheese
 Spreadable processed cheese witnesses the highest value growth of 16% in 2015
 The average unit price of cheese continues to rise in 2015
 Bel Vietnam Ltd continues to lead cheese with a value share of 78% in 2015
 Cheese is set to register a value CAGR of 7% over the forecast period, to reach sales of
VND1,997 billion in 2020

TRENDS
 Towards the end of the review period, exposure to Western culture had a positive impact on
demand for cheese, as Vietnamese consumers tended to cook more Western dishes for their
family. In addition, consumers also purchased more cheese for their children, considering it to
be an important source of protein that can support healthy growth.
 In 2015, cheese witnessed value growth of 16%, which was slower than the growth seen in
2014. The weak economy had a negative impact on the performance of cheese in 2015, as
consumers demonstrated an increased tendency to towards greater frugality due to financial
difficulties. Moreover, the cheese category has become more mature and thus could not
sustain the high growth seen in most other years of the review period.
 Spreadable processed cheese registered the fastest value growth, with a rise of 16% in 2015.
The key consumers of spreadable processed cheese are children and youngsters. They tend
to eat these products alone or with bread. The strong performance of spreadable processed
cheese was also attributable to active marketing and promotional activities, as well as the
nationwide distribution networks of the key operators.
 The average unit price of cheese continued to rise in 2015 due to rising input costs, notably
for labour, fuel, and electricity. In addition, the depreciation of the Vietnamese dong also
contributed to the increase in unit price, since many cheese brands were imported into
Vietnam.
 In Vietnam, packaged cheese is much more popular than unpackaged cheese. Cheese
consumption in Vietnam remained relatively low and cheese-based cuisine is often cooked on
special occasions. Most cheese products are packaged and imported from foreign countries.
 With regard to spreadable processed cheese, reconstituted cheese accounted for 96% of total
value sales in 2015, while cream cheese accounted for 4%. Within unprocessed cheese, Brie
was the most popular, accounting for 20% of total value sales. Camembert held a 17% value
share, followed by Parmesan with 14%. Other variants were Edam and Gouda which
accounted for 3% and 4% respectively.

COMPETITIVE LANDSCAPE
 Bel Vietnam Ltd dominated cheese in...

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