Vietnam Dairy Standard Report Q2/2019
VIETNAM DAIRY INDUSTRY
Dairy is an important and essential food but due to the high cost of goods manufactured compared to Vietnamese average income, the spending on it is still limited. The spending on milk accounts for over 10% of the total food expenditure in Vietnam.
Revenue of diary enterprises grew continuously at a CAGR of 12.7%/year during the period of 2010 - 2018. The dairy revenue growth is mainly due to 2 segments: milk powder and liquid milk, accounting for 75% of the total market value.
Vietnam liquid milk market grew at a CAGR of 20.9% in the period of 2010 - 2018. Up to the end of March 2019, Vietnam liquid milk consumption revenue increased by 9.8% compared to the same period of 2018.
The powder milk consumption revenue grew at a CAGR of 19.4%. The milk powder consumption revenue in the first 3 months of 2019 rose by 8.5% compared to the same period of 2018.
The condensed milk consumption revenue in Q1/2019 increased by 4.3% in comparison with the same period of 2018. VIRAC forecasts that although the condensed milk market grows slowly, it will maintain a stable growth rate of around 5%/year over the next 5 years.
The dairy market has been contributing positively to the national economy with a high growth rate, the next year is always higher than the previous with an average rate of 15 - 17%/year. Vietnam dairy processing industry is planned to develop until 2020 with a view to 2015 with many innovative mechanisms and policies in order to help enterprises in the industry develop and promote competition when integrating.
Dairy is an important and essential food but due to the high cost of goods manufactured compared to Vietnamese average income, the spending on it is still limited. The spending on milk accounts for over 10% of the total food expenditure in Vietnam.
Revenue of diary enterprises grew continuously at a CAGR of 12.7%/year during the period of 2010 - 2018. The dairy revenue growth is mainly due to 2 segments: milk powder and liquid milk, accounting for 75% of the total market value.
Vietnam liquid milk market grew at a CAGR of 20.9% in the period of 2010 - 2018. Up to the end of March 2019, Vietnam liquid milk consumption revenue increased by 9.8% compared to the same period of 2018.
The powder milk consumption revenue grew at a CAGR of 19.4%. The milk powder consumption revenue in the first 3 months of 2019 rose by 8.5% compared to the same period of 2018.
The condensed milk consumption revenue in Q1/2019 increased by 4.3% in comparison with the same period of 2018. VIRAC forecasts that although the condensed milk market grows slowly, it will maintain a stable growth rate of around 5%/year over the next 5 years.
The dairy market has been contributing positively to the national economy with a high growth rate, the next year is always higher than the previous with an average rate of 15 - 17%/year. Vietnam dairy processing industry is planned to develop until 2020 with a view to 2015 with many innovative mechanisms and policies in order to help enterprises in the industry develop and promote competition when integrating.
ABBREVIATIONS
EXECUTIVE SUMMARY
I. Business environment
1. MACROECONOMIC SITUATION
2. LEGAL FRAMEWORK
II. Global market
1. DAIRY GOODS
III. Vietnam’s market
1. HISTORY OF ESTABLISHMENT AND DEVELOPMENT
2. PRODUCTION PROCESS
3. PRODUCTION
4. CONSUMPTION
5. IMPORT EXPORT
6. PRICE
IV. Industrial development plan
V. Drivers of the dairy industry
VI. Enterprise Analysis
1. ENTERPRISE INTRODUCTION
2. FINANCIAL ANALYSIS
EXECUTIVE SUMMARY
I. Business environment
1. MACROECONOMIC SITUATION
2. LEGAL FRAMEWORK
II. Global market
1. DAIRY GOODS
III. Vietnam’s market
1. HISTORY OF ESTABLISHMENT AND DEVELOPMENT
2. PRODUCTION PROCESS
3. PRODUCTION
4. CONSUMPTION
5. IMPORT EXPORT
6. PRICE
IV. Industrial development plan
V. Drivers of the dairy industry
VI. Enterprise Analysis
1. ENTERPRISE INTRODUCTION
2. FINANCIAL ANALYSIS
LIST OF TABLES
Table 1: World's top 5 biggest butter importing countries, 2017-2018
Table 2: Some brands of powdered milk in Vietnam
Table 3: Description of goods under the HS code
Table 4: Retail price of some powdered milk products for kids under six years old in 3/2019
Table 5: Development planning for dairy products to 2020, vision to 2025
Table 6: Indicators for performance efficiency, 2018
Table 1: World's top 5 biggest butter importing countries, 2017-2018
Table 2: Some brands of powdered milk in Vietnam
Table 3: Description of goods under the HS code
Table 4: Retail price of some powdered milk products for kids under six years old in 3/2019
Table 5: Development planning for dairy products to 2020, vision to 2025
Table 6: Indicators for performance efficiency, 2018
LIST OF FIGURES
Figure 1: GDP and dairy consumption per capita
Figure 2: Expenditure structure of Vietnamese people, 2018
Figure 3: Market share of Beverage (excluding Beer) by shopping channels of age groups, 2018
Figure 4: Rate of urbanization in Vietnam, 2010 - 2018
Figure 5: Growth in urban and rural dairy consumption by quarter, 2015–2018
Figure 6: Total population and population structure in working age period 2010-2018
Figure 7: VND/USD exchange rate, 1/2013 – 3/2019
Figure 8: Monthly CPI Fluctuation 1/2015 - 3/2019
Figure 9: Consumer confidence index by quarter, Q1/2014 – Q4/2018
Figure 10: Retail sales of goods, 2010 - Q1/2019
Figure 11: Liquid milk production and consumption, 2012 – 2019f
Figure 12: Fresh milk consumption per capita, 2008-2023f
Figure 13: Milk consumption per capita growth 2006 - 2025
Figure 14: Liquid milk trade, 2008-2023f
Figure 15: Exports structure by country, 2018
Figure 16: Global cheese production and consumption, 2011 – 2019f
Figure 17: Cheese production structure, 2018e
Figure 18: Cheese consumption structure, 2018e
Figure 19: Export structure of cheese, 2018e
Figure 20: Import structure of cheese, 2018e
Figure 21: Cheese Global Trade 2011 – 2019f
Figure 22: Skimmed milk powder production and consumption, 2011 – 2019f
Figure 23: Structure of skimmed milk powder production and consumption, 2018e
Figure 24: Skimmed Milk Powder Global Trade, 2011 – 2019f
Figure 25: Export structure, 2018e
Figure 26: Import structure, 2018e
Figure 27: Global WMP production and consumption, 2015 – 2019f
Figure 28: Production structure of WMP, 2018e
Figure 29: Consumption structure of WMP, 2018e
Figure 30: Whole Milk Powder Global Trade, 2015 – 2020f
Figure 31: Export and import structure of WMP, 2018e
Figure 32: Global butter production and consumption, 2011 – 2019f
Figure 33: Consumption structure of butter, 2018e
Figure 34: Butter Global Trade 2011 – 2019f
Figure 35: Export structure of butter, 2018
Figure 36: Global yogurt production value, 2000 -2019f
Figure 37: Market share of global yogurt by company name, 2018e
Figure 38: Export structure of global yogurt by value, 2017e
Figure 39: Global yogurt export, 2012 – 2017 e
Figure 40: Consumption of milk and dairy products per capita, 2013 – 2020f
Figure 41: Consumption of dairy products per capita, 2018
Figure 42: Price movement of milk and dairy products, 7/2010 – 3/2019
Figure 43: Number of enterprises and workers in the dairy industry, 2010 - 2017
Figure 44: Fixed asset value of dairy sector over the years, 2010 - 2017
Figure 45: Production volume of liquid milk, 2010 – 3M/2019
Figure 46: Production volume of milk powder, 2010 –3M/2019
Figure 47: Production of liquid milk and powdered milk by month, 2010 – 3M/2019
Figure 48: Dairy industry's sales, 2010 – 2018
Figure 49: Dairy consumption per capita, 2008 – 2017f
Figure 50: Sales of liquid milk, 2010 –3M/2019
Figure 51: Market share of liquid milk, 2018
Figure 52: Sales of powdered milk, 2010 - 3M/2019
Figure 53: Market share of powdered milk by brand, 2018e
Figure 54: Sales of yogurt, 2010 – 3M/2019
Figure 55: Market share of yogurt by brand, 2017e
Figure 56: Sales of condensed milk, 2010 –3M/2019
Figure 57: Market share of condensed milk, 2017e
Figure 58: Import of milk and dairy products, 2010 – 3M/2019
Figure 59: Import structure of milk and dairy products by HS code, 2018e
Figure 60: Import market for milk and dairy products, 2018e
Figure 61: Export of milk and dairy products, 2010 – 2018e
Figure 62: Total population and birth rate over the years, 2010-2018
Figure 63: Number of people above 60 years old, 2017 - 2030f
Figure 64: Elder rate having healthy problems, 2017
Figure 65: Forecast of milk consumption in Vietnam, 2008 - 2020f
Figure 66: Net revenue, 2017 - 2018
Figure 67: Gross profit, 2017 - 2018
Figure 68: Selling expense/Net revenue, 2017 - 2018
Figure 69: Vinamilk's sales and advertising expenses, 2010 - 2018
Figure 70: Selling expense structure of Vinamilk, 2018
Figure 71: Administrative expenses, 2017 - 2018
Figure 72: Debt, 2017 - 2018
Figure 73: Short-term Assets/Long-term Assets, 2017 - 2018
Figure 74: Liquidity, 2017 - 2018
Figure 75: Profit Ratio, 2018
Figure 1: GDP and dairy consumption per capita
Figure 2: Expenditure structure of Vietnamese people, 2018
Figure 3: Market share of Beverage (excluding Beer) by shopping channels of age groups, 2018
Figure 4: Rate of urbanization in Vietnam, 2010 - 2018
Figure 5: Growth in urban and rural dairy consumption by quarter, 2015–2018
Figure 6: Total population and population structure in working age period 2010-2018
Figure 7: VND/USD exchange rate, 1/2013 – 3/2019
Figure 8: Monthly CPI Fluctuation 1/2015 - 3/2019
Figure 9: Consumer confidence index by quarter, Q1/2014 – Q4/2018
Figure 10: Retail sales of goods, 2010 - Q1/2019
Figure 11: Liquid milk production and consumption, 2012 – 2019f
Figure 12: Fresh milk consumption per capita, 2008-2023f
Figure 13: Milk consumption per capita growth 2006 - 2025
Figure 14: Liquid milk trade, 2008-2023f
Figure 15: Exports structure by country, 2018
Figure 16: Global cheese production and consumption, 2011 – 2019f
Figure 17: Cheese production structure, 2018e
Figure 18: Cheese consumption structure, 2018e
Figure 19: Export structure of cheese, 2018e
Figure 20: Import structure of cheese, 2018e
Figure 21: Cheese Global Trade 2011 – 2019f
Figure 22: Skimmed milk powder production and consumption, 2011 – 2019f
Figure 23: Structure of skimmed milk powder production and consumption, 2018e
Figure 24: Skimmed Milk Powder Global Trade, 2011 – 2019f
Figure 25: Export structure, 2018e
Figure 26: Import structure, 2018e
Figure 27: Global WMP production and consumption, 2015 – 2019f
Figure 28: Production structure of WMP, 2018e
Figure 29: Consumption structure of WMP, 2018e
Figure 30: Whole Milk Powder Global Trade, 2015 – 2020f
Figure 31: Export and import structure of WMP, 2018e
Figure 32: Global butter production and consumption, 2011 – 2019f
Figure 33: Consumption structure of butter, 2018e
Figure 34: Butter Global Trade 2011 – 2019f
Figure 35: Export structure of butter, 2018
Figure 36: Global yogurt production value, 2000 -2019f
Figure 37: Market share of global yogurt by company name, 2018e
Figure 38: Export structure of global yogurt by value, 2017e
Figure 39: Global yogurt export, 2012 – 2017 e
Figure 40: Consumption of milk and dairy products per capita, 2013 – 2020f
Figure 41: Consumption of dairy products per capita, 2018
Figure 42: Price movement of milk and dairy products, 7/2010 – 3/2019
Figure 43: Number of enterprises and workers in the dairy industry, 2010 - 2017
Figure 44: Fixed asset value of dairy sector over the years, 2010 - 2017
Figure 45: Production volume of liquid milk, 2010 – 3M/2019
Figure 46: Production volume of milk powder, 2010 –3M/2019
Figure 47: Production of liquid milk and powdered milk by month, 2010 – 3M/2019
Figure 48: Dairy industry's sales, 2010 – 2018
Figure 49: Dairy consumption per capita, 2008 – 2017f
Figure 50: Sales of liquid milk, 2010 –3M/2019
Figure 51: Market share of liquid milk, 2018
Figure 52: Sales of powdered milk, 2010 - 3M/2019
Figure 53: Market share of powdered milk by brand, 2018e
Figure 54: Sales of yogurt, 2010 – 3M/2019
Figure 55: Market share of yogurt by brand, 2017e
Figure 56: Sales of condensed milk, 2010 –3M/2019
Figure 57: Market share of condensed milk, 2017e
Figure 58: Import of milk and dairy products, 2010 – 3M/2019
Figure 59: Import structure of milk and dairy products by HS code, 2018e
Figure 60: Import market for milk and dairy products, 2018e
Figure 61: Export of milk and dairy products, 2010 – 2018e
Figure 62: Total population and birth rate over the years, 2010-2018
Figure 63: Number of people above 60 years old, 2017 - 2030f
Figure 64: Elder rate having healthy problems, 2017
Figure 65: Forecast of milk consumption in Vietnam, 2008 - 2020f
Figure 66: Net revenue, 2017 - 2018
Figure 67: Gross profit, 2017 - 2018
Figure 68: Selling expense/Net revenue, 2017 - 2018
Figure 69: Vinamilk's sales and advertising expenses, 2010 - 2018
Figure 70: Selling expense structure of Vinamilk, 2018
Figure 71: Administrative expenses, 2017 - 2018
Figure 72: Debt, 2017 - 2018
Figure 73: Short-term Assets/Long-term Assets, 2017 - 2018
Figure 74: Liquidity, 2017 - 2018
Figure 75: Profit Ratio, 2018
