The Vietnam sugar market size reached around USD 2.35 Billion in 2023. The market is projected to grow at a CAGR of 3.80% between 2024 and 2032 to reach nearly USD 3.29 Billion by 2032.
Base Year
Historical Year
Forecast Year
According to the International Sugar Organisation (ISO), Vietnam's sugar production for the marketing year 2023/24 is estimated to be approximately 1 million tons, reflecting a 20% increase compared to the previous year. For the upcoming marketing year 2024/25, the ISO projects that sugar production in Vietnam may reach around 1.1 million tons.
As per the Vietnam sugar market report, in 2019, Vietnam's food and beverage market was recognised as one of the most appealing markets globally, ranking 10th in Asia according to BMI. In 2020, total food and beverage sales amounted to USD 41.7 million, representing a year-on-year growth of 3.8%. The increasing demand for sugar in Vietnam is closely associated with the growth of the food and beverage sector.
As the nation undergoes rapid urbanisation and the middle class expands, there is a notable rise in the consumption of processed foods, soft drinks, and confectioneries, which in turn drives the demand for sugar. Furthermore, the food sector's transition towards convenience and ready-to-eat products enhances sugar utilisation. The rising popularity of sugary drinks and snacks, particularly among younger consumers, also plays a significant role in the escalating demand for sugar across various food items.
Value in USD Billion
2024-2032
Vietnam Sugar Market Outlook
*this image is indicative*
The Vietnam sugar market growth can be attributed to rising domestic production, the growing food and beverage sector, favourable government policies and regulations, and rising consumer demand for sugar.
Weather phenomena, including droughts and floods, significantly affect sugarcane production levels. Furthermore, government initiatives aimed at supporting farmers, such as subsidies and effective crop management practices, play a crucial role in shaping the domestic sugar supply, which leads to market stability.
One of the notable Vietnam sugar market trends is the expansion of the food and beverage sector. Sectors such as confectionery, soft drinks, and dairy, are significant consumers of sugar. Variations in demand within these sectors, influenced by alterations in product formulations or shifts in consumer preferences, have a direct impact on sugar consumption and market dynamics.
The Vietnamese government has implemented tariffs on sugar imports to safeguard domestic production. Trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA) significantly impact domestic production and sugar prices, influencing Vietnam sugar market dynamics.
As per the Vietnam sugar market analysis, Vietnam's urban development and the expansion of its middle-class population are contributing to a heightened demand for processed and packed foods, which in turn is propelling sugar consumption.
The market is presently experiencing several notable trends shaped by both local and global influences. One of the most significant trends is the growing demand for sugar in the food and beverage sector. As consumers become more aware of their dietary choices, the demand for sweetened products, including soft drinks, snacks, and desserts, continues to rise. This surge in demand is not only fuelled by traditional consumption patterns but also by the introduction of innovative products that incorporate sugar in unique ways, appealing to a diverse range of taste preferences, thereby leading to the Vietnam sugar market expansion.
In addition to the increasing demand for sugar, the emergence of a burgeoning middle class is playing a crucial role in shaping market dynamics. As more individuals attain higher disposable incomes, their purchasing power expands, leading to greater consumption of processed and packaged foods that often contain added sugars. This demographic shift is particularly pronounced in developing regions, where economic growth is translating into lifestyle changes and a greater inclination towards convenience foods.
The EMR’s report titled “Vietnam Sugar Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Breakup by Source
Breakup by Product Type
Breakup by End Use
Breakup by Region
Based on the end use, the market is segmented into food and beverages, pharmaceutical, dairy, bakery and confectionery, and household, among others. The food and beverages segment is projected to grow at a CAGR of 4.9% during the forecast period of 2024-2032. The rising demand for sugar in the food and beverage sector is fuelled by rising consumer preferences for sugary beverages and processed foods.
Market players are focusing on the adoption of sustainable manufacturing methods to gain a competitive edge in the market and to improve Vietnam sugar market outlook.
Quang Ngai Road Joint Stock Company, established in 2003 and based in Quang Ngai, Vietnam, is dedicated to infrastructure development, with a primary emphasis on road construction, repair, and maintenance projects throughout the nation.
Lam Son Sugar Cane Joint Stock Corporation was founded in 2000 and is headquartered in Thanh Hoa, Vietnam. As ...
The KCP Limited, founded in 1941 and headquartered in Hyderabad, India, engages in various sectors, including ...
Nghe An Sugar Cane Company Limited, established in 1999 and headquartered in Nghe An, Vietnam, specialises in ...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other major players in the Vietnam sugar market are Thanh Thanh Cong - Bien Hoa Joint Stock Company, among others.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market attained a value of nearly USD 2.35 Billion.
The market is assessed to grow at a CAGR of 3.80% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 3.29 Billion by 2032.
The major drivers of the market are the rising domestic production of sugar in the region and the growing food and beverage sector.
As per the EMR report, the different product types in the market are brown and white.
The major regions considered in the market are Southeast, Red River Delta, Great Lakes, Mekong River Delta, and South Central Coast, among others.
The major players in the market are Thanh Thanh Cong - Bien Hoa Joint Stock Company, Quang Ngai Road Joint Stock Company, Lam Son Sugar Cane Joint Stock Corporation, The KCP Limited, and Nghe An Sugar Cane Company Limited, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Source |
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| Breakup by Product Type |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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Vietnam
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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