Vietnam: Cheese Market 2024

Cheese Market Size in Vietnam

The Vietnamese cheese market skyrocketed to $X in 2022, jumping by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption posted resilient growth. Cheese consumption peaked in 2022 and is expected to retain growth in the immediate term.

Cheese Exports

Exports from Vietnam

Cheese exports from Vietnam surged to X tons in 2022, picking up by X% compared with the previous year's figure. In general, exports saw a significant increase. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, cheese exports surged to $X in 2022. Overall, exports posted significant growth. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

China (X tons), Singapore (X tons) and India (X tons) were the main destinations of cheese exports from Vietnam, with a combined X% share of total exports. Thailand, South Korea, Cambodia, Japan, Lao People's Democratic Republic and the Philippines lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of X.6%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Singapore ($X) and Thailand ($X) appeared to be the largest markets for cheese exported from Vietnam worldwide, with a combined X% share of total exports. India, South Korea, Japan, Cambodia, Lao People's Democratic Republic and the Philippines lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, South Korea, with a CAGR of X.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average cheese export price amounted to $X per ton, increasing by X% against the previous year. In general, export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cheese export price increased by X% against 2019 indices. The growth pace was the most rapid in 2013 when the average export price increased by X%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Japan ($X per ton) and the Philippines ($X per ton), while the average price for exports to South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Cheese Imports

Imports into Vietnam

In 2022, after two years of decline, there was significant growth in overseas purchases of cheese, when their volume increased by X% to X tons. Over the period under review, imports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of X%. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, cheese imports soared to $X in 2022. In general, imports enjoyed a prominent increase. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

New Zealand (X tons), Australia (X tons) and Germany (X tons) were the main suppliers of cheese imports to Vietnam, with a combined X% share of total imports. Ireland, France, Argentina, Denmark, Uruguay, Italy, South Korea, Poland, the United States and Egypt lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X), Australia ($X) and Germany ($X) were the largest cheese suppliers to Vietnam, together accounting for X% of total imports. Ireland, France, Argentina, Uruguay, Denmark, Italy, South Korea, Poland, the United States and Egypt lagged somewhat behind, together comprising a further X%.

South Korea, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average cheese import price stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; afterwards, it flattened through to 2022.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Argentina ($X per ton) and Ireland ($X per ton), while the price for New Zealand ($X per ton) and Denmark ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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