Vietnam: Dairy Spread Market 2024

Dairy Spread Market Size in Vietnam

The Vietnamese dairy spread market shrank to $X in 2022, falling by -5.2% against the previous year. Overall, consumption showed a pronounced setback. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Dairy Spread Production in Vietnam

In value terms, dairy spread production reduced to $X in 2022 estimated in export price. Overall, production continues to indicate a noticeable shrinkage. The pace of growth appeared the most rapid in 2018 when the production volume increased by 45%. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

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Dairy Spread Exports

Exports from Vietnam

In 2022, the amount of dairy spreads exported from Vietnam contracted markedly to X tons, waning by -39.3% against the previous year's figure. Overall, exports continue to indicate a abrupt slump. The growth pace was the most rapid in 2021 when exports increased by 365% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, dairy spread exports shrank rapidly to $X in 2022. In general, exports faced a abrupt descent. The growth pace was the most rapid in 2021 with an increase of 439%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Cambodia (X tons) was the main destination for dairy spread exports from Vietnam, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cambodia totaled -16.8%.

In value terms, Cambodia ($X) also remains the key foreign market for dairy spreads exports from Vietnam.

From 2012 to 2022, the average annual rate of growth in terms of value to Cambodia amounted to -11.4%.

Export Prices by Country

The average dairy spread export price stood at $X per ton in 2022, with a decrease of -2.4% against the previous year. Over the period under review, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, dairy spread export price decreased by -4.0% against 2018 indices. The pace of growth appeared the most rapid in 2016 when the average export price increased by 65%. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Cambodia.

From 2012 to 2022, the rate of growth in terms of prices for Cambodia amounted to +6.5% per year.

Dairy Spread Imports

Imports into Vietnam

In 2022, approx. X tons of dairy spreads were imported into Vietnam; surging by 60% on the year before. Overall, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 374% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, dairy spread imports skyrocketed to $X in 2022. Over the period under review, imports recorded a noticeable expansion. The most prominent rate of growth was recorded in 2016 with an increase of 385% against the previous year. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Australia (X tons), New Zealand (X tons) and Malaysia (X tons) were the main suppliers of dairy spread imports to Vietnam, with a combined 88% share of total imports. France and Denmark lagged somewhat behind, together comprising a further 6.4%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Denmark (with a CAGR of +28.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), New Zealand ($X) and Malaysia ($X) were the largest dairy spread suppliers to Vietnam, together accounting for 86% of total imports. France and Denmark lagged somewhat behind, together comprising a further 7.3%.

In terms of the main suppliers, Denmark, with a CAGR of +35.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average dairy spread import price stood at $X per ton in 2022, dropping by -5.3% against the previous year. Over the period under review, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, dairy spread import price increased by +6.0% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 28% against the previous year. The import price peaked at $X per ton in 2021, and then dropped in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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