Asian Speciality Drinks in Vietnam - Tài liệu tham khảo | Đại học Hoa Sen

Asian Speciality Drinks in Vietnam Euromonitor International December 2023
A S I A N S P E C I A L I T Y D R I N K S I N V I E T N A M P a s s p o r t i LIST OF CONTENTS AND TABLES
KEY DATA FINDINGS.................................................................................................................. 1
2023 DEVELOPMENTS ............................................................................................................... 1
Asian speciality drinks witness slower growth in volume .......................................................... 1
Bird’s nest remains the most attractive product in asian speciality drinks ................................. 1
Competition remains limited with little incentive for new players to invest ................................ 2
PROSPECTS AND OPPORTUNITIES......................................................................................... 2
Asian speciality drinks looks set to record stable growth thanks to healthy image ................... 2
Distribution could be key to the growth and development of asian speciality drinks ................. 2
Players expected to focus on product innovation to stimulate demand .................................... 3
CATEGORY DATA ....................................................................................................................... 3 Table 1
Off-trade Sales of Asian Speciality Drinks: Volume 2018-2023 .................... 3 Table 2
Off-trade Sales of Asian Speciality Drinks: Value 2018-2023 ....................... 3 Table 3
Off-trade Sales of Asian Speciality Drinks: % Volume Growth 2018-
2023 ............................................................................................................. 3 Table 4
Off-trade Sales of Asian Speciality Drinks: % Value Growth 2018-
2023 ............................................................................................................. 4 Table 5
NBO Company Shares of Off-trade Asian Speciality Drinks: %
Volume 2019-2023 ....................................................................................... 4 Table 6
LBN Brand Shares of Off-trade Asian Speciality Drinks: % Volume
2020-2023 .................................................................................................... 4 Table 7
NBO Company Shares of Off-trade Asian Speciality Drinks: % Value
2019-2023 .................................................................................................... 4 Table 8
LBN Brand Shares of Off-trade Asian Speciality Drinks: % Value
2020-2023 .................................................................................................... 5 Table 9
Forecast Off-trade Sales of Asian Speciality Drinks: Volume 2023-
2028 ............................................................................................................. 5 Table 10
Forecast Off-trade Sales of Asian Speciality Drinks: Value 2023-2028 ........ 5 Table 11
Forecast Off-trade Sales of Asian Speciality Drinks: % Volume
Growth 2023-2028 ....................................................................................... 5 Table 12
Forecast Off-trade Sales of Asian Speciality Drinks: % Value Growth
2023-2028 .................................................................................................... 5
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A S I A N S P E C I A L I T Y D R I N K S I N V I E T N A M P a s s p o r t 1 ASIAN SPECIALITY DRINKS IN VIETNAM KEY DATA FINDINGS
▪ Off-trade volume sales grow by 3% in 2023 to 25 million litres
▪ Dona New Tower Natural Drink & Food JSC is the leading player in 2023, with an off-trade volume share of 41%
▪ Off-trade volume sales are set to increase at a CAGR of 4% over the forecast period to 31 million litres 2023 DEVELOPMENTS
Asian speciality drinks witness slower growth in volume
Asian speciality drinks has witnessed slower growth in off-trade volume terms in 2023
compared to other years in the review period. This is in part due to the economic pressures
facing many households with elevated inflation and a sharp rise in the cost of living putting
pressure on disposable income. With consumer budgets being squeezed some consumers have
been reducing their consumption of non-essential products, which includes Asian speciality
drinks. In addition, the category is also facing fierce competition from other kinds of soft drinks,
such as carbonates, juice, bottled water and RTD tea, with this pattern being seen in both the
off-trade and on-trade channels. However, the category continues to record steady growth in
line with the increasing focus on health and wellness in Vietnam. Moreover, as the market of
Asian speciality drinks is still small it still has plenty of room for development.
Bird’s nest remains the most attractive product in asian speciality drinks
When it comes to Asian speciality drinks, bird’s nest is still the most popular product.
Traditionally, Vietnamese consumers believe bird’s nest to be a nutritious drink that is
consumed to help maintain and to enhance health. Although these products have faced growing
competition from the rising popularity of dietary supplements such as bird’s nest tonic in mini
jars their prices then to be much higher compared to the options available in Asian speciality
drinks. Furthermore, products from leading brands Nature Bird's Nest and Wonderfarm Bird's
Nest are widely available and convenient. Besides bird’s nest, Vietnamese consumers are also
showing an interest in jelly drinks and sugar care when it comes to options within Asian speciality drinks.
Looking to win over health-conscious consumers players have also started releasing new
flavours of bird's nest Asian speciality drinks in 2022 and 2023. For example, the Green Bird
brand introduced its new Bird’s Nest with Collagen and Bird’s Nest with Cordyceps options in
Asian speciality drinks with it looking to enhance the health positioning of its products.
Furthermore, earlier in the review period VIESKY Co Ltd (Justnet) introduced Justnet Bird’s
Nest drink with vitamin C and kiwi flavour, making it the first product in the category to be
fortified with vitamin C. The brand offers 100% bird’s nest Asian speciality drinks without
preservatives or artificial colours, with these mainly being targeted at young, health-conscious
females who are seeking healthier drinks options.
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A S I A N S P E C I A L I T Y D R I N K S I N V I E T N A M P a s s p o r t 2
Competition remains limited with little incentive for new players to invest
There are only a few significant players in Asian speciality drinks in Vietnam, with Dona New
Tower Natural Drink & Food JSC and Interfood Shareholding Co, together accounting for the
majority of sales in off-trade volume terms. The former’s Nature Bird's Nest brand holds the top
place, followed by Wonderfarm Bird's Nest from, Interfood Shareholding and with the latter’s
Wonderfarm Grass Jelly Drink brand holding a much smaller share. Nature Bird's Nest, in
particular, is held in high regard among consumers as a nutritious drink which supports and enhances health.
Asian speciality drinks saw limited marketing and advertising activity over the review period,
as the few players present focused on investing in building their distribution networks, rather
than promotion, in order to save on expenditure. In particular, it is rare for any of the brands of
Asian speciality drinks to be advertised on television or on the radio, and this is reflected in the
low volume sales seen in the category. Furthermore, in comparison with other soft drinks
categories, such as RTD tea, carbonates or energy drinks, Asian speciality drinks is not a
particularly profitable area for soft drinks companies to invest and this, together with economic
pressures, has likely dissuaded any significant new players from entering the market. PROSPECTS AND OPPORTUNITIES
Asian speciality drinks looks set to record stable growth thanks to healthy image
Over the forecast period, Asian speciality drinks is set to continue recording stable growth
both in off-trade and on-trade volume terms with sales expected to be supported by the
burgeoning health and wellness trend in Vietnam. Besides which, on-the-go consumption and
convenience are another two selling points of Asian speciality drinks over alternative options
such as dietary supplements or bird’s nest soup. Bird’s nest will likely continue to receive the
most attention from both players and consumers when it comes to options in Asian speciality
drinks. However, sugar cane is also expected to gain the attention of consumers as besides
being a refreshing drink, sugar cane also provides various vitamins and antioxidants.
It is also expected that demand for Asian speciality drinks will also be supported by an
improvement in the local economy. As inflation stabilises and economic activity picks up
consumers are likely to be more inclined to spend on non-essentials, including Asian speciality
drinks. Furthermore, sales should also benefit from consumers leading more active lifestyles
and thus needing products they can pick up and drink on the go.
Distribution could be key to the growth and development of asian speciality drinks
Over the forecast period, the rapid development of modern retail channels and retail e-
commerce is expected to help boost the consumption of Asian speciality drinks. Modern
channels such as supermarkets, hypermarkets and convenience stores should help to make
these products more accessible and thus help to fuel demand, with consumers being exposed
to a wider range of Asian speciality drinks products during their shopping trips. On the other
hand, retail e-commerce is able to offer consumers a wider range of products some of which are
not always available in their region. The rise of e-commerce could also help new and smaller
players obtain a foothold in the market, which they might otherwise struggle to achieve through
store-based retailers which have limited shelf space.
An increasing number of consumers are choosing to shop online, thanks to the greater
convenience and wider choice of products and brands. Therefore, during the forecast period,
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A S I A N S P E C I A L I T Y D R I N K S I N V I E T N A M P a s s p o r t 3
the leading players are expected to expand their presence within this channel as they look to
raise awareness and help build sales for their bands. Following the pattern seen in other soft
drinks categories it is also likely that players will focus on establishing official stores on retail e-
commerce platforms such as tiki.vn, Lazada.vn and shopee.vn from which they can offer
promotions and discounts to attract sales.
Players expected to focus on product innovation to stimulate demand
The rising health and wellness trend in Vietnam is not only encouraging players to introduce
reduced-sugar Asian speciality drinks but it also encouraging importers to look for health and
wellness options such as vinegar drinks. Vinegar drinks should also benefit from the increased
focus on health and wellness because they claim to have specific health benefits such as
reducing visceral fat and lowering blood sugar levels, as well as helping with weight
management. In 2023, the imported brand Itoh vinegar drinks from Japan was already present
in Vietnam and if it proves successful this could encourage other players to launch similar
products over the forecast period. It is also likely that more products will appear that focus on
bird’s nest but with added vitamins and minerals to enhance the health claims of the products.
Despite these potentially positive moves it is unlikely that Asian speciality drinks will become a
major category in soft drinks due to the lack of marketing and a general consumers preference
for other types of soft drinks. CATEGORY DATA Table 1
Off-trade Sales of Asian Speciality Drinks: Volume 2018-2023 million litres 2018 2019 2020 2021 2022 2023 Asian Speciality Drinks 19.5 20.8 22.1 23.1 24.4 25.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources Table 2
Off-trade Sales of Asian Speciality Drinks: Value 2018-2023 VND billion 2018 2019 2020 2021 2022 2023 Asian Speciality Drinks 705.1 767.8 827.7 894.2 978.5 1,069.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources Table 3
Off-trade Sales of Asian Speciality Drinks: % Volume Growth 2018-2023 % volume growth 2022/23 2018-23 CAGR 2018/23 Total Asian Speciality Drinks 3.3 5.2 28.9
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
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A S I A N S P E C I A L I T Y D R I N K S I N V I E T N A M P a s s p o r t 4 Table 4
Off-trade Sales of Asian Speciality Drinks: % Value Growth 2018-2023 % current value growth 2022/23 2018-23 CAGR 2018/23 Total Asian Speciality Drinks 9.3 8.7 51.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources Table 5
NBO Company Shares of Off-trade Asian Speciality Drinks: % Volume 2019- 2023 % off-trade volume Company 2019 2020 2021 2022 2023 Dona New Tower Natural 40.5 41.0 41.2 41.0 41.4 Drink & Food JSC Interfood Shareholding Co 34.2 34.1 33.7 33.5 33.9 Others 25.3 24.9 25.1 25.5 24.7 Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources Table 6
LBN Brand Shares of Off-trade Asian Speciality Drinks: % Volume 2020-2023 % off-trade volume Brand (GBO) Company (NBO) 2020 2021 2022 2023 Nature Bird's Nest Dona New Tower Natural 41.0 41.2 41.0 41.4 (New Tower Ltd) Drink & Food JSC Wonderfarm Bird's Interfood Shareholding Co 33.0 32.5 32.4 32.7 Nest (Kirin Holdings Co Ltd) Wonderfarm Grass Interfood Shareholding Co 1.2 1.2 1.2 1.2 Jelly Drink (Kirin Holdings Co Ltd) Others Others 24.9 25.1 25.5 24.7 Total Total 100.0 100.0 100.0 100.0
Source: Trade Euromonitor International from official statistics, trade associations, trade press, company
research, store checks, trade interviews, trade sources Table 7
NBO Company Shares of Off-trade Asian Speciality Drinks: % Value 2019-2023 % off-trade value rsp Company 2019 2020 2021 2022 2023 Dona New Tower Natural 42.8 43.2 42.9 42.9 43.4 Drink & Food JSC Interfood Shareholding Co 31.4 31.4 30.8 30.5 30.8 Others 25.8 25.4 26.3 26.6 25.8 Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
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A S I A N S P E C I A L I T Y D R I N K S I N V I E T N A M P a s s p o r t 5 Table 8
LBN Brand Shares of Off-trade Asian Speciality Drinks: % Value 2020-2023 % off-trade value rsp Brand (GBO) Company (NBO) 2020 2021 2022 2023 Nature Bird's Nest Dona New Tower Natural 43.2 42.9 42.9 43.4 (New Tower Ltd) Drink & Food JSC Wonderfarm Bird's Interfood Shareholding Co 30.6 29.9 29.6 30.0 Nest (Kirin Holdings Co Ltd) Wonderfarm Grass Interfood Shareholding Co 0.9 0.9 0.8 0.8 Jelly Drink (Kirin Holdings Co Ltd) Others Others 25.4 26.3 26.6 25.8 Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources Table 9
Forecast Off-trade Sales of Asian Speciality Drinks: Volume 2023-2028 million litres 2023 2024 2025 2026 2027 2028 Asian Speciality Drinks 25.2 26.1 27.3 28.4 29.7 31.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources Table 10
Forecast Off-trade Sales of Asian Speciality Drinks: Value 2023-2028 VND billion 2023 2024 2025 2026 2027 2028 Asian Speciality Drinks 1,069.6 1,116.1 1,169.1 1,226.8 1,288.1 1,352.5
Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources Table 11
Forecast Off-trade Sales of Asian Speciality Drinks: % Volume Growth 2023- 2028 % volume growth 2023/24 2023-28 CAGR 2023/28 Total Asian Speciality Drinks 3.9 4.2 23.1
Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources Table 12
Forecast Off-trade Sales of Asian Speciality Drinks: % Value Growth 2023-2028 % constant value growth 2023/2024 2023-28 CAGR 2023/28 Total Asian Speciality Drinks 4.4 4.8 26.5
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Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources
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