June 25, 2023 | 19:51 GMT +7
June 25, 2023 | 19:51 GMT +7
(VAN) Vietnam is in the group of countries with low consumption of milk and dairy products. However, the demand for drinking milk and dairy products is increasing in the country.
Vietnam per capita milk consumption stood at 26-27 kg per year, much lower than the world’s average per capita milk consumption - about 100 kg per year. Photo: TL.
According to Industry and Trade Information Centre under the Ministry of Industry and Trade, a market research by Euromonitor showed that in 2020, Vietnam's milk consumption was 1.76 million tonnes of milk and dairy products, an increase of 8.6 per cent compared with that of 2019.
Vietnam's per capita milk consumption stood at 26-27 kg per year – a quite low rate as the world’s average per capita milk consumption was about 100 kg per year and the average consumption in Asian countries was 38 kg per person per year.
However, the local market for milk and dairy products sees improved growth.
According to a market report by Kantar Worldpanel, demand for milk and dairy products in Vietnam is increasing with positive signals thanks to the young population, increased average income, increasing trend for using products that add nutrition and improve the immune system. The country’s consumers also tend to use convenient branding products and those that meet food safety regulations.
In 2020, the revenue of milk and dairy products in Vietnam reached VND64.4 trillion, an increase of 10.3 per cent compared with that of 2019.
The revenue is expected to achieve the growth of 7-8 per cent yearly during the period from 2021 to 2025, reaching about VNĐ3.8 trillion in 2025. Of that, yoghurt revenue is expected to grow fastest with the compound annual growth rate (CAGR) of 12 per cent per year.
Income statements of milk companies in Vietnam last year showed that they were lightly affected by COVID-19 pandemic.
In 2020, Vinamilk had consolidated revenue of nearly VND 60 trillion, an increase of nearly 6 per cent compared with that of 2019 and made its member companies – GTN and MCM – achieve impressive growths just one year after being merged.
With export revenue growth of 7.4 per cent last year, Vinamilk made impressive contributions to Vietnam’s milk sector, particularly during a difficult time for the country’s economy because of COVID-19 pandemic’s impacts.
Translated by Bich Huong
(VAN) Vietnam has considerable potential for export in the future thanks to green agriculture transformation, emission reduction, climate change adaptation, and a sustainable food system.
(VAN) The successful implementation of the roadmap to establish a disease-free area for poultry requires not only the efforts of the local government and agricultural sector but also the essential participation of international organizations.
(VAN) Veterinary work has the task of protecting the health and lives of people, animals, and ecosystems - factors that are interrelated and interdependent.
(VAN) United Nations Resident Coordinator in Vietnam believed that a strong veterinary system is essential to ensure that ‘no one is left behind’ in the country’s journey to high-income status.
(VAN) Vietnam's livestock industry is reported to remain small and fragmented. Expert suggest the need for a bold action plan at the national level to synchronize all the tasks and targets mentioned.
(VAN) The veterinary services in Vietnam have demonstrated a number of shortcomings and obstacles that prevent them from meeting current practical demands.
(VAN) International organizations now take a keen interest in supporting science, technology and finance to raise the level of Vietnam's veterinary sector.
