VIETNAMESE CONFECTIONERY KEEP BOOMING IN 2022
We had witnessed a very positive growth of Vietnamese confectionery exports in 2021 and the confectionery export activities are expected to continuously expand in 2022.
The Growth is assessed based on both a steady double-digit growth in export value and an increase in production and business expansion as well as investment in technology, production lines, diversity of confectionery products to suit the needs of each market by local enterprises.
China, the United State and Asian countries such as Cambodia, Myanmar have been leading in Vietnamese confectionery import portion for several years, followed by Korean and Japan. Korea’s consumption was on the top with import rate estimated 4.44% in 2021. 2021 also witnessed an upward trend in import proportion from China market with roughly 3.28% increased compared to previous year.
Confectionery exports increased 11.5% year-on-year in 2021 with an export value of $7.12 billion, the number is estimated to rise to $7.814 billion in 2022 by Ministry of Industry and Trade (MoIT).
The German Bakers’ Confederation and the organizing committee of the international trade fair for bakery, confectionery and snacks (IBA 2018) have been treating Vietnamese enterprises as one of strategy partners since the IBA event taken place in Munich, Germany in 2018. The IBA has been a rendezvous for experts in the bakery, pastries, and snack industries since 1949. It is a platform for innovation and provides a complete overview of all novelties in the market.
This growth is very positive and the ministry will create all the best conditions for enterprises to maximize export turnover in 2022., the MoIT has said.
The competition in the international market.
Keeping up with the development trend of society and each market, Vietnamese confectionery manufacturers always keep positively changing from improving product quality, diversifying products for each specific market to the packaging design which is also carefully invested. The Vietnamese confectionery industry is accordingly developing stronger, especially in the premium segment.
According to Statistics compiled by the MoIT:
- Revenue in the Confectionery & Snacks segment amounts to US$13,212m in 2022. The market is expected to grow annually by 10.64% (CAGR 2022-2027).
- In global comparison, most revenue is generated in the United States (US$279,483m in 2022).
- In relation to total population figures, per person revenues of US$133.52 are generated in 2022.
- In the Confectionery & Snacks segment, volume is expected to amount to 2,652.6mkg by 2027. The Confectionery & Snacks segment is expected to show a volume growth of 5.2% in 2023.
- The average volume per person in the Confectionery & Snacks segment is expected to amount to 19.5kg in 2022.
Confectioners like Richy Vietnam which has popular brands Richy, Majestic, Peppie, Karo, Merry are trying to maintain and strengthen their market position. With 3 factories of 10 hectares in both the North and the South of Viet Nam, Richy is constantly expanding production plants, Richy is also actively investing in technology and researching many new product lines to adapt to the needs of market demand. Thanks to that, Richy has been proudly a trustable supplier for many of partners and customers on over 30 countries on over the world from Asian to Europe and America.
2022 will be a promising year with the explosion of Vietnamese confectionery products in general and of the richy brand in particular.
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