Vietnam Dairy Industry Comprehensive Report
VIETNAM DAIRY INDUSTRY
Milk is an important and essential food but due to its high price compared to the average income of Vietnamese people, spending on this product is limited. Spending on milk accounts for more than 10% of total food expenditure in Vietnam. In the period of 2010-2018, revenue of dairy enterprises has been constantly growing at an average rate, Vietnam's dairy industry has grown at CAGR of 12.7% / year. Revenue growth of the dairy industry was mainly attributed to two main segments: powdered milk and liquid milk, accounting for 75% of the total market value.
Vietnam's liquid milk market has a compound annual growth rate of 20.9% in the period of 2010 - 2018. By the end of September 2019, revenue of liquid milk consumption in Vietnam increased rapidly compared to the same period in 2018. Sales of powdered milk grew continuously during the period from 2010 to 2018, with a compound annual growth rate (CAGR) of 19.4% during this period. Sales of powdered milk in the first 9 months of 2019 increased compared to the same period in 2018. Sales of condensed milk in the first quarter of 2019 increased by 4.3% compared to the same period in 2018. According to VIRAC's forecast, the dairy market Especially, although the growth is slow, it will still maintain a stable growth rate of around 5% / year for the next 5 years.
The dairy industry has been actively contributing to the country's economy with rapid growth, the following year is always higher than the previous year, an average of 15-17% / year. Vietnam's dairy processing industry has been planned to develop to 2020, with a vision to 2025 with innovative mechanisms and policies to help businesses in the industry develop and increase competition when integrating.
Milk is an important and essential food but due to its high price compared to the average income of Vietnamese people, spending on this product is limited. Spending on milk accounts for more than 10% of total food expenditure in Vietnam. In the period of 2010-2018, revenue of dairy enterprises has been constantly growing at an average rate, Vietnam's dairy industry has grown at CAGR of 12.7% / year. Revenue growth of the dairy industry was mainly attributed to two main segments: powdered milk and liquid milk, accounting for 75% of the total market value.
Vietnam's liquid milk market has a compound annual growth rate of 20.9% in the period of 2010 - 2018. By the end of September 2019, revenue of liquid milk consumption in Vietnam increased rapidly compared to the same period in 2018. Sales of powdered milk grew continuously during the period from 2010 to 2018, with a compound annual growth rate (CAGR) of 19.4% during this period. Sales of powdered milk in the first 9 months of 2019 increased compared to the same period in 2018. Sales of condensed milk in the first quarter of 2019 increased by 4.3% compared to the same period in 2018. According to VIRAC's forecast, the dairy market Especially, although the growth is slow, it will still maintain a stable growth rate of around 5% / year for the next 5 years.
The dairy industry has been actively contributing to the country's economy with rapid growth, the following year is always higher than the previous year, an average of 15-17% / year. Vietnam's dairy processing industry has been planned to develop to 2020, with a vision to 2025 with innovative mechanisms and policies to help businesses in the industry develop and increase competition when integrating.
Abbreviations
Executive Summary
I. Business environment
1. MACROECONOMIC SITUATIONS
2. LEGAL FRAMEWORK
3. TRADE AGREEMENTS
II. Global market
1. CHAIN VALUE OF THE DAIRY INDUSTRY
2. INPUT MATERIALS
3. INDUSTRY SITUATION
4. TYPICAL PRODUCING COUNTRIES
5. KEY PLAYERS IN THE WORLD
III. Vietnam’s market
1. HISTORY OF ESTABLISHMENT AND DEVELOPMENT
2. PRODUCING PROCEDURES
3. PRODUCING TECHNOLOGY
4. INPUT MATERIALS
5. PRODUCTION
6. CONSUMPTION
7. EXPORT - IMPORT
8. INVENTORY
9. PRICE
10. DISTRIBUTION
11. COMPETITION ANALYSIS
IV. Industrial risks
1. INDUSTRIAL RISK
2. SWOT ANALYSIS
V. Industrial development plan
1. POPULATION GROWTH
2. RAISING INDUSTRY DEVELOPMENT
3. DAIRY INDUSTRY DEVELOPMENT
VI. Prospects and forecasts
1. DEVELOPMENT INCENTIVES
2. FORECASTS
VII. Business analysis
1. OVERVIEW
2. FINANCIAL ANALYSIS
VIII. Financial analysis annex
Executive Summary
I. Business environment
1. MACROECONOMIC SITUATIONS
2. LEGAL FRAMEWORK
3. TRADE AGREEMENTS
II. Global market
1. CHAIN VALUE OF THE DAIRY INDUSTRY
2. INPUT MATERIALS
3. INDUSTRY SITUATION
4. TYPICAL PRODUCING COUNTRIES
5. KEY PLAYERS IN THE WORLD
III. Vietnam’s market
1. HISTORY OF ESTABLISHMENT AND DEVELOPMENT
2. PRODUCING PROCEDURES
3. PRODUCING TECHNOLOGY
4. INPUT MATERIALS
5. PRODUCTION
6. CONSUMPTION
7. EXPORT - IMPORT
8. INVENTORY
9. PRICE
10. DISTRIBUTION
11. COMPETITION ANALYSIS
IV. Industrial risks
1. INDUSTRIAL RISK
2. SWOT ANALYSIS
V. Industrial development plan
1. POPULATION GROWTH
2. RAISING INDUSTRY DEVELOPMENT
3. DAIRY INDUSTRY DEVELOPMENT
VI. Prospects and forecasts
1. DEVELOPMENT INCENTIVES
2. FORECASTS
VII. Business analysis
1. OVERVIEW
2. FINANCIAL ANALYSIS
VIII. Financial analysis annex
LIST OF TABLES
Table 1: Import tax on milk and dairy products to Vietnam
Table 2: Import tariffs for dairy products applied to countries in the CPTPP, 2017
Table 3: World's top 5 biggest butter importing countries, 2016-2017
Table 4: World's top 20 largest dairy companies, 2017
Table 5: Some brands of powdered milk in Vietnam
Table 6: Description of goods under the HS code
Table 7: Retail price of some powdered milk products for kids under six years old in 3/2019
Table 8: Forecast for some basic population indicators up to 2019
Table 9: Development planning for dairy products to 2020, vision to 2025
Table 10: Indicators for performance efficiency, 2017
Table 1: Import tax on milk and dairy products to Vietnam
Table 2: Import tariffs for dairy products applied to countries in the CPTPP, 2017
Table 3: World's top 5 biggest butter importing countries, 2016-2017
Table 4: World's top 20 largest dairy companies, 2017
Table 5: Some brands of powdered milk in Vietnam
Table 6: Description of goods under the HS code
Table 7: Retail price of some powdered milk products for kids under six years old in 3/2019
Table 8: Forecast for some basic population indicators up to 2019
Table 9: Development planning for dairy products to 2020, vision to 2025
Table 10: Indicators for performance efficiency, 2017
LIST OF FIGURES
List of figures
Figure 1: GDP and dairy consumption per capita
Figure 2: Expenditure structure of Vietnamese people, 2018
Figure 3: Market share of Beverage (excluding Beer) by shopping channels of age groups, 2018
Figure 4: Rate of urbanization in Vietnam, 2010 - 2018
Figure 5: Growth in urban and rural dairy consumption by quarter, 2015–2018
Figure 6: Total population and population structure in working age period 2010-2018
Figure 7: VND/USD exchange rate, 1/2013 – 3/2019
Figure 8: Monthly CPI Fluctuation 1/2015 - 3/2019
Figure 9: Consumer confidence index by quarter, Q1/2014 – Q4/2018
Figure 10: Retail sales of goods, 2010 - Q1/2019
Figure 11: Dairy industry value chain and added value by stage
Figure 12: Classification of milk and dairy products
Figure 13: Number of dairy cows in the world, 2008-2018
Figure 14: Structure of dairy cows worldwide, 2017e
Figure 15: Production of dairy cow, 2015-2019f
Figure 16: Raw milk production in the world, 2011-2018e
Figure 17: Market share of cow milk production by region, 2018e
Figure 18: Cow milk production in some areas, 2018e
Figure 19: Cost of milk production in the world 2017 (USD/100kg)
Figure 20: Price of raw milk in the world, 1/2014 - 3/2019
Figure 21: Liquid milk production and consumption, 2012 – 2019f
Figure 22: Fresh milk consumption per capita, 2008-2023f
Figure 23: Milk consumption per capita growth 2006 - 2025
Figure 24: Liquid milk trade, 2008-2023f
Figure 25: Exports structure by country, 2018
Figure 26: Global cheese production and consumption, 2011 – 2019f
Figure 27: Cheese production structure, 2018e
Figure 28: Cheese consumption structure, 2018e
Figure 29: Export structure of cheese, 2018e
Figure 30: Import structure of cheese, 2018e
Figure 31: Cheese Global Trade 2011 – 2019f
Figure 32: Skimmed milk powder production and consumption, 2011 – 2019f
Figure 33: Structure of skimmed milk powder production and consumption, 2018e
Figure 34: Skimmed Milk Powder Global Trade, 2011 – 2019f
Figure 35: Export structure, 2018e
Figure 36: Import structure, 2018e
Figure 37: Global WMP production and consumption, 2015 – 2019f
Figure 38: Production structure of WMP, 2018e
Figure 39: Consumption structure of WMP, 2018e
Figure 40: Whole Milk Powder Global Trade, 2015 – 2020f
Figure 41: Export and import structure of WMP, 2018e
Figure 42: Global butter production and consumption, 2011 – 2019f
Figure 43: Consumption structure of butter, 2018e
Figure 44: Butter Global Trade 2011 – 2019f
Figure 45: Export structure of butter, 2018
Figure 46: Global yogurt production value, 2000 -2019f
Figure 47: Market share of global yogurt by company name, 2018e
Figure 48: Export structure of global yogurt by value, 2017e
Figure 49: Global yogurt export, 2012 – 2017 e
Figure 50: Consumption of milk and dairy products per capita, 2013 – 2020f
Figure 51: Consumption of dairy products per capita, 2018
Figure 52: Price movement of milk and dairy products, 7/2010 – 3/2019
Figure 53: Consumption of milk and dairy products per capita of NZ, 2011-2018f
Figure 54: Input materials of NZ dairy industry, 2011– 2018e
Figure 55: Input materials of Europe dairy industry 2010-2018e
Figure 56: Production structure of raw milk, 2017e
Figure 57: Input materials of USA dairy industry, 2010 – 2019e
Figure 58: Consumption of liquid milk per capita in USA, 2011-2018
Figure 59: Consumption of fresh milk per capita in China, 2010 - 2018
Figure 60: Production and consumption of powdered milk in China, 2010 - 2017
Figure 61: Number of cow in Vietnam, 2010 – 3M/2019
Figure 62: Cow volume by region, 2018e
Figure 63: Raw materials structure of milk, 2017
Figure 64: Domestic production volume of raw milk, 2010 –3M/2019
Figure 65: Cow structure by enterprise, 2017e
Figure 66: Import volume of raw milk, 2010 – 3M/2019
Figure 67: Price movement of raw milk in the world, 1/2014 – 3/2019
Figure 68: Average raw milk price in some countries, 2018
Figure 69: Number of enterprises and workers in the dairy industry, 2010 - 2017
Figure 70: Fixed asset value of dairy sector over the years, 2010 - 2017
Figure 71: Production volume of liquid milk, 2010 – 3M/2019
Figure 72: Production volume of milk powder, 2010 –3M/2019
Figure 73: Production of liquid milk and powdered milk by month, 2010 – 3M/2019
Figure 74: Dairy industry's sales, 2010 – 2018
Figure 75: Dairy consumption per capita, 2008 – 2017f
Figure 76: Sales of liquid milk, 2010 –3M/2019
Figure 77: Market share of liquid milk, 2018
Figure 78: Sales of powdered milk, 2010 - 3M/2019
Figure 79: Market share of powdered milk by brand, 2018e
Figure 80: Sales of yogurt, 2010 – 3M/2019
Figure 81: Market share of yogurt by brand, 2017e
Figure 82: Sales of condensed milk, 2010 –3M/2019
Figure 83: Market share of condensed milk, 2017e
Figure 84: Import of milk and dairy products, 2010 – 3M/2019
Figure 85: Import structure of milk and dairy products by HS code, 2018e
Figure 86: Import market for milk and dairy products, 2018e
Figure 87: Export of milk and dairy products, 2010 – 2018e
Figure 88: Dairy inventory, 2010 – 2018e
Figure 89: Population and population growth forecast in Vietnam, 2008 – 2020f
Figure 90: Dairy cow population's targeted growth in the period of 2010 – 2020f
Figure 91: Forecast of fresh milk production, 2009 – 2020f
Figure 92: Total population and birth rate over the years, 2010-2018
Figure 93: Number of people above 60 years old, 2017 - 2030f
Figure 94: Elder rate having healthy problems, 2017
Figure 95: Forecast of milk consumption in Vietnam, 2008 - 2020f
Figure 96: Net revenue, 2017 - 2018
Figure 97: Gross profit, 2017 - 2018
Figure 98: Selling expense/ Net revenue, 2017 - 2018
Figure 99: Vinamilk's sales and advertising expenses, 2010 - 2018
Figure 100: Selling expense structure of Vinamilk, 2018
Figure 101: Administrative expenses, 2017 - 2018
Figure 102: Debt, 2017 - 2018
Figure 103: Short-term Assets/Long-term Assets, 2017 - 2018
Figure 104: Liquidity, 2017 - 2018
Figure 105: Profit Ratio, 2018
List of figures
Figure 1: GDP and dairy consumption per capita
Figure 2: Expenditure structure of Vietnamese people, 2018
Figure 3: Market share of Beverage (excluding Beer) by shopping channels of age groups, 2018
Figure 4: Rate of urbanization in Vietnam, 2010 - 2018
Figure 5: Growth in urban and rural dairy consumption by quarter, 2015–2018
Figure 6: Total population and population structure in working age period 2010-2018
Figure 7: VND/USD exchange rate, 1/2013 – 3/2019
Figure 8: Monthly CPI Fluctuation 1/2015 - 3/2019
Figure 9: Consumer confidence index by quarter, Q1/2014 – Q4/2018
Figure 10: Retail sales of goods, 2010 - Q1/2019
Figure 11: Dairy industry value chain and added value by stage
Figure 12: Classification of milk and dairy products
Figure 13: Number of dairy cows in the world, 2008-2018
Figure 14: Structure of dairy cows worldwide, 2017e
Figure 15: Production of dairy cow, 2015-2019f
Figure 16: Raw milk production in the world, 2011-2018e
Figure 17: Market share of cow milk production by region, 2018e
Figure 18: Cow milk production in some areas, 2018e
Figure 19: Cost of milk production in the world 2017 (USD/100kg)
Figure 20: Price of raw milk in the world, 1/2014 - 3/2019
Figure 21: Liquid milk production and consumption, 2012 – 2019f
Figure 22: Fresh milk consumption per capita, 2008-2023f
Figure 23: Milk consumption per capita growth 2006 - 2025
Figure 24: Liquid milk trade, 2008-2023f
Figure 25: Exports structure by country, 2018
Figure 26: Global cheese production and consumption, 2011 – 2019f
Figure 27: Cheese production structure, 2018e
Figure 28: Cheese consumption structure, 2018e
Figure 29: Export structure of cheese, 2018e
Figure 30: Import structure of cheese, 2018e
Figure 31: Cheese Global Trade 2011 – 2019f
Figure 32: Skimmed milk powder production and consumption, 2011 – 2019f
Figure 33: Structure of skimmed milk powder production and consumption, 2018e
Figure 34: Skimmed Milk Powder Global Trade, 2011 – 2019f
Figure 35: Export structure, 2018e
Figure 36: Import structure, 2018e
Figure 37: Global WMP production and consumption, 2015 – 2019f
Figure 38: Production structure of WMP, 2018e
Figure 39: Consumption structure of WMP, 2018e
Figure 40: Whole Milk Powder Global Trade, 2015 – 2020f
Figure 41: Export and import structure of WMP, 2018e
Figure 42: Global butter production and consumption, 2011 – 2019f
Figure 43: Consumption structure of butter, 2018e
Figure 44: Butter Global Trade 2011 – 2019f
Figure 45: Export structure of butter, 2018
Figure 46: Global yogurt production value, 2000 -2019f
Figure 47: Market share of global yogurt by company name, 2018e
Figure 48: Export structure of global yogurt by value, 2017e
Figure 49: Global yogurt export, 2012 – 2017 e
Figure 50: Consumption of milk and dairy products per capita, 2013 – 2020f
Figure 51: Consumption of dairy products per capita, 2018
Figure 52: Price movement of milk and dairy products, 7/2010 – 3/2019
Figure 53: Consumption of milk and dairy products per capita of NZ, 2011-2018f
Figure 54: Input materials of NZ dairy industry, 2011– 2018e
Figure 55: Input materials of Europe dairy industry 2010-2018e
Figure 56: Production structure of raw milk, 2017e
Figure 57: Input materials of USA dairy industry, 2010 – 2019e
Figure 58: Consumption of liquid milk per capita in USA, 2011-2018
Figure 59: Consumption of fresh milk per capita in China, 2010 - 2018
Figure 60: Production and consumption of powdered milk in China, 2010 - 2017
Figure 61: Number of cow in Vietnam, 2010 – 3M/2019
Figure 62: Cow volume by region, 2018e
Figure 63: Raw materials structure of milk, 2017
Figure 64: Domestic production volume of raw milk, 2010 –3M/2019
Figure 65: Cow structure by enterprise, 2017e
Figure 66: Import volume of raw milk, 2010 – 3M/2019
Figure 67: Price movement of raw milk in the world, 1/2014 – 3/2019
Figure 68: Average raw milk price in some countries, 2018
Figure 69: Number of enterprises and workers in the dairy industry, 2010 - 2017
Figure 70: Fixed asset value of dairy sector over the years, 2010 - 2017
Figure 71: Production volume of liquid milk, 2010 – 3M/2019
Figure 72: Production volume of milk powder, 2010 –3M/2019
Figure 73: Production of liquid milk and powdered milk by month, 2010 – 3M/2019
Figure 74: Dairy industry's sales, 2010 – 2018
Figure 75: Dairy consumption per capita, 2008 – 2017f
Figure 76: Sales of liquid milk, 2010 –3M/2019
Figure 77: Market share of liquid milk, 2018
Figure 78: Sales of powdered milk, 2010 - 3M/2019
Figure 79: Market share of powdered milk by brand, 2018e
Figure 80: Sales of yogurt, 2010 – 3M/2019
Figure 81: Market share of yogurt by brand, 2017e
Figure 82: Sales of condensed milk, 2010 –3M/2019
Figure 83: Market share of condensed milk, 2017e
Figure 84: Import of milk and dairy products, 2010 – 3M/2019
Figure 85: Import structure of milk and dairy products by HS code, 2018e
Figure 86: Import market for milk and dairy products, 2018e
Figure 87: Export of milk and dairy products, 2010 – 2018e
Figure 88: Dairy inventory, 2010 – 2018e
Figure 89: Population and population growth forecast in Vietnam, 2008 – 2020f
Figure 90: Dairy cow population's targeted growth in the period of 2010 – 2020f
Figure 91: Forecast of fresh milk production, 2009 – 2020f
Figure 92: Total population and birth rate over the years, 2010-2018
Figure 93: Number of people above 60 years old, 2017 - 2030f
Figure 94: Elder rate having healthy problems, 2017
Figure 95: Forecast of milk consumption in Vietnam, 2008 - 2020f
Figure 96: Net revenue, 2017 - 2018
Figure 97: Gross profit, 2017 - 2018
Figure 98: Selling expense/ Net revenue, 2017 - 2018
Figure 99: Vinamilk's sales and advertising expenses, 2010 - 2018
Figure 100: Selling expense structure of Vinamilk, 2018
Figure 101: Administrative expenses, 2017 - 2018
Figure 102: Debt, 2017 - 2018
Figure 103: Short-term Assets/Long-term Assets, 2017 - 2018
Figure 104: Liquidity, 2017 - 2018
Figure 105: Profit Ratio, 2018
