Report Overview

The increasing disposable income of consumers and a growing emphasis on leading healthy lifestyles are expected to contribute to the growth of Vietnam cooking & edible oils market during the forecast period between 2023 and 2029.

Vietnam Cooking & Edible Oils Market - Industry Trends & Forecast Report, 2029

Vietnam cooking & edible oils market size was estimated at USD 328.32 million in 2022. During the forecast period between 2023 and 2029, Vietnam cooking & edible oils market size is projected to grow at a CAGR of 8.40% reaching a value of USD 577.43 million by 2029. Major growth factors for Vietnam cooking & edible oils market include increasing disposable income and expanding urbanization, which is directly impacting the lifestyle of Vietnamese consumers. The increasing health concerns along with the high prevalence of coronary heart disease in the country are projected to propel the Vietnam cooking and edible oils market growth during the forecast period.

Vietnam Cooking & Edible Oils Market – Overview

Cooking oil is a liquid fat made of plants, animals, or synthetic materials that are used in baking, frying, and other cooking processes. It may also be referred to as edible oil since it is used in cold food preparation and flavoring, including salad dressings and bread dips. The primary application of cooking oil is in frying, where it serves as a heat-transfer medium and gives food flavor and texture. Cooking oil must, among other things, be stable under the harsh circumstances of deep-fat frying, which include high temperatures and dampness.

Vietnam Cooking & Edible Oils Market

Growth Drivers

Rising Focus on Healthy Lifestyle

The increasing prevalence of coronary heart disease is impacting the rising focus on a healthy lifestyle and diet plays a crucial role in it. Cooking & essential oils are gaining huge traction in Vietnam owing to the health benefits it poses. The regular consumption of cooking & essential oils is attributed to lower blood cholesterol, reduce inflammation, and maintaining regular heartbeats. Monounsaturated fats lower your risk of heart and cardiovascular diseases and help to maintain healthy cholesterol levels. They are known to be abundant in a variety of oils, including olive oil, canola oil, sunflower oil, hazelnut oil, and almond oil.

Restraints

High Presence of Counterfeit Products

The cooking & edible oil manufacturing companies keep special attention to the purity of their products. However, the high presence of counterfeit products harms the reputation of these brands as well as the health of the consumers. Counterfeit products with sub-standard material in them are available at low prices in the market. They are practically indistinguishable from the ‘branded’ products, due to which the manufacturers have to incur huge losses, harming the overall Vietnam cooking & edible oils market growth.

Impact of COVID-19 on Vietnam Cooking & Edible Oils Market

Although the impact of COVID-19 pandemic was low on the Vietnamese economy, limitations on import and export caused a slowdown in the country's cooking and edible oil sector. For its cooling oil usage, Vietnam is heavily reliant on neighboring nations, mainly Malaysia and Indonesia. However, temporary bans on the import of cooking oils to stop the virus from spreading across borders result in a lack of supplies on the domestic market and an increase in pricing. Due to the enormous imbalance between demand and supply, the market for cooking and edible oils in Vietnam suffered greatly.

Vietnam Cooking & Edible Oils Market

Segmental Coverage

Vietnam Cooking & Edible Oils Market – By Product Type

Based on product type, Vietnam cooking & edible oils market is segregated into palm oil, rapeseed oil, sunflower oil, peanut oil, and other types. The palm oil segment accounts for the highest share in the Vietnam cooking & edible oils market. The rising demand for palm oil in Vietnam is attributed to increasing health concerns and rising expenditure on healthy foods. Palm oil is used to cure malaria, high blood pressure, high cholesterol, and cyanide poisoning in addition to avoiding vitamin A deficiency, cancer, brain illness, and aging. Palm oil is utilized to speed up the body's metabolism and aid in weight reduction.

Vietnam Cooking & Edible Oils Market – By Application

Based on application, Vietnam cooking & edible oils market is segmented into bakery & confectionery, snack foods, salads, margarine, fillings, spreads, and other applications. The bakery and confectionery segment holds the highest market share. The main purpose of oil in most baking recipes is probably to maintain the moistness of the finished product. To maintain some baked items soft and fluffy in texture, it essentially catches the gasses that are generated from the reaction of the baking powder and baking soda. Vietnam is emerging as a robust bakery market in the Asia-Pacific region due to which cooking & edible oils are also gaining traction.

Vietnam Cooking & Edible Oils Market – By Sales Channel

Based on the sales channel, Vietnam cooking & edible oils market is segmented into online and offline. The offline segment accounts for a higher share in the Vietnam cooking & edible oils market. Consumers are inclined towards grocery stores and supermarkets/hypermarkets as they offer a wide range of products at low prices. The real-time availability of hand-picked products makes this sales channel popular among the Vietnamese population. However, the online channel is projected to register the highest growth rate during the forecast period owing to the rising penetration of online grocery stores such as Chopp and Bach Hoa Xanh in the country.

Competitive Landscape

Major players operating in Vietnam cooking & edible oils market include Vegetable Oil Trading JSC, Vinacommodities Corporation, Vocarimex (Calofic), Kido Nha Be, Tuong An, Vegetable Oil Extraction Joint Stock Company, Quang Minh Corporation Joint Stock Company, and South America Vegetable Oil Joint Stock Company. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Product Type

• Palm Oil

• Rapeseed Oil

• Sunflower Oil

• Peanut Oil

• Other Types

By Application

• Bakery and Confectionery

• Snack Foods

• Salads

• Margarine, Fillings, and Spreads

• Other Applications

By Sales Channel

• Online

• Offline