According to the report analysis, ‘Vietnam Sugar Comprehensive Report Q1/2020’
states that in the Vietnam sugar market there are several corporates which
recently performing more significantly for leading the fastest market growth
and dominating the effective value of market share across the region throughout
the coming duration while developing the productivity, durability and
applications of the sugar, spreading the awareness related to the sugar,
decreasing the linked price, employing the young workforce, implementing the
profitable strategies and studying the competitor’s and government guidelines
includes Thanh Thanh Cong Bien Hoa JSC, Quang Ngai Sugar JSC, Vietnam Sugar JSC,
Lam Son Sugar and Sugarcane JSC, Can Tho sugar and sugarcane JSC, Nghe An Sugar
Co.,ltd, Son Duong sugar and sugarcane JSC, Son La sugar and sugar cane JSC, Sugar
Corporation II-Joint Stock Company, La Nga Sugar and Sugarcane JSC and several
others.
However, the Vietnam sugar
market is split, due to the existence of large regional and domestic
players. The corporates are accentuating on mergers, expansions, acquisitions,
and partnerships of the corporates, along with new product developments, as
strategic approaches to boom their brand existence amongst the customers.
In addition, the 2018/2019 crop year noted sugar production of 179
million tons, down 7.9% associated to the 2017/2018 season. According to USDA
forecasts worldwide crop sugar introduction for the year 2019/2020 will drop 6
million tons to 174 million tons. The major reason is owing to the deduction of
sugar production and sugarcane location from India. Sugar consumption depends
on the foremost aspects such as populace growth rate, accessible income level
and income growth rate, sugar price is interrelated with the other products
(energy price, sweetener price). Other), cultural appearances and awareness of
health issues.
Vietnam's sugar ingestion in the 2018/2019 season is approximately
1.69 million tons, up 1.8% from the previous crop. Men tend to augment day by
day. Vietnam's import worth of sugar in the first 10 months of 2019 reached USD
1.26 million, down 22% associated to the same duration in 2018. Compared to
2018, the wholesale cost of sugar in 2019 endured low and tended to deduction.
In addition, with the supporting government policies and augmenting
crop areas, Vietnam is predicted to observe a peak in its sugar production
during the review period. The market is majorly increasing due to the
abundance of sugarcane accessibility, coupled with other belongings such as better
flavor and caramelization which are greater to beet sugar. Also, inventions in
the prevailing conventional sugar such as brown cane sugar which comprises
of added molasses to advance the flavor and presence, by the leading worldwide
players as well as the small domestic players have propelled the market
growth. Therefore, in the coming years, it is predicted that the market of
Vietnam sugar will increase around the globe more effectively over the coming
duration along the investment of handsome amount by the organized as well as
unorganized players.
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