The report titled “Vietnam Pudding Market Outlook to 2025F – Driven by Robust Population of Millennial Consumers along with Proliferation of Food Tech Apps” provides a comprehensive analysis of the pudding industry of Vietnam. The report covers various aspects including the current bakery and pudding sales in Vietnam and current scenario in terms of value and volume, its segmentations viz, Distrubtion Channels (Bakery/Confectionery Stores, HORECA’s and Online) and By Type of Cities (Tier 1and Tier 2 Cities), Consumer Preferences and Trends Analysis, Pricing Analysis, Major trends and development, issues and challenges and competition benchmarking. The report concludes with market projections for future of the industry including forecasted industry size by revenue.
Vietnam Pudding Market
The pudding market in Vietnam witnessed a double digit
growth of 10.8% CAGR during the year 2015 to 2020. The market is currently at
growth stage and entry of international bakeries and food service joints along
with increasing disposable income and westernized cultures boosted the sales of
pudding. Most of the pudding demand for urban consumers are met by local bakery shops due to ease of
availability and affordable prices. However, the closure of foodservice outlets
during lockdown along with the strict government restrictions on gatherings
during COVID 19 has seriously affected the sales of puddings. Consumer footfall to bakery shops and
retailing stores has also decreased significantly post COVID due to safety and
health concerns. Because festivals are major sales drivers for cakes and
puddings in Vietnam, the sales performances of bakeries in 2020 as a whole proved
to be weaker than expected.
Vietnam Pudding Market Segmentation
By Distribution Channel: The
standalone stores such as bakeries and confectioneries dominated the market due to its ease of convenience and
product offerings. However, online channels are gaining traction post COVID19
making it convenient for consumers and creating opportunities for many
restaurants, small eateries and housewives to offer bakery products to
consumers.
By Tier 1 and Tier 2 Cities: Consumer preferences in terms of taste, flavor and price of
pudding differ depending on the region in Vietnam. Consumers especially under
Tier 1 cities prefer to consume Pudding as a part of dessert under Hotels and
Restaurants, where premium is quite higher and falls under the range of above
VND 20,000. However, consumers in Tier 2 cities prefer independent shops and
street stalls as they charge a lower price premium on the pudding and hence
serves under the price range of VND 10,000-15,000.
Competition was observed to be highly fragmented with presence
of more than 1,000 organized/semi-organized and ~30,000+ unorganized
bakeries and broad gamut of modern trade
channels. Organized bakeries are utilizing social media to provide targeted and
cost-effective marketing. Lacking the
large budgets of international chains, local bakery cafes are eschewing
traditional marketing to rely on word-of-mouth recommendations and social media
engagement. Tapping into the artisanal market, smaller bakeries are
concentrating on quality over quantity, while larger chains such as Nyugen Son
Bakeries and Coffee House rely on creating larger quantities but with strong
branding and associated trust.
Vietnam Pudding Market Future Outlook and Projections
The
pudding market in Vietnam is expected to experience medium level of growth
owing to population growth along with rising incomes, health consciousness and
the thriving bakery industry. Market expected to gain momentum with rise in disposable
income per capita and increase in target population. Demand from Tier 1
and Tier 2 cities such as HCM, Hanoi and Da Nang to dominate the market in the
future. Technical innovation in bakery equipment to result in efficient
delivery of a variety of artisanal baked products at scale. New products such
as fat free and sugar free pudding is
expected to boost the market growth in the coming years.
Key Segments Covered in Vietnam Pudding Market:-
By Distribution Channel
Standalone
Sops (Bakery/Confectionery)
Online
HORECA’s
By Tier 1 and Tier 2 Cities Sales
Tier 1
Cities
Tier 2
Cities
Key Target Audience:-
Pudding
Manufacturers
Pudding
Mix Manufacturers
Consultancy
Companies
Bakeries/Confectioneries
Hotels
and Restaurants
Time Period Captured in the Report:-
Historical Period: 2015-2020
Forecast Period: 2020–2025
Key
Topics Covered in the Report:-
Vietnam
Pudding Market Introduction and Overview
Supply
Side Ecosystem and Geographical Distribution
Value
Chain Analysis of Pudding Market
Consumer
Trends and Preferences
Industry
Analysis (Porter’s Five Forces Analysis)
Comparative
Landscape – Vietnam Pudding Market
Entry Barriers
in the Industry
Future Trends
in Vietnam Pudding Market
Research
Methodology
Appendix
For More Information on
the research report, refer to below link:-
Related Reports:-
Global Puddings Market 2019 By Manufacturers, Regions, Type And
Application, Forecast To 2024
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