Vietnam country is one of the fastest emergent
economies in Asia. The country is a leading producer & exporter of various
agriculture products including coffee, cashews, rice and fish products. Food
processing industry is the set of techniques and methods used to transform raw
ingredients into food or to transform food into other forms for consumption by
people and animals. It usually takes clean & harvested crops or butchered
animal products and uses these to produce marketable, attractive and often long
shelf-life products. The key benefits are included preservation, toxin removal,
increased food consistency, easing marketing and distribution tasks.
In Vietnam, food processing industry has
become highly attractive for local business community and foreign investors
owing to increase in tax preferential policies for investors and tax exception
for technologies to improvement the production chain.
According to study, “Food
Processing Comprehensive Report Q4/2019” the key companies operating in
the food processing comprehensive report are Acecook Vietnam JSC, Bien Dong
Seafood, Co. Ltd, Vinh Hoan Joint Stock Company, VISSAN Limited Company, Vedan
(Vietnam) Enterprise Corp., Ltd., Quang Ngai sugar JSC, Friesland Campina
Vietnam Co. Ltd., Vietnam Dairy Products JSC (Vinamilk), Minh Phu Seafood Corp,
Orion Vina Food Co., Ltd., International Development & Investment
Corporation, Masan.
Based on category, Vietnam food processing
market is segmented into semi-automated and fully automated. The fully
automated segment is anticipated to exhibit higher growth rate owing to rise in
investments by food processors in technologically advanced equipment during the
forecast period. Based on equipment type, market is segmented into cleaning
equipment, extrusion equipment, cutting equipment, sorting & grading equipment,
peeling equipment, grinding equipment and others. Extrusion equipment segment
is estimated to witness higher growth rate due to growth in demand for
breakfast cereals, sweet & savory snacks during the forecast period. Based
on usage type, market is segmented into organized food and unorganized food.
Based on application, market is segmented into dairy products, meat, poultry
& seafood products, bakery & confectionery, beverages, fruit &
vegetables and others. Bakery & confectionery segment dominates the market
caused by increase in demand for bakery & confectionery products for
instance chocolate, cookies, cake and bread.
The Vietnam food processing market is driven
by growth in adoption of advanced equipment for production efficiency, followed
by rise in demand for processed & convenience food, increase in consumer
preference towards branded food products, growth in awareness about food
safety, rise in disposable income, and
increase in inclination towards western food. However, lack of good manufacturing
practice, food safety related issues and lack of raw materials may impact the
market. Moreover, rise in foreign investments due to processing of beverages,
seafood and agriculture products is a key opportunity for market.
The annual food consumption of Vietnam country
has grown and it is projected to increase owing to increase in annual incomes
and growth in demand for ready-to-eat foods. In upcoming years, it is predicted
that future of the Vietnam food processing market will be optimistic as a result
of encouraging business environment, growth in demand for ready-to-eat foods,
rise in annual incomes and favorable tax policies during the forecast period.
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