07:23 (GMT +7) - Sunday 20/01/2019

Business

Kantar: Plant-based drinks on the rise

Released at: 17:07, 08/01/2019

Kantar: Plant-based drinks on the rise

Photo: Kantar Worldpanel

December report confirms rising popularity.

by Doanh Doanh

Plant-based drinks (including milk or soy milk with rice, nuts, grains, and seeds) have become now a new trend in Vietnam, according to the latest report from Kantar Worldpanel on the country’s fast-moving consumer goods (FMCG) segment in December.

The segment is enjoying rapid growth despite the decline of the dairy sector in Urban 4 key cities (Ho Chi Minh City, Hanoi, Da Nang, and Can Tho). Thanks to new product launches, which are performing very well compared to the category average, plant-based drinks are penetrating much further into the market and promise to grow further as more players jump in.

While the Rural market is the growth engine of FMCG, the picture in Urban 4 cities is one of falling growth in volume consumption.

Dairy and Packaged Foods post healthy growth in Rural, mainly driven by convenient categories that are expanding their consumer base and boosting volume consumption. Meanwhile, in Urban 4 cities, the volume consumption in the food sector is under-performing.

While the Urban market is experiencing flat growth, modern trade is achieving robust growth of 22 per cent, continuously driven by the fast development of minimarkets and convenience stores and the unstoppable expansion of online channels. In Rural, upgraded street shops with a larger space and a wider range of products continue recruiting more new shoppers.

Different age groups have different channel choices for out-of-home purchases. While convenience stores become an emerging place for GenZ to go out, Millennials favor coffee and tea shops, which offer a greater diversity of drinks. Furthermore, home delivery (via phone or online) is also a new way for the working-age group to order drinks to consume away from home.

User comment (0)

Send comment