Carbonates in Vietnam

Carbonates in Vietnam
Euromonitor International
December 2022
CARBONATES IN VIETNAM Passport i
LIST OF CONTENTS AND TABLES

KEY DATA FINDINGS.................................................................................................................. 1
2022 DEVELOPMENTS ............................................................................................................... 1
Return to positive growth, thanks to the recovery of on-trade channels ................................... 1
Reduced sugar carbonates continue to gain popularity ............................................................ 1
Key players pursue A sustainable packaging strategy.............................................................. 2
PROSPECTS AND OPPORTUNITIES......................................................................................... 2
Strong growth predicted for carbonates, in line with rising levels of consumer confidence, but
health and wellness trends will have an impact on sales .......................................................... 2
International players are expected to continue with their marketing and promotional activities,
while corporate responsibility will be an important focus........................................................... 3
Key players to strengthen their e-commerce presence to boost sales...................................... 3
CATEGORY DATA ....................................................................................................................... 3
Table 1 Off-trade vs On-trade Sales of Carbonates: Volume 2017-2022 .................. 3
Table 2 Off-trade vs On-trade Sales of Carbonates: Value 2017-2022 ..................... 4
Table 3 Off-trade vs On-trade Sales of Carbonates: % Volume Growth 2017-
2022 ............................................................................................................. 4
Table 4 Off-trade vs On-trade Sales of Carbonates: % Value Growth 2017-
2022 ............................................................................................................. 4
Table 5 Off-trade Sales of Carbonates by Category: Volume 2017-2022 ................. 4
Table 6 Off-trade Sales of Carbonates by Category: Value 2017-2022 .................... 5
Table 7 Off-trade Sales of Carbonates by Category: % Volume Growth 2017-
2022 ............................................................................................................. 5
Table 8 Off-trade Sales of Carbonates by Category: % Value Growth 2017-
2022 ............................................................................................................. 6
Table 9 Total Sales of Carbonates by Fountain On-trade: Volume 2017-2022 ......... 6
Table 10 Total Sales of Carbonates by Fountain On-trade: % Volume Growth
2017-2022 .................................................................................................... 6
Table 11 NBO Company Shares of Off-trade Carbonates: % Volume 2018-
2022 ............................................................................................................. 6
Table 12 LBN Brand Shares of Off-trade Carbonates: % Volume 2019-2022 ............ 7
Table 13 NBO Company Shares of Off-trade Carbonates: % Value 2018-2022 ......... 8
Table 14 LBN Brand Shares of Off-trade Carbonates: % Value 2019-2022 ............... 8
Table 15 Forecast Off-trade Sales of Carbonates by Category: Volume 2022-
2027 ............................................................................................................. 9
Table 16 Forecast Off-trade Sales of Carbonates by Category: Value 2022-
2027 ........................................................................................................... 10
Table 17 Forecast Off-trade Sales of Carbonates by Category: % Volume
Growth 2022-2027 ..................................................................................... 10
Table 18 Forecast Off-trade Sales of Carbonates by Category: % Value Growth
2022-2027 .................................................................................................. 10
Table 19 Forecast Total Sales of Carbonates by Fountain On-trade: Volume
2022-2027 .................................................................................................. 11
Table 20 Forecast Total Sales of Carbonates by Fountain On-trade: % Volume
Growth 2022-2027 ..................................................................................... 11
© Euromonitor International
CARBONATES IN VIETNAM Passport 1
CARBONATES IN VIETNAM
KEY DATA FINDINGS
▪ Off-trade volume sales increase by 5% in 2022 to 839 million litres
▪ Reduced sugar carbonates is the best performing category in 2022, with off-trade volume
sales rising by 15% to 14 million litres
▪ Suntory PepsiCo Vietnam Beverage Co Ltd is the leading player in 2022, with an off-trade
volume share of 48%
▪ Off-trade volume sales are set to increase at a CAGR of 5% over the forecast period to 1.0
billion litres
2022 DEVELOPMENTS
Return to positive growth, thanks to the recovery of on-trade channels

Carbonates registered a positive performance in volume terms in 2022, following a slump in
demand in 2020 and 2021, when sales registered negative-figure declines. At the peak of the
pandemic, all restaurants, bars and pubs were required to close, which had a negative impact
on foodservice volumes. Alongside this, supressed levels of tourism placed downward pressure
on on-trade sales. This was due to Vietnam’s borders being closed to foreign visitors for an
extended period, as well as the understandable reluctance of many people to engage with
international air travel due to the elevated risk of contracting or spreading the COVID-19 virus.
Within this context, it is understandable that on-trade volume sales of carbonates recorded such
strong declines during 2020 and 2021, although demand began to recover in 2022, due to the
relaxation COVID-19 measures.
By contrast, retail volume growth for carbonates remained positive in 2020 and 2021, as
many consumers resorted to stockpiling. Faced with a potentially extensive quarantine lockdown
during the early stages of the pandemic, many consumers stocked up on groceries so as to
eliminate the possibility of running out of their favourite beverages and to reduce the need to go
out on a regular basis to replenish their supplies. This positive growth trend continued in 2022,
due to the enduring strong demand for carbonates in the country.
Reduced sugar carbonates continue to gain popularity

One important trend to emerge from the COVID-19 pandemic was a stronger focus on health
and wellness among many consumers. At the same time, consumers became less interested in
sugary beverages, with carbonates having been linked to a variety of lifestyle diseases, notably
type II diabetes, heart disease and metabolic syndrome. For this reason, reduced sugar
carbonates, especially cola varieties, continued to grow popularity, as more Vietnamese
consumers, especially women, became more aware of the health implications of excess sugar
intake in their daily life. This trend helped to offset the pressures caused by a decline in inboard
tourism, as well as the closure of foodservice outlets for a lengthy period of time,
In 2022, only reduced sugar cola carbonates recorded considerable volumes, with other
reduced sugar variants remaining negligible in terms of sales. However, following on from the
successful roll-out of Pepsi Zero Calories brand in lemon and lime flavours, Suntory PepsiCo
Vietnam Beverage Co Ltd attempted to boost the health image of carbonates by launching a
new product, 7-up Free + Fibre, in March 2022. The product contained no sugar or caffeine, as
well as an additional 4,000 mg fibre, equivalent that contained in an apple
Another factor to take into consideration is the strong support given to the leading brands of
low-calorie cola carbonates by players such as Coca-Cola Beverages Vietnam Co Ltd, through
chained foodservice outlets such as Hotpot Story and King BBQ, a trend which continued into
2022.
Key players pursue A sustainable packaging strategy

Suntory PepsiCo Vietnam Beverage Co Ltd maintained its lead in carbonates, ahead of
second-placed Coca-Cola Beverages Vietnam Co Ltd. Between them, these two global giants of
Coca Cola and Pepsi account for almost 90% of total value sales within the category. In 2022,
both of the leading players pursued a sustainable packaging strategy, in order to reduce their
environmental footprint, with the support of Vietnamese government. In September 2022, Coca-
Cola Beverages Vietnam Co Ltd introduced fully recycled bottles for its Coca-Cola Original and
Coca-Cola Zero Sugar lines, including 300ml bottles, while Suntory PepsiCo Vietnam Beverage
Co Ltd also launched Pepsi 330ml in packaging made entirely from recycled plastic. The former
also made efforts to encourage consumers to recycle their bottles, with the Sprite brand
switching from its recognisable green bottles to transparent packaging which is easier to
recycle. The company also displayed the words “Recycle Me” on all of its packaging in an effort
to raise awareness about recycling and inspire action.
There is also a growing focus on corporate social responsibility programmes in carbonates in
Vietnam. Leading players, including key names Suntory PepsiCo Vietnam and Coca-Cola
Vietnam, sought to give something back to the communities which form the companies’ core
consumer bases, with various social activities undertaken to support the relief efforts of the
Vietnamese government to help the population overcome hardship due to the COVID-19
situation, for example. In 2022, in response to the Vietnamese Government’s call to the fight
against climate change, Coca Cola Vietnam announced its continuing support of US$150,000
(VND3.5 billion) to WWF-Vietnam, a conservation organisation, to assist with the control of
water flow at the Tram Chim National Park and surrounding areas.
PROSPECTS AND OPPORTUNITIES
Strong growth predicted for carbonates, in line with rising levels of

consumer confidence, but health and wellness trends will have an
impact on sales
On-trade sales in carbonates are expected to see healthy growth over the forecast period.
This will be attributable to a return to pre-pandemic lifestyles, following the relaxation of social-
distancing measures and the return of Vietnamese consumers to restaurants and fast food
outlets. The recovery of the on-trade began in 2022 and will continue over the coming years,
with volume sales predicted to exceed 2019 levels by 2025. Retail volume sales will also see
healthy growth, in line with rising levels of consumer confidence.
One major factor to take into consideration here is the highly effective management of the
COVID-19 situation by the Vietnamese government, which resulted in the country weathering
the storm better than many of its Asian neighbours. As a result of this, consumer confidence
was not severely dented by the events of the pandemic, with the country’s economy expected to
rebound strongly and quickly. This will support sales of carbonates during the early stages of the
forecast period, with many consumers becoming less price-sensitive and willing to spend money
on non-essentials once again.
The increasing importance of the health and wellness trend in Vietnam is also expected to be
a major influence on sales of carbonates over the forecast period. In particular, consumers are
becoming increasingly aware of the negative effects of excessive sugar intake, particularly the
increased risk of type II diabetes and metabolic syndrome. Moreover, the wide consumer
awareness of the high levels of sugar that are contained within carbonates means that
consumption of these products is likely to remain under pressure. As a result, more educated,
health-conscious consumers, such as working professionals, are likely to reduce their
consumption of carbonates as a way of reducing their sugar intake.
International players are expected to continue with their marketing and

promotional activities, while corporate responsibility will be an important
focus
During the forecast period, it will be increasingly important for leading players to ensure a
robust approach to marketing and advertising to reach their desired consumer audiences in both
off-trade and on-trade channels. Strong growth opportunities are likely to emerge during the
post-COVID-19 recovery period, as the Vietnamese economy rebounds and consumers look to
make up for lost time by socialising more often with friends and family in both on-trade and the
off-trade channels.
Key players such as Coca-Cola Beverages Vietnam Co Ltd and Suntory PepsiCo Vietnam
Beverage Co Ltd are expected to step up their marketing and advertising activities for
carbonates over the forecast period. Given that the key consumers of carbonates are young
people, who are more willing to spend money on non-essential products, collaborations with
celebrities will be a common theme, especially Korean celebrities and those associated with
popular game shows, such as Rap Viet. In term of local players, such as Chuong Duong
Beverages, it is likely they will be focused mainly on strengthening their distribution networks in
both urban and rural areas of the country, with the aim of maximising sales within their tight
budgets for marketing and advertising activities.
A greater focus on corporate social responsibility programmes is also expected to become
more of a permanent trend over the forecast period. Key players such as Coca-Cola Vietnam
and Suntory PepsiCo Vietnam are likely to continue pursuing sustainable development activities
in Vietnam, as this represents a way for large companies to make a contribution to Vietnam’s
development as well as to build strong brand equity and present themselves as responsible
companies who are able to see things from the consumers’ perspective.
Key players to strengthen their e-commerce presence to boost sales

Retail e-commerce received a boost during the time of the COVID-19 pandemic, due to higher
numbers of consumers embracing this channel due to both necessity and convenience. Within
this, consumers became accustomed to using the online channel for their shopping, attracted by
offers and the ability to purchase groceries in bulk and have them home-delivered. As such,
building a stronger e-commerce offering will become increasingly crucial for both international
and local players to reach out consumers living in rural areas and small cities as well as to
increase sales in urban areas.
CATEGORY DATA
Table 1 Off-trade vs On-trade Sales of Carbonates: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
Off-trade 646.9 690.9 737.6 779.9 796.8 838.7
On-trade 464.4 496.2 528.8 448.3 393.9 439.6

Total 1,111.3 1,187.1 1,266.3 1,228.2 1,190.7 1,278.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 2 Off-trade vs On-trade Sales of Carbonates: Value 2017-2022
VND billion
2017 2018 2019 2020 2021 2022
Off-trade 12,182.1 13,191.3 14,280.3 15,457.2 16,386.0 17,826.9

On-trade 11,509.1 12,514.2 13,488.4 11,734.9 10,644.2 12,235.2
Total 23,691.2 25,705.5 27,768.6 27,192.1 27,030.2 30,062.1
Table 3 Off-trade vs On-trade Sales of Carbonates: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
Off-trade 5.3 5.3 29.7

On-trade 11.6 -1.1 -5.4
Total 7.4 2.8 15.0
Table 4 Off-trade vs On-trade Sales of Carbonates: % Value Growth 2017-2022
% current value growth

2021/22 2017-22 CAGR 2017/22 Total
Off-trade 8.8 7.9 46.3

On-trade 14.9 1.2 6.3
Total 11.2 4.9 26.9
Table 5 Off-trade Sales of Carbonates by Category: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
- Other Non-Cola 119.0 127.8 137.7 147.4 139.6 142.4

Carbonates
- Orange Carbonates 107.3 115.9 125.5 134.3 140.5 152.7
- Tonic Water/Mixers/ 3.7 3.7 3.8 3.8 3.9 4.1
Other Bitters
- Lemonade/Lime 148.6 160.2 172.3 183.5 192.0 203.1
- Reduced Sugar Non- - - - - - -
Cola Carbonates
- Regular Non-Cola 378.6 407.6 439.3 469.1 476.1 502.2
Carbonates
Non-Cola Carbonates 378.6 407.6 439.3 469.1 476.1 502.2

- Reduced Sugar Cola 9.4 10.2 11.2 12.2 12.3 14.2
Carbonates
- Regular Cola Carbonates 258.9 273.1 287.0 298.6 308.5 322.3
Cola Carbonates 268.3 283.3 298.3 310.8 320.8 336.5
Reduced Sugar Carbonates 9.4 10.2 11.2 12.2 12.3 14.2
Regular Carbonates 637.5 680.7 726.3 767.7 784.5 824.5
Carbonates 646.9 690.9 737.6 779.9 796.8 838.7
Table 6 Off-trade Sales of Carbonates by Category: Value 2017-2022
VND billion
2017 2018 2019 2020 2021 2022
- Other Non-Cola 2,316.8 2,508.1 2,732.5 2,988.0 3,045.0 3,109.0

Carbonates
- Orange Carbonates 2,667.8 2,905.3 3,159.7 3,448.5 3,770.9 4,283.9
Other Bitters
- Lemonade/Lime 2,715.1 2,937.3 3,203.7 3,483.6 3,713.6 4,107.1
Cola Carbonates
- Regular Non-Cola 7,808.5 8,463.4 9,211.1 10,039.0 10,653.0 11,633.0
Carbonates
Non-Cola Carbonates 7,808.5 8,463.4 9,211.1 10,039.0 10,653.0 11,633.0
Carbonates
- Regular Cola Carbonates 4,146.9 4,463.0 4,761.2 5,067.9 5,321.9 5,697.7
Cola Carbonates 4,373.6 4,727.9 5,069.1 5,418.2 5,733.0 6,193.9
Regular Carbonates 11,955.4 12,926.4 13,972.4 15,106.9 15,974.9 17,330.7
Carbonates 12,182.1 13,191.3 14,280.3 15,457.2 16,386.0 17,826.9
Table 7 Off-trade Sales of Carbonates by Category: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
- Other Non-Cola Carbonates 2.0 3.6 19.6

- Orange Carbonates 8.6 7.3 42.2
- Tonic Water/Mixers/Other Bitters 4.3 2.1 11.0
- Lemonade/Lime 5.7 6.4 36.7
- Reduced Sugar Non-Cola Carbonates - - -
- Regular Non-Cola Carbonates 5.5 5.8 32.6
Non-Cola Carbonates 5.5 5.8 32.6
- Reduced Sugar Cola Carbonates 15.4 8.7 51.6
- Regular Cola Carbonates 4.5 4.5 24.5
Cola Carbonates 4.9 4.6 25.5
Reduced Sugar Carbonates 15.4 8.7 51.6
Regular Carbonates 5.1 5.3 29.3
Carbonates 5.3 5.3 29.7
Table 8 Off-trade Sales of Carbonates by Category: % Value Growth 2017-2022
% current value growth

2021/22 2017-22 CAGR 2017/22 Total

Table 9 Total Sales of Carbonates by Fountain On-trade: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
Total Fountain On-trade 102.6 119.0 136.8 112.2 103.6 125.3

Table 10 Total Sales of Carbonates by Fountain On-trade: % Volume Growth 2017-2022
% fountain volume growth

2021/22 2017-22 CAGR 2017/22 Total
Total Fountain On-trade 21.0 4.1 22.2

Table 11 NBO Company Shares of Off-trade Carbonates: % Volume 2018-2022
% off-trade volume
Company 2018 2019 2020 2021 2022
Suntory PepsiCo Vietnam 46.3 47.1 47.5 47.5 48.1

Beverage Co Ltd
Coca-Cola Beverages 38.5 39.6 39.7 40.3 40.1
Vietnam Co Ltd
Chuong Duong Beverages 6.3 5.5 5.6 5.6 5.7
JSC
PepsiCo Vietnam (PIVN) - - 0.3 0.7 0.8
Aje Group 1.2 1.1 0.9 0.8 0.8
Tan Quang Minh 0.3 0.3 0.2 0.2 0.2

Manufacture & Trading
Co Ltd
Multinational Food & 0.1 0.1 0.1 0.1 0.1
Beverage Corp
Tribeco Binh Duong Co Ltd 2.1 1.4 1.1 0.3 -
Others 5.3 4.8 4.7 4.5 4.3
Total 100.0 100.0 100.0 100.0 100.0
Table 12 LBN Brand Shares of Off-trade Carbonates: % Volume 2019-2022
% off-trade volume
Brand (GBO) Company (NBO) 2019 2020 2021 2022
Coca-Cola (Coca- Coca-Cola Beverages 22.9 22.6 22.6 22.0

Cola Co, The) Vietnam Co Ltd
Mirinda (PepsiCo Inc) Suntory PepsiCo Vietnam 15.4 15.9 16.5 17.3
Beverage Co Ltd
7-Up (PepsiCo Inc) Suntory PepsiCo Vietnam 14.7 15.0 15.5 15.8
Beverage Co Ltd
Pepsi (PepsiCo Inc) Suntory PepsiCo Vietnam 14.1 14.1 14.6 14.9
Beverage Co Ltd
Fanta (Coca-Cola Coca-Cola Beverages 10.2 10.4 10.8 11.1
Co, The) Vietnam Co Ltd
Sprite (Coca-Cola Coca-Cola Beverages 5.4 5.5 5.7 5.8
Chuong Duong (Thai Chuong Duong Beverages 5.5 5.6 5.6 5.7
Beverage PCL) JSC
Pepsi Zero Calories PepsiCo Vietnam (PIVN) - 0.3 0.7 0.8
(PepsiCo Inc)
Big Aje Group 1.1 0.9 0.8 0.8
Coca-Cola Light Coca-Cola Beverages 0.6 0.6 0.6 0.7
(Coca-Cola Co, The) Vietnam Co Ltd
Schweppes (Coca- Coca-Cola Beverages 0.4 0.4 0.4 0.3
Bidrico Tan Quang Minh 0.3 0.2 0.2 0.2
Co Ltd
Coca-Cola Plus Coca-Cola Beverages 0.0 0.0 0.2 0.2
Evervess (PepsiCo Suntory PepsiCo Vietnam 0.1 0.1 0.1 0.1
Inc) Beverage Co Ltd
Orangina (Suntory Multinational Food & 0.1 0.1 0.1 0.1
Holdings Ltd) Beverage Corp
Coca-Cola Zero Coca-Cola Beverages 0.2 0.2 0.0 0.0
Sugar (Coca-Cola Vietnam Co Ltd
Co, The)
Mountain Dew Suntory PepsiCo Vietnam 2.0 2.0 0.8 -
(PepsiCo Inc) Beverage Co Ltd
Tribeco (Uni- Tribeco Binh Duong Co Ltd 1.4 1.1 0.3 -
President
Enterprises Corp)
Pepsi Light Suntory PepsiCo Vietnam 0.8 0.5 - -
Chuong Duong Chuong Duong Beverages - - - -
(Saigon Alcohol JSC
Beer & Beverages
Corp (Sabeco))
CC Lemon (Suntory Suntory PepsiCo Vietnam - - - -
Holdings Ltd) Beverage Co Ltd
Others Others 4.8 4.7 4.5 4.3
Total Total 100.0 100.0 100.0 100.0
Table 13 NBO Company Shares of Off-trade Carbonates: % Value 2018-2022
% off-trade value rsp

Company 2018 2019 2020 2021 2022
Suntory PepsiCo Vietnam 46.0 46.7 47.0 46.3 47.1

Beverage Co Ltd
Coca-Cola Beverages 39.6 40.8 40.9 41.1 41.3
Vietnam Co Ltd
Chuong Duong Beverages 6.3 5.6 5.6 5.6 5.7
JSC
PepsiCo Vietnam (PIVN) - - 0.4 1.2 1.4
Aje Group 0.6 0.6 0.5 0.4 0.4
Multinational Food & 0.3 0.3 0.3 0.3 0.3
Beverage Corp
Tan Quang Minh 0.1 0.1 0.1 0.1 0.1
Co Ltd
Tribeco Binh Duong Co Ltd 2.1 1.4 1.1 1.0 -
Others 4.8 4.4 4.2 4.0 3.8
Total 100.0 100.0 100.0 100.0 100.0
Table 14 LBN Brand Shares of Off-trade Carbonates: % Value 2019-2022
% off-trade value rsp

Brand (GBO) Company (NBO) 2019 2020 2021 2022
Mirinda (PepsiCo Inc) Suntory PepsiCo Vietnam 16.7 17.1 17.8 18.8
Beverage Co Ltd
Coca-Cola (Coca- Coca-Cola Beverages 20.2 19.8 19.3 18.7
7-Up (PepsiCo Inc) Suntory PepsiCo Vietnam 14.6 14.8 15.1 15.6
Beverage Co Ltd
Fanta (Coca-Cola Coca-Cola Beverages 13.5 13.7 14.2 14.9
Pepsi (PepsiCo Inc) Suntory PepsiCo Vietnam 12.2 12.2 12.4 12.6
Beverage Co Ltd
Sprite (Coca-Cola Coca-Cola Beverages 5.5 5.6 5.7 5.7
Chuong Duong (Thai Chuong Duong Beverages 5.6 5.6 5.6 5.7
Beverage PCL) JSC
Pepsi Zero Calories PepsiCo Vietnam (PIVN) - 0.4 1.2 1.4
(PepsiCo Inc)
Coca-Cola Light Coca-Cola Beverages 0.8 0.9 1.0 1.1
Schweppes (Coca- Coca-Cola Beverages 0.6 0.6 0.6 0.6
Big Aje Group 0.6 0.5 0.4 0.4

Coca-Cola Plus Coca-Cola Beverages 0.0 0.0 0.3 0.3
Orangina (Suntory Multinational Food & 0.3 0.3 0.3 0.3
Holdings Ltd) Beverage Corp
Evervess (PepsiCo Suntory PepsiCo Vietnam 0.2 0.1 0.1 0.1
Inc) Beverage Co Ltd
Bidrico Tan Quang Minh 0.1 0.1 0.1 0.1
Co Ltd
Coca-Cola Zero Coca-Cola Beverages 0.2 0.2 0.0 0.0
Sugar (Coca-Cola Vietnam Co Ltd
Co, The)
Tribeco (Uni- Tribeco Binh Duong Co Ltd 1.4 1.1 1.0 -
President
Enterprises Corp)
Mountain Dew Suntory PepsiCo Vietnam 2.0 1.9 0.7 -
Pepsi Light Suntory PepsiCo Vietnam 1.1 0.7 - -
Chuong Duong Chuong Duong Beverages - - - -
(Saigon Alcohol JSC
Beer & Beverages
Corp (Sabeco))
CC Lemon (Suntory Suntory PepsiCo Vietnam - - - -
Holdings Ltd) Beverage Co Ltd
Others Others 4.4 4.2 4.0 3.8
Total Total 100.0 100.0 100.0 100.0
Table 15 Forecast Off-trade Sales of Carbonates by Category: Volume 2022-2027
million litres
2022 2023 2024 2025 2026 2027
- Other Non-Cola 142.4 147.4 156.6 166.2 175.7 185.3

Carbonates
- Orange Carbonates 152.7 163.0 173.3 183.9 194.5 205.4
Other Bitters
- Lemonade/Lime 203.1 213.6 223.9 234.2 244.5 254.7
Cola Carbonates
- Regular Non-Cola 502.2 528.2 558.2 588.8 619.3 650.3
Carbonates
Non-Cola Carbonates 502.2 528.2 558.2 588.8 619.3 650.3
Carbonates
- Regular Cola Carbonates 322.3 333.6 344.9 355.6 365.6 374.7
Cola Carbonates 336.5 349.4 362.3 374.7 386.6 397.8
Regular Carbonates 824.5 861.8 903.1 944.4 985.0 1,025.0
Carbonates 838.7 877.7 920.5 963.5 1,005.9 1,048.1
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 16 Forecast Off-trade Sales of Carbonates by Category: Value 2022-2027
VND billion
2022 2023 2024 2025 2026 2027
- Other Non-Cola 3,109.0 3,222.2 3,431.1 3,647.2 3,862.6 4,085.5

Carbonates
- Orange Carbonates 4,283.9 4,586.0 4,888.3 5,201.3 5,519.3 5,849.1
Other Bitters
- Lemonade/Lime 4,107.1 4,342.9 4,575.3 4,811.4 5,050.5 5,291.8
Cola Carbonates
- Regular Non-Cola 11,633.0 12,289.5 13,038.7 13,809.4 14,587.0 15,386.0
Carbonates
Non-Cola Carbonates 11,633.0 12,289.5 13,038.7 13,809.4 14,587.0 15,386.0
Carbonates
- Regular Cola Carbonates 5,697.7 6,039.9 6,269.4 6,489.5 6,699.0 6,895.8
Cola Carbonates 6,193.9 6,596.0 6,882.1 7,165.9 7,447.2 7,725.1
Regular Carbonates 17,330.7 18,329.4 19,308.2 20,298.9 21,286.0 22,281.8
Carbonates 17,826.9 18,885.4 19,920.8 20,975.3 22,034.3 23,111.1
trade sources
Table 17 Forecast Off-trade Sales of Carbonates by Category: % Volume Growth 2022-

2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total

trade sources
Table 18 Forecast Off-trade Sales of Carbonates by Category: % Value Growth 2022-

2027
% constant value growth

2022/2023 2022-27 CAGR 2022/27 Total


trade sources
Table 19 Forecast Total Sales of Carbonates by Fountain On-trade: Volume 2022-2027
million litres
2022 2023 2024 2025 2026 2027
Total Fountain On-trade 125.3 137.0 146.6 156.1 165.9 175.9

trade sources
Table 20 Forecast Total Sales of Carbonates by Fountain On-trade: % Volume Growth

2022-2027
% fountain volume growth

2022/23 2022-27 CAGR 2022/27 Total
Total Fountain On-trade 9.3 7.0 40.3

trade sources

Carbonates in Vietnam

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Carbonates in Vietnam

LIST OF CONTENTS AND TABLES

Return to positive growth, thanks to the recovery of on-trade channels

Reduced sugar carbonates continue to gain popularity

Key players pursue A sustainable packaging strategy

PROSPECTS AND OPPORTUNITIES

Strong growth predicted for carbonates, in line with rising levels of

International players are expected to continue with their marketing and

Key players to strengthen their e-commerce presence to boost sales

Off-trade 646.9 690.9 737.6 779.9 796.8 838.7

On-trade 464.4 496.2 528.8 448.3 393.9 439.6

Table 2 Off-trade vs On-trade Sales of Carbonates: Value 2017-2022

Off-trade 12,182.1 13,191.3 14,280.3 15,457.2 16,386.0 17,826.9

Table 3 Off-trade vs On-trade Sales of Carbonates: % Volume Growth 2017-2022

Off-trade 5.3 5.3 29.7

Table 4 Off-trade vs On-trade Sales of Carbonates: % Value Growth 2017-2022

% current value growth

Off-trade 8.8 7.9 46.3

Table 5 Off-trade Sales of Carbonates by Category: Volume 2017-2022

- Other Non-Cola 119.0 127.8 137.7 147.4 139.6 142.4

Non-Cola Carbonates 378.6 407.6 439.3 469.1 476.1 502.2

Table 6 Off-trade Sales of Carbonates by Category: Value 2017-2022

- Other Non-Cola 2,316.8 2,508.1 2,732.5 2,988.0 3,045.0 3,109.0

Table 7 Off-trade Sales of Carbonates by Category: % Volume Growth 2017-2022

- Other Non-Cola Carbonates 2.0 3.6 19.6

Table 8 Off-trade Sales of Carbonates by Category: % Value Growth 2017-2022

% current value growth

- Other Non-Cola Carbonates 2.1 6.1 34.2

Table 9 Total Sales of Carbonates by Fountain On-trade: Volume 2017-2022

Total Fountain On-trade 102.6 119.0 136.8 112.2 103.6 125.3

Table 10 Total Sales of Carbonates by Fountain On-trade: % Volume Growth 2017-2022

% fountain volume growth

Total Fountain On-trade 21.0 4.1 22.2

Table 11 NBO Company Shares of Off-trade Carbonates: % Volume 2018-2022

Suntory PepsiCo Vietnam 46.3 47.1 47.5 47.5 48.1

Tan Quang Minh 0.3 0.3 0.2 0.2 0.2

Table 12 LBN Brand Shares of Off-trade Carbonates: % Volume 2019-2022

Coca-Cola (Coca- Coca-Cola Beverages 22.9 22.6 22.6 22.0

Table 13 NBO Company Shares of Off-trade Carbonates: % Value 2018-2022

% off-trade value rsp

Suntory PepsiCo Vietnam 46.0 46.7 47.0 46.3 47.1

Table 14 LBN Brand Shares of Off-trade Carbonates: % Value 2019-2022

% off-trade value rsp

Big Aje Group 0.6 0.5 0.4 0.4

Table 15 Forecast Off-trade Sales of Carbonates by Category: Volume 2022-2027

- Other Non-Cola 142.4 147.4 156.6 166.2 175.7 185.3

Table 16 Forecast Off-trade Sales of Carbonates by Category: Value 2022-2027

- Other Non-Cola 3,109.0 3,222.2 3,431.1 3,647.2 3,862.6 4,085.5

Table 17 Forecast Off-trade Sales of Carbonates by Category: % Volume Growth 2022-

- Other Non-Cola Carbonates 3.5 5.4 30.2

Table 18 Forecast Off-trade Sales of Carbonates by Category: % Value Growth 2022-

% constant value growth

- Other Non-Cola Carbonates 3.6 5.6 31.4

- Lemonade/Lime 5.7 5.2 28.8

Table 19 Forecast Total Sales of Carbonates by Fountain On-trade: Volume 2022-2027

Total Fountain On-trade 125.3 137.0 146.6 156.1 165.9 175.9

Table 20 Forecast Total Sales of Carbonates by Fountain On-trade: % Volume Growth

% fountain volume growth

Total Fountain On-trade 9.3 7.0 40.3

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