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VIETNAM WINE MARKET FORECAST 2023-2030

SCOPE OF THE REPORT

Vietnam Wine Market by Product (Fortified Wine and Vermouth (Port, Sherry, Vermouth, Other Fortified Wine), Non-grape Wine (Apple Wine, Other Non-grape Wine), Sparkling Wine (Champagne, Other Sparkling Wine), Still Light Grape Wine (Still Red Wine, Still Rosé Wine, Still White Wine)) Market by Trade (Off-trade, on-trade) Market by Price Range (Sparkling Wine, Still Red Wine, Still Rosé Wine, Still White Wine)

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MARKET OVERVIEW

The Vietnam wine market was valued at $347.10 million in 2022 and is expected to reach $692.27 million by 2030, growing at a CAGR of 10.93% during the forecast period, 2023-2030.

On the other hand, the Vietnam wine market was valued at 16.00 million liters in 2022 and is expected to reach 24.15 million liters by 2030, growing at a CAGR of 6.29% during the forecast period, 2023-2030.

Wine is an alcoholic beverage produced via fermentation using fruits, cherries, rice, berries, pomegranate, grapes, etc. The terroir, grape types utilized, weather fluctuations, and winemaking methods are some of the variables that affect a wine variety’s distinctive qualities. Wine consumption has several positive health effects, as well, including increased bone density, decreased cholesterol, a decreased chance of heart disease, and others.

Vietnam Wine Market

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Although wine is not a typical drink in Vietnam, its popularity has grown recently. Red and white wines are frequently served at formal family meals, company banquets, and other social events.

Dalat continues to be the home of Vietnamese wine today. The wineries purchase the grapes from nearby farms and then truck them to Dalat, where the cold environment makes for ideal winemaking and maturing conditions. On 3,000 hectares, just 20 wine estates generate an average of 10 million liters annually, translating to an average yield of 33 hectoliters. 

Furthermore, according to Vietnam Briefing, sales of products in the nation have increased significantly in recent years, including wine. Merchants, restaurants and hotels have now started offering a wide choice of wine sourced globally since the business is booming. 

One of the key factors driving the Vietnam wine market growth is the rising urban and middle-class population. Besides, Vietnam is among the most populous nations in the ASEAN region. Additionally, its population is anticipated to expand by almost a million from 2019 to 2020, reaching 97.58 million. This is attributed to the number of immigrants, economic reforms, greater living standards, and urban population. 

Further, the population’s median age was projected to be 32.5 years by 2020. Moreover, one million people in Vietnam reach the legal drinking age yearly, contributing to its wine market growth. 

However, the Vietnam wine market growth is hindered by price sensitivity. Due to economic reasons and a lack of personal brand familiarity, the Vietnamese market is particularly price-vigilant. For instance, in 2020, commercial/value wines priced under $10 made up 88% of wine sales in Vietnam. 

Inkwood Research’s report on the Vietnam wine market provides in-depth insights and a segmentation analysis of the market. The detailed assessment of the market includes PEST analysis, competitive landscape, key buying criteria, market share analysis, brand share analysis, and value chain analysis. Moreover, the segmentation analysis of the market includes product, trade, and price range.

Some of the key players in the Vietnam wine market are Constellation Brands Inc, Lamdong Foodstuffs JSC, LVMH Moët Hennessy Louis Vuitton SA, and Thang Long Wine JSC.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2030
Base Year2022
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million), Volume (Million Liters)
Segments Analyzed
Product, Trade, Price Range
Countries AnalyzedVietnam
Companies AnalyzedConstellation Brands Inc, Grands Chais De France Sa Les, Lamdong Foodstuffs JSC, LVMH Moët Hennessy Louis Vuitton SA, Pernod Ricard Groupe, Thang Long Wine JS

TABLE OF CONTENT

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. COUNTRY SNAPSHOT
    3. COUNTRY ANALYSIS
    4. SCOPE OF STUDY
    5. CRISIS SCENARIO ANALYSIS
      1. IMPACT OF COVID-19 ON WINE MARKET
  3. MARKET DYNAMICS
    1. KEY GROWTH ENABLERS
      1. RISING DISPOSABLE INCOME AUGMENTS WINE CONSUMPTION 
      2. GROWING ADOPTION OF E-COMMERCE BY LOCAL PLAYERS FOR WINE SALES
      3. HEALTH BENEFITS ASSOCIATED WITH WINE CONSUMPTION
    2. KEY CHALLENGES
      1. PRICE SENSITIVITY OF CONSUMERS TOWARD WINE
      2. STRONG COMPETITION FROM CHEAP ALCHOLIC BEVERAGES
  4. KEY ANALYTICS
    1. KEY MARKET TRENDS
    2. PEST ANALYSIS
    3. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    4. OPPORTUNITY MATRIX
    5. VALUE CHAIN ANALYSIS
    6. KEY BUYING CRITERIA
    7. MARKET SHARE ANALYSIS, 2021 & 2022 (IN %)
    8. BRAND SHARE ANALYSIS, 2021 & 2022 (IN %)
  5. MARKET BY PRODUCT (IN TERMS OF REVENUE: $MILLION & IN TERMS OF VOLUME: MILLION LITERS)
    1. FORTIFIED WINE AND VERMOUTH
      1. PORT
      2. SHERRY
      3. VERMOUTH
      4. OTHER FORTIFIED WINE
    2. NON-GRAPE WINE
      1. APPLE WINE
      2. OTHER NON-GRAPE WINE
    3. SPARKLING WINE
      1. CHAMPAGNE
      2. OTHER SPARKLING WINE
    4. STILL LIGHT GRAPE WINE
      1. STILL RED WINE
      2. STILL ROSÉ WINE
      3. STILL WHITE WINE
  6. MARKET BY TRADE (IN TERMS OF REVENUE: $MILLION & IN TERMS OF VOLUME: MILLION LITERS)
    1. OFF-TRADE
    2. ON-TRADE
  7. MARKET BY PRICE RANGE – SPARKLING WINE
  8. MARKET BY PRICE RANGE – STILL RED WINE
  9. MARKET BY PRICE RANGE – STILL ROSÉ WINE
  10. MARKET BY PRICE RANGE – STILL WHITE WINE
  11. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS
      4. BUSINESS EXPANSIONS
    2. COMPANY PROFILES
      1. CONSTELLATION BRANDS INC
      2. GRANDS CHAIS DE FRANCE SA LES
      3. LAMDONG FOODSTUFFS JSC
      4. LVMH MOET HENNESSY LOUIS VUITTON SA
      5. PERNOD RICARD GROUPE
      6. THANG LONG WINE JSC

LIST OF TABLES

TABLE 1: VIETNAM – COUNTRY SNAPSHOT

TABLE 2: VIETNAM WINE MARKET, BY PRODUCT, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 3: VIETNAM WINE MARKET, BY PRODUCT, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 4: VIETNAM WINE MARKET, BY PRODUCT, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 5: VIETNAM WINE MARKET, BY PRODUCT, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 6: VIETNAM WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 7: VIETNAM WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 8: VIETNAM WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 9: VIETNAM WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 10: VIETNAM WINE MARKET, BY NON-GRAPE WINE, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 11: VIETNAM WINE MARKET, BY NON-GRAPE WINE, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 12: VIETNAM WINE MARKET, BY NON-GRAPE WINE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 13: VIETNAM WINE MARKET, BY NON-GRAPE WINE, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 14: VIETNAM WINE MARKET, BY SPARKLING WINE, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 15: VIETNAM WINE MARKET, BY SPARKLING WINE, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 16: VIETNAM WINE MARKET, BY SPARKLING WINE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 17: VIETNAM WINE MARKET, BY SPARKLING WINE, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 18: VIETNAM WINE MARKET, BY STILL LIGHT GRAPE WINE, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 19: VIETNAM WINE MARKET, BY STILL LIGHT GRAPE WINE, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 20: VIETNAM WINE MARKET, BY STILL LIGHT GRAPE WINE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 21: VIETNAM WINE MARKET, BY STILL LIGHT GRAPE WINE, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 22: VIETNAM WINE MARKET, BY TRADE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 23: VIETNAM WINE MARKET, BY TRADE, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 24: VIETNAM WINE MARKET, BY TRADE, HISTORICAL YEARS, 2018-2022 (IN MILLION LITERS)

TABLE 25: VIETNAM WINE MARKET, BY TRADE, FORECAST YEARS, 2023-2030 (IN MILLION LITERS)

TABLE 26: VIETNAM WINE MARKET, BY PRICE RANGE – SPARKLING WINE, HISTORICAL YEARS, 2018-2022 (IN %)

TABLE 27: VIETNAM WINE MARKET, BY PRICE RANGE – SPARKLING WINE, FORECAST YEARS, 2023-2030 (IN %)

TABLE 28: VIETNAM WINE MARKET, BY PRICE RANGE – STILL RED WINE, HISTORICAL YEARS, 2018-2022 (IN %)

TABLE 29: VIETNAM WINE MARKET, BY PRICE RANGE – STILL RED WINE, FORECAST YEARS, 2023-2030 (IN %)

TABLE 30: VIETNAM WINE MARKET, BY PRICE RANGE – STILL ROSÉ WINE, HISTORICAL YEARS, 2018-2022 (IN %)

TABLE 31: VIETNAM WINE MARKET, BY PRICE RANGE – STILL ROSÉ WINE, FORECAST YEARS, 2023-2030 (IN %)

TABLE 32: VIETNAM WINE MARKET, BY PRICE RANGE – STILL WHITE WINE, HISTORICAL YEARS, 2018-2022 (IN %)

TABLE 33: VIETNAM WINE MARKET, BY PRICE RANGE – STILL WHITE WINE, FORECAST YEARS, 2023-2030 (IN %)

TABLE 34: LIST OF ACQUISITIONS

TABLE 35: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 36: LIST OF PARTNERSHIPS 

TABLE 37: LIST OF BUSINESS EXPANSIONS

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: OPPORTUNITY MATRIX

FIGURE 4: VALUE CHAIN ANALYSIS

FIGURE 5: KEY BUYING CRITERIA

FIGURE 6: MARKET SHARE OF STILL LIGHT GRAPE WINE, 2021 & 2022 (IN %)

FIGURE 7: MARKET SHARE OF FORTIFIED WINE AND VERMOUTH, 2021 & 2022 (IN %)

FIGURE 8: MARKET SHARE OF NON-GRAPE WINE, 2021 & 2022 (IN %)

FIGURE 9: MARKET SHARE OF CHAMPAGNE, 2021 & 2022 (IN %)

FIGURE 10: BRAND SHARE OF STILL LIGHT GRAPE WINE, 2021 & 2022 (IN %)

FIGURE 11: BRAND SHARE OF CHAMPAGNE, 2021 & 2022 (IN %)

FIGURE 12: BRAND SHARE OF FORTIFIED WINE AND VERMOUTH, 2021 & 2022 (IN %)

FIGURE 13: BRAND SHARE OF NON-GRAPE WINE, 2021 & 2022 (IN %)

FIGURE 14: VIETNAM WINE MARKET, GROWTH POTENTIAL, BY PRODUCT, IN 2022

FIGURE 15: VIETNAM WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, 2023-2030 (IN $ MILLION)

FIGURE 16: VIETNAM WINE MARKET, GROWTH POTENTIAL, BY FORTIFIED WINE AND VERMOUTH, IN 2022

FIGURE 17: VIETNAM WINE MARKET, BY PORT, 2023-2030 (IN $ MILLION)

FIGURE 18: VIETNAM WINE MARKET, BY SHERRY, 2023-2030 (IN $ MILLION)

FIGURE 19: VIETNAM WINE MARKET, BY VERMOUTH, 2023-2030 (IN $ MILLION)

FIGURE 20: VIETNAM WINE MARKET, BY OTHER FORTIFIED WINE, 2023-2030 (IN $ MILLION)

FIGURE 21: VIETNAM WINE MARKET, BY NON-GRAPE WINE, 2023-2030 (IN $ MILLION)

FIGURE 22: VIETNAM WINE MARKET, GROWTH POTENTIAL, BY NON-GRAPE WINE, IN 2022

FIGURE 23: VIETNAM WINE MARKET, BY APPLE WINE, 2023-2030 (IN $ MILLION)

FIGURE 24: VIETNAM WINE MARKET, BY OTHER NON-GRAPE WINE, 2023-2030 (IN $ MILLION)

FIGURE 25: VIETNAM WINE MARKET, BY SPARKLING WINE, 2023-2030 (IN $ MILLION)

FIGURE 26: VIETNAM WINE MARKET, GROWTH POTENTIAL, BY SPARKLING WINE, IN 2022

FIGURE 27: VIETNAM WINE MARKET, BY CHAMPAGNE, 2023-2030 (IN $ MILLION)

FIGURE 28: VIETNAM WINE MARKET, BY OTHER SPARKLING WINE, 2023-2030 (IN $ MILLION)

FIGURE 29: VIETNAM WINE MARKET, BY STILL LIGHT GRAPE WINE, 2023-2030 (IN $ MILLION)

FIGURE 30: VIETNAM WINE MARKET, GROWTH POTENTIAL, BY STILL LIGHT GRAPE WINE, IN 2022

FIGURE 31: VIETNAM WINE MARKET, BY STILL RED WINE, 2023-2030 (IN $ MILLION)

FIGURE 32: VIETNAM WINE MARKET, BY STILL ROSÉ WINE, 2023-2030 (IN $ MILLION)

FIGURE 33: VIETNAM WINE MARKET, BY STILL WHITE WINE, 2023-2030 (IN $ MILLION)

FIGURE 34: VIETNAM WINE MARKET, GROWTH POTENTIAL, BY TRADE, IN 2022

FIGURE 35: VIETNAM WINE MARKET, BY OFF-TRADE, 2023-2030 (IN $ MILLION)

FIGURE 36: VIETNAM WINE MARKET, BY ON-TRADE, 2023-2030 (IN $ MILLION)

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