Concentrated milk and cream market in Vietnam

Earlier Report Observations

From 2018 to 2019, Vietnam's concentrated milk and cream market volume grew from 29 798 t to 33 305 t, driven by rising personal incomes and urbanization that increased demand for premium dairy products. Government policies supporting the dairy sector, including long-term development plans and import duty adjustments for raw materials, further stimulated domestic production. However, in 2020, the COVID‑19 pandemic caused logistical disruptions and reduced manufacturing activity, which led to a contraction of the market to 29 999 t, even as household consumption of shelf-stable condensed milk rose.

Post-pandemic economic recovery in 2021, alongside a consumer shift toward health-focused foods, helped lift the market to 31 000 t. This trend continued in 2022, with the market reaching 36 627 t as three-quarters of Vietnamese consumers prioritized health benefits such as low sugar and high nutrition. By 2023, rising input costs and supply chain issues contributed to a sharp drop in production of unconcentrated milk and cream, while demand increasingly shifted toward fresh milk and yogurt, resulting in market stabilization at 36 483 t.

Production concentrated milk and cream in Vietnam

In kind, 2017-2020, t

Between 2017 and 2020, Vietnam ranked as the 28th largest producer of concentrated milk and cream globally.

Top producers of concentrated milk and cream, 2017-2020

World map of production of concentrated milk and cream, 2017-2020

Vietnam's production of concentrated milk and cream grew for the third consecutive year. In 2020, the country produced 34 204 tonnes, marking a 41.1% increase from the previous year. Over the 2017-2020 period, production rose by 58.6%, which translates to an average annual growth rate of 16.6%.

Annual dynamics of production in Vietnam in kind, 2017-2020, t

Exports concentrated milk and cream from Vietnam

Exports in kind, t

The data shows irregular fluctuations, reflecting a volatile market environment. Exports peaked in 2017 and hit their lowest point in 2019, with a difference of 68 058 846 158 079 000 times between these years. In 2020, Vietnam exported 8 084 tonnes of concentrated milk and cream, an increase of 809 793 172 479 912 832.0% compared to 2019. The minimum export volume was recorded in 2019 at 0.0 tonnes, representing a 100.0% decline that year.

Annual dynamics of product's exports from Vietnam in kind, 2017-2020, t

From 2017 to 2020, the Philippines, the United States, and Asia (not elsewhere specified) emerged as the primary markets for Vietnam's concentrated milk and cream exports in volume terms. Together, they accounted for 68.4% of total exports, with the Philippines leading at 48.9%, followed by the United States at 10.1%, and Asia (not elsewhere specified) at 9.3%.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Vietnam in kind, 2017-2020

Exports in value, K $ US

In 2020, Vietnam's exports of concentrated milk and cream in value terms reached 15 279 thousand US dollars, a 19.3% increase year-over-year. Over the 2017-2020 period, export value grew by 57.2%, with a compound annual growth rate of 16.3%. The largest decline occurred in 2019 at 4.2%, while the highest increase was in 2018 at 37.5%.

Annual dynamics of product's exports from Vietnam in value, 2017-2020, K $ US

During 2017-2020, three key markets—the Philippines, Asia (not elsewhere specified), and Angola—collectively absorbed 67.2% of Vietnam's total concentrated milk and cream exports in value terms.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Vietnam in value, 2017-2020

Imports concentrated milk and cream to Vietnam

Imports in kind, t

Vietnam's imports of concentrated milk and cream declined for the second year in a row. In 2020, the country imported 3 879 tonnes, a 57.2% decrease from 2019. Over the 2017-2020 period, imports fell by 53%, with an average annual decline of 22.2%. The highest import volume was recorded in 2018 at 13 231 tonnes, which also saw the largest increase of 60.4% that year.

Annual dynamics of product's imports to Vietnam in kind, 2017-2020, t

From 2017 to 2020, Malaysia and Cambodia were the main sources for Vietnam's concentrated milk and cream imports in volume terms, jointly making up 84.5% of total imports, while other partners contributed the remainder.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Vietnam in kind, 2017-2020

Imports in value, K $ US

The market displayed an unstable trend throughout the period. Import values peaked in 2018 and dropped to their lowest in 2020, with a 3.6-fold difference between these years. In 2020, Vietnam imported approximately 7 747 thousand US dollars worth of concentrated milk and cream, a 53.5% fall compared to 2019. The maximum value was recorded in 2018 at 27 580 thousand US dollars, which also saw the largest increase of 78.3% that year.

Annual dynamics of product's imports to Vietnam in value, 2017-2020, K $ US

Throughout 2017-2020, two countries—Malaysia and Cambodia—accounted for the majority of Vietnam's concentrated milk and cream imports in value terms, with other markets playing a smaller role individually.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Vietnam in value, 2017-2020