Summary
Gain insights into the Vietnam edible oil market size at USD 1,456.2 million by 2027, showcasing consumer demand, market segmentation, and competitive strategies shaping product diversification and health-based innovation.
Market Overview
Vietnam Edible Oil Market Overview
The Vietnam Edible Oil Market reached USD 1,057.7 million in 2022, reflecting a historic CAGR of -1.4% during the period 2018–2022. Looking ahead, the market is projected to grow significantly, expected to reach USD 1,456.2 million by 2027 at a CAGR of 6.6% during the forecast period 2022–2027. Major companies operating in the market include Calofic, Tuong An, Kido Nha Be, Tan Binh, and A Long Food. Key growth drivers supporting this expansion include an increasing inclination towards healthier lifestyles, a growing population, the rapid development of Vietnam’s food industry, and the ongoing expansion of retail infrastructure across the country.
Vietnam Edible Oil Market Definition
Vietnam edible oil market: It is defined as the sum of the revenue of leading players that constitute major share in Indonesia. This includes only revenues generated from domestic sales of edible oils excluding revenue generated from exports and other third parties.
Monounsaturated fats: Monounsaturated fat is a type of dietary fat. It is one of the healthy fats, along with polyunsaturated fat. Monounsaturated fats are liquid at room temperature but start to harden when chilled
Trans fats: Trans-fat is a type of dietary fat. Of all the fats, trans fat is the worst for your health. Too much trans-fat in your diet increases your risk for heart disease and other health problems.
Saturated fats: Saturated fat is a type of dietary fat. It is one of the unhealthy fats, along with trans-fat. These fats are most often solid at room temperature. Foods like butter, palm and coconut oils, cheese, and red meat have high amounts of saturated fat.
Polyunsaturated fats: Polyunsaturated fats are usually liquid at room temperature and are referred to as “oils.” They’re found mostly in fatty fish, plant-based oils, seeds and nuts.
Supermarket: A supermarket is a self-service shop offering a wide variety of food, beverages and household products, organized into sections.
Hypermarket: A hypermarket is a large retail store that combines the features of a supermarket and a department store, offering a wide range of products, including groceries, household items, clothing, electronics, and more, all under one roof.
LDH: Lactate dehydrogenase is an enzyme that the body uses during the process of turning sugar into energy for your cells to use.
HDL: HDL (high-density lipoprotein) cholesterol, sometimes called “good” cholesterol, absorbs cholesterol in the blood and carries it back to the liver.
FFB: Palm oil is extracted from fresh fruit bunches (FFB) by a mechanical process.
Taxonomy
Vietnam Edible Oil Market Industry Analysis
Vietnam Edible Oil Market Segmentation
Vietnam Edible Oil Market Segmentation by Type of Oil, 2022 (in %)
The Vietnam edible oil market features a diverse mix of oil types catering to different consumer preferences. Palm oil dominates with a market share of 67.8%, valued for its versatility in cooking and widespread availability. Soy oil follows at 18.7% and is the second most popular, as it has been catching consumers’ attention due to it being perceived as good for cardiovascular health. Coconut oil holds a significant share of 12.3%, favored for its unique flavor and various culinary applications. Peanut oil, although less common, occupies 1.0% of the market and is appreciated for its distinct taste in certain dishes. Other oils such as rapeseed, sunflower, olive, and sesame collectively make up only 0.3% of the market due to their niche uses and relatively lower popularity. Palm oil's dominance is supported by its affordability, versatility, and widespread use in both household and commercial cooking applications, making it a staple in Vietnamese cuisine.
Vietnam Edible Oil Market Segmentation by Mode of Sales Channel, 2022 (in %)
In the Vietnam edible oil market, sales occur through two modes: retail e-commerce and retail offline. Retail offline, encompassing physical stores like supermarkets and convenience stores, holds a dominant market share of 98.1%. This preference for offline shopping is rooted in traditional consumer habits, as Vietnamese shoppers often prefer to personally inspect and purchase products in-store. Moreover, offline retailers have built trust and rapport with customers over time. Conversely, retail e-commerce, with a smaller market share of 1.9%, faces challenges such as limited internet access in certain areas and concerns about product authenticity. The dominance of retail offline reflects the prevailing consumer behavior and market dynamics in Vietnam.
Vietnam Edible Oil Market by Future Market Size
The Vietnam edible oil market is anticipated to experience significant growth, with projections indicating an increase from USD 1057.7 Mn in 2022 to USD 1456.2 Mn by 2027. This growth, projected at a CAGR of 6.6% during the forecast period 2022–2027, is driven by various factors. Health-conscious consumers are expected to continue driving demand for healthier edible oils, such as those with low saturated fats, high monounsaturated fats, and omega-3 fatty acids. Companies like Tuong An and Tanh Binh would focus on educational marketing to educate consumers about the nutritional aspects and applications of their edible oils. Calofic is to expand digital marketing and e-commerce platforms to reach tech-savvy consumers, with e-commerce revenue expected to grow at a CAGR of ~12% during 2023–2027. The anticipated highest annual growth of 8.4% in 2027 suggests a sustained upward trend, likely fueled by ongoing economic development, urbanization, and a growing emphasis on healthier lifestyles among Vietnamese consumers.
Company Profile of major players of India Edible Oil Market
| Company Name | Establishment year | Description |
|---|---|---|
Calofic | 1996 | CALOFIC Corporation (CALOFIC) is the joint venture between Vietnam Vegetable Oils Industry Corporation (VOCARIMEX) and Wilmar International Group, Singapore. The venture began in 1996, with an investment that started at USD 22 million and has since increased to USD 261 million. CALOFIC is one of the most successful joint venture companies across Vietnam and has spearheaded the manufacturing and processing of vegetable oils in the country. Since establishment, product quality is the driving force behind CALOFIC, with continual improvements in processing and investments in new technologies. |
Tuong An | 1996 | A Vietnamese company with 45 years of experience, Tuong An always acknowledges the strict requirements of Vietnamese culinary arts when it comes to great dishes. For that reason, Tuong An constantly invests in its state-of-the-art refining production line and combines it with traditional know-how to provide its customers with excellent cooking oils to create excellent dishes. |
Kido Nha Be | 1996 | KIDO Corporation was established in 1993 and has become one of the leading Food & Flavor companies in Vietnam. In its 22-year history, KIDO Group has remained the market leader in confectionery across a wide array of products such as confectionery, cookies and ice - cream under the KIDO brand name. In 2015, aiming to expand and develop into essential food, KIDO Group was officially established. By promoting existing platforms, KIDO continues to maintain and develop its leading position in the frozen industry with Ice-Cream, Milk & Dairy products and expands its product portfolio to the food and beverage industry mainly with cooking oil, instant noodles, seasoning seeds, sauces, coffee, convenient packaged foods... to take care of Vietnamese family kitchens and meet customers’ needs throughout the day. |
Tan Binh | 1996 | Tan Binh Vegetable Oil Joint Stock Company with more than 50 years of construction and development, the products are manufactured on modern equipment lines and production technology imported from advanced countries such as Japan, USA , Germany ... Up to now, the company has a total capacity of 70,000 tons/year. All products are produced on modern machinery and equipment, undergo rigid quality control process that ensure only the best to be delivered to our customers. |
An Long Food | 1996 | An Long's factory is also the company's headquarters located in Long Dinh - Long Cang industrial cluster, Long An province, with an area of nearly 3 hectares of land for construction with a capacity of 700 tons/day, always ensuring to meet the needs of consumers on a variety of products. ALF’s distribution network is nationwide, with more than 200 domestic distributors and nearly 3000 points of sale, which makes it easy for ALF to connect with customers |
Vietnam Edible Oil Market Macroeconomic Indicators
The population of Vietnam reached 99.5 million in 2022 as compared to 90.7 million in 2014. The population growth in Vietnam continuously grew at a constant rate in past years.
The total land area in Vietnam was 313,429 Sq. Km in 2022. Out of this total area the agricultural land area is 147,311.6 Sq. Km. and forest area is 123,491.0 Sq. Km.
The major agricultural region in Vietnam are Red River delta and Mekong River Delta. Rice is considered as the most important crop in Vietnam and it is grown principally in Red and Mekong River Deltas.
The GDP of Vietnam reached USD 408.8 Bn in 2022 from USD233.45 Bn in 2014. The GDP grew with a constant rate throughout the time period 2014-2022.
Frequently Asked Questions
Find quick answers to common questions about Vietnam’s growing edible oil market