BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam cooking & edible oils market size at USD 328.32 million in 2022. During the forecast period between 2023 and 2029, Vietnam cooking and edible oils market size is projected to grow at a CAGR of 8.40% reaching a value of USD 577.43 million by 2029. The market for cooking and edible oils in Vietnam is expected to grow significantly owing to factors such rising disposable income and urbanization, which are directly influencing consumer lifestyles. The high incidence of coronary heart diseases and rising health concerns are expected to stimulate the expansion of the Vietnamese cooking & edible oil markets during the forecast period.
Vietnam Cooking & Edible Oils Market – Overview
Cooking oil is a liquid fat made of plants, animals, or synthetic materials that are used in baking, frying, and other cooking processes. It may also be referred to as edible oil as it is used in cold food preparation and flavoring, including salad dressings and bread dips. The primary application of cooking oil is in frying, where it serves as a heat-transfer medium and gives food flavor and texture. Cooking oil must, among other things, be stable under the harsh circumstances of deep-fat frying, which include high temperatures and dampness.
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Vietnam Cooking & Edible Oils Market – By Application
Based on application, Vietnam cooking & edible oils market is segmented into bakery and confectionery, snack foods, salads, margarine, fillings, spreads, and other applications. The bakery and confectionery segment holds the highest market share. The main purpose of oil in most baking recipes is probably to maintain the moistness of the finished product. To maintain some baked items soft and fluffy in texture, it essentially catches the gasses that are generated from the reaction of the baking powder and baking soda. Vietnam is emerging as a robust bakery market in the Asia-Pacific region due to which cooking & edible oils are also gaining traction.
Impact of COVID-19 on Vietnam Cooking & Edible Oils Market
Although the COVID-19 pandemic had a low impact on the Vietnamese economy, limitations on import and export caused a slowdown in the country’s cooking and edible oil sector. For its cooling oil usage, Vietnam is heavily reliant on neighboring nations, mainly Malaysia and Indonesia. However, temporary bans on the import of cooking oils to stop the virus from spreading across borders result in a lack of supplies on the domestic market and an increase in pricing. Due to the enormous imbalance between demand and supply, the market for cooking and edible oils in Vietnam suffered greatly.
Competitive Landscape
Major players operating in Vietnam cooking & edible oils market include Vegetable Oil Trading JSC, Vinacommodities Corporation, Vocarimex (Calofic), Kido Nha Be, Tuong An, Vegetable Oil Extraction Joint Stock Company, Quang Minh Corporation Joint Stock Company, and South America Vegetable Oil Joint Stock Company. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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