FMCG market forecast to grow strongly in the long term
FMCG market forecast to grow strongly in the long term
The fast moving consumer goods market will remain strong in the long term in the country’s four major cities of Ha Noi, Da Nang, HCM City, and Can Tho and see an acceleration in rural areas, according to Kantar Worldpanel, a global data, insights and consulting company.
In its latest FMCG monitor report, the company said though oil and electricity prices increased in April the consumer price index remained under control in the first four months, growing at the lowest rate in the last three years.
Retail sales of consumer goods maintained their growth momentum driven by strong demand for foods and household appliances.
All sectors sustained healthy growth, mostly thanks to an increase in volume of consumption.
Personal care was the fastest growing sector in the four cities while dairy led FMCG growth in rural areas.
In the urban market, oyster sauce enjoyed impressive growth in terms of both value and volume at 19 per cent and 13 per cent.
Ice cream consumed at home was fast expanding its consumer base in rural areas, partly thanks to the increasing number of households having a fridge with a freezer, with consumption going up by 6 per cent in volume and 12 per cent in value.
The majority of the top 10 growing brands in terms of consumer reach points (CRPs) are successfully expanding their reach. These brands have been acquiring an impressive number of additional households by catering to consumers’ evolving needs centred around health, convenience and happiness and bringing them an enhanced shopping experience.
The top 10 fastest growing brands in CRPs in major urban cities are Aquafina, G7, Cholimex, Omachi, Tiger, Choco-Pie (Orion), Chin-su, Omo, Simply (Cai Lan), and Cai Lan, while in rural areas they were One One, Diana, Simply (Cai Lan), Chin-su, TH True, Milo, Saigon (Beer), Maggi, Tuong An, and Knorr.
