Food safety concerns, expanded distribution, and improved disposable income are among a host of reasons why packaged food sales were thriving in Vietnam. The packaged food sales estimated to grow around 9.4% year on year. This help checkweigher market projected to have sustainable growth at 15% in Vietnam market.
The packaged food value and volume growth rates in retail and foodservice channels exceeded that of the previous year, as Vietnam’s economy continued to strengthen and Vietnamese consumers enjoyed more disposable income. Demand for packaged food increased for a host of reasons, among them the deeper penetration of convenience stores into the countryside in tandem with a far wider offer of both
imported and domestically produced packaged food – especially those appealing to traditional tastes, which Vietnamese highly value.
Another, less direct reason has to do with food safety concerns, which became a major issue with the recall of contaminated fish sauces and chili sauces earlier in the decade. While consumer confidence improved after government agencies and industry players took strong action to improve production and inspection standards, even though the government quickly stopped and investigated a suspect pork supply and took effective steps to reassure consumers that safety measures were well in place, food safety concerns remain.
There are myriad reasons to be optimistic about continued strong value growth
There are many reasons to be optimistic about growth prospects for checkweigher market in Vietnam. Circular No. 21/2014/TT-BKHCN on measurement of prepackaged goods taken into effective from 2014 and rising enforcement from government bodies and awareness from consumers.
Certainly, continued economic growth is one of them. In line with this, the trade agreements the government entered into with the EU and ASEAN has been creating stronger economic and cultural ties between Vietnam and other countries around the world. Intensified competition across the market resulting from these trade movements can only benefit the Vietnamese business, as it will motivate both established players and new entrants to focus harder on innovation, marketing and pricing strategies in order to sustain and/or gain a greater market share.
Sales of Checkweigher
Import Value - USD - 2018-2022H1 Actual and Forecast to 2025
Sales Performance of Checkweigher
% Y-O-Y Sales Growth 2018-2022H1 Actual and Forecast to 2025
6.1 Data table in excel file
6.2 Raw data of sales transactions from 2018 to 2022H1