Vietnam Dairy Products Market Booming to Surpass USD 12.2 Billion by 2031

Published | 26 May 2025

Vietnam Dairy Products Market is flourishing primarily due increasing health consciousness, a growing middle-class population, and supportive government initiatives.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam Dairy Products Market size by value at USD 6.65 billion in 2024. During the forecast period between 2025 and 2031, BlueWeave expects Vietnam Dairy Products Market size to boom at a robust CAGR of 9.1% reaching a value of USD 12.23 billion by 2031. The growth of Dairy Products Market in Vietnam is propelled by increasing health awareness, rising disposable incomes, and evolving consumer preferences for nutrient-rich foods. Government initiatives, foreign investments, and the development of modern retail infrastructure are further enhancing production capabilities, fostering innovation, and expanding market reach. Urban consumers, in particular, are demonstrating a growing awareness of the nutritional benefits of dairy, such as calcium, protein, and probiotics. This is driving increased demand for fortified milk, yogurt, and other functional dairy products among both children and the elderly. Additionally, the rising popularity of ready-to-consume dairy products aligns with the fast-paced lifestyles of the population. Vietnam’s per capita milk consumption is projected to reach 40 liters annually by 2030, exhibiting a compound annual growth rate of approximately 4%, indicating dairy's transition from a supplementary product to a dietary staple. Rising income levels and overall economic development are also contributing to this shift, with more households choosing premium and imported dairy options. The expansion of supermarkets and convenience stores has improved product availability, while urbanization continues to reshape consumer preferences towards convenient and packaged dairy offerings. Consequently, dairy is increasingly viewed as an essential component of the modern Vietnamese diet rather than a discretionary item.

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Milk Segment Dominates Vietnam Dairy Products Market

The milk segment accounts for the highest share in Vietnam Dairy Products Market by product type. Vietnam has experienced substantial growth in milk consumption over the past few decades, driven by evolving dietary habits and increasing health awareness, establishing milk as a key component of Vietnamese diets, particularly among younger consumers. The market now features a diverse portfolio of milk-based products, including fresh, powdered, and condensed milk, alongside yogurt, functional milk, lactose-free milk, organic milk, and plant-based alternatives. Projections indicate continued steady growth in Vietnam’s milk market, with per capita consumption expected to reach 40 liters annually by 2030. This expansion is fueled by heightened health consciousness, rising income levels, and a consumer shift towards higher-value dairy options. Notably, demand for premium milk products, such as functional and organic varieties, is increasing in line with the expanding middle class and evolving consumer preferences. The entry of international brands, including FrieslandCampina and Nestlé, has further stimulated market development. Leading domestic players, such as Vinamilk and TH True Milk, have effectively capitalized on this growing demand, driving innovation in milk production and processing and maintaining significant market share alongside international competitors. Government initiatives focused on enhancing local milk production and reducing import reliance have also been instrumental in the advancement of Vietnam’s dairy industry. With consistent growth in consumer demand for a variety of milk products, the milk segment remains the cornerstone of the Vietnam Dairy Products Market.

Impact of Escalating Geopolitical Tensions on Vietnam Dairy Products Market

Intensifying geopolitical tensions could have a multifaceted impact on Vietnam Dairy Products Market. The sector's heavy dependence on imported raw milk renders it particularly vulnerable to disruptions in global supply chains stemming from instability in key supplier regions. Such disruptions could lead to increased raw material costs and logistical challenges. Furthermore, geopolitical uncertainty may negatively impact foreign investment inflows, which are critical for the industry's growth trajectory. The potential imposition of trade barriers, tariffs, or sanctions could restrict access to essential dairy inputs and technologies, thereby impeding innovation, elevating production costs, and ultimately constraining the market's growth potential and affecting consumer affordability.

Competitive Landscape

Vietnam Dairy Products Market is highly fragmented, with numerous players serving the market. Major companies dominating the market include Vinamilk, TH True Milk, Nutifood, IDP, Moc Chau Milk, FrieslandCampina, Nestlé, Abbott, Mead Johnson, and Fonterra. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge over their competitors in Vietnam Dairy Products Market.

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The report's in-depth analysis provides information about growth potential, upcoming trends, and Vietnam Dairy Products Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam Dairy Products Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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