SAUCES, DRESSINGS AND

CONDIMENTS IN VIETNAM
Euromonitor International
November 2018
SAUCES, DRESSINGS AND CONDIMENTS IN VIETNAM Passport I

LIST OF CONTENTS AND TABLES

Headlines ..................................................................................................................................... 1
Prospects ..................................................................................................................................... 1
Fish Sauces Remains by Far the Largest Category ................................................................. 1
Traditional Channels Are Necessary To Reach Shoppers in Vietnam ...................................... 1
Competitive Landscape ................................................................................................................ 2
Masan Consumer Corp Maintains Its Leading Position ............................................................ 2
Category Data .............................................................................................................................. 2
Table 1 Sales of Sauces, Dressings and Condiments by Category: Volume
2013-2018 .................................................................................................... 2
Table 2 Sales of Sauces, Dressings and Condiments by Category: Value
2013-2018 .................................................................................................... 3
Table 3 Sales of Sauces, Dressings and Condiments by Category: % Volume
Growth 2013-2018 ....................................................................................... 3
Table 4 Sales of Sauces, Dressings and Condiments by Category: % Value
Growth 2013-2018 ....................................................................................... 4
Table 5 Sales of Cooking Sauces by Type: % Value 2013-2018 .............................. 5
Table 6 NBO Company Shares of Sauces, Dressings and Condiments: %
Value 2014-2018 .......................................................................................... 5
Table 7 LBN Brand Shares of Sauces, Dressings and Condiments: % Value
2015-2018 .................................................................................................... 6
Table 8 Distribution of Sauces, Dressings and Condiments by Format: %
Value 2013-2018 .......................................................................................... 7
Table 9 Forecast Sales of Sauces, Dressings and Condiments by Category:
Volume 2018-2023 ....................................................................................... 8
Table 10 Forecast Sales of Sauces, Dressings and Condiments by Category:
Value 2018-2023 .......................................................................................... 8
Table 11 Forecast Sales of Sauces, Dressings and Condiments by Category:
% Volume Growth 2018-2023 ...................................................................... 9
Table 12 Forecast Sales of Sauces, Dressings and Condiments by Category:
% Value Growth 2018-2023 ....................................................................... 10

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SAUCES, DRESSINGS AND CONDIMENTS IN VIETNAM Passport 1

SAUCES, DRESSINGS AND

CONDIMENTS IN VIETNAM
HEADLINES
 In 2018 sauces, dressings and condiments records retail volume growth of 7% and current
value growth of 10% to reach sales of 541,000 tonnes and VND26,842 billion, respectively
 Fish sauce continues to be the most popular type of sauce used in Vietnamese cuisine
 Salad dressings registers the strongest current value growth of 21%
 Average unit price rises by 4% in current terms
 Masan Consumer Corp maintains its leading position with a retail value share of 35%
 Over the forecast period sauces, dressings and condiments is expected to post a value
CAGR of 7% at constant 2018 prices to reach sales of VND38,187 billion in 2023

PROSPECTS

Fish Sauces Remains by Far the Largest Category

Among the diverse range of products available in sauces, dressings and condiments in
Vietnam, fish sauce is regarded as one of the most important in local cuisine. Historically,
Vietnamese consumers have known how to preserve fish and produce fish sauce, with there
being region-specific types, for example Cai Hai fish sauce in Hai Phong in the north, Phan
Thiet or Nha Trang in central Vietnam and Phu Quoc in the south. The application of fish sauce
ranges from a cooking ingredient to a dip. In 2018, fish sauces continued to record further
growth, being mass produced in large factories and widely distributed via both modern and
traditional grocery outlets.
Competition in the category is very intense, with both large multinationals like Nestlé and
small local players vying for sales. Furthermore, the category is witnessing ongoing
diversification as manufacturers seek to cater for changing consumer demands. For example,
Masan Consumer Corp offers Chin-Su fish sauce with a salmon flavour, while Cholon
Investment & Import-Export supplies Cholimex fish sauce with garlic and chilli. Over the forecast
period demand for fish sauce in its various forms is expected to grow. However, key to sales will
be production methods and transparency as Vietnamese consumers are expected to select the
safest products due to rising concerns about health and safety.

Traditional Channels Are Necessary To Reach Shoppers in Vietnam

In terms of consumer goods distribution in Vietnam, traditional channels such as small
independent grocers and kiosks in wet markets are often the most effective way to reach
consumers despite increasing urbanisation. In rural areas, grocers and traditional wet markets
are often the only places where consumer goods are purchased. In urban areas, although
supermarkets and convenience stores grew rapidly over the review period, the convenience and
role that traditional channels play in Vietnamese consumers’ purchasing habits cannot be
underestimated. Specific to sauces, dressings and condiments, convenience stores have limited
availability of these products. Supermarkets, on the other hand, are often found in shopping
centres which provide an attractive proposition to weekend shoppers by combining
entertainment and convenience in one location. However, the purchasing habits of Vietnamese

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SAUCES, DRESSINGS AND CONDIMENTS IN VIETNAM Passport 2

consumers also include short trips to grocers throughout the course of their day to stock up on
various items, a trend that will undoubtedly continue as the need for convenience becomes
more pressing due to hectic lifestyles.
Over the forecast period, while modern grocery retailing becomes increasingly competitive in
the general packaged food landscape, traditional outlets are expected to remain the go-to
channel for sauces, dressings and condiments.

COMPETITIVE LANDSCAPE

Masan Consumer Corp Maintains Its Leading Position

In 2018, Masan Consumer Corp remained the leading player in sauces, dressings and
condiments thanks to its dominance in fish sauces and soy sauces and strength in chili sauces.
Masan offers a wide range of products in both the premium and mass segments. In fish sauces,
the largest contributor to the wider category’s sales, Masan offers three of the four leading
brands, namely Nam Ngu, Nam Ngu II and Chin-Su, while in soy sauces the company owns the
Tam Thai Tu and Chin-Su brands, which ranked first and third, respectively, in 2018. Masan’s
strategy has been to build brand equity by investing heavily in marketing activities such as
television commercials, in-store displays and trade promotions. As a result, the company’s
brands are well-known in both rural and urban areas and are widely available in all grocery
channels.
Over the review period Masan faced increasing competition in the fish sauces category and
so has adopted a product diversification and premiumisation strategy. Over the forecast period
the company is expected to maintain its leading position by focusing on its core product offering,
continuing to build consumer awareness and further improving its distribution.

CATEGORY DATA
Table 1 Sales of Sauces, Dressings and Condiments by Category: Volume 2013-2018

'000 tonnes
2013 2014 2015 2016 2017 2018

Cooking Ingredients 69.5 72.8 76.3 80.4 85.3 91.5

- Bouillon 37.1 41.1 45.3 49.6 54.0 58.6
-- Gravy Cubes and - - - - - -
Powders
-- Liquid Stocks and - - - - - -
Fonds
-- Stock Cubes and 37.1 41.1 45.3 49.6 54.0 58.6
Powders
- Dry Sauces 3.1 3.6 4.1 4.7 5.4 6.2
- Herbs and Spices 0.2 0.2 0.2 0.2 0.3 0.3
- Monosodium Glutamate 27.7 26.3 24.8 23.7 23.2 23.6
- Pasta Sauces 0.3 0.3 0.4 0.4 0.5 0.6
- Cooking Sauces 1.2 1.3 1.5 1.7 2.0 2.3
Dips - - - - - -
Pickled Products 3.9 4.2 4.6 4.9 5.3 5.7
Table Sauces 329.9 350.6 371.8 393.6 417.9 444.3
- Barbecue Sauces - - - - - -
- Fish Sauces 226.5 241.0 255.7 270.8 287.3 305.1
- Ketchup 1.9 2.1 2.3 2.6 2.8 3.1
- Mayonnaise 1.2 1.4 1.5 1.7 1.9 2.1

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SAUCES, DRESSINGS AND CONDIMENTS IN VIETNAM Passport 3

- Mustard 0.1 0.1 0.1 0.1 0.1 0.1

- Oyster Sauces 3.1 3.3 3.5 3.8 4.0 4.3
- Salad Dressings 0.1 0.1 0.1 0.2 0.2 0.2
- Soy Sauces 74.9 78.7 82.5 86.2 90.5 95.2
- Chili Sauces 22.2 24.0 26.0 28.3 31.0 34.1
- Other Table Sauces - - - - - -
Tomato Pastes and Purées - - - - - -
Yeast-based Spreads - - - - - -
Other Sauces, Dressings - - - - - -
and Condiments
Sauces, Dressings and 403.2 427.6 452.7 478.8 508.5 541.4
Condiments
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 2 Sales of Sauces, Dressings and Condiments by Category: Value 2013-2018

VND billion
2013 2014 2015 2016 2017 2018

Cooking Ingredients 4,497.6 4,934.1 5,387.6 5,885.4 6,503.7 7,230.2

- Bouillon 2,557.5 2,954.1 3,352.9 3,788.8 4,307.9 4,876.5
-- Gravy Cubes and - - - - - -
Powders
-- Liquid Stocks and - - - - - -
Fonds
-- Stock Cubes and 2,557.5 2,954.1 3,352.9 3,788.8 4,307.9 4,876.5
Powders
- Dry Sauces 243.2 294.0 352.8 402.2 462.5 535.1
- Herbs and Spices 96.1 110.1 125.5 141.8 159.6 178.7
- Monosodium Glutamate 1,489.0 1,440.1 1,396.9 1,368.9 1,362.1 1,396.1
- Pasta Sauces 27.1 31.7 38.6 45.8 53.1 60.5
- Cooking Sauces 84.8 104.2 120.8 137.9 158.6 183.1
Dips - - - - - -
Pickled Products 228.4 264.9 288.7 312.7 340.2 370.8
Table Sauces 11,913.0 13,418.2 14,637.7 15,949.6 17,477.3 19,240.7
- Barbecue Sauces - - - - - -
- Fish Sauces 8,945.0 10,035.2 10,838.1 11,640.1 12,594.6 13,728.1
- Ketchup 109.5 128.4 145.1 160.5 177.1 194.9
- Mayonnaise 122.8 146.6 167.1 188.0 213.0 243.9
- Mustard 7.8 8.5 9.8 11.4 13.3 15.5
- Oyster Sauces 156.4 178.6 200.0 222.8 247.3 273.3
- Salad Dressings 22.7 36.8 46.0 56.6 68.1 82.3
- Soy Sauces 1,702.7 1,909.9 2,062.7 2,209.2 2,381.5 2,581.6
- Chili Sauces 846.3 974.1 1,168.9 1,461.1 1,782.5 2,121.2
- Other Table Sauces - - - - - -
Tomato Pastes and Purées - - - - - -
Yeast-based Spreads - - - - - -
Other Sauces, Dressings - - - - - -
and Condiments
Sauces, Dressings and 16,639.0 18,617.2 20,314.0 22,147.7 24,321.2 26,841.7
Condiments
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 3 Sales of Sauces, Dressings and Condiments by Category: % Volume Growth

2013-2018

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SAUCES, DRESSINGS AND CONDIMENTS IN VIETNAM Passport 4

% volume growth
2017/18 2013-18 CAGR 2013/18 Total

Cooking Ingredients 7.2 5.7 31.7

- Bouillon 8.5 9.6 58.0
-- Gravy Cubes and Powders - - -
-- Liquid Stocks and Fonds - - -
-- Stock Cubes and Powders 8.5 9.6 58.0
- Dry Sauces 15.0 15.1 102.0
- Herbs and Spices 8.0 9.0 53.8
- Monosodium Glutamate 1.5 -3.2 -14.8
- Pasta Sauces 12.0 14.4 95.8
- Cooking Sauces 15.0 14.2 94.0
Dips - - -
Pickled Products 7.4 7.8 45.4
Table Sauces 6.3 6.1 34.7
- Barbecue Sauces - - -
- Fish Sauces 6.2 6.1 34.7
- Ketchup 10.0 10.9 67.9
- Mayonnaise 11.5 12.3 78.4
- Mustard 11.6 9.5 57.4
- Oyster Sauces 6.5 6.8 38.9
- Salad Dressings 17.5 25.9 216.9
- Soy Sauces 5.2 4.9 27.1
- Chili Sauces 10.0 8.9 53.5
- Other Table Sauces - - -
Tomato Pastes and Purées - - -
Yeast-based Spreads - - -
Other Sauces, Dressings and Condiments - - -
Sauces, Dressings and Condiments 6.5 6.1 34.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 4 Sales of Sauces, Dressings and Condiments by Category: % Value Growth

2013-2018

% current value growth

2017/18 2013-18 CAGR 2013/18 Total

Cooking Ingredients 11.2 10.0 60.8

- Bouillon 13.2 13.8 90.7
-- Gravy Cubes and Powders - - -
-- Liquid Stocks and Fonds - - -
-- Stock Cubes and Powders 13.2 13.8 90.7
- Dry Sauces 15.7 17.1 120.1
- Herbs and Spices 12.0 13.2 86.0
- Monosodium Glutamate 2.5 -1.3 -6.2
- Pasta Sauces 14.0 17.4 123.2
- Cooking Sauces 15.5 16.7 116.0
Dips - - -
Pickled Products 9.0 10.2 62.3
Table Sauces 10.1 10.1 61.5
- Barbecue Sauces - - -
- Fish Sauces 9.0 8.9 53.5
- Ketchup 10.1 12.2 78.1
- Mayonnaise 14.5 14.7 98.6
- Mustard 17.0 14.8 99.1
- Oyster Sauces 10.5 11.8 74.8

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SAUCES, DRESSINGS AND CONDIMENTS IN VIETNAM Passport 5

- Salad Dressings 20.8 29.4 263.4

- Soy Sauces 8.4 8.7 51.6
- Chili Sauces 19.0 20.2 150.6
- Other Table Sauces - - -
Tomato Pastes and Purées - - -
Yeast-based Spreads - - -
Other Sauces, Dressings and Condiments - - -
Sauces, Dressings and Condiments 10.4 10.0 61.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 5 Sales of Cooking Sauces by Type: % Value 2013-2018

% retail value rsp

2013 2014 2015 2016 2017 2018

Caramel Sauce (Nuoc mau) 35.5 34.0 33.2 32.0 31.0 31.5
Fine Shrimp Sauce (Mam 25.5 24.5 24.3 24.0 23.8 23.5
Ruoc)
Stew Sauce (Nuoc uop 26.5 29.5 30.5 31.5 31.9 33.0
thit ca)
Others 12.5 12.0 12.0 12.5 13.3 12.0
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 6 NBO Company Shares of Sauces, Dressings and Condiments: % Value 2014-
2018

% retail value rsp

Company 2014 2015 2016 2017 2018

Masan Consumer Corp 43.8 41.0 38.7 36.5 35.4

Ajinomoto Vietnam Co Ltd 12.1 11.9 11.8 11.8 11.8
Unilever Vietnam 6.7 6.9 7.1 7.4 7.6
International Co Ltd
Nestlé Vietnam Ltd 3.5 3.6 3.8 3.9 4.0
Cholon Investment & 3.1 3.3 3.3 3.3 3.4
Import-Export Co
(CHOLIMEX)
Hung Thinh Co Ltd 2.8 3.0 3.1 3.2 3.3
Trung Thanh Co Ltd 3.0 3.1 3.1 3.2 3.3
Nam Phuong VN Co Ltd 2.5 2.7 2.7 2.7 2.6
Asia Food Technology Co 2.2 2.2 2.2 2.2 2.1
Ltd
Lien Thanh Co Ltd 1.5 1.6 1.7 1.8 1.9
Bay Hong Hanh 1.1 1.1 1.2 1.2 1.3
Production Trading
Service Co Ltd
Hanh Phuc Co Ltd 1.0 1.1 1.1 1.1 1.2
Thuan Phat Food 0.7 0.7 0.7 0.7 0.7
Processing & Trading Co
Vedan (Vietnam) 0.9 0.8 0.7 0.6 0.6
Enterprise Corp Ltd
Vianco JV Enterprise Co 0.4 0.5 0.5 0.5 0.5
Ltd
Miwon Vietnam Co Ltd 0.8 0.7 0.6 0.5 0.5

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Song Huong Co Ltd 0.5 0.5 0.5 0.5 0.5

Nam Duong Sauce 0.4 0.5 0.5 0.5 0.5
Enterprise
Saigon Vewong JV Co 0.7 0.6 0.6 0.5 0.5
Viet Huong Co Ltd 0.3 0.3 0.3 0.3 0.3
Thanh Thien Loc JSC - 0.3 0.3 0.3 0.3
Muoi Thu Fish Sauce Co 0.3 0.3 0.3 0.3 0.3
Ltd
Long Hai Fish Sauce 0.5 0.4 0.4 0.3 0.3
Enterprise Ltd
VIFON - Vietnam Food 0.3 0.2 0.2 0.2 0.2
Industries JSC
Kewpie Vietnam Co Ltd 0.1 0.2 0.2 0.2 0.2
Saigon Aquatic Products 0.4 0.3 0.3 0.2 0.2
Trading JSC
Remia CV 0.1 0.1 0.1 0.2 0.2
Kraft Heinz Co - 0.2 0.2 0.2 0.2
Viet San Food Co Ltd 0.1 0.1 0.1 0.1 0.1
Ngoc Lien Co Ltd 0.1 0.1 0.1 0.1 0.1
Heinz Co, HJ 0.2 - - - -
Others 9.8 11.7 13.6 15.5 16.0
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 7 LBN Brand Shares of Sauces, Dressings and Condiments: % Value 2015-
2018

% retail value rsp

Brand (GBO) Company (NBO) 2015 2016 2017 2018

Nam Ngu (Masan Masan Consumer Corp 21.7 20.1 18.5 17.8
Group Corp)
Knorr (Unilever Unilever Vietnam 6.9 7.1 7.4 7.6
Group) International Co Ltd
Aji-ngon (Ajinomoto Ajinomoto Vietnam Co Ltd 6.7 6.9 7.2 7.5
Co Inc)
Nam Ngu II (Masan Masan Consumer Corp 8.0 7.3 6.7 6.4
Group Corp)
Chin-Su (Masan Masan Consumer Corp 5.5 5.6 5.8 5.9
Group Corp)
Tam Thai Tu (Masan Masan Consumer Corp 5.6 5.4 5.2 5.1
Group Corp)
Maggi (Nestlé SA) Nestlé Vietnam Ltd 3.6 3.8 3.9 4.0
Ajinomoto Ajinomoto Vietnam Co Ltd 4.7 4.2 3.8 3.5
(Ajinomoto Co Inc)
Hung Thinh Hung Thinh Co Ltd 3.0 3.1 3.2 3.3
Trung Thanh Trung Thanh Co Ltd 3.1 3.1 3.2 3.3
Cholimex Cholon Investment & 2.7 2.7 2.7 2.8
Import-Export Co
(CHOLIMEX)
Barona Nam Phuong VN Co Ltd 2.7 2.7 2.7 2.6
Ong Tay Asia Food Technology Co 2.2 2.2 2.2 2.1
Ltd
Lien Thanh Con Voi Do Lien Thanh Co Ltd 1.6 1.7 1.8 1.9
Hong Hanh Bay Hong Hanh 1.1 1.2 1.2 1.3
Production Trading
Service Co Ltd
Hanh Phuc Hanh Phuc Co Ltd 1.1 1.1 1.1 1.2

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SAUCES, DRESSINGS AND CONDIMENTS IN VIETNAM Passport 7

Thuan Phat Thuan Phat Food 0.7 0.7 0.7 0.7

Processing & Trading Co
Vedan (Vedan Vedan (Vietnam) 0.8 0.7 0.6 0.6
International Enterprise Corp Ltd
(Holdings) Ltd)
Miwon (Daesang Corp) Miwon Vietnam Co Ltd 0.7 0.6 0.5 0.5
Song Huong Song Huong Co Ltd 0.5 0.5 0.5 0.5
Aji-Mayo (Ajinomoto Ajinomoto Vietnam Co Ltd 0.4 0.4 0.4 0.5
Co Inc)
Nam Duong Nam Duong Sauce Enterprise 0.5 0.5 0.5 0.5
A-One (Ve Wong Corp) Saigon Vewong JV Co 0.6 0.6 0.5 0.5
Huong Viet Cholon Investment & 0.4 0.4 0.4 0.4
Import-Export Co
(CHOLIMEX)
Aji-Quick Ajinomoto Vietnam Co Ltd 0.2 0.3 0.3 0.4
(Ajinomoto Co Inc)
Viet Huong Viet Huong Co Ltd 0.3 0.3 0.3 0.3
Ong Ky Thanh Thien Loc JSC 0.3 0.3 0.3 0.3
Vianco Vianco JV Enterprise Co 0.2 0.2 0.3 0.3
Ltd
Muoi Thu Muoi Thu Fish Sauce Co Ltd 0.3 0.3 0.3 0.3
Long Hai Long Hai Fish Sauce 0.4 0.4 0.3 0.3
Enterprise Ltd
Others Others 13.6 15.6 17.4 18.0
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 8 Distribution of Sauces, Dressings and Condiments by Format: % Value 2013-

2018

% retail value rsp

2013 2014 2015 2016 2017 2018

Store-Based Retailing 100.0 100.0 100.0 100.0 99.9 99.9

- Grocery Retailers 100.0 100.0 100.0 100.0 99.9 99.9
-- Modern Grocery 5.2 7.0 7.3 7.6 7.9 8.5
Retailers
--- Convenience Stores 0.0 0.0 0.0 0.0 0.0 0.0
--- Discounters - - - - - -
--- Forecourt Retailers - - - - - -
--- Hypermarkets 0.8 1.0 1.2 1.3 1.4 1.8
--- Supermarkets 4.3 6.0 6.1 6.3 6.4 6.7
-- Traditional Grocery 94.8 93.0 92.7 92.4 92.0 91.4
Retailers
--- Food/drink/tobacco - - - - - -
specialists
--- Independent Small 67.2 66.0 66.0 65.6 65.5 64.9
Grocers
--- Other Grocery 27.6 27.0 26.7 26.7 26.6 26.5
Retailers
- Non-Grocery Specialists - - - - - -
-- Health and Beauty - - - - - -
Specialist Retailers
-- Other Foods Non- - - - - - -
Grocery Specialists
- Mixed Retailers - - - - - -
Non-Store Retailing - - 0.0 0.0 0.1 0.1
- Vending - - - - - -

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SAUCES, DRESSINGS AND CONDIMENTS IN VIETNAM Passport 8

- Homeshopping - - - - - -
- Internet Retailing - - 0.0 0.0 0.1 0.1
- Direct Selling - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 9 Forecast Sales of Sauces, Dressings and Condiments by Category: Volume

2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Cooking Ingredients 91.5 98.1 105.3 113.1 121.6 130.9

- Bouillon 58.6 63.3 68.1 73.1 78.4 83.9
-- Gravy Cubes and - - - - - -
Powders
-- Liquid Stocks and - - - - - -
Fonds
-- Stock Cubes and 58.6 63.3 68.1 73.1 78.4 83.9
Powders
- Dry Sauces 6.2 7.1 8.3 9.6 11.1 13.0
- Herbs and Spices 0.3 0.3 0.3 0.3 0.4 0.4
- Monosodium Glutamate 23.6 24.2 24.9 25.8 26.8 28.0
- Pasta Sauces 0.6 0.6 0.7 0.7 0.8 0.8
- Cooking Sauces 2.3 2.6 3.0 3.5 4.1 4.8
Dips - - - - - -
Pickled Products 5.7 6.1 6.5 7.0 7.6 8.2
Table Sauces 444.3 473.3 505.1 540.2 579.0 622.0
- Barbecue Sauces - - - - - -
- Fish Sauces 305.1 324.3 345.1 367.5 391.7 418.0
- Ketchup 3.1 3.4 3.7 4.0 4.4 4.7
- Mayonnaise 2.1 2.4 2.6 3.0 3.3 3.8
- Mustard 0.1 0.1 0.1 0.2 0.2 0.2
- Oyster Sauces 4.3 4.5 4.8 5.1 5.4 5.8
- Salad Dressings 0.2 0.3 0.3 0.4 0.5 0.6
- Soy Sauces 95.2 100.4 106.0 112.1 118.9 126.2
- Chili Sauces 34.1 37.9 42.4 47.9 54.6 62.8
- Other Table Sauces - - - - - -
Tomato Pastes and Purées - - - - - -
Yeast-based Spreads - - - - - -
Other Sauces, Dressings - - - - - -
and Condiments
Sauces, Dressings and 541.4 577.5 616.9 660.3 708.2 761.1
Condiments
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 10 Forecast Sales of Sauces, Dressings and Condiments by Category: Value

2018-2023

VND billion
2018 2019 2020 2021 2022 2023

Cooking Ingredients 7,230.2 7,738.1 8,261.9 8,809.6 9,380.0 9,972.5

- Bouillon 4,876.5 5,276.4 5,672.1 6,069.2 6,463.7 6,851.5
-- Gravy Cubes and - - - - - -

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SAUCES, DRESSINGS AND CONDIMENTS IN VIETNAM Passport 9

Powders
-- Liquid Stocks and - - - - - -
Fonds
-- Stock Cubes and 4,876.5 5,276.4 5,672.1 6,069.2 6,463.7 6,851.5
Powders
- Dry Sauces 535.1 596.7 668.3 751.8 849.6 964.2
- Herbs and Spices 178.7 191.9 205.4 218.9 232.5 246.0
- Monosodium Glutamate 1,396.1 1,403.1 1,417.2 1,438.4 1,467.2 1,503.9
- Pasta Sauces 60.5 66.1 71.7 77.4 83.3 89.1
- Cooking Sauces 183.1 203.8 227.3 253.9 283.8 317.9
Dips - - - - - -
Pickled Products 370.8 389.3 409.2 430.5 453.3 477.7
Table Sauces 19,240.7 20,489.8 21,950.3 23,622.0 25,538.4 27,737.0
- Barbecue Sauces - - - - - -
- Fish Sauces 13,728.1 14,469.4 15,337.5 16,319.1 17,428.8 18,683.7
- Ketchup 194.9 206.1 217.4 228.9 240.6 252.4
- Mayonnaise 243.9 269.0 297.2 329.0 364.9 405.8
- Mustard 15.5 17.5 19.7 22.3 25.2 28.5
- Oyster Sauces 273.3 289.7 305.6 320.9 335.3 348.7
- Salad Dressings 82.3 95.9 111.9 130.8 153.2 179.7
- Soy Sauces 2,581.6 2,702.9 2,843.4 3,002.7 3,182.8 3,383.4
- Chili Sauces 2,121.2 2,439.4 2,817.5 3,268.3 3,807.6 4,454.8
- Other Table Sauces - - - - - -
Tomato Pastes and Purées - - - - - -
Yeast-based Spreads - - - - - -
Other Sauces, Dressings - - - - - -
and Condiments
Sauces, Dressings and 26,841.7 28,617.1 30,621.4 32,862.1 35,371.7 38,187.3
Condiments
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 11 Forecast Sales of Sauces, Dressings and Condiments by Category: %

Volume Growth 2018-2023

% volume growth
2018/19 2018-23 CAGR 2018/23 Total

Cooking Ingredients 7.3 7.4 43.1

- Bouillon 8.0 7.4 43.2
-- Gravy Cubes and Powders - - -
-- Liquid Stocks and Fonds - - -
-- Stock Cubes and Powders 8.0 7.4 43.2
- Dry Sauces 15.4 16.0 110.0
- Herbs and Spices 7.5 6.5 37.0
- Monosodium Glutamate 2.5 3.5 18.8
- Pasta Sauces 10.0 8.0 46.9
- Cooking Sauces 15.5 16.1 110.6
Dips - - -
Pickled Products 7.5 7.7 44.9
Table Sauces 6.5 7.0 40.0
- Barbecue Sauces - - -
- Fish Sauces 6.3 6.5 37.0
- Ketchup 9.5 8.5 50.3
- Mayonnaise 11.7 12.2 77.5
- Mustard 12.0 13.0 84.2
- Oyster Sauces 6.4 6.2 35.1
- Salad Dressings 18.0 18.5 133.7
- Soy Sauces 5.4 5.8 32.6

© Euromonitor International
SAUCES, DRESSINGS AND CONDIMENTS IN VIETNAM Passport 10

- Chili Sauces 11.0 13.0 84.2

- Other Table Sauces - - -
Tomato Pastes and Purées - - -
Yeast-based Spreads - - -
Other Sauces, Dressings and Condiments - - -
Sauces, Dressings and Condiments 6.7 7.0 40.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 12 Forecast Sales of Sauces, Dressings and Condiments by Category: % Value

Growth 2018-2023

% constant value growth

2018/2019 2018-23 CAGR 2018/23 Total

Cooking Ingredients 7.0 6.6 37.9

- Bouillon 8.2 7.0 40.5
-- Gravy Cubes and Powders - - -
-- Liquid Stocks and Fonds - - -
-- Stock Cubes and Powders 8.2 7.0 40.5
- Dry Sauces 11.5 12.5 80.2
- Herbs and Spices 7.4 6.6 37.6
- Monosodium Glutamate 0.5 1.5 7.7
- Pasta Sauces 9.2 8.0 47.2
- Cooking Sauces 11.3 11.7 73.6
Dips - - -
Pickled Products 5.0 5.2 28.8
Table Sauces 6.5 7.6 44.2
- Barbecue Sauces - - -
- Fish Sauces 5.4 6.4 36.1
- Ketchup 5.7 5.3 29.5
- Mayonnaise 10.3 10.7 66.4
- Mustard 12.7 12.9 83.6
- Oyster Sauces 6.0 5.0 27.6
- Salad Dressings 16.5 16.9 118.3
- Soy Sauces 4.7 5.6 31.1
- Chili Sauces 15.0 16.0 110.0
- Other Table Sauces - - -
Tomato Pastes and Purées - - -
Yeast-based Spreads - - -
Other Sauces, Dressings and Condiments - - -
Sauces, Dressings and Condiments 6.6 7.3 42.3
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

© Euromonitor International