Vietnam Dairy Market Overview
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Size in 2024: USD 5.71 Billion
Market Forecast in 2033: USD 13.37 Billion
Market Growth Rate (2025-33): 9.50%
The Vietnam dairy market size was valued at USD 5.71 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 13.37 Billion by 2033, exhibiting a CAGR of 9.50% from 2025-2033. The market is driven by rising health awareness, higher disposable incomes, and shifting dietary preferences toward nutritious products. Government support, foreign investments, and expanding retail infrastructure further boost production, innovation, and accessibility across the country.
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Vietnam Dairy Market Trends and Drivers:
Vietnam’s dairy industry is undergoing a remarkable evolution, shaped by changing lifestyles, urban growth, and the rising emphasis on personal health. As consumers, especially in cities, become more conscious about their diets, there’s been a noticeable shift toward premium, functional dairy products like lactose-free milk, high-protein yogurts, and gut-friendly probiotics. E-commerce has transformed how people shop for dairy—platforms like Shopee and Tiki now account for nearly a third of sales, offering AI-based subscription models and customized recommendations. At the same time, sustainability isn’t just a buzzword anymore; it’s a mandate. Leading brands such as Vinamilk and TH Group are moving towards carbon-neutral packaging and blockchain-based product tracking to align with stricter EU regulations. Interestingly, plant-based dairy is also finding its place, with oat and soy beverages growing rapidly among Gen Z, who are embracing veganism at unprecedented rates.
The numbers paint a promising picture. As of 2023, the dairy sector in Vietnam was valued at around $5.8 billion and is forecasted to grow by over 8% annually—faster than neighboring countries like Thailand. This growth is supported by strong demographic fundamentals: a young population, increasing urbanization, and a rapidly expanding middle class. Products for children, especially pediatric nutrition, are a key revenue driver thanks to a large population under 14 and supportive government programs like the School Milk initiative. Meanwhile, international companies are doubling down on Vietnam’s potential. FrieslandCampina and Nestlé are making major investments, signaling long-term confidence in both domestic demand and the country’s ability to serve as an export hub. Private labels and niche artisanal products, particularly in cheese and butter, are also gaining momentum in urban gourmet markets. Still, the country struggles to meet local raw milk demand, relying heavily on imports, which makes the industry vulnerable to global price swings and trade disruptions.
Looking ahead, the future of Vietnam’s dairy sector will hinge on how well it adapts to personalization and expands into underserved rural markets. With chronic health issues rising, consumers are looking for tailored nutrition solutions. Innovations like IoT-enabled tracking and DNA-based micronutrient planning are being explored to meet this demand, especially among aging populations. Rural areas, where milk consumption still lags significantly behind cities, represent a major growth frontier. Companies are responding with mobile cold storage and vending machines designed specifically for low-access zones. At the same time, export markets will be crucial—Vietnam aims to boost cheese and infant formula shipments to regions like China and the Middle East, aided by free trade agreements. However, as the industry scales, it must navigate risks like climate vulnerability and misleading product claims. Tackling these head-on through better regulation and supply chain investments will be vital to building long-term consumer trust and international credibility.
Vietnam Dairy Market Industry Segmentation:
Analysis by Product:
- Liquid Milk
- Cheese
- Laban
- Yogurt and Curd
- Butter and Clarified Butter
- Others
Analysis by Application:
- Bakery and Confectionary
- Clinical Nutrition
- Frozen Food
- Others
Analysis by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialist Retailers
- Online Stores
- Others
Regional Insights:
- Northern Vietnam
- Central Vietnam
- Southern Vietnam
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Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2019-2024)
- Market Outlook (2025-2033)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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