Sauces, Dips and Condiments in

Vietnam
Euromonitor International
November 2022
SAUCES, DIPS AND CONDIMENTS IN VIETNAM Passport i

LIST OF CONTENTS AND TABLES

KEY DATA FINDINGS.................................................................................................................. 1
2022 DEVELOPMENTS ............................................................................................................... 1
Volume consumption of cooking ingredients remains constant thanks to daily use .................. 1
Recipe sauces rise in popularity, thanks to adding convenience and exotic tastes to home-
cooked food .............................................................................................................................. 1
Local companies top the list, with Masan in the lead ................................................................ 2
PROSPECTS AND OPPORTUNITIES......................................................................................... 2
Good-for-health positioning will be the key driver for consumers’ choices ................................ 2
Diversification in product ranges will be continued on the forecast period ................................ 2
Traditional retail outlets will remain the strongest channel in sauces, dips and condiments ..... 3
CATEGORY DATA ....................................................................................................................... 3
Table 1 Sales of Sauces, Dips and Condiments by Category: Volume 2017-
2022 ............................................................................................................. 3
Table 2 Sales of Sauces, Dips and Condiments by Category: Value 2017-
2022 ............................................................................................................. 4
Table 3 Sales of Sauces, Dips and Condiments by Category: % Volume
Growth 2017-2022 ....................................................................................... 5
Table 4 Sales of Sauces, Dips and Condiments by Category: % Value Growth
2017-2022 .................................................................................................... 5
Table 5 Sales of Liquid Recipe Sauces by Type: % Value 2017-2022...................... 6
Table 6 NBO Company Shares of Sauces, Dips and Condiments: % Value
2018-2022 .................................................................................................... 6
Table 7 LBN Brand Shares of Sauces, Dips and Condiments: % Value 2019-
2022 ............................................................................................................. 7
Table 8 Distribution of Sauces, Dips and Condiments by Format: % Value
2017-2022 .................................................................................................... 8
Table 9 Forecast Sales of Sauces, Dips and Condiments by Category:
Volume 2022-2027 ....................................................................................... 9
Table 10 Forecast Sales of Sauces, Dips and Condiments by Category: Value
2022-2027 .................................................................................................. 10
Table 11 Forecast Sales of Sauces, Dips and Condiments by Category: %
Volume Growth 2022-2027 ........................................................................ 10
Table 12 Forecast Sales of Sauces, Dips and Condiments by Category: %
Value Growth 2022-2027 ........................................................................... 11

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SAUCES, DIPS AND CONDIMENTS IN VIETNAM Passport 1

SAUCES, DIPS AND CONDIMENTS IN

VIETNAM
KEY DATA FINDINGS
▪ Retail value sales increase by 8% in current terms in 2022 to VND36.7 trillion
▪ Pickled products is the best performing category in 2022, with retail value sales rising by 9%
in current terms to VND505 billion
▪ Masan Consumer Corp is the leading player in 2022, with a retail value share of 30%
▪ Retail sales are set to increase at a current value CAGR of 7% (2022 constant value CAGR of
3%) over the forecast period to VND52.2 trillion

2022 DEVELOPMENTS

Volume consumption of cooking ingredients remains constant thanks to

daily use
As seen in edible oils, volume consumption of sauces, dips and condiments remains stable
despite the price increases, thanks to their daily use in cooking. This is particularly noted in key
subcategories as fish sauce, although is not so notable in emerging categories such as
mayonnaise or dressing sauce. Distribution and shopping activities are back to normal following
the era of the pandemic, and people are no longer impacted by COVID-19 to change their
habits. Cooking ingredients and meals are must-have products in people’s daily meals and thus
demand remains, regardless of the price increases. Also, the preferred tastes of consumers
within their food, such as salty or having oily characteristics, are hard to change in a short time,
so taste patterns remain the same.
Foodservice has gradually recovered following the event of the pandemic and associated
restrictions, as COVID-19 became under control and the government lifted restrictions, enabling
foodservice providers to operate normally again. Furthermore, consumers have re-embraced
foodservice channels as they are no longer afraid of contracting the virus whilst out and about.
Additionally, both domestic and international travel have resumed, which also helps to boost
foodservice sales through tourist trade. This is supporting foodservice sales in sauces, dips and
condiments, as such products are ubiquitous in food preparation.

Recipe sauces rise in popularity, thanks to adding convenience and

exotic tastes to home-cooked food
In line with the ongoing trend for home-cooking, coupled with the growing demand for
convenience (especially as consumers resume busier lifestyles following the time of the
pandemic), there is a rising trend for recipe sauces. Recipe sauces are able to bring the full
desired flavours to dishes which require many complicated ingredients which may not be readily
available in local shops, thus their rising popularity. Within this environment, many key players,
such as Masan Consumer Corp, are launching new recipe sauces in both liquid and dried
variants, thus this trend is only likely to grow further.
Furthermore, recipe sauces enable consumers to try a number of different cuisines, with little
effort. Internationalisation has already been prevalent in Vietnam for many years, although it
should be noted that widespread interest in foreign culture and cuisine has only taken off fairly

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recently, especially outside of the country’s major cities. In terms of consumer interest in
international cuisine, it is mainly younger consumers such as millennials and even younger
generations who are most open to new tastes, including traditional cuisine from other regions of
Vietnam and foreign dishes. This can be attributed largely to the improved access that
consumers have to information about unfamiliar cuisine via online channels, with the internet
making it easier than ever before for local people to gain knowledge of different types of food
from around the world. As a result, there is a rising demand to prepare exotic dishes at home
and this is set to be a very positive influence on sales of sauces, dips and condiments during the
forecast period

Local companies top the list, with Masan in the lead

Local companies offering domestically manufactured products remain popular with sauces,
dips and condiments, with Masan Consumer Corp in the lead with its Nam Ngu brand, along
with the Chin-Su and Tam Thai Tu brands in its category portfolio. The company has a
connected distribution system, and this enabled it to maintain sales over the era of the COVID-
19 pandemic, along with offering a wide range of products across various subcategories. Its
Chin-Su brand is popular in soy sauce and fish sauce, and the brand continues to expand into
new subcategories, such as Chin-Su liquid recipe sauce or Chin-Su oyster sauce. Furthermore,
the player is active in promoting healthier variants, such as seen with its reduced-salt fish sauce.
Among the most obvious reasons for the dominance of local companies in the category is that
they are in a position to cater to the specific needs and tastes of Vietnamese consumers. In
terms of food and food culture, the local population tends to appreciate traditional tastes, and
local brands tend to have a very strong understanding of the taste preferences and particular
characteristics of local consumers, including crucial variations in preferences across specific
regions. One important point to note is that the dominant local players are present not just in
mainstream categories of sauces, dips and condiments but also in categories in which sales are
dominated by speciality products.

PROSPECTS AND OPPORTUNITIES

Good-for-health positioning will be the key driver for consumers’ choices

In line with the ongoing emergence of the health and wellness trends in Vietnam, as amplified
the event of COVID-19, the forecast period is expected to see a proliferation of naturally healthy
products in sauces, dips and condiments. Furthermore, higher-income consumers, who tend to
be the most health-conscious, are willing to pay more for premium products with a healthy
positioning, as many consumers believe that premium products are inherently better for their
health, irrespective of any specific health and wellness attributes. Most Vietnamese people are
fully aware that products made with natural ingredients are inherently superior in terms of quality
to those made using artificial ingredients. With this in mind, over the forecast period it can be
expected that demand will rise for brands promoted as being naturally healthy, including from
brand Cholimex (from Cholon Investment & Import-Export Co (CHOLIMEX)) in chilli sauces,
Knorr Natural (from Unilever Vietnam International Co Ltd) in stock powders and, of course
Chin-Su (from Masan) in fish sauce, with Chin-Su being made from fresh natural anchovy and
with the player launching a reduced-salt variant too.

Diversification in product ranges will be continued on the forecast period

Although Vietnamese consumers tend to enjoy traditional tastes, there is a growing interest in
trying new flavours and cuisines, from region to region and internationally – notably so within the

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SAUCES, DIPS AND CONDIMENTS IN VIETNAM Passport 3

younger generations as opposed to within the older ones. As such, diversification in tastes will
continue over the forecast period, as players launch variants to meet emerging food trends, for
example as seen with a trend for Japanese food. This will be seen from conventional products
such as fish sauce, through to those with special ingredients from specific regions, and which
will become available on a mass basis. Recipe sauces is also likely to benefit further from this
trend.

Traditional retail outlets will remain the strongest channel in sauces,

dips and condiments
Independent small grocers maintain the largest distribution shares, as independent small
grocery shops can be found on all street corners in Vietnam, from urban to rural areas. These
stores are the most convenient for consumers and are especially suitable for daily-used
products such as cooking ingredients. It is also noted that independent small grocery shops can
be set up easily by people with small investments and, whilst such ventures suffered during the
time of COVID-19, the option of opening a small grocery shop became viable again following the
down time of the pandemic. Furthermore, traders in these outlets build relationships with their
customers, thus enhancing customer loyalty.
Although minimarts, supermarkets and even e-commerce channels are becoming more
popular and offer a larger variety of brands, it will be challenging for modern trade outlets to
equal to the number of independent stores in Vietnam. Shopping via traditional trade channels is
a long-lasting habit which is hard to change in a short period of time, thus any switch to modern
trade will be gradual and slow and we are unlikely to see any significant changes during the
forecast period.

CATEGORY DATA
Table 1 Sales of Sauces, Dips and Condiments by Category: Volume 2017-2022

'000 tonnes
2017 2018 2019 2020 2021 2022

Other Sauces and - - - - - -

Condiments
Pickled Products 5.3 5.7 6.1 6.5 6.7 6.9
Yeast-based Spreads - - - - - -
Dips - - - - - -
-- Chili Sauces 31.0 34.1 37.4 40.4 42.3 44.6
-- Soy Sauces 90.5 94.6 98.4 100.8 99.8 100.3
-- Salad Dressings 0.2 0.2 0.3 0.4 0.4 0.5
-- Oyster Sauces 4.0 4.3 4.6 5.0 5.3 5.7
-- Mustard 0.1 0.1 0.1 0.1 0.1 0.2
-- Mayonnaise 1.9 2.1 2.4 2.6 2.7 2.9
-- Ketchup 2.8 3.1 3.4 3.7 3.8 4.0
-- Fish Sauces 287.3 302.2 314.3 320.6 317.1 320.3
-- Barbecue Sauces - - - - - -
- Cooking and Table 417.9 440.8 460.8 473.5 471.7 478.4
Sauces
-- Pasta Sauces 0.5 0.6 0.6 0.7 0.7 0.7
-- Dry Recipe Sauces 5.4 6.2 7.1 8.1 8.6 9.3
-- Liquid Recipe Sauces 2.0 2.3 2.6 2.8 3.0 3.1
(excl pasta sauces)
- Recipe Sauces 7.9 9.0 10.3 11.6 12.3 13.1
Sauces 425.7 449.8 471.1 485.1 484.0 491.5

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- Tomato Pastes and - - - - - -

Purées
- Herbs and Spices 0.3 0.3 0.3 0.3 0.3 0.3
- Monosodium Glutamate 63.8 60.8 59.0 58.4 57.1 55.7
- Gravy Cubes, Powders - - - - - -
and Pots
-- Stock Cubes and 54.0 58.6 63.7 69.8 73.9 78.7
Powders
-- Liquid Stocks and - - - - - -
Fonds
- Bouillon 54.0 58.6 63.7 69.8 73.9 78.7
Cooking Ingredients and 118.1 119.7 123.0 128.5 131.4 134.8
Condiments
Sauces, Dips and 549.1 575.2 600.2 620.1 622.0 633.2
Condiments
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 2 Sales of Sauces, Dips and Condiments by Category: Value 2017-2022

VND billion
2017 2018 2019 2020 2021 2022

Other Sauces and - - - - - -

Condiments
Pickled Products 340.2 372.5 410.5 443.3 461.0 502.5
Yeast-based Spreads - - - - - -
Dips - - - - - -
-- Chili Sauces 1,782.5 2,067.7 2,336.5 2,570.2 2,743.2 3,072.4
-- Soy Sauces 2,381.5 2,548.2 2,675.6 2,782.7 2,796.6 2,964.4
-- Salad Dressings 68.1 82.3 98.0 118.5 137.5 162.2
-- Oyster Sauces 247.3 278.2 317.2 364.7 397.6 449.3
-- Mustard 13.3 15.5 18.2 20.6 22.2 24.7
-- Mayonnaise 213.0 243.9 280.4 316.9 338.3 378.9
-- Ketchup 177.1 194.2 211.7 232.9 246.9 271.5
-- Fish Sauces 12,594.6 13,526.2 14,270.2 14,769.6 14,726.0 15,904.1
-- Barbecue Sauces - - - - - -
- Cooking and Table 17,477.3 18,956.3 20,207.8 21,176.1 21,408.2 23,227.4
Sauces
-- Pasta Sauces 53.1 60.5 69.4 76.4 80.6 87.9
-- Dry Recipe Sauces 462.5 535.1 620.8 710.8 774.7 875.5
-- Liquid Recipe Sauces 158.6 183.1 208.8 233.8 250.2 280.2
(excl pasta sauces)
- Recipe Sauces 674.2 778.8 899.0 1,021.0 1,105.6 1,243.6
Sauces 18,151.5 19,735.1 21,106.8 22,197.1 22,513.8 24,471.0
- Tomato Pastes and - - - - - -
Purées
- Herbs and Spices 159.6 178.7 198.7 216.6 231.8 253.8
- Monosodium Glutamate 4,101.5 3,984.7 3,884.7 3,904.1 3,858.2 3,935.4
- Gravy Cubes, Powders - - - - - -
and Pots
-- Stock Cubes and 4,307.9 4,876.5 5,534.9 6,365.1 6,874.3 7,561.7
Powders
-- Liquid Stocks and - - - - - -
Fonds
- Bouillon 4,307.9 4,876.5 5,534.9 6,365.1 6,874.3 7,561.7
Cooking Ingredients and 8,569.0 9,039.9 9,618.2 10,485.8 10,964.2 11,750.9
Condiments
Sauces, Dips and 27,060.7 29,147.6 31,135.5 33,126.2 33,939.0 36,724.4

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SAUCES, DIPS AND CONDIMENTS IN VIETNAM Passport 5

Condiments
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 3 Sales of Sauces, Dips and Condiments by Category: % Volume Growth 2017-
2022

% volume growth
2021/22 2017-22 CAGR 2017/22 Total

Other Sauces and Condiments - - -

Pickled Products 3.6 5.6 31.4
Yeast-based Spreads - - -
Dips - - -
-- Chili Sauces 5.5 7.5 43.8
-- Soy Sauces 0.5 2.1 10.8
-- Salad Dressings 12.0 18.4 132.7
-- Oyster Sauces 7.0 7.1 41.2
-- Mustard 5.7 8.7 51.6
-- Mayonnaise 5.5 8.8 52.4
-- Ketchup 4.2 7.0 40.4
-- Fish Sauces 1.0 2.2 11.5
-- Barbecue Sauces - - -
- Cooking and Table Sauces 1.4 2.7 14.5
-- Pasta Sauces 3.5 7.7 44.7
-- Dry Recipe Sauces 7.5 11.5 72.2
-- Liquid Recipe Sauces (excl pasta 5.5 9.8 59.8
sauces)
- Recipe Sauces 6.8 10.8 67.3
Sauces 1.6 2.9 15.5
- Tomato Pastes and Purées - - -
- Herbs and Spices 5.5 6.9 39.3
- Monosodium Glutamate -2.5 -2.7 -12.8
- Gravy Cubes, Powders and Pots - - -
-- Stock Cubes and Powders 6.5 7.8 45.8
-- Liquid Stocks and Fonds - - -
- Bouillon 6.5 7.8 45.8
Cooking Ingredients and Condiments 2.6 2.7 14.1
Sauces, Dips and Condiments 1.8 2.9 15.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 4 Sales of Sauces, Dips and Condiments by Category: % Value Growth 2017-
2022

% current value growth

2021/22 2017-22 CAGR 2017/22 Total

Other Sauces and Condiments - - -

Pickled Products 9.0 8.1 47.7
Yeast-based Spreads - - -
Dips - - -
-- Chili Sauces 12.0 11.5 72.4
-- Soy Sauces 6.0 4.5 24.5
-- Salad Dressings 18.0 18.9 138.1
-- Oyster Sauces 13.0 12.7 81.7
-- Mustard 11.0 13.2 85.9

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-- Mayonnaise 12.0 12.2 77.9

-- Ketchup 10.0 8.9 53.4
-- Fish Sauces 8.0 4.8 26.3
-- Barbecue Sauces - - -
- Cooking and Table Sauces 8.5 5.9 32.9
-- Pasta Sauces 9.0 10.6 65.5
-- Dry Recipe Sauces 13.0 13.6 89.3
-- Liquid Recipe Sauces (excl pasta 12.0 12.1 76.7
sauces)
- Recipe Sauces 12.5 13.0 84.5
Sauces 8.7 6.2 34.8
- Tomato Pastes and Purées - - -
- Herbs and Spices 9.5 9.7 59.1
- Monosodium Glutamate 2.0 -0.8 -4.1
- Gravy Cubes, Powders and Pots - - -
-- Stock Cubes and Powders 10.0 11.9 75.5
-- Liquid Stocks and Fonds - - -
- Bouillon 10.0 11.9 75.5
Cooking Ingredients and Condiments 7.2 6.5 37.1
Sauces, Dips and Condiments 8.2 6.3 35.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 5 Sales of Liquid Recipe Sauces by Type: % Value 2017-2022

% retail value rsp

2017 2018 2019 2020 2021 2022

Caramel Sauce (Nuoc mau) 31.0 31.5 25.0 20.0 18.0 16.0
Fine Shrimp Sauce (Mam 23.8 23.5 28.0 28.5 26.0 24.0
Ruoc)
Stew Sauce (Nuoc uop 31.9 33.0 37.0 38.0 40.0 45.0
thit ca)
Others 13.3 12.0 10.0 13.5 16.0 15.0
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, Dips and Condiments: % Value 2018-2022

% retail value rsp

Company 2018 2019 2020 2021 2022

Masan Consumer Corp 31.4 30.9 30.0 30.0 30.1

Ajinomoto Vietnam Co Ltd 17.1 16.3 16.3 16.5 16.2
Unilever Vietnam 7.0 7.4 7.9 8.3 8.5
International Co Ltd
Nestlé Vietnam Co Ltd 3.7 3.7 3.8 3.9 3.9
Cholon Investment & 3.1 3.3 3.4 3.4 3.4
Import-Export Co
(CHOLIMEX)
Trung Thanh Co Ltd 2.9 3.0 3.0 3.0 3.0
Nam Phuong VN Co Ltd 2.4 2.4 2.3 2.1 2.1
Hung Thinh Co Ltd 2.7 2.4 2.3 2.1 2.1
Uniben JSC 1.6 1.8 1.8 1.9 1.9
Asia Food Technology Co 1.9 1.9 1.8 1.8 1.8
Ltd

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Lien Thanh Co Ltd 1.7 1.7 1.7 1.7 1.7

Bay Hong Hanh 1.2 1.2 1.2 1.2 1.2
Production Trading
Service Co Ltd
Vedan (Vietnam) 1.5 1.4 1.3 1.3 1.2
Enterprise Corp Ltd
Hanh Phuc Co Ltd 1.1 1.1 1.1 1.1 1.1
Miwon Vietnam Co Ltd 1.3 1.2 1.2 1.1 1.1
Nam Duong Sauce 0.5 0.5 0.5 0.6 0.6
Enterprise
Vianco JV Enterprise Co 0.5 0.5 0.5 0.5 0.5
Ltd
Saigon Vewong JV Co 1.2 1.1 0.9 0.7 0.5
Song Huong Co Ltd 0.4 0.5 0.5 0.5 0.5
Kewpie Vietnam Co Ltd 0.2 0.3 0.3 0.3 0.4
Thuan Phat Food 0.3 0.3 0.3 0.4 0.4
Processing & Trading Co
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 0.3
VIFON - Vietnam Food 0.2 0.2 0.2 0.2 0.2
Industries JSC
Remia CV 0.1 0.2 0.2 0.2 0.2
Saigon Aquatic Products 0.1 0.1 0.1 0.1 0.1
Trading JSC
Viet San Food Co Ltd 0.1 0.1 0.1 0.1 0.1
Kraft Heinz Co 0.1 0.1 0.1 0.1 0.1
Ngoc Lien Co Ltd 0.1 0.1 0.1 0.1 0.1
Barilla Alimentare SpA 0.1 0.1 0.1 0.1 0.1
Others 14.8 15.8 16.3 16.0 16.4
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, Dips and Condiments: % Value 2019-2022

% retail value rsp

Brand (GBO) Company (NBO) 2019 2020 2021 2022

Nam Ngu (Masan Masan Consumer Corp 14.9 14.0 13.6 13.4
Group Corp)
Knorr (Unilever Unilever Vietnam 7.4 7.9 8.3 8.5
Group) International Co Ltd
Ajinomoto Ajinomoto Vietnam Co Ltd 8.5 8.1 8.0 7.7
(Ajinomoto Co Inc)
Chin-Su (Masan Masan Consumer Corp 6.1 6.5 7.1 7.6
Group Corp)
Aji-ngon (Ajinomoto Ajinomoto Vietnam Co Ltd 6.8 7.2 7.5 7.5
Co Inc)
Nam Ngu II (Masan Masan Consumer Corp 5.5 5.4 5.4 5.3
Group Corp)
Maggi (Nestlé SA) Nestlé Vietnam Co Ltd 3.7 3.8 3.9 3.9
Tam Thai Tu (Masan Masan Consumer Corp 4.4 4.2 3.9 3.7
Group Corp)
Cholimex Cholon Investment & 2.9 3.1 3.1 3.1
Import-Export Co
(CHOLIMEX)
Trung Thanh Trung Thanh Co Ltd 3.0 3.0 3.0 3.0
Barona Nam Phuong VN Co Ltd 2.4 2.3 2.1 2.1
Hung Thinh Hung Thinh Co Ltd 2.4 2.3 2.1 2.1

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SAUCES, DIPS AND CONDIMENTS IN VIETNAM Passport 8

3 Mien Uniben JSC 1.8 1.8 1.9 1.9

Ong Tay Asia Food Technology Co 1.9 1.8 1.8 1.8
Ltd
Lien Thanh Lien Thanh Co Ltd 1.7 1.7 1.7 1.7
Hong Hanh Bay Hong Hanh 1.2 1.2 1.2 1.2
Production Trading
Service Co Ltd
Vedan (Vedan Vedan (Vietnam) 1.4 1.3 1.3 1.2
International Enterprise Corp Ltd
(Holdings) Ltd)
Hanh Phuc Hanh Phuc Co Ltd 1.1 1.1 1.1 1.1
Miwon (Daesang Corp) Miwon Vietnam Co Ltd 1.2 1.2 1.1 1.1
Nam Duong Nam Duong Sauce Enterprise 0.5 0.5 0.6 0.6
Vianco Vianco JV Enterprise Co 0.5 0.5 0.5 0.5
Ltd
Aji-Mayo (Ajinomoto Ajinomoto Vietnam Co Ltd 0.5 0.5 0.5 0.5
Co Inc)
A-One (Ve Wong Corp) Saigon Vewong JV Co 1.1 0.9 0.7 0.5
Song Huong Song Huong Co Ltd 0.5 0.5 0.5 0.5
Aji-Quick Ajinomoto Vietnam Co Ltd 0.4 0.4 0.4 0.4
(Ajinomoto Co Inc)
Kewpie (Kewpie Corp) Kewpie Vietnam Co Ltd 0.3 0.3 0.3 0.4
Thuan Phat Thuan Phat Food 0.3 0.3 0.4 0.4
Processing & Trading Co
Huong Viet Cholon Investment & 0.3 0.3 0.3 0.3
Import-Export Co
(CHOLIMEX)
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
Others Others 16.9 17.5 17.2 17.5
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, Dips and Condiments by Format: % Value 2017-2022

% retail value rsp

2017 2018 2019 2020 2021 2022

Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 99.9 99.9 99.9 99.8 99.8 99.8
-- Grocery Retailers 99.9 99.9 99.9 99.8 99.8 99.8
--- Convenience Retail 0.0 0.0 0.1 0.1 0.2 0.2
---- Convenience Stores 0.0 0.0 0.1 0.1 0.2 0.2
---- Forecourt Retailers - - - - - -
--- Supermarkets 6.4 6.7 7.0 8.4 9.0 9.4
--- Hypermarkets 1.4 1.8 2.2 3.0 3.1 3.5
--- Discounters - - - - - -
--- Warehouse Clubs - - - - - -
--- Food/drink/tobacco - - - - - -
specialists
--- Small Local Grocers 92.0 91.3 90.6 88.3 87.5 86.7
-- Non-Grocery Retailers - - - - - -
--- General Merchandise - - - - - -
Stores
--- Apparel and - - - - - -
Footwear Specialists
--- Appliances and - - - - - -
Electronics Specialists

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SAUCES, DIPS AND CONDIMENTS IN VIETNAM Passport 9

--- Home Products - - - - - -

Specialists
--- Health and Beauty - - - - - -
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
--- Other Non-Grocery - - - - - -
Retailers
-- Vending - - - - - -
-- Direct Selling - - - - - -
- Retail E-Commerce 0.1 0.1 0.1 0.2 0.2 0.2
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, Dips and Condiments by Category: Volume 2022-
2027

'000 tonnes
2022 2023 2024 2025 2026 2027

Other Sauces and - - - - - -

Condiments
Pickled Products 6.9 7.2 7.5 7.9 8.3 8.8
Yeast-based Spreads - - - - - -
Dips - - - - - -
-- Chili Sauces 44.6 47.3 50.3 53.9 57.9 62.5
-- Soy Sauces 100.3 101.1 102.3 103.7 105.4 107.6
-- Salad Dressings 0.5 0.5 0.6 0.6 0.7 0.7
-- Oyster Sauces 5.7 6.1 6.5 7.0 7.6 8.3
-- Mustard 0.2 0.2 0.2 0.2 0.2 0.2
-- Mayonnaise 2.9 3.1 3.3 3.5 3.9 4.2
-- Ketchup 4.0 4.2 4.4 4.7 5.0 5.3
-- Fish Sauces 320.3 324.5 329.7 335.9 343.0 351.2
-- Barbecue Sauces - - - - - -
- Cooking and Table 478.4 486.9 497.2 509.5 523.7 540.1
Sauces
-- Pasta Sauces 0.7 0.8 0.8 0.8 0.9 0.9
-- Dry Recipe Sauces 9.3 10.0 10.9 11.8 13.0 14.2
-- Liquid Recipe Sauces 3.1 3.4 3.6 3.9 4.2 4.6
(excl pasta sauces)
- Recipe Sauces 13.1 14.1 15.3 16.6 18.1 19.8
Sauces 491.5 501.0 512.5 526.1 541.7 559.9
- Tomato Pastes and - - - - - -
Purées
- Herbs and Spices 0.3 0.4 0.4 0.4 0.4 0.5
- Monosodium Glutamate 55.7 54.2 52.6 51.0 49.3 47.6
- Gravy Cubes, Powders - - - - - -
and Pots
-- Stock Cubes and 78.7 84.3 90.6 97.8 106.1 115.7
Powders
-- Liquid Stocks and - - - - - -
Fonds
- Bouillon 78.7 84.3 90.6 97.8 106.1 115.7
Cooking Ingredients and 134.8 138.8 143.6 149.2 155.9 163.7
Condiments
Sauces, Dips and 633.2 647.0 663.6 683.2 705.9 732.5
Condiments

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

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 10 Forecast Sales of Sauces, Dips and Condiments by Category: Value 2022-2027

VND billion
2022 2023 2024 2025 2026 2027

Other Sauces and - - - - - -

Condiments
Pickled Products 502.5 517.6 535.7 557.2 582.2 611.3
Yeast-based Spreads - - - - - -
Dips - - - - - -
-- Chili Sauces 3,072.4 3,164.5 3,272.1 3,396.5 3,539.1 3,701.9
-- Soy Sauces 2,964.4 2,970.3 2,985.1 3,012.0 3,051.2 3,103.0
-- Salad Dressings 162.2 175.2 190.3 205.9 222.0 238.4
-- Oyster Sauces 449.3 476.2 507.2 542.7 583.4 630.0
-- Mustard 24.7 25.9 27.3 29.0 30.8 33.0
-- Mayonnaise 378.9 401.6 429.7 464.1 505.9 556.5
-- Ketchup 271.5 278.3 288.1 301.0 317.6 338.2
-- Fish Sauces 15,904.1 16,063.1 16,255.9 16,483.5 16,747.2 17,048.7
-- Barbecue Sauces - - - - - -
- Cooking and Table 23,227.4 23,555.2 23,955.7 24,434.6 24,997.1 25,649.7
Sauces
-- Pasta Sauces 87.9 90.3 93.3 96.9 101.0 105.9
-- Dry Recipe Sauces 875.5 932.4 997.6 1,072.4 1,158.2 1,256.7
-- Liquid Recipe Sauces 280.2 297.0 316.3 338.5 363.9 393.0
(excl pasta sauces)
- Recipe Sauces 1,243.6 1,319.7 1,407.3 1,507.8 1,623.1 1,755.6
Sauces 24,471.0 24,875.0 25,363.0 25,942.4 26,620.3 27,405.3
- Tomato Pastes and - - - - - -
Purées
- Herbs and Spices 253.8 263.9 275.8 289.6 305.5 323.8
- Monosodium Glutamate 3,935.4 3,876.3 3,798.8 3,703.8 3,592.7 3,474.2
- Gravy Cubes, Powders - - - - - -
and Pots
-- Stock Cubes and 7,561.7 8,106.2 8,738.5 9,472.5 10,325.0 11,316.2
Powders
-- Liquid Stocks and - - - - - -
Fonds
- Bouillon 7,561.7 8,106.2 8,738.5 9,472.5 10,325.0 11,316.2
Cooking Ingredients and 11,750.9 12,246.4 12,813.1 13,465.9 14,223.2 15,114.2
Condiments
Sauces, Dips and 36,724.4 37,639.0 38,711.8 39,965.5 41,425.8 43,130.9
Condiments
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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

Growth 2022-2027

% volume growth
2022/23 2022-27 CAGR 2022/27 Total

Other Sauces and Condiments - - -

Pickled Products 4.0 5.0 27.6
Yeast-based Spreads - - -

© Euromonitor International
SAUCES, DIPS AND CONDIMENTS IN VIETNAM Passport 11

Dips - - -
-- Chili Sauces 6.0 7.0 40.2
-- Soy Sauces 0.8 1.4 7.2
-- Salad Dressings 10.5 9.5 57.4
-- Oyster Sauces 7.3 7.9 46.2
-- Mustard 6.0 7.0 40.2
-- Mayonnaise 6.0 8.0 46.9
-- Ketchup 5.0 6.0 33.8
-- Fish Sauces 1.3 1.9 9.6
-- Barbecue Sauces - - -
- Cooking and Table Sauces 1.8 2.5 12.9
-- Pasta Sauces 4.2 5.0 27.6
-- Dry Recipe Sauces 8.0 9.0 53.8
-- Liquid Recipe Sauces (excl pasta 6.5 7.9 46.2
sauces)
- Recipe Sauces 7.4 8.5 50.6
Sauces 1.9 2.6 13.9
- Tomato Pastes and Purées - - -
- Herbs and Spices 5.8 6.4 36.4
- Monosodium Glutamate -2.7 -3.1 -14.6
- Gravy Cubes, Powders and Pots - - -
-- Stock Cubes and Powders 7.0 8.0 46.9
-- Liquid Stocks and Fonds - - -
- Bouillon 7.0 8.0 46.9
Cooking Ingredients and Condiments 3.0 4.0 21.5
Sauces, Dips and Condiments 2.2 3.0 15.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 12 Forecast Sales of Sauces, Dips and Condiments by Category: % Value Growth
2022-2027

% constant value growth

2022/2023 2022-27 CAGR 2022/27 Total

Other Sauces and Condiments - - -

Pickled Products 3.0 4.0 21.7
Yeast-based Spreads - - -
Dips - - -
-- Chili Sauces 3.0 3.8 20.5
-- Soy Sauces 0.2 0.9 4.7
-- Salad Dressings 8.0 8.0 46.9
-- Oyster Sauces 6.0 7.0 40.2
-- Mustard 5.0 6.0 33.8
-- Mayonnaise 6.0 8.0 46.9
-- Ketchup 2.5 4.5 24.6
-- Fish Sauces 1.0 1.4 7.2
-- Barbecue Sauces - - -
- Cooking and Table Sauces 1.4 2.0 10.4
-- Pasta Sauces 2.8 3.8 20.5
-- Dry Recipe Sauces 6.5 7.5 43.5
-- Liquid Recipe Sauces (excl pasta 6.0 7.0 40.2
sauces)
- Recipe Sauces 6.1 7.1 41.2
Sauces 1.7 2.3 12.0
- Tomato Pastes and Purées - - -
- Herbs and Spices 4.0 5.0 27.6
- Monosodium Glutamate -1.5 -2.5 -11.7
- Gravy Cubes, Powders and Pots - - -

© Euromonitor International
SAUCES, DIPS AND CONDIMENTS IN VIETNAM Passport 12

-- Stock Cubes and Powders 7.2 8.4 49.7

-- Liquid Stocks and Fonds - - -
- Bouillon 7.2 8.4 49.7
Cooking Ingredients and Condiments 4.2 5.2 28.6
Sauces, Dips and Condiments 2.5 3.3 17.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

© Euromonitor International