Halewood Artisanal Spirits General Manager I FMCG professional for Asian Market. Wine & Spirits, Confectionery, Sauce & Spices, Snacks and Bakeries.
Vietnam is not exceptional getting the hit from the global inflation and China risk which tons of funds has been invested to real estate. Tequila and gin has been growing but we should look at the base volume if this is meaningful. The overall spirits have dropped which reflects the market has been too much hiked for years and now facing the era of stabilization. Cocktail culture is still not the mainstream, requires more time to develop. #Vietnam #Vietnamspiritsmarket
What just happened in the Vietnamese drinks industry? South East Asia's rising star just hit a major speed bump, reducing total bev-alc volumes by c.13% (2023 vs 2022). So, what are the key drivers at play here: 1. Macro-economic slowdown due to sluggish demand for its exports 2. A major government driven anti-corruption drive leading to the issuance of fewer business permits and reduced gifting that could be construed as bribery 3. The introduction of zero-tolerance drink drive legislation, which affects total volume consumption and channel/product choice 4. Fire safety regulations, closing down an unspecified but significant number of on-premise outlets This has created a perfect storm for bev-alc brand owners and the on-premise channel in particular. As always, there are however, some bright spots, with Gin, Tequila and Soju all delivering significant double digit growth. 2024 looks set to see some stabilisation in the market as the industry adapts to the new normal. To learn more, you can dig into the details via the IWSR global database, Vietnam market report - or contact me directly if you require company specific strategy support. #vietnam #spiritsindustry #beerindustry #soju #tequila #gin #marketresearch #strategy
