Sauces Dips and Condiments in Vietnam

Sauces, Dips and Condiments in
Vietnam
Euromonitor International
November 2023
SAUCES, DIPS AND CONDIMENTS IN VIETNAM Passport i
LIST OF CONTENTS AND TABLES

KEY DATA FINDINGS.................................................................................................................. 1
2023 DEVELOPMENTS ............................................................................................................... 1
Reduced-salt trends influence developments in sauces, dips, and condiments ....................... 1
Masan maintains its lead thanks to new product developments and global development plans2
Clean eating trends could suppress potential growth, while players aim to offer healthier
variants ..................................................................................................................................... 2
PROSPECTS AND OPPORTUNITIES......................................................................................... 3
Natural ingredients and high-quality tastes attract consumers ................................................. 3
Competition expected to remain dynamic over the forecast period .......................................... 3
Ongoing developments in modern retail and e-commerce will enable a wider choice of brands
and variants for consumers....................................................................................................... 3
CATEGORY DATA ....................................................................................................................... 4
Table 1 Sales of Sauces, Dips and Condiments by Category: Volume 2018-
2023 ............................................................................................................. 4
Table 2 Sales of Sauces, Dips and Condiments by Category: Value 2018-
2023 ............................................................................................................. 4
Table 3 Sales of Sauces, Dips and Condiments by Category: % Volume
Growth 2018-2023 ....................................................................................... 5
Table 4 Sales of Sauces, Dips and Condiments by Category: % Value Growth
2018-2023 .................................................................................................... 6
Table 5 Sales of Liquid Recipe Sauces by Type: % Value 2018-2023...................... 6
Table 6 NBO Company Shares of Sauces, Dips and Condiments: % Value
2019-2023 .................................................................................................... 7
Table 7 LBN Brand Shares of Sauces, Dips and Condiments: % Value 2020-
2023 ............................................................................................................. 7
Table 8 Distribution of Sauces, Dips and Condiments by Format: % Value
2018-2023 .................................................................................................... 8
Table 9 Forecast Sales of Sauces, Dips and Condiments by Category:
Volume 2023-2028 ....................................................................................... 9
Table 10 Forecast Sales of Sauces, Dips and Condiments by Category: Value
2023-2028 .................................................................................................. 10
Table 11 Forecast Sales of Sauces, Dips and Condiments by Category: %
Volume Growth 2023-2028 ........................................................................ 11
Table 12 Forecast Sales of Sauces, Dips and Condiments by Category: %
Value Growth 2023-2028 ........................................................................... 11
© Euromonitor International
SAUCES, DIPS AND CONDIMENTS IN VIETNAM Passport 1
SAUCES, DIPS AND CONDIMENTS IN

VIETNAM
KEY DATA FINDINGS
▪ Retail value sales increase by 9% in current terms in 2023 to VND39.9 trillion
▪ Pickled products is the best performing category in 2023, with retail value sales increasing by
11% in current terms to VND556 billion
▪ Masan Consumer Corp is the leading player in 2023, with a retail value share of 30%
▪ Retail sales are set to increase at a current value CAGR of 11% (2023 constant value CAGR
of 7%) over the forecast period to VND65.8 trillion
2023 DEVELOPMENTS
Reduced-salt trends influence developments in sauces, dips, and

condiments
The reduced-salt trend, as backed by the government, is influencing patterns in sauces, dips,
and condiments. According to reports from the Ministry of Health, Vietnamese consumers are
cited to eat an average of 9.4g per day of salt, compared to the recommendations from the
World Health Organization (WHO), which indicates 5g per day is a healthy consumption. A too-
high salt intake can lead to various health implications such as high blood pressure,
cardiovascular issues, and even stroke. Indeed, it is reported that one in five adults in the
country have hypertension, with one in three deaths caused by cardiovascular diseases.
According to the National Library of Medicine (a US government website), Vietnam has made
impressive progress towards improving the health status of its population, with a reasonably
high life expectancy on a comparable basis with similar countries. However, Vietnam does have
a large populous over the age of 65, and its health care system still faces a number of difficulties
and challenges. Within this context, incidences of noncommunicable diseases (cardiovascular
diseases, cancer, diabetes, etc.) remain relatively high. Within this context, the government in
Vietnam is calling for its citizens to lower their salt consumption as one way to protect and
improve health. This is also influencing brands and their formulas, such as within fish sauces,
for example.
Added to which, we note that Vietnamese consumers have been using fewer products in this
category due to budgetary constraints and the fact that busy post-pandemic lifestyles mean less
time for cooking from scratch. Young families in the country also often create “bland taste”
eating habits for their children at very early life stage, by avoiding products and ingredients
which are high in salt and/or sugar.
That said, the category remains relatively stable overall, due to having wide availability of a
large number of products across all price brackets, along with an ongoing relevance of certain
products within Vietnamese kitchens. We also see consumers being attracted to different
flavours, such as Western and Korean variants, the cuisines of which are often promoted
through social media channels.
Masan maintains its lead thanks to new product developments and

global development plans
Nam Ngu (Masan Consumer Corp) is the leading overall brand in sauces, dips, and
condiments, with its third-placed brand Chin-Su also cited as being particularly popular in
Vietnam. The latter brand has also made developments within its fish sauce, such as offering a
reduced-salt variant. The brand is also active in promotions, such as seen with its "Go Global -
bringing Vietnamese brands to the world" activities, which aim to reach 15% revenue from
international business by 2027. Added to which, in 2023, the brand is exciting consumers with a
Shiitake mushroom and kombu kelp seasoning. This is also a lever for Chin-Su and Masan
products overall, as the player seeks to introduce them into other global markets, such as South
Korea, Australia, Europe, and North America.
Masan holds a strong lead in fish sauces, a popular product in Vietnam, with the top three
brand places with its Nam Ngu, Nam Ngu II, and Chin-Su brands, while the rest of the
subcategory remains fairly fragmented. The fourth-placed brand is Hung Thinh (Hung Thinh Co
Ltd), which benefits from its traditional recipe to satisfy local tastes, along with its customised
products which offer “bold” tastes. The brand is also highly active on social media, promoting
recipes which use its fish sauces for marinades, such as seen with “Chicken Mangosteen
Salads” – a trending dish on TikTok during 2023.
While key products such as fish sauces, seasoning, and monosodium glutamate, are reaching
maturity in product variants and formats, brands are focusing on expansion into recipe sauces
across different formats and variants, to cater to the growingly diverse tastes among consumers
alongside demand for convenience for those with busy lifestyles. 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 recently, especially outside of the
country’s major cities. In terms of consumer interest in international cuisine, it is mainly younger
consumers 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
Clean eating trends could suppress potential growth, while players aim
to offer healthier variants
Health and wellbeing trends are likely to influence sauces, dips, and condiments beyond the
reduced-salt trend. Indeed, a growing number of consumers are seeking “clean” diets and
choosing simple cooking methods, such as to boil or sauté, which do not require additional
sauces in the same way as some other cooking methods. Within this, we also see the rise of
vegetarian dishes, which consumers both cook at home and seek when they dine out. Indeed,
foodservice is also seeing a higher penetration of healthy-positioned foods, such as low-carb
and plant-based.
Within this context, players are developing their brands to offer healthier variants (eg Chin-Su
reduced-salt fish sauce). However, it is the higher-income consumer segment which tends to be
the most health-conscious are willing to pay more for premium products with a healthy
positioning. Indeed, many consumers believe that premium products are inherently better for
their health, irrespective of any specific health and wellness attributes, and 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. Further examples include developments in
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 as well as
offering its reduced-salt version.
PROSPECTS AND OPPORTUNITIES
Natural ingredients and high-quality tastes attract consumers

Sauces, dips, and condiments with natural ingredients and high-quality tastes are those
expected to attract consumers’ attention over the forecast period. Consumers in Vietnam are
becoming more discerning about the ingredients in the products they purchase, seeking natural
ingredients and reduced and free-from variants. Whilst not the only area to consider, the
reduced-salt trend is a key aspect in this sense, with ongoing support from the government and
media in the country.
Within this context, we expect more developments in the premium segment – both in products
which have a health-positioning (plant-based, free-from, etc.), and those which offer exotic and
international tastes, thus appealing to current and ongoing trends and demands.
Competition expected to remain dynamic over the forecast period

Competition in sauces, dips, and condiments is expected to remain dynamic over the forecast
period, thanks to the leading players’ strong financial power and deep understanding of the local
market. Therefore, we expect a wide range of brand variants, spanning different price brackets
and appealing to a diverse range of consumer tastes and needs. Furthermore, due to variances
in tastes from region to region, we expect more products which are customised for those
locales. For example, consumers in the north of the country often prefer a more plain and frugal
diet, whereas those in the middle of the country enjoy more “bold” and salty tastes, while those
in the south enjoy sweet flavours. With the growth of more brands and products, we will also see
retailers compete among themselves, based on the portfolios of the products they offer, as they
aim to capitalise on the best-selling products by giving them wider shelf space.
Ongoing developments in modern retail and e-commerce will enable a

wider choice of brands and variants for consumers
Sauces, dips, and condiments are typically sold via independent small grocers and wet
markets in Vietnam, although these channels tend to offer more basic and general products.
The reason for this is the fact that 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. That
said, the expansion of modern retail, such as supermarkets, to urban and suburban areas, is
enabling consumer access to a wider range of products – such as seen with the rise in
popularity of recipes sauces in appealing tastes (eg Korean BBQ, Thai Tom Yum). The ongoing
growth of e-commerce is also relevant here, again offering consumers a wide range of products
to choose from, along with many discounts and promotions, and the offer of free shipping – with
the latter being especially convenient if consumers are purchasing larger formats of products,
such as 5ltr fish sauces.
CATEGORY DATA
Table 1 Sales of Sauces, Dips and Condiments by Category: Volume 2018-2023
'000 tonnes
2018 2019 2020 2021 2022 2023
- Tomato Pastes and - - - - - -

Purées
- Bouillon 58.6 63.7 69.8 73.9 78.4 83.6
-- Stock Cubes and 58.6 63.7 69.8 73.9 78.4 83.6
Powders
-- Liquid Stocks and - - - - - -
Fonds
- Herbs and Spices 0.3 0.3 0.3 0.3 0.3 0.4
-- Soy Sauces 94.6 98.4 100.8 99.8 100.1 100.7
-- Pasta Sauces 0.6 0.6 0.7 0.7 0.7 0.7
-- Ketchup 3.1 3.4 3.7 3.8 4.0 4.2
-- Mayonnaise 2.1 2.4 2.6 2.7 2.9 3.1
-- Mustard 0.1 0.1 0.1 0.1 0.1 0.2
-- Salad Dressings 0.2 0.3 0.4 0.4 0.5 0.5
Dips - - - - - -
Pickled Products 5.7 6.1 6.5 6.7 6.9 7.2
Yeast-based Spreads - - - - - -
-- Barbecue Sauces - - - - - -
-- Chili Sauces 34.1 37.4 40.4 42.3 44.4 47.6
-- Oyster Sauces 4.3 4.6 5.0 5.3 5.6 6.0
-- Fish Sauces 302.2 314.3 320.6 317.1 319.8 319.8
- Monosodium Glutamate 60.8 59.0 58.4 57.1 55.7 54.3
- Gravy Cubes, Powders - - - - - -
and Pots
Cooking Ingredients and 119.7 123.0 128.5 131.4 134.5 138.3
Condiments
Sauces, Dips and 575.2 600.2 620.1 622.0 631.9 641.5
Condiments
Sauces 449.8 471.1 485.1 484.0 490.5 496.0
-- Liquid Recipe Sauces 2.3 2.6 2.8 3.0 3.1 3.3
(excl pasta sauces)
-- Dry Recipe Sauces 6.2 7.1 8.1 8.6 9.2 9.8
- Cooking and Table 440.8 460.8 473.5 471.7 477.4 482.1
Sauces
Other Sauces and - - - - - -
Condiments
- Recipe Sauces 9.0 10.3 11.6 12.3 13.1 13.9
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 2018-2023
VND billion
2018 2019 2020 2021 2022 2023

Purées
- Bouillon 4,876.5 5,534.9 6,365.1 6,874.3 7,531.4 8,510.7
-- Stock Cubes and 4,876.5 5,534.9 6,365.1 6,874.3 7,531.4 8,510.7
Powders
Fonds
- Herbs and Spices 178.7 198.7 216.6 231.8 252.7 282.1
-- Soy Sauces 2,548.2 2,675.6 2,782.7 2,796.6 2,958.5 3,145.3
-- Pasta Sauces 60.5 69.4 76.4 80.6 87.3 96.9
-- Ketchup 194.2 211.7 232.9 246.9 270.2 298.9
-- Mayonnaise 243.9 280.4 316.9 338.3 376.8 417.7
-- Mustard 15.5 18.2 20.6 22.2 24.6 27.2
-- Salad Dressings 82.3 98.0 118.5 137.5 161.6 180.3
Dips - - - - - -
-- Chili Sauces 2,067.7 2,336.5 2,570.2 2,743.2 3,058.0 3,488.8
-- Oyster Sauces 278.2 317.2 364.7 397.6 448.0 511.3
-- Fish Sauces 13,526.2 14,270.2 14,769.6 14,726.0 15,878.1 17,026.4
- Monosodium Glutamate 3,984.7 3,884.7 3,904.1 3,858.2 3,937.4 4,026.5
and Pots
Cooking Ingredients and 9,039.9 9,618.2 10,485.8 10,964.2 11,721.5 12,819.3
Condiments
Sauces, Dips and 29,147.6 31,135.5 33,126.2 33,939.0 36,635.7 39,860.7
Condiments
Sauces 19,735.1 21,106.8 22,197.1 22,513.8 24,413.8 26,485.3
(excl pasta sauces)
- Cooking and Table 18,956.3 20,207.8 21,176.1 21,408.2 23,175.7 25,095.9
Sauces
Condiments
- Recipe Sauces 778.8 899.0 1,021.0 1,105.6 1,238.1 1,389.4
Table 3 Sales of Sauces, Dips and Condiments by Category: % Volume Growth 2018-
2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
- Tomato Pastes and Purées - - -

- Bouillon 6.6 7.4 42.7
-- Stock Cubes and Powders 6.6 7.4 42.7
-- Liquid Stocks and Fonds - - -
- Herbs and Spices 6.8 6.5 36.7
-- Soy Sauces 0.6 1.3 6.5
-- Pasta Sauces 2.7 5.7 31.8
-- Ketchup 5.8 6.1 34.3
-- Mayonnaise 6.4 7.6 44.4
-- Mustard 5.6 7.4 42.9
-- Salad Dressings 10.1 16.8 117.1
Dips - - -
Pickled Products 4.8 5.0 27.5
Yeast-based Spreads - - -
-- Barbecue Sauces - - -
-- Chili Sauces 7.3 6.9 39.6
-- Oyster Sauces 7.0 7.1 40.8
-- Fish Sauces 0.0 1.1 5.8
- Monosodium Glutamate -2.6 -2.2 -10.7
- Gravy Cubes, Powders and Pots - - -

Cooking Ingredients and Condiments 2.8 2.9 15.5
Sauces, Dips and Condiments 1.5 2.2 11.5
Sauces 1.1 2.0 10.3
-- Liquid Recipe Sauces (excl pasta sauces) 6.0 8.0 47.1
-- Dry Recipe Sauces 6.2 9.6 58.2
- Cooking and Table Sauces 1.0 1.8 9.4
Other Sauces and Condiments - - -
- Recipe Sauces 6.0 9.0 53.8
Table 4 Sales of Sauces, Dips and Condiments by Category: % Value Growth 2018-
2023
% current value growth

2022/23 2018-23 CAGR 2018/23 Total

- Bouillon 13.0 11.8 74.5
-- Soy Sauces 6.3 4.3 23.4
-- Pasta Sauces 11.0 9.9 60.2
-- Ketchup 10.6 9.0 53.9
-- Mayonnaise 10.9 11.4 71.3
-- Mustard 10.7 11.9 75.2
Dips - - -
-- Chili Sauces 14.1 11.0 68.7
-- Oyster Sauces 14.1 12.9 83.8
-- Fish Sauces 7.2 4.7 25.9
- Monosodium Glutamate 2.3 0.2 1.0
Sauces 8.5 6.1 34.2
Table 5 Sales of Liquid Recipe Sauces by Type: % Value 2018-2023
% retail value rsp

2018 2019 2020 2021 2022 2023
Caramel Sauce (Nuoc mau) 31.5 25.0 20.0 18.0 16.0 15.0
Hot pot sauces (Nuoc 23.5 28.0 28.5 26.0 24.0 23.0
Sot Lau)
Stew Sauce (Nuoc uop 33.0 37.0 38.0 40.0 45.0 46.0
thit ca)
Other Wet/Cooking Sauces 12.0 10.0 13.5 16.0 15.0 16.0
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 6 NBO Company Shares of Sauces, Dips and Condiments: % Value 2019-2023
% retail value rsp

Company 2019 2020 2021 2022 2023
Masan Consumer Corp 31.1 30.2 30.2 30.3 29.8

Ajinomoto Vietnam Co Ltd 16.3 16.3 16.5 16.2 15.7
Unilever Vietnam 7.4 7.9 8.3 8.5 9.3
International Co Ltd
Nestlé Vietnam Co Ltd 3.7 3.8 3.9 3.9 4.0
Cholon Investment & 3.3 3.4 3.4 3.4 3.5
Import-Export Co (CHOLIMEX)
Trung Thanh Co Ltd 3.0 3.0 3.0 3.0 2.9
Hung Thinh Co Ltd 2.4 2.3 2.1 2.1 2.0
Nam Phuong VN Co Ltd 2.4 2.3 2.1 2.1 2.0
Uniben JSC 1.8 1.8 1.9 1.9 1.9
Asia Food Technology Co Ltd 1.9 1.8 1.8 1.8 1.7
Lien Thanh Co Ltd 1.7 1.7 1.7 1.7 1.6
Bay Hong Hanh Production 1.2 1.2 1.2 1.2 1.2
Trading Service Co Ltd
Vedan (Vietnam) 1.4 1.3 1.3 1.2 1.1
Enterprise Corp Ltd
Hanh Phuc Co Ltd 1.1 1.1 1.1 1.1 1.1
Miwon Vietnam Co Ltd 1.2 1.2 1.1 1.1 1.0
Nam Duong Sauce Enterprise 0.5 0.5 0.6 0.6 0.5
Vianco JV Enterprise Co Ltd 0.5 0.5 0.5 0.5 0.5
Song Huong Co Ltd 0.5 0.5 0.5 0.5 0.5
Saigon Vewong JV Co 1.1 0.9 0.7 0.5 0.5
Kewpie Vietnam Co Ltd 0.3 0.3 0.3 0.4 0.4
Thuan Phat Food 0.3 0.3 0.4 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 0.2 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 15.6 16.2 15.9 16.0 17.0
Total 100.0 100.0 100.0 100.0 100.0
Table 7 LBN Brand Shares of Sauces, Dips and Condiments: % Value 2020-2023
% retail value rsp
Brand (GBO) Company (NBO) 2020 2021 2022 2023
Nam Ngu (Masan Group Masan Consumer Corp 14.0 13.6 13.5 13.0
Corp)
Knorr (Unilever Group) Unilever Vietnam 7.9 8.3 8.5 9.3
International Co Ltd
Chin-Su (Masan Group Masan Consumer Corp 6.7 7.3 7.8 8.3
Corp)
Aji-ngon (Ajinomoto Ajinomoto Vietnam Co Ltd 7.2 7.5 7.5 7.4
Co Inc)
Ajinomoto (Ajinomoto Ajinomoto Vietnam Co Ltd 8.1 8.0 7.7 7.2
Co Inc)
Nam Ngu II (Masan Masan Consumer Corp 5.4 5.4 5.3 5.1
Group Corp)
Maggi (Nestlé SA) Nestlé Vietnam Co Ltd 3.8 3.9 3.9 4.0
Tam Thai Tu (Masan Masan Consumer Corp 4.2 3.9 3.7 3.5
Group Corp)
Cholimex Cholon Investment & 3.1 3.1 3.1 3.2
Trung Thanh Trung Thanh Co Ltd 3.0 3.0 3.0 2.9
Hung Thinh Hung Thinh Co Ltd 2.3 2.1 2.1 2.0
Barona Nam Phuong VN Co Ltd 2.3 2.1 2.1 2.0
3 Mien Uniben JSC 1.8 1.9 1.9 1.9
Ong Tay Asia Food Technology Co Ltd 1.8 1.8 1.8 1.7
Lien Thanh Lien Thanh Co Ltd 1.7 1.7 1.7 1.6
Hong Hanh Bay Hong Hanh Production 1.2 1.2 1.2 1.2
Trading Service Co Ltd
Vedan (Vedan Vedan (Vietnam) 1.3 1.3 1.2 1.1
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 1.1 1.1 1.0
Nam Duong Nam Duong Sauce Enterprise 0.5 0.6 0.6 0.5
Vianco Vianco JV Enterprise Co Ltd 0.5 0.5 0.5 0.5
Aji-Mayo (Ajinomoto Ajinomoto Vietnam Co Ltd 0.5 0.5 0.5 0.5
Co Inc)
Song Huong Song Huong Co Ltd 0.5 0.5 0.5 0.5
A-One (Ve Wong Corp) Saigon Vewong JV Co 0.9 0.7 0.5 0.5
Aji-Quick (Ajinomoto Ajinomoto Vietnam Co Ltd 0.4 0.4 0.4 0.4
Co Inc)
Kewpie (Kewpie Corp) Kewpie Vietnam Co Ltd 0.3 0.3 0.4 0.4
Thuan Phat Thuan Phat Food 0.3 0.4 0.4 0.4
Processing & Trading Co
Huong Viet Cholon Investment & 0.3 0.3 0.3 0.3
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 17.3 17.1 17.2 18.2
Total Total 100.0 100.0 100.0 100.0
Table 8 Distribution of Sauces, Dips and Condiments by Format: % Value 2018-2023
% retail value rsp

2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 99.9 99.9 99.8 99.8 99.8 99.7
-- Grocery Retailers 99.9 99.9 99.8 99.8 99.8 99.7

--- Convenience Retail 0.0 0.1 0.1 0.2 0.2 0.3
---- Convenience Stores 0.0 0.1 0.1 0.2 0.2 0.3
---- Forecourt Retailers - - - - - -
--- Supermarkets 6.7 7.0 8.4 9.0 9.4 9.5
--- Hypermarkets 1.8 2.2 3.0 3.1 3.5 3.7
--- Discounters - - - - - -
--- Warehouse Clubs - - - - - -
--- Food/drink/tobacco - - - - - -
specialists
--- Small Local Grocers 91.3 90.6 88.3 87.5 86.6 86.3
-- Non-Grocery Retailers - - - - - -
--- General Merchandise - - - - - -
Stores
--- Apparel and - - - - - -
Footwear Specialists
--- Appliances and - - - - - -
Electronics Specialists
--- 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 0.2 0.2 0.2 0.3
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 9 Forecast Sales of Sauces, Dips and Condiments by Category: Volume 2023-
2028
'000 tonnes
2023 2024 2025 2026 2027 2028

Purées
- Bouillon 83.6 91.0 99.1 108.5 119.1 130.8
-- Stock Cubes and 83.6 91.0 99.1 108.5 119.1 130.8
Powders
Fonds
- Herbs and Spices 0.4 0.4 0.4 0.5 0.5 0.6
-- Soy Sauces 100.7 101.7 103.1 105.0 107.4 110.4
-- Pasta Sauces 0.7 0.8 0.8 0.9 0.9 1.0
-- Ketchup 4.2 4.5 4.9 5.3 5.7 6.2
-- Mayonnaise 3.1 3.3 3.5 3.8 4.1 4.5
-- Mustard 0.2 0.2 0.2 0.2 0.2 0.2
-- Salad Dressings 0.5 0.6 0.6 0.7 0.7 0.8
Dips - - - - - -
-- Chili Sauces 47.6 51.9 57.1 63.1 69.8 77.3
-- Oyster Sauces 6.0 6.5 7.0 7.5 8.1 8.7

-- Fish Sauces 319.8 322.6 326.8 333.2 341.9 352.8
- Monosodium Glutamate 54.3 52.5 50.7 49.3 48.1 46.9
and Pots
Cooking Ingredients and 138.3 143.8 150.2 158.3 167.7 178.3
Condiments
Sauces, Dips and 641.5 657.3 677.0 702.0 731.9 767.1
Condiments
Sauces 496.0 505.8 518.6 535.0 555.0 578.8
(excl pasta sauces)
- Cooking and Table 482.1 491.2 503.2 518.8 537.9 560.9
Sauces
Condiments
- Recipe Sauces 13.9 14.6 15.4 16.2 17.1 17.9
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 2023-2028
VND billion
2023 2024 2025 2026 2027 2028

Purées
- Bouillon 8,510.7 9,370.5 10,347.2 11,389.0 12,530.6 13,815.5
-- Stock Cubes and 8,510.7 9,370.5 10,347.2 11,389.0 12,530.6 13,815.5
Powders
Fonds
- Herbs and Spices 282.1 308.8 341.3 380.0 424.5 476.4
-- Soy Sauces 3,145.3 3,355.3 3,586.8 3,838.0 4,119.2 4,437.5
-- Pasta Sauces 96.9 103.6 110.7 118.6 127.3 137.2
-- Ketchup 298.9 324.8 356.9 395.5 442.6 496.7
-- Mayonnaise 417.7 461.4 508.7 560.7 616.9 678.6
-- Mustard 27.2 29.5 32.3 35.6 39.4 43.8
-- Salad Dressings 180.3 200.0 221.2 242.9 265.9 289.1
Dips - - - - - -
-- Chili Sauces 3,488.8 3,883.3 4,348.3 4,878.5 5,468.1 6,119.7
-- Oyster Sauces 511.3 565.6 622.2 681.1 742.0 802.2
-- Fish Sauces 17,026.4 17,655.1 18,376.8 19,144.5 20,001.1 20,947.7
- Monosodium Glutamate 4,026.5 3,993.3 3,962.3 3,928.9 3,907.7 3,890.7
and Pots
Cooking Ingredients and 12,819.3 13,672.6 14,650.8 15,697.9 16,862.8 18,182.5
Condiments
Sauces, Dips and 39,860.7 42,256.2 44,984.7 47,937.1 51,212.3 54,861.6
Condiments
Sauces 26,485.3 27,980.4 29,674.1 31,513.8 33,548.6 35,789.4
(excl pasta sauces)
-- Dry Recipe Sauces 977.1 1,057.3 1,132.3 1,201.4 1,264.3 1,321.6
- Cooking and Table 25,095.9 26,475.0 28,053.2 29,776.9 31,695.2 33,815.3
Sauces
Condiments
- Recipe Sauces 1,389.4 1,505.4 1,620.9 1,736.8 1,853.5 1,974.1
trade sources
Table 11 Forecast Sales of Sauces, Dips and Condiments by Category: % Volume

Growth 2023-2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total

- Bouillon 8.8 9.4 56.5
-- Soy Sauces 1.0 1.8 9.6
-- Pasta Sauces 3.4 5.3 29.7
-- Ketchup 7.3 8.4 49.4
-- Mayonnaise 6.9 8.0 47.0
-- Mustard 6.2 6.9 39.8
Dips - - -
-- Chili Sauces 9.0 10.2 62.2
-- Fish Sauces 0.9 2.0 10.3
Sauces 2.0 3.1 16.7
trade sources
Table 12 Forecast Sales of Sauces, Dips and Condiments by Category: % Value Growth
2023-2028
% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total

- Bouillon 10.1 10.2 62.3
-- Soy Sauces 6.7 7.1 41.1
-- Pasta Sauces 6.9 7.2 41.5
-- Ketchup 8.7 10.7 66.2

-- Mayonnaise 10.5 10.2 62.4
-- Mustard 8.6 10.0 61.0
Dips - - -
-- Chili Sauces 11.3 11.9 75.4
-- Fish Sauces 3.7 4.2 23.0
Sauces 5.6 6.2 35.1
trade sources

Sauces Dips and Condiments in Vietnam

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Sauces Dips and Condiments in Vietnam

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LIST OF CONTENTS AND TABLES

SAUCES, DIPS AND CONDIMENTS IN

Reduced-salt trends influence developments in sauces, dips, and

Masan maintains its lead thanks to new product developments and

PROSPECTS AND OPPORTUNITIES

Natural ingredients and high-quality tastes attract consumers

Competition expected to remain dynamic over the forecast period

Ongoing developments in modern retail and e-commerce will enable a

- Tomato Pastes and - - - - - -

Table 2 Sales of Sauces, Dips and Condiments by Category: Value 2018-2023

- Tomato Pastes and - - - - - -

- Tomato Pastes and Purées - - -

- Gravy Cubes, Powders and Pots - - -

% current value growth

- Tomato Pastes and Purées - - -

Table 5 Sales of Liquid Recipe Sauces by Type: % Value 2018-2023

% retail value rsp

% retail value rsp

Masan Consumer Corp 31.1 30.2 30.2 30.3 29.8

% retail value rsp

Brand (GBO) Company (NBO) 2020 2021 2022 2023

Table 8 Distribution of Sauces, Dips and Condiments by Format: % Value 2018-2023

% retail value rsp

Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

-- Grocery Retailers 99.9 99.9 99.8 99.8 99.8 99.7

- Tomato Pastes and - - - - - -

-- Oyster Sauces 6.0 6.5 7.0 7.5 8.1 8.7

- Tomato Pastes and - - - - - -

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

- Tomato Pastes and Purées - - -

% constant value growth

- Tomato Pastes and Purées - - -

-- Ketchup 8.7 10.7 66.2

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