Overview of the Energy Drink Market in Vietnam (2021)

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Energy Drink Market’s Picture in Vietnam

According to research, the energy drink market is booming in the Asia-Pacific region where Vietnam is located.

Consumers have been more and more aware of health problems, sports and exercising after the Covid-19 pandemic. 

Therefore, health-related or supplement products accompany consumers, to meet their demands of searching for sources that provide vitamins, and minerals for physical enhancement and psychological relief.

Furthermore, the rising incomes, urbanisation and population growth promote the development of the energy drink industry.

From 2021 to 2026, the compound annual growth rate (CAGR) of this beverage market is estimated to reach 7.2%. It is predicted that the international energy drink’s revenue will have been around $53.1 billion by the end of 2022. 

With a growth rate of 6% each year, Vietnam is going to reach a market size of nearly $800 million. Moreover, energy drinks account for 18.24% of the beverage market in Vietnam.

For that reason, this segmentation in the Vietnamese beverage industry is worth trying for international companies.

About the main players in the energy drink market in Vietnam 

The list of energy drinks available in Vietnam is various, but some of the outstanding names are Red bull, Coca-Cola, Pepsico, Sting, Warriors, Red Dragons, Monster, Rock star, etc. 

And there are also popular domestic competitors of energy drinks including Number 1 and Wake Up 247.

Among them, Red bull, Sting, and Number 1 are the three most well-known and used brands in Vietnam.

These prominent energy drink companies are still growing because of product innovation.  Products mixed with alcoholic beverages are popular among the young generation in Vietnam.

In terms of promotion and advertisements, brands attract consumers’ attention with product ingredients such as taurine – an amino acid that helps to regenerate energy, or with phrases such as “strength”, “energy”, and “speed” is a good way to catch Vietnamese consumer’s eyes

Also, expanding customers’ choices by launching many flavours and energy drink product lines contributes to market expansion.

With different segmentation and quality, each energy drink brand has its own price for energy drink products: 

          Red bull: $0.43 – $0.56/ can of 250ml

          Sting: $0.35 – $0.43/ bottle of 330ml

          Warriors: $0.35 – $0.43/ bottle of 325ml

          Red Dragons: $0.26 – $0.3/ bottle of 330ml

          Monster: $1.25 – $1.51/ 355ml (premium customers)

Considerable Consumer Preferences and Behaviours in Vietnam

Segmentation of Customers

Energy drinks are consumed by 44% of consumers aged 18-25 years old, which are the main target of energy drinks. Usually, they are students, athletes, gamers, and people who play sports.

Customers’ Buying Decisions

Statistics show that the most common reasons Vietnamese people decide to put energy drinks in their shopping cart relate to the taste and product’s good distribution.

Other factors such as staying awake, reasonable prices, and popularity also affect customers buying these soft drinks.

Factors For Choosing A Brands (Source: Di-onlinesurvey)

Consumer behaviour

Where do Vietnamese tend to buy energy drinks? 

The two most popular locations for energy drinks shopping are supermarkets and grocery stores, which are familiar to Vietnamese consumers to buy various items. Moreover, convenient stores and beverage distributions are the other choices for them to buy this product.

Where do Vietnamese often buy energy drinks (Source: di-onlinesurvey)

When do Vietnamese people often consume this product?

Regarding the question when people consume energy drinks, anytime, in the coffee shop, and when they are in a bad mood are most received answers.

Needless to say, doing sports and playing games are also time to take cans of energy drinks that boost their energy to regain energy and help keep the mind awake.

Most Vietnamese customers drink energy drinks 2-3 times a week (26%). This frequency can also be 2-3 times/month (19%) or once a week (18%).

When Do Vietnamese Drink Energy Drink (Survey: di-onlinesurvey)

How much are consumers willing to spend on energy drinks?

According to statistics, about 23% of consumers pay from $1.4 – $3.3 when they buy energy beverages. Meanwhile, there are 25% of customers who spend $3.3 – $7.0 each time buying an energy drink. 

How Much Do Vietnamese People Willing To Spend On Energy Drink (Source: di-onlinesurvey)

Struggling with Exporting Energy drinks to Vietnam? What to do?

The attraction of the energy drink industry in Vietnam is undeniable. Therefore, the competition in the industry is more and more fierce. 

To enter the market without falling behind, new businesses need to have strategies.

Firstly, taste influences the consumer’s decision to buy and impacts their impression of the product. Thus, creating a unique and tasty flavour is one of the most important factors.

Secondly, if the drinks are distributed well, they are more reliable for Vietnamese customers. That means your products are available in many stores, shops, and e-commerce so that customers can buy easily.

Thirdly, people in Vietnam are also concerned about the price before they decide to put products in shopping carts. On average the price for 100% imported energy drink from the West to Vietnam is $7 or more, which is too expensive for a can of energy drink in Vietnam.

To be able to successfully win a delicious piece of cake in Vietnam, besides quality, price competition is also very important.

International energy drink companies can cut costs and ship quickly by exporting directly without intermediaries. 

With more than 11 years of experience, VIEC is confident to help new companies enter the energy drink market by direct exporting, a service we are passionate about.

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