Cheese is expected to register a CAGR of 7% in constant value terms over the forecast period fuelled by increasing Westernisation in Vietnamese culture, the expected recovery of the economy, and higher disposable incomes and living standards. Cheese is gaining acceptance among consumers, with more being used in cooking. Furthermore, the efforts of manufacturers to encourage demand through marketing activities and distribution networks as well as the development of fast food chains and Western cuisine restaurants are also fostering growth.

Over the forecast period, drinking milk products is expected to register a constant value CAGR of 8%. Stable demand from young consumers, increasing awareness of health and wellness, the expected recovery of the economy, and higher incomes and living standards are expected to contribute to growth. Manufacturers’ efforts to stimulate demand through new product developments, expanded distribution networks and promotional activities are also expected to contribute to growth. However, drinking milk products is becoming a mature category and as such is set to register a lower constant value CAGR over the forecast period than over the review period.

Yoghurt and sour milk is expected to register a CAGR of 6% in constant value terms thanks mainly to the anticipated recovery of the economy, higher disposable incomes and living standards, and increasing consumer awareness of health and wellness. Furthermore, with busier lifestyles, more consumers are expected to switch from home-made to packaged yoghurt and sour milk products. However, due to the increasing maturity of yoghurt and sour milk, the forecast constant value CAGR of 6% is lower than that registered over the review period.