Vietnam is rich in rice, tropical crops and aquatic products and is a major exporter of agricultural products in Southeast Asia, and the third largest exporter of rice in the world.

According to CRI’s analysis, Vietnam’s rice export value reached USD3.07 billion in 2020, and rice has become a bright spot in Vietnam’s agricultural products exports. This is a remarkable achievement of the rice industry for many years, especially in the context of natural disasters and COVID-19 epidemic that hit Vietnam’s agriculture in 2020 in terms of production and export.

In 2020, Vietnam’s total rice production was 42.7 million tons, meeting the demand for domestic consumption, processing, poultry and livestock feed, and export, etc. In 2020, its rice exports grew against the backdrop of a decline in exports of many of Vietnam’s long-dominant agricultural products due to the COVID-19 epidemic.

Notably, the bright spot of the country’s rice exports was not in terms of production, but in terms of price. According to CRI’s analysis, in 2020, the average price of Vietnam’s rice exports increased by 13%, compared to the same period in 2019, reaching USD496 per ton.

In early December 2020, the price of Vietnam’s rice with 5% crushing was USD493 to USD497 per ton, which is USD20 higher than that of Thai’s rice and USD120 higher than that of Indian rice. This is the highest price in the history of Vietnam’s rice exports, indicating that the brand value of Vietnam’s rice has increased significantly.

Since the EU-Vietnam Free Trade Agreement (EVFTA) came into force on August 1, 2020, the rice exports have rapidly seen an upturn. According to EVFTA, the EU provides Vietnam with 80,000 tons of rice for export at 0% tax rate annually (including 30,000 tons of milled rice, 20,000 tons of unmilled rice and 30,000 tons of aromatic rice).

For rice from Vietnam, the EU will reduce the import duty rate to zero in the coming years. Taking advantage of the above, from September 2020, Vietnam started to sell rice to the EU at a much higher price than before. Specifically, before EVFTA came into effect, the prices of ST20 rice and Jasmine rice exported to the EU were USD800 and USD520 per ton, respectively, while now the prices are over USD1,000 and USD600, respectively.

According to CRI’s analysis, there are three reasons for the rise in Vietnam’s rice prices. Firstly, the government issued an agricultural restructuring proposal, by which the rice structure has been strongly adjusted, changing the rice cultivation protocols, i.e., paying more attention to improving rice quality rather than increasing production.

Around 2015, Vietnam’s quality rice seeds accounted for only 35%-40% of the total seeds, while in 2020 the Chart reached 75%-80%, and even in some places, the usage rate of quality rice seeds is as high as 90%.

Secondly, Vietnam has signed many FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Europe-Vietnam Free Trade Agreement (EVFTA) with many countries, which creates conditions for a breakthrough in Vietnam’s rice exports. Third, many industries were affected by the COVID-19 epidemic in 2020, but the market demand for food has not decreased.

According to CRI’s analysis, the Jiulong River Plain is the center of rice cultivation in Vietnam, contributing 50% of rice production and 95% of rice exports to Vietnam’s agriculture.

In 2020, the Jiulong River Plain cultivated more than 1.5 million hectares of rice per season, with an average yield of 6 tons per hectare and an annual rice production of more than 24 million tons. Furthermore, its winter-spring rice production is expected to reach 10 million tons from 2020 to 2021.

CRI expects Vietnam’s rice exports to continue to rise in both volume and value in 2022-2030.

Topics covered:

• Overview of Vietnam’s Rice Industry
• Economic and Policy Environment of Vietnam’s Rice Industry
• What is the Impact of COVID-19 on Vietnam’s Rice Industry?
• Imports volumes and values of Vietnam’s Rice, 2016-2021
• Forecast on Imports volumes and values of Vietnam’s Rice, 2022-2030
• Analysis of Major Rice Companies in Vietnam
• Key Drivers and Market Opportunities in Vietnam’s Rice Industry
• What are the key drivers, challenges, and opportunities for the rice industry in Vietnam during 2022-2030?
• What is the expected revenue of Vietnam rice market during 2022-2030?
• What are the strategies adopted by the key players in the market to increase their market share in the industry?
• Which segment of Vietnam’s rice market is expected to dominate the market in 2030?
• What are the major adverse factors facing the rice industry in Vietnam?

Related reports:

US Packaged Dry Rice Market (2019 – 2024)

Research Report on Paddy and Rice Import in China, 2019-2023

Vietnam Textile and Garment Industry Report 2021-2025

The post Research Report on Vietnam’s Rice Industry 2016-2030 first appeared on CRI Report.

The ready-to-eat market in India is expected to expand at a compound annual growth rate (CAGR) of ~16.24% (based on value) during the 2019-2024 period, to generate a revenue of INR ~68.47 Bn by 2024.

Major players, who are currently operating in the Indian ready-to-eat market include Britannia Industries Limited, Dabur India Limited, Godrej Agrovet Limited and Heritage Foods Limited.

Segment-wise market overview

In 2018, the ready-to-eat breakfast cereals segment held the largest market share (~34.8%), followed by the shelf-stable ready meals (~21.97%), and shelf-stable fruits and vegetables (~20.3%) segments. The demand for ready-to-eat breakfast cereals is high due to the rising awareness regarding the ill effects of cholesterol, among the youth across India.

Out of the major segments of the Indian ready-to-eat market, the ready-to-eat breakfast cereals segment is expected to experience the fastest year-on-year growth (~19.85%) during the 2019-2024 period. Some of the popular ready-to-eat breakfast cereal brands in India include Baggry’s, Kellogg’s and Nestle.

Key growth drivers of the Ready-to-Eat Market

Most people living in cities lead busy lifestyles, and often spend much time commuting. This leaves them with little or no time to cook meals, which is why they prefer consuming ready-to-eat products.

To increase the sales volume of ready-to-eat products, retailers are offering lucrative offers in the form of combo packs, day-specific discounts, festive offers, flat discounts and coupon discounts.

Growth in the number of organized retail outlets and unique marketing strategies of retailers in tier I and tier II cities are facilitating brand recognition and development of product knowledge among consumers.

Therefore, rapid urbanization and hectic lifestyles, along with aggressive geographical expansion of ready-to-eat retailers are propelling tthe growth of the market across India.

Key deterrent to the growth of the market

According to health experts across the world, frequent consumption of ready-to-eat food often leads to serious health issues like obesity, heart diseases, high blood pressure and diabetes, owing to the presence of excessive sugar, sodium and fat in packaged foods. Awareness about such issues often refrains people from consuming ready-to-eat food.

Moreover, a large proportion of the elderly population in India usually has a negative perception about the nutritional value of any packaged and/or processed food item. As a result, they desist consuming ready-to-eat food and even discourage their family members from consuming the same.

Companies covered

• Britannia Industries Limited
• Dabur India Limited
• Godrej Agrovet Limited
• Heritage Foods Limited
• ITC Limited
• Nestle India Limited
• Vadilal Industries Limited
• Haldiram Manufacturing Company Private Limited
• MTR Foods Private Limited
• McCormick & Co., Inc.

Ready-to-Eat Market in India (2018-2023)

The post Ready-to-Eat Market in India 2020 first appeared on CRI Report.

Companies covered:
• Dabur India Limited
• ITC Limited
• Freshtrop Fruits Limited
• Hindustan Unilever Limited
• Tai Industries Limited
• Capricorn Food Products India Limited
• Cremica Food Industries Limited
• Fieldfresh Foods Private Limited
• Mother Dairy Fruit Vegetable Private Limited
• Shimla Hills Offerings Private Limited

The post Fruit and Vegetable Processing Industry in India 2020 first appeared on CRI Report.

Market segment insights:
Based on sales channel, the Indian frozen food market is segmented into retailers, food service providers and export. In 2019, the export segment held ~47.64% of the total market revenue. The frozen food export was the leading sales segment in 2019 contributing to ~47.64% of the total market revenue during the year. This segment is anticipated to dominate till the end of 2024, as the demand for food continues to rise globally.
Retailer segment is expected to be the fast-growing segment, expanding at a CAGR of 21.44% during the forecast period and is expected to account for ~22.78% of the frozen food market revenue by 2024. The rising popularity of convenience foods including frozen vegetables, frozen meat and frozen snacks among working women, millennials, and Gen-Z consumers is expected to push retailers to increase their storage capacity of frozen foods. Moreover, surge in smartphone usage and increased penetration of the Internet have created opportunities for online grocery stores like BigBasket, Amazon and Grofers to enter the frozen food market in India.

Market competition:
Owing to stringent regulations in terms of food safety and higher capital requirements for building reliable infrastructure to store frozen foods, the threat of new entrants remains low in this market. Moreover, presence of established players like ITC, McCain Foods, Mother Dairy and Godrej Yummiez has further increased the entry barrier for the new players to establish their businesses.
However, the intensity of rivalry among established players is very high. Frozen food products are mostly undifferentiated, and hence market players compete in terms of pricing and brand loyalty.
Companies covered
• Apex Frozen Foods Ltd.
• Godrej Agrovet Ltd.
• ITC Ltd.
• Venky’s (India) Ltd.
• Capricorn Food Products India Ltd.
• HyFun Frozen Foods Pvt. Ltd.
• Innovative Foods Ltd.
• Mother Dairy Fruit and Vegetable Pvt. Ltd.
• Top Fresh International Pvt. Ltd.
• McCain Foods (India) Pvt. Ltd.

The post Frozen Foods Market in India 2020 first appeared on CRI Report.

India’s diverse agro-climatic conditions, which favors the production of food ingredients in bulk, and availability of promising infrastructure – these are the two primary factors that aided the Indian food processing industry to become the fifth largest in the world.

Currently, the food processing industry in India accounts for ~32% of India’s food market, and ~11.60% share of employment in the domestic food industry. Further, the industry accounts for ~2.2% of the total FDI inflows in India. Although the unorganized sector dominates the industry, the organized sector is expected to develop during the forecast period (FY 2020-FY 2024).

Market insights:
The food processing market in India was valued at INR 25,691.30 Bn in FY 2018 and is expected to reach INR 53,435.52 Bn by FY 2024, expanding at a CAGR of ~12.09% during the FY 2020-FY 2024 period. The industry experiences a conducive growth environment in terms of availability of raw materials, which is evident from the fact that the Indian food and beverage industry witnessed revenue growth of ~13.41% during the 2015-2019 period.

Further, increase in the per capita income and rise in the living standards of people are propelling the growth of the food processing market in India. On the other hand, there is a lack of storage infrastructure faced by the industry (hygienic cold chains, well-established distribution system and transportation networks), which is impeding the growth of the industry in India.

Segment insights:
The food processing industry in India can be segmented into dairy processing, fruits and vegetables processing, fish processing, meat and poultry processing, and other segments like grains and spices processing. Based on volume, the fruits and vegetables processing segment is expected to increase at a CAGR of ~14.84%, during the FY 2020-FY 2024 period. Likewise, the dairy, meat, poultry and fish processing segments would increase at CAGRs of ~8.17%, ~17.24%, ~8.99% and 12.03%, respectively.

Competition analysis:
Although the industry is highly fragmented, it has the presence of established players like Dabur India Limited, ITC Limited, Mother Dairy Fruit & Vegetable Private Limited and Shimla Hills Offerings Private Limited.

Companies covered:
• Dabur India Limited
• ITC Limited
• Nestle India Limited
• Adani Wilmar Limited
• Gujarat Cooperative Milk Marketing Federation
• MTR Foods Private Limited
• Parle Agro
• Parle Products Private Limited
• Cargill India Private Limited
• Olam Agro India Limited

Food Processing Market in India 2020

The post Food Processing Market in India 2020 first appeared on CRI Report.

Segmentation based on type:
The fruits, vegetables, and grains segment will hold the largest market share during the analysis period, and is anticipated to expand at a significant CAGR of 17%. The products in this category form the basis for many secondary food items and are a major chunk of people’s staples. These factors enable this segment to hold pole position in terms of market share. The growth can be attributed to the rapid increase in agricultural land, globally. Livestock products like meat, eggs, and dairy are the second-largest source of pesticide intake. On the contrary, the organic versions of these products have various nutritional benefits, making them the preferred versions for people who can afford them.

Distribution channel segment insights:
Individual customers are the bulk of the customer base, with the rest accounted for by restaurants. Supermarkets are the most preferred distribution channel for organic food products, mainly due to their ability to allocate higher advertising budgets, extensive product stocks, and investments in advanced storage facilities.

Since it is a niche market, all-organic specialty stores play a vital role in the development of the market. Their focus on all-organic product lines, and the ability to give recommendations and enhanced insights are some of the qualities that customers appreciate. Also, they exclusively sell organic food products, which helps them attract new customers.

E-commerce has witnessed exponential growth in recent years since millennials find this channel to be the most convenient mode of purchase. This has led to the emergence of numerous grocery e-commerce websites and mobile applications. These players will help in the expansion of the organic food products market, since customers who live in remote areas and away from stores can access these products.

Regional insights:
North America and Europe are mature markets that dominated the global organic food products sector with market shares of XX% and XX% respectively, in 2019. Moreover, most of the key players in the market are based in these regions. The organic food products market in the Latin America and Asia-Pacific region are expected to exhibit higher growth rates in comparison to the other regions, owing to the abundant availability of organic farmlands, and high production volumes. Moreover, customers’ changing tastes, primarily because of a higher number of millennials, is expected to influence purchase preferences in favor of organic food products.

Companies covered:
– Hain Celestial Group
– General Mills
– Danone
– Coca-Cola
– PepsiCo
– Nestle
– Campbell Soup Company
– Tyson Foods
– Cargill

The post Global Organic Food Products Market (2019-2024) Share, Scope, Revenue, Trends, Drivers, Challenges, Segmentation based on Product Types (Fruits, Vegetables and grains, Dairy, Beverages, Ready-to-eat, Meat and eggs, Others) Distribution channel (Supermarkets, Speciality stores, E-commerce, others) and Geography (North America, Asia Pacific, The Middle East and Africa, Europe and Latin America) first appeared on CRI Report.

Segmentation based on distribution channel:
The supermarkets segment held the largest market share in 2018, and is expected to expand during the forecast period. Supermarkets allow consumers to view and compare products from various brands. This makes it convenient and saves time for consumers, while allowing them to choose the item that is best suited to their requirements. The convenient stores segment is projected to expand at the highest CAGR during the forecasted period. These stores have extended hours of operation, convenient locations, and stocks of popular brands, which attract and serve a large customer base.

Companies covered:
• Mars, Inc.
• McCormick & Company
• Ebro Foods, S.A.
• Hain Celestial Group
• Riceland Foods, Inc.
• Amira Nature Foods Ltd.
• Farmers’ Rice Cooperative
• The Sun Valley Rice Company, LLC
• American Commodity Company, LLC
• California Family Foods

The post US Packaged Dry Rice Market (2019 – 2024) first appeared on CRI Report.

Segmentation based on distribution channel
Based on the distribution channel, the supermarkets segment accounted for the highest market share (~69%) in 2018. Supermarkets house several brands and different types of packaged dry beans for consumers to choose from. The convenience stores segment is expected to expand at a CAGR of more than 10%. These type of stores are in the vicinity of residential areas and are open for a greater part of the day. This gives consumers the flexibility to buy packaged dry beans from their nearby stores, whenever they are free to do so. It is anticipated that the department stores segment will experience a moderate growth rate of over 6% during the 2019-2024 period, and will reach a value of USD 186.18 Mn by 2024. The consolidation of department stores, growing online and e-commerce channels, and the introduction of small shops in the U.S. are expected to contribute to this modest growth rate.

Companies covered
Eden Foods
Chippewa Valley Beans
21st Century Bean
Goya Foods
LH Hayward
N.K. Hurst Co.
Kelly Bean Co.
Hayes Food Products
Russel E. Womack, Inc.
Bob’s Red Mill Natural Foods

The post US Packaged Dry Beans Market (2019-2024) first appeared on CRI Report.