Vietnam’s non-alcoholic beverage market expected to grow 9% annually by 2028: insider

Speaking at the event, Bui Minh Nhut, strategy director of AP Beverage, said the sector continues to benefit from the country’s large population, rising incomes and growing awareness of health and wellness.

He cited industry forecasts as saying that the projected annual growth of 7-9 percent is driven by increasingly diverse consumer demand and a shift toward healthy products.

The market’s revenue rose from approximately VND118.6 trillion (US$4.5 billion) in 2019 to VND161.3 trillion ($6.1 billion) in 2023, representing a compound annual growth rate of roughly eight percent over the 2019-23 period.

Carbonated soft drinks remain the largest segment, accounting for 42 percent of the total market value, followed by bottled water with a 27-percent share.

Fruit juices represent 15 percent.

Tea and bottled tea products make up 10 percent, and energy drinks and other beverage categories account for the remaining six percent.

Nhut believed that the industry still has significant room for growth.

Vietnam’s population of more than 100 million people, coupled with a relatively young demographic profile and steadily rising per-capita income, provides a favorable foundation for future expansion.

He added that growing purchasing power, healthier lifestyles, continuous product innovation, and the rapid development of modern retail channels and e-commerce platforms are further supporting market growth.

Southern Vietnam accounts for the largest share of consumption at 54 percent, followed by the north at 29 percent and the central region at 17 percent.

Consumer preferences are also reshaping product development strategies.

Beverage companies are increasingly focusing on health-oriented products, eco-friendly packaging, and higher-value offerings.

Many brands are investing in sustainable packaging solutions, expanding product portfolios, and adopting digital technologies in sales and marketing to better reach consumers.