Market Overview

The Vietnam Sweetened Condensed Milk Market reached a size of USD 33.85 Million in 2025 and is projected to grow to USD 49.21 Million by 2034. The market is expected to expand at a CAGR of 4.25% during the forecast period from 2026 to 2034. This growth is driven by the cultural embedding of condensed milk in traditional drinks like Vietnamese iced coffee, a growing café culture, urbanization, and increased application in food service, home baking, and beverage research and development.

Study Assumption Years

• Base Year: 2025
• Historical Year/Period: 2020-2025
• Forecast Year/Period: 2026-2034

Vietnam Sweetened Condensed Milk Market Key Takeaways

• The market size was USD 33.85 Million in 2025.
• The market is expected to grow at a CAGR of 4.25% from 2026 to 2034.
• Forecast market size is USD 49.21 Million by 2034.
• The market is supported by the high cultural embedment of condensed milk in daily drinks such as Vietnamese iced coffee and sweets.
• Growing café culture, urbanization, and consumer preference for rich, decadent tastes drive demand demand further.
• Increasing use in food service, home baking, and beverage R&D reinforces market expansion.
• Domestic brands are growing with expanding export opportunities to big Asian economies.

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Market Growth Factors

Alongside this cultural base, the Vietnamese condensed milk market benefits through the popularity of customary Vietnamese drinks including sweetened condensed milk, like Vietnamese iced milk coffee (cà phê sữa đá) and tea. These drinks have popularity in the coffee culture in many large cities of the country like Hanoi and Ho Chi Minh City. Some of the other factors driving the sweetened condensed milk market in retail and foodservice application segments are rising urbanization and consumer preference for indulgent flavors.

Another important reason that drives growth includes more people using condensed milk for contemporary, new generation drinks and food recipes. Beverage chains and start-ups use sweetened condensed milk within products like cold brews, bubble teas, and flavored milk drinks so the product stays relevant. Cafes, cafe culture, and hybrid beverages helped the beverage market's push and variation.

Also, people recognize health and restrict diets, with sugar-free, organic, and vegan versions, and those factors contribute to global condensed milk market growth. Producers work to develop condensed milk that meets consumer demand for lower-sugar, fortified drinks or dairy-free alternatives like soy and coconut milk. These address what city-dwellers, vegans, and lactose-intolerant people need, with the addition of the customary markets, to maintain the market's size and grow it.

Market Segmentation

Product Type:

• Flavored: The market includes flavored condensed milk varieties that cater to taste diversification and are used in contemporary and traditional beverages.
• Unflavored: Classic plain condensed milk remains widely consumed, especially in rural areas and older populations.

Packaging Type:

• Cans: A primary packaging form for sweetened condensed milk, widely used for retail and foodservice applications.
• Bottles: Another common packaging type, offering convenient usage for consumers.
• Tubes: Available as part of the packaging options to provide ease of application.
• Others: Includes alternative packaging types present in the market.

Distribution Channel:

• Supermarkets and Hypermarkets: Dominant retail distribution channels providing extensive product availability.
• Convenience Stores: Play a significant role in urban and semi-urban product distribution.
• Online Stores: Growing channel influenced by increased digital adoption and e-commerce expansion.
• Others: Covers other local distribution outlets not specifically categorized.

Regional Insights

The market covers Northern Vietnam, Central Vietnam, and Southern Vietnam. While specific statistical dominance is not explicitly quantified in the source, major cities like Hanoi in Northern Vietnam and Ho Chi Minh City in Southern Vietnam are highlighted as flourishing café culture hubs. These urban centers drive demand for quality, versatile condensed milk products in retail and foodservice sectors.

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Market Report Coverage

• Base Year of the Analysis: 2025
• Historical Period: 2020-2025
• Forecast Period: 2026-2034
• Units: Million USD
• Scope: Analysis of historical trends, market outlook, industry catalysts and challenges
• Segment-wise assessment by product type, packaging type, distribution channel, and region
• Product Types Covered: Flavored, Unflavored
• Packaging Types Covered: Cans, Bottles, Tubes, Others
• Distribution Channels Covered: Supermarkets and Hypermarkets, Convenience Stores, Online Stores, Others
• Regions Covered: Northern Vietnam, Central Vietnam, Southern Vietnam

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