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FMCG Monitor FY2022: Riding the inflation wave



Worldpanel Vietnam_FMCG Monitor FY2022

Worldpanel Vietnam_FMCG Monitor FY2022

The year 2022 was a year of recovery as Vietnam emerged from strict lockdowns and restrictions. The Vietnamese economy as a whole achieved impressive growth, putting the country on course for robust and sustainable growth in the following years.

At the same time, the global economic slowdown has made and will continue to make an impact on the consumer market as inflation in Vietnam is expected to rise in 2023.  

Key market highlights from Kantar’s FMCG Monitor FY 2022 include:

  1. Economic indicators 

In 2022, Vietnam’s economy recorded an impressive GDP growth of 8%, the highest in over a decade, in the face of global uncertainties brought by rising inflation, the conflict in Ukraine, and lingering concerns about the pandemic. 

The impact of global instability and inflation was felt on the local economy with consumer price index (CPI) rising significantly toward the end of last year and further increases anticipated this year, putting pressure on purchasing power.  

  1. FMCG overview 

Total FMCG posted an overall value growth vs. YA both in Urban 4 cities and Rural areas, driven  mainly by an increasing price paid. Rural areas showed promising signs as volume consumption increased, albeit at a slower pace than the price hikes. 

In Urban 4 cities, the bounce back of Beverages and Non-food sectors contributed significantly to FMCG growth both in terms of value and volume. While in Rural regions, all FMCG categories showed strong growth except for Packaged Foodwhich saw decline in consumption 

  1. Hot category 

The Beauty care sector is on track for a strong rebound in 2022 from a decline in 2021 particularly thanks to several facial care categories that recorded double-digit growth in two consecutive years.  

  1. Channel performance 

While still enjoying a double-digit growth rate, online channel growth is plateauing from a strong start in early 2022, giving way to modern trade and traditional formats that gained back popularity as people spent more time out of home.  

  1. Spotlight of the year 

Since the last quarter of 2022, consumers have become increasingly concerned about their household financial situations, following a wave of layoffs in many industries. Amidst ongoing price hikes, this new burden implies an impact on grocery spending as people tighten their budgets.

Manufacturers and brands need to respond quickly to these changes and concerns by understanding who is feeling the strain, how they are reacting to price increases and what brands can do to support shoppers in different pressure groups. 


In 2023, the FMCG market will face challenges including huge inflationary pressures and consumers will continue to rationalise their spending. To identify growth pockets and win shoppers in this inflationary time using real purchase data and exclusive insights into your target shoppers, do not hesitate to contact our experts.  

Get in touch

Peter Christou

General Manager - Worldpanel Division Vietnam


+84 28 3930 6631

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