Recently, Morinaga Milk Industry Co., Ltd (Japan). ventured into Vietnam’s ice cream market by launching its premium Japanese brands—Pino, Parm, and Mow—at AEON Mall outlets in Ho Chi Minh City. Each brand is designed to target distinct consumer segments:
Pino: Fun, bite-sized treats aimed primarily at younger demographics.
Parm: A sophisticated option for adults seeking indulgence and a luxurious ice cream experience.
Mow: Known for its creamy texture and premium flavors, appealing to consumers of all ages.
These products are priced between 32,000–35,000 VND, crafted to cater to diverse customer preferences. Notably, Mow’s vanilla flavor has won multiple awards for its superior taste.
According to Market & Data, the Vietnamese ice cream market is projected to grow significantly, with estimates suggesting it will reach approximately $405.51 million by 2030, up from $210.67 million in 2022, reflecting a CAGR of 8.53% during this period. This growth is driven by consumer preferences for fusion and international flavors, strong demand for visually appealing ice creams suitable for social media sharing, the adoption of healthier alternatives, and a preference for unique local flavors such as coconut, durian, pandan, jackfruit, and green tea.

About Morinaga Milk
Founded in 1917, Morinaga Milk Industry Co., Ltd. is a pioneer in Japan's dairy industry, offering a wide range of products including milk, yogurt, and nutritional supplements. With over a century of innovation and a focus on health, Morinaga has earned a reputation for high-quality and technologically advanced products.
In Vietnam, Morinaga’s product portfolio includes:
Morinaga Climeal: A nutritional drink designed for adults.
Zero-Fat Yogurt: A low-calorie yogurt option.
ZinZin Brand Products: Milk with natural fruit juice extracts aimed at children.
Ice Cream Brands: Recently introduced popular Japanese ice cream brands such as Pino, Parm, and Mow into the Vietnamese market.
Morinaga operates several subsidiaries in Vietnam:
Morinaga Nutritional Foods Vietnam (MNFV): Originally Elovi Vietnam (2002), this subsidiary focuses on producing functional yogurt, nutritional beverages, and health care products. It is equipped with advanced technology from Tetra Pak and has a production capacity of 80 million liters per year.
Morinaga Milk Vietnam Co., Ltd.: This entity was established in 2020, promoting functional ingredients like probiotics and dairy food ingredients.
Morinaga Le May Vietnam Joint Stock Company: Established as a joint venture with Le May called in 2022, this company specializes in the import and sale of formula milk products.
Vietnam Market Entry Strategies
Morinaga's entry into the Vietnamese market has been multi-faceted:
Exporting: Initially, Morinaga established its presence by exporting powdered formula milk to Vietnam starting in 2010, which helped build brand recognition before making deeper investments.
Wholly-Owned Subsidiary: Through a greenfield investment, Morinaga established an entity to promote functional ingredients, such as probiotics and dairy-based food ingredients, aligning with the rising demand for health-focused products in Vietnam.
Mergers & Acquisitions (M&A): The acquisition of Elovi Vietnam Joint Stock Company in 2021 marked a significant step for Morinaga. This strategic move provided immediate access to local production facilities and distribution networks, enabling the transition of Elovi into Morinaga Nutritional Foods Vietnam, enhancing brand unity.
Joint Ventures: In 2022, Morinaga formed a joint venture with Le May to solidify its presence in the market by focusing on the importation and distribution of formula milk products.
Strategic Partnerships: Collaborating with local retailers such as Con Cung (August 2024), AEON Mall, and its subsidiary Ministop convenience stores has enabled Morinaga to leverage established retail networks, facilitating improved market penetration and consumer reach.

Business Opportunities for New Brands in Vietnam’s Ice Cream Market
Vietnam’s ice cream market is rapidly expanding, offering abundant opportunities for new entrants. According to Morinaga Milk, the growing demand for unique and internationally inspired flavors, as well as fusion ice cream combining various tastes and culinary styles, highlights a significant gap in the market. Vietnamese consumers, particularly younger generations, show strong interest in visually appealing ice creams that are "Instagram-worthy," aligning with trends in digital sharing and social media culture.
Why Enter the Vietnamese Ice Cream Market?
Economic Growth Driving Consumer Demand: Vietnam’s steady economic development has fueled disposable incomes, creating a larger market for premium and high-quality ice cream. As the economy matures, consumer spending patterns are shifting toward indulgent and experiential products like gourmet desserts.
Evolving Culinary Culture: While Vietnamese food culture traditionally emphasizes local flavors and simplicity, there is a growing openness to global influences, particularly among the youth. These shifts in eating habits suggest that consumers are increasingly willing to try new and innovative products, making the market ripe for differentiation.
Premiumization Potential: As living standards improve, there is a noticeable trend toward premium offerings. Morinaga Milk has identified this as a critical growth driver for their product lines, suggesting that consumers are willing to pay for quality and novelty.
Room for Expansion: Ice cream remains a favorite dessert among all age groups in Vietnam, and industry leaders believe the market still has untapped potential for growth. Factors such as regional distribution, product variety, and marketing strategies aimed at appealing to local tastes and cultural preferences can provide a competitive edge.
Key Consumer Trends
Preference for Fusion Flavors: Products that combine global tastes with local twists are highly appealing.
Social Media Influence: Visually creative ice cream presentations attract young, tech-savvy consumers.
All-Age Popularity: Ice cream enjoys universal appeal, ensuring a broad customer base.
With the right strategies—such as tailoring products to local preferences, leveraging digital marketing, and embracing premiumization—new brands can effectively carve out a niche in this dynamic and promising market. As Morinaga’s spokesperson noted, success in Vietnam’s food industry lies in capturing emerging trends and adapting flexibly to changing consumer needs.
What SMEs Should Learn from Morinaga’s Strategy
Morinaga’s market entry illustrates essential strategies that SMEs can adopt when entering the Vietnamese market:
Conduct Thorough Market Research: Understanding consumer needs and local competition is crucial for success.
Explore Collaboration Opportunities: Engaging in mergers and acquisitions, forming joint ventures and strategic partnership can provide valuable market access and local expertise.
Develop Localized Products: Tailoring products to cater to cultural preferences and emerging market trends will enhance acceptance among consumers.
Adopt a Phased Entry Strategy: Begin with exports or collaborations to test the market before establishing a deeper presence via subsidiaries or joint ventures.
---
"As a small brand, is there any opportunity for me to enter this emerging market?"
With the right strategy, the Vietnamese market holds vast potential for brands like yours. If you're asking questions like:
What is the competitive & regulatory environment? How to register the product in Vietnam?
What are the local taste preferences?
What are customers saying about other key players?
Is there market potential for my product in Vietnam?
How much are customers willing to pay for my products?
How can I build a successful brand and marketing strategy in Vietnam?
At SOSP Consulting Group, we help you unlock these answers through a tailored market research approach. Our deep insights into consumer behavior, competitive analysis, and the local regulatory landscape will guide you through the nuances of the market. With our expertise, you can make informed decisions and craft a winning market entry strategy that maximizes your success in Vietnam.
Speak with us today to learn more and get started!
Sources: vnexpress.net, theinvestor.vn, morinagamilk.com.vn
Comments