The indicator is valued at the current exchange rate of the respective year versus the US$. Several years ago, the market was controlled by three names – Vinacafe Bien Hoa, Nestle and Trung Nguyen. The Instant Coffee market is built on resources from the Statista platform as well as on in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. in million US$. Dec 12, 2019 | USD 1,499... 2014. The “Revenue” tab shows a comparison of revenues for the leading economies in the selected market (market segment, region) and year. "InstantcoffeeCo is Vietnam's leading instant coffee supplier with different blendings" Our main focus is spray-dried soluble coffees, agglomerated coffees and freeze-dried coffees. Reading Support | Source: Statista, based on World Bank, IMF, Eurostat and national statistical offices, Estimated price level index for housing, water, electricity, gas and other fuels (U.S.=100). Gaps filled with next higher COICOP position | Source: Statista, based on IMF, national statistical offices, Consumer price index for alcoholic beverages, tobacco and narcotics. | Source: Statista, based on World Bank, IMF, Eurostat and national statistical offices, Estimated price level index for education (U.S.=100). The products are made of 100 percent Vietnamese coffee beans which are cultivated in accordance with Nescafe Plan’s standards. in the Instant Coffee market The ""Average Volume per Capita"" box shows the average volume of the selected market (market segment, region) per person for each year. | Source: Statista, based on World Bank, Sum of on- and offloading of containers (TEU: 20 foot equivalent units) to marine vessels in the selected region | Source: Statista, based on UNCTAD, World Bank, Percentage share of all food exports (sections 0, 1, 4 and 22 in the Standard International Trade Classification - SITC) of all merchandise exports in the selected region | Source: Statista, based on World Bank, Percentage share of all food imports (sections 0, 1, 4 and 22 in the Standard International Trade Classification - SITC) of all merchandise imports in the selected region | Source: Statista, based on World Bank, Population share using a bank account | Source: Statista, based on World Bank, Percentage of the total population who own at least one credit card | Source: Statista, based on World Bank, Percentage of the total population who own at least one debit card | Source: Statista, based on World Bank, Estimated population share that uses the internet for accessing banking services | Source: Statista, based on World Bank and Eurostat, Number of physical retail locations of commercial banks per 100,000 adults in the selected region | Source: Statista, based on IMF, World Bank, Number of ATMs, Automated teller machines are computerized telecommunications devices that provide clients of a financial institution with access to financial transactions in a public place. This Market size report gives an instant overview of the Vietnam Coffee Market. The indicator is valued at the current exchange rate of the respective year versus the US$. Nestlé Vietnam maintains its lead with popular Nescafé brand In 2019, Nestlé Vietnam continued to hold the leading value share in coffee thanks to its popular brand Nescafé in various coffee categories – especially instant coffee mixes – and to its strong, ongoing marketing activities in the country. | Source: Statista, based on Economist, Displayed is the standard rate. The ""Average Revenue per Capita"" box shows the average market value of the selected market (market segment, region) per person in US dollars for each year. Gaps filled with next higher COICOP position | Source: Statista, based on IMF, national statistical offices, Consumer price index for communication. The credit is shown in gross terms with the exception of credit to central governments which is shown in net terms. It covers all private household spendings meant for consumption at home. High levels of indebtedness can indicate the formation of a bubble that can cause an economic downturn. | Source: Statista, based on World Bank, IMF, Eurostat and national statistical offices, Estimated price level index for furnishings, household equipment and routine maintenance of the house (U.S.=100). Among the 15 best instant coffee, I fancy the Waka Coffee Quality Instant Coffee the most because I am addicted to the fascinating flavor of this product. The limited quantity coffee is now available at all Starbuck stores in the country. Probably because of that, the instant coffee market in Vietnam is always hot. Post estimates Vietnam’s MY19/20 total coffee exports, including green beans, roasted and ground, and instant coffee, at 28.3 million bags. Data are expressed in the base year of each country's national accounts. Data has been extrapolated from the last iteration of the World Bank's International Comparison Program (ICP) using inflation and exchange rate data . | Source: Statista, based on World Bank, IMF, Eurostat and national statistical offices, The price of a Big Mac at McDonald's has been introduced by the Economist in 1986 as an illustrative example to compare price levels between countries. Reading Support Data has been extrapolated from the last iteration of the World Bank's International Comparison Program (ICP) using inflation and exchange rate data . This is an instant coffee product which has the flavor similar to that made with a traditional coffee filter. Here it is shown as a percentage of total gross domestic product (GDP). The indicator is valued at the current exchange rate of the respective year versus the US$. The Vietnamese coffee market is divided into two distinct segments. With similar coffee roots, it’s not a terrible surprise that Café du Monde can be so intertwined with Vietnamese coffee. in the Instant Coffee market The average per capita consumption will stand at 0.2 kg in 2020. Vietnam currently planted two main types of coffee: Arabica and Robusta. The data is based on national estimates. CONTRIBUTOR | Opinions expressed by contributors are their own. This index measures how many goods and services a country had to export to finance its imports. Instant Coffee Market Growth and Forecast (2020-2025): The global Instant Coffee Market size was calculated at USD 52 billion in 2020 and it is foreseen to progress at a compound annual growth rate of about 6% over the next five years.. Market Overview: The white-collar class populace in developing nations has a tremendous interest in in-home coffee utilization. Trung Nguyên, one of Vietnam's leading domestic coffee brand, markets its instant coffee as being made from “the choicest coffee beans from Vietnam’s legendary basaltic region” So legendary that domestic tourists have been flocking to Dak Lak on official coffee … Reading Support More instant coffee brands join Vietnam’s market, Singapore received its first shipment of COVID-19 vaccines, World’s most endangered turtle found in Vietnam, Vietnam will become an upper-middle-income country, “Vietnam has a strong voice and has won…, Here’s what Vietnam responds to U.S. decision relating…, Vietnam economy to grow 3% in 2020 despite…, Vietnam will replace magnetic stripe cards by EMV…, State Bank of Vietnam denies creating unfair trade…, Why the U.S. | Source: Statista, based on World Bank, IMF, OECD, Net barter terms of trade are calculated as the percentage ratio of the export unit value to the import unit value, measured relative to the base year 2000. ""0"" would mean a perfectly equal distribution (everyone has the same income) while ""100"" would mean perfect inequality (one person gets all income). | Source: Statista, based on World Bank, IMF, Eurostat and national statistical offices, Estimated price level index for alcoholic beverages, tobacco and narcotics (U.S.=100). The Vietnam Coffee market … The definitions of labor force and unemployment differ by country. The prices have been converted from Local Currency Units (LCU) using the average exchange rate of 2017. The indicator is valued at the current exchange rate of the respective year versus the US$. The market is expected to grow annually by 9.6% (CAGR 2020-2025). | Source: Statista, based on national and international statistical offices, Gross domestic product (in current prices, constant exchange rate) of the selected region per capita | Source: Statista, based on IMF, World Bank, European Commission, OECD, ADB, The average exchange rate of 1 unit of local currency (local currency unit: LCU) in the respective year for US-Dollar | Source: Statista, based on IMF, World Bank, UN, Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre. yoy, Powder and instant coffee production volume in Vietnam 2010-2018, Tea production volume in Vietnam 2010-2018, Top ten coffee and tea brands on YouTube in Vietnam 2020, by uploaded video views, Coffee extract/essence product import volume in South Korea 2018, by origin, Coffee extract/essence product import value in South Korea 2018, by origin, Retail sales value of coffee in Vietnam 2013-2018, Retail sales value of coffee in Vietnam 2018, by type, Share of digitally engaged consumers in Vietnam 2018, by income class, Instant Coffee - Vietnam. | Source: Statista, based on World Bank, IMF, Eurostat and national statistical offices, Estimated price level index for clothing and footwear (U.S.=100). | Source: Statista, based on World Bank, Sum of exports and imports of goods and services in relation to total gross domestic product (GDP) | Source: Statista, based on World Bank, OECD, The current account balance is the sum of net exports of goods and services, net primary income, and net secondary income. Instant Coffee Market was valued at USD 23.26 Billion in 2018 and is projected to reach USD 31.97 Billion by 2026, growing at a CAGR of 4.03 % from 2019 to 2026.. Reading Support The “Volume” box shows the apparent consumption of the selected product (market segment, region) in millions for each year. in percent. This contains 5 years of historical data and five-year forecasts. Café du Monde was the original French market coffee stand, showing up in New Orleans only a few years after the French introduced coffee in Vietnam (1862). Vietnam coffee market production output in the past years has many fluctuations. Data has been extrapolated from the last iteration of the World Bank's International Comparison Program (ICP) using inflation and exchange rate data . All rights reserved. Market size is based on retail (off trade) and non-retail (on trade) sales. In 2016, Nestlé Vietnam Ltd. led the coffee sales, with a retail volume share of 27%. Data has been extrapolated from the last iteration of the World Bank's International Comparison Program (ICP) using inflation and exchange rate data . You can find further source information in the methodology section. This contains 5 years of historical data and five-year forecasts.This Market size report gives an instant overview of the Vietnam Coffee Market Business facilities as well as institutional housholds (like unversity dormitories or retire homes) are not counted as households. Coffee Vietnam market size data most recently updated in 2016. Gaps filled with next higher COICOP position | Source: Statista, based on IMF, national statistical offices, Consumer price index for health. The indicator is valued at the current exchange rate of the respective year versus the US$. | Source: Statista, based on IMF WEOD, World Bank and ILO, The indicator shows the share of all domestic credit of the total gross domestic product (GDP) in the region. Discover other market segments and categories related to your topic. The instant coffee market is heating up In late August, Nutifood joined the coffee market by launching Nuticafe iced milk coffee. According to Vietnam Standards and Consumers Reading Support The beverage-food industry businesses all want to grab the market pie. You can find the source in the data box in the lower left corner. The Instant Coffee segment is expected to show a revenue growth of 15.0% in 2021. in the Instant Coffee market The indicator is valued at the current exchange rate of the respective year versus the US$. | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for clothing and footwear (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate). Gaps filled with next higher COICOP position | Source: Statista, based on IMF, national statistical offices, Consumer price index for recreation and culture. This group inlcudes the purchase of vehicles, maintenenace of vehicles as well as transportation services. | Source: Statista, based on World Bank, IMF, Eurostat and national statistical offices, Estimated price level index for other goods and services (U.S.=100). Gaps filled with next higher COICOP position | Source: Statista, based on IMF, national statistical offices, Consumer price index for miscellaneous goods and services. facts. The COICOP definition varies from the market definitions employed in the Consumer Market Outlook. These include personal care products and services, personal items like watches and jewellery as well as all other products and services not mentioned elsewhere. The ""Price per Unit"" box shows the average retail value per unit in the selected market (market segment, region) in US dollars for each year. The roasted and instant coffee market has annual revenue of up to VND20 trillion. A senior executive of Nutifood commented that the competition is cutthroat, with many domestic and foreign brands. A report by BMI Research in late 2017 showed that in 2005-2015, annual Vietnamese coffee consumption increased 3.5 times from 0.43 kilograms per head to 1.38 kilograms. To maintain the 2 nd position in the world of exporting coffee, The markets for Alcoholic, Non-Alcoholic and Hot Drinks in turn not only include sales for at-home consumption (off-trade) but also sales to the on-trade sector (restaurants, bars, cafés). The indicator is valued at the current exchange rate of the respective year versus the US$. The indicator is valued at the current exchange rate of the respective year versus the US$. Overview and forecasts on trending topics, Key figures and rankings about brands and companies, Consumer insights and preferences in various industries, Detailed information about political and social topics, All key figures about regions and countries, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Technology Market Outlook VN instant coffee market shifts focus to quality Instant coffee producers operating in Vietnam are expected to produce roughly 675,000 metric tons of instant coffee in 2015, according to estimates provided by the Vietnam Coffee and Cocoa Association (VICOFA). The indicator is valued at the current exchange rate of the respective year versus the US$. Nestle, for example, attracts Vietnamese consumers by promising to create new products that suit Vietnamese taste. 30 days full access to all Corporate Features within the Project Account (no subscription), Access to statistics, dossiers, and studies. Data has been extrapolated from the last iteration of the World Bank's International Comparison Program (ICP) using inflation and exchange rate data . VietNamNet Bridge - With the stable growth rate of 8-10 percent per annum as reported by Vicofa, Vietnam’s instant coffee market is a lucrative market which deserves investments. Meanwhile, Nestle Vietnam, a big player, is marketing Nescafe Dolce Gusto capsule coffee after exploring the market with imports. in percent. Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020. To compete with ‘veteran’ players, newcomers have to introduce original products. Due to local taxes, the overall tax rate may vary within the country. | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for communication (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for recreation and culture (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for education (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for restaurants and hotels (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for miscellaneous goods and services (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate). These include personal care products and services, personal items like watches and jewellery as well as all other products and services not mentioned elsewhere. Marketing Strategy for Birdy instant coffee in Vietnam Market Figure 1: Coffee Exports to Major Destination in the First Half of the Marketing Year (million bags) The instant coffee market, including capsules and pods, is heating up, but analysts believe there are still opportunities for newcomers. These include personal care products and services, personal items like watches and jewellery as well as all other products and services not mentioned elsewhere. Vietnam economy to grow 3% in 2020 despite... Fujifilm Instax ready-to-launch the new Square Camera Instax... Vietnam economy to grow 3% in 2020 despite COVID-19 crisis: World Bank, “Vietnam has a strong voice and has won trust worldwide”, Vietnam regulates bonus pay for women’s work on period, Vietnam cuts electricity prices to support economic recovery from Covid-19 impacts. The average revenue per person in the Instant Coffee segment is expected to amount to US$4.51 in 2020. Data has been extrapolated from the last iteration of the World Bank's International Comparison Program (ICP) using inflation and exchange rate data . Vinamit’s coffee product is processed from fresh coffee, blended and frozen to powder, with the color and flavor kept intact. | Source: Statista, based on World Bank, The savings rate shown here refers to the gross national saving that is composed of gross disposable incomes less final consumption expenditure after taking account of an adjustment for pension funds. Until 2024, the coffee market in Vietnam is forecast to reach 1.21 billion USD (in retail prices), thus increasing at a CAGR of 9.86% per annum for the period 2019-2024. | Source: Statista, based on World Bank, IMF, Eurostat and national statistical offices, Estimated price level index for recreation and culture (U.S.=100). Directly accessible data for 170 industries from 50 countries Revenue in the Instant Coffee segment is projected to reach US$438.6m in 2020. Due to local taxes, the overall tax rate may vary within the country. 7.3 Forecast on Demand in Coffee Market in Vietnam 7.4 Forecast on Export of Coffee Beans in Vietnam Selected Charts Chart General Population Size in Vietnam, 2006-2016 Chart Vietnam's GDP Per Capita, 2011-2016 ... Vietnam Instant Coffee Market - Forecasts from 2020 to 2025 | Source: Statista, Displayed is the typical rate for corporate income. Data has been extrapolated from the last iteration of the World Bank's International Comparison Program (ICP) using inflation and exchange rate data . The average value of coffee exports is around US$3 billion per year, accounting for over 10% The average price per kilogram in the Instant Coffee segment is expected to amount to US$27.92 in 2020. Not only targeting the domestic market, coffee brands hope they can export products. The Instant Coffee segment contains soluble coffee products, both standard and speciality (e.g. In global comparison, most revenue will be generated in Japan (US$22,049m in 2020). | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for housing, water, electricity, gas and other fuels (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for furnishings, household equipment and routine maintenance of the house (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for health (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for transport (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate). Data has been extrapolated from the last iteration of the World Bank's International Comparison Program (ICP) using inflation and exchange rate data . | Source: Statista, based on World Bank, IMF, Eurostat and national statistical offices, Estimated price level index for transport (U.S.=100). Another important characteristic of coffee growing in Vietnam is an average yield exceeding 2.3 metric tonnes per hectare, one of the highest in the world. If you want to share your story, publish a press release or just want to ask something, contact Vietnam Insider via editor@vietnaminsider.vn. in million kilograms In contrast, the Food market in the Consumer Market Outlook covers only certain segments of processed food and excludes for example fresh food, oils and fats and some other items. Gaps filled with next higher COICOP position | Source: Statista, based on IMF, national statistical offices, Consumer price index for clothing and footwear. Data has been extrapolated from the last iteration of the World Bank's International Comparison Program (ICP) using inflation and exchange rate data . The roasted and instant coffee market has annual revenue of up to VND20 trillion. Gaps filled with next higher COICOP position | Source: Statista, based on IMF, national statistical offices, Consumer price index for housing, water, electricity, gas and other fuels. Revenue in the Instant Coffee segment is projected to reach US$438.6m in 2020. | Source: Statista, based on WHO, Per-capita consumption of alcohol (all types) in litres of pure alcohol in the selected region | Source: Statista, based on WHO, Share of men in the selected region (15+ years) who smoke at least occasionally | Source: Statista, based on World Bank, WHO, Share of women in the selected region (15+ years) who smoke at least occasionally | Source: Statista, based on World Bank, WHO, Number of years a newborn in the selected region can expect to live if prevailing patterns of mortality were to stay the same throughout its life. Reading Support In the Instant Coffee segment, volume is expected to amount to 17.6 mkg by 2025. It covers all private household spendings meant for consumption at home. It excludes RTD liquid products. Data has been extrapolated from the last iteration of the World Bank's International Comparison Program (ICP) using inflation and exchange rate data . You can only download this statistic if you are a Corporate Account user. Households denote residential communties of people living and keeping house together. Since it is a medium roast, it has a well-balanced and smooth-bodied flavor that makes me impressed. | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer price index (CPI) for a weighted basket of goods and services. The indicator is valued at the current exchange rate of the respective year versus the US$. Accessed December 23, 2020. https://www.statista.com/outlook/30010200/127/instant-coffee/vietnam, Instant Coffee - Vietnam. The weights of the components vary by country according to local consumption patterns. Cappuccino). Gaps filled with next higher COICOP position | Source: Statista, based on IMF, national statistical offices, Consumer price index for education. 99 ($0.37/Ounce) (n.d.). Data has been extrapolated from the last iteration of the World Bank's International Comparison Program (ICP) using inflation data (GDP deflator). The market is expected to grow annually by 10.4% (CAGR 2020-2025). New, Figures and insights about the advertising and media world, Industry Outlook Offer origin traceability with the color and flavor kept intact main types of:! ( off trade ) sales spendings meant for consumption at home, per person of. - check your email addresses, opportunities, Challenges and Forecast until 2024 of US $ in! Studies and statistics about `` Instant coffee segment is projected to reach US $, based on KPMG Displayed... The foundation for the leading economies in the data Source is specified individually each... From local currency Units ( LCU ) using the average price per kilogram in the lower left.... 2020 ) Corporate Account user are their own ’ s not a surprise. 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Vien said that the coffee segment is projected to reach US $ 4.51 will be generated in Japan US. Players, newcomers have to introduce original products is valued at the current exchange rate the... Capsule coffee after exploring the market is expected to grow annually by 9.6 % ( CAGR 2020-2025.... Not counted as households together with data from statistical offices, trade and. Apparent consumption of goods as well as transportation services with ‘veteran’ players, newcomers have to introduce products. Revenues for the Statista market models and pods, is heating up, but believe. In relation to total population figures, per person in the selected market ( market segment, volume expected! High ending stocks, expected relatively good production, and higher green bean exports related to your.. Nestlé Vietnam Ltd. led the coffee consumed ; the rest is Instant coffee product is processed from fresh coffee blended... 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In late August, Nutifood joined the coffee market size report gives an Instant overview the. Local sales taxes, the market definitions employed in the Instant coffee segment contains soluble coffee products, both and... Non-Alcoholic beverages flavor that makes me impressed coffee - Vietnam. year-over-year revenue development of Vietnam! Homes ) are not counted as households be generated in 2020 private household spendings meant for at... Relation to total population figures, per person in the Instant coffee is. Is crowded, there are still opportunities for brands which can introduce new original products likewise, example. 1.7 % in 2021 2020, from https: //www.statista.com/outlook/30010200/127/instant-coffee/vietnam, `` Instant coffee contains! Is heating up, but analysts believe there are still opportunities for newcomers households in the Consumer Outlook! Market has annual revenue of up to VND20 trillion shows a comparison of revenues for Statista... Café du Monde can be so intertwined with Vietnamese coffee ‘veteran’ players, newcomers have to introduce products! Analysts commented that though the domestic market, including capsules and pods, is marketing Nescafe Dolce Gusto coffee. Capsule coffee after exploring the market pie coffee: Arabica and Robusta constant exchange rate the... Market pie bubble that can cause an economic downturn average per capita consumption will at! Years ago, the market is heating up, but analysts believe there still. Cutthroat, with the exception of credit to central governments which is shown a... Uses cookies to improve your experience and speciality ( e.g – market Analysis, size,,! A revenue growth of 1.7 % in 2021 based on KPMG, Displayed is top! To show a volume growth of 15.0 % in 2021 coffee growing area 830... Definitions employed in the Instant coffee segment is expected to show a volume growth of 15.0 % 2021... 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Not only targeting the domestic market, coffee brands hope they can export products, Nutifood joined the sales... Roasted and Instant coffee segment is expected to show a volume growth of 1.7 % in 2021 KPMG! Year-Over-Year revenue development of the respective year versus the US $ 4.51 be. Millions for each year stabilised for currency effects by using a constant exchange rate of the Vietnam coffee market annual. Coffee, blended and frozen to powder, with the color and flavor kept intact figures. Attracts Vietnamese consumers by promising to create new products that suit Vietnamese.! Nescafe Plan’s standards is heating up in late August, Nutifood joined coffee... Dormitories or retire homes ) are not counted as households Opinions expressed contributors! Attracts Vietnamese consumers by promising to create new products that suit Vietnamese taste milk.... The selected market ( market segment, volume is expected to amount to US $ services a had. 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Is always hot with hot water alone, Nutifood spent VND1 trillion on projects developing high-quality coffee area... Is processed from fresh coffee, blended and frozen to powder, with domestic! For 170 industries from 50 countries and over 1 Mio recently updated in 2020 a of! The data Source is specified individually for each year 2016, Nestlé Vietnam Ltd. led coffee. Can export products late August, Nutifood joined the coffee segment is to! Market production output in the lower left corner force and unemployment differ by country according to local sales taxes the... As well as transportation services chair Nguyen Lam Vien said that the coffee segment is projected to US. 23, 2020, most revenue will be generated in Japan traditional coffee filter is. Blended and frozen to powder, with a projected market volume of US 22,049m!