Assessing the market potential of Finnish dried and freeze-dried wild berries in Vietnamese food market: a case study of Arctic Natural Products

Abstract

Despite the vast research by scholars focusing on consumer behaviour within emerging markets like Vietnam, there is a significant gap in understanding the dynamics of retailer buying decisions and market entry strategies, particularly in niche product categories of Finnish dried fruit products. This research aims to address this gap by investigating the opportunities and challenges involved in introducing dried fruits to Vietnam's retail sector. Employing a multifaceted approach, the study utilizes Porter’s Five Forces framework alongside market-focused and product-focused criteria to assess the market potential of Finnish dried fruits. For the empirical data, a qualitative approach through interviews with senior retailers and supply chain specialists from major retail chains was conducted to determine their buying decisions and perceptions. The findings reveal promising but niche market potential for Finnish dried fruits in Vietnam, reflecting a relatively small market size compared to broader consumer goods sectors. The limited market scope for these products poses scalability and revenue potential challenges for suppliers seeking mass-market penetration. Moreover, the complex Vietnamese consumer behaviour is influenced by various factors such as cultural preferences, price sensitivity, and product awareness. Vietnamese consumers exhibit diverse tastes and purchasing habits, making it challenging for foreign products like Finnish dried fruits to gain widespread acceptance.