bài tập lớn kinh tế học group research project topic market analysis of stainless steel vacuum flask

BANKING ACADEMY-FACULTY OF FOREIGN LANGUAGE-GROUP RESEARCH PROJECTTopic: Market analysis of stainless steel vacuum flaskInstructor: Ms... And we would like you to have a look at our rese

BANKING ACADEMY

- FACULTY OF FOREIGN LANGUAGE

-GROUP RESEARCH PROJECT

Topic: Market analysis of stainless steel vacuum flask

Instructor: Ms Thinh Phuong Hanh

Group 4 - Class K25ATCB

HA NOI – JUNE/2023

Group members

I.2 Reasons for choosing to research this product 4

I.6 General information about survey subjects 5

II Circumstances, the trend of supply, demand and the prices & quantities of

the market 7

II.1 Circumstances 7

II.2 The trend of supply 8

II.3 The trend of demand: 9

II.4 Price 11

III Determinants influence demand and supply affecting the market outcome 11 III.1 Determinants of demand 12

III.1.1 Price factor 12 III.1.2 Non-price factors 12

III.1.2.1 Income 12 III.1.2.2 Tastes and preferences 13 III.1.2.3 The price of related goods 14 III.2 Determinants of supply 17

III.2.1 Price factors 17

III.2.2 Non-price factors 17

III.2.2.1 Input prices 17 III.2.2.2 Technology 17 III.3 Conclusions about the interaction between supply and demand and prices in the market 17

IV Other data from the survey 19

V Summary 21

Reference material 21

I Introduction

I.1 Foreword

Vacuum flasks are a staple product in many people’s lives and in Viet Nam most

of the citizens here always carry one of the We are fascinated by its many abilities and contributions to the ecosystem Beside our fascination, we are also curious on how the product contributes to the economic market? And we would like you to have

a look at our research paper on the market analysis of stainless steel vacuum flasks

I.2 Reasons for choosing to research this product

In recent years, in the context of environmental pollution becoming more andmore serious, climate change is considered a global urgent issue Green lifestyle hasattracted many people's attention and gradually become a trend throughout time Thechange of users toward green consumption causes manufacturers to also change tomatch new needs and tastes Environmentally friendly products are especially popular

in developed countries and are spreading strongly to developing countries withmiddle income and above This is considered as a practical and importantimplementation on the concept of sustainable consumption, in order to reduce theimpact of society on the environment Using eco-friendly products help to reduceplastic waste and create a positive impact on the environment Consumption inmodern society not only sets requirements for quality, utility, and cost, but alsorequires sustainability and environmental friendliness in each product From here,

"green products'' are prioritized for use by many people, aiming to protect the healthfor themselves and their families, also to contribute in preserving resources as well as

a clean and beautiful environment for future generations Limiting the use of use products or plastic products has also become part of a sustainable lifestyle Moreinterestingly, eco-friendly products also become a signal for civility, fashion, and ahelp to spread the message of environmental protection in a more practical way.Campaigns such as "reduce plastic, add water" encourage customers to use personalcups to receive discounts when buying take away has been initiated by some coffeeand milk tea brands a few years ago Since then, vacuum flasks and cups seem tohave become inseparable objects for everyone, especially students and officeworkers Not only are they used to preserve drinks, vacuum cups are also a perfectsubstitute for disposable plastic cups, contributing to reducing plastic waste into theenvironment

According to a 2019 consumption trends report, most consumers are willing topay more for food packaged with eco-friendly materials Meanwhile, a survey bymarket research from the company Nielsen shows that up to 86% of Vietnameseconsumers are willing to pay more for products from brands that have a positive

impact on society and the environment The average rate of Southeast Asia is 76%.Businesses' commitment to environmental responsibility also affects the purchasingdecisions of 62% of Vietnamese consumers.

The use of vacuum flasks is a trend to protect the environment in the currentperiod Many types of materials have good heat retention, and designs are suitable foreveryone's needs Compared to using plastic bottles that contain harmful substancesthat are harmful to health when used for a long time to store drinks, we can replacethem with vacuum flasks because they are made of stainless steel, which helps thebottle to come into direct contact with safe drinking water to ensure the health of theuser as well as easy to clean the bottle after use The use of vacuum flasks helps limitthe use of cups made of plastic or paper to ensure that they do not pollute theenvironment because paper cups, plastic cups, … are very difficult to decompose inthe environment Instead, using vacuum flasks can help keep the environment greenand they can be used over and over again The price of vacuum flasks fluctuates inline with consumer choice

The trend of using eco-friendly products and green living is forecasted tocontinue to thrive in the coming time In addition, this also demonstrates theirindividual responsibility to the community-society, in order to join hands to protectthe environment and the common ecosystem

I.3 Research subjects

- Survey subjects in the study are all ages from under 18 to over 30 years old.

I.4 Survey research content

- The content includes: analyze market trends of an environmentally friendly product

(vacuum bottles)

I.5 Survey research methods

- Method of sociological investigation: through the online form on Google Form.Select a sample when the population is known using the formula of Yamane [1]:

n= N1+ N (e) 2Inside:

n: number of samples to be determined

I.6 General information about survey subjects

Research and conduct a survey with the online form using a survey on GoogleForm

Total number of people from under 18 to over 30 years old is 200 guys If wechoose the error e = 5%, the total sample to be surveyed is:

n= N1+N(e)2 = 2001+200 0,05 ( ) 2 =133(votes)

In fact, the research team conducted a survey of 145 votes, so the reliability of thedata is higher than expected (e = 4%)

The results of the survey on the classification of research subjects are shown inTable 1 and Figure 1

Table 1 The rate of classification of research subjects

Total number of people surveyed: 145 people Percentage of survey subjects

In term of gender, compared to the total of 145 surveyed people, with 120 womenaccounting for 82,8% and 25 men accounting for 15,9%, the gender disparity rate isquite high, accounting 66,9%

(b)

Figure 3 The rate of classification of research subjects

(a)-Percentage of study subjects by age

(b)-Sex ratio

II Circumstances, the trend of supply, demand and the prices

& quantities of the market.

II.1 Circumstances

The threat of pollution is caused by the consumption of plastic In addition, the use

of single-use plastic water bottles has an adverse impact on our environment Thesefactors are further predicted to propel the demand for a wide variety of reusable waterbottles around the world Reusable water bottles are being adopted at an increasedrate at homes, schools, colleges, and workplaces owing to the need to follow a

healthier lifestyle Moreover, reusable water bottles are also helpful in reducinglandfills, which is a key cause of groundwater as well as underground pollution Reusable water bottles are being accepted at an increased rate since plastic bottlescontain BPA (Bisphenol A), which is believed to be responsible for cancer.Manufacturers, in recent years, are providing water bottles with a BPA-free tag People around the world are giving preference to glass and stainless-steel waterbottles owing to their health benefits Glass water bottles, even after multiple washes,are free from any kind of contamination and germs as the material coated on thebottles does not degrade even after extensive use More people are demandingstainless steel water bottles due to their preference for accessible products.Furthermore, the trend to use stainless steel water bottles is helpful to reducepetrochemicals for the protection of our environment In addition, the use of thesebottles is also helpful to reduce the amount of plastic waste.

The prices of stainless-steel water bottles have been dispersed based on thefeatures of the material and new inventions Furthermore, the growing adoption ofstainless-steel water bottles across fitness centers is also estimated to push growthopportunities in the global market

II.2 The trend of supply

In terms of key players, companies such as Nanlong, Shinetime, Haers, Thermos,Zojirushi, Peacock, PMI, TIGER, Lock&Lock (HanaCobi Plastic) and EMSA GmbHwould win more market share, the website energysiren.co.ke reported Among them,Garmany's brand EMSA is developing both stainless steel flasks and vacuum flasks.Zojirushi and Tiger belong to Japan, turning out the top-quality flasks Thesemanufacturers have been focusing on advertising, designing, and developingpromotion initiatives, which are expected to turn the market more competitive Based on the date of Volza, the top exporting countries of thermos flasks areChina, India, United Arab Emirates, Vietnam and South Africa In 2021, Chinaexported $3.26B in vacuum flask, making it the 1st largest exporter of Vacuum Flask

in the world In the same year, Vacuum Flask was the 193rd most exported product inChina The main destinations of vacuum flask exports from China are: United States($1.16B), Japan ($194M), Canada ($132M), South Korea ($121M), and India($104M)

In Vietnam, up to now, Rang Dong, Vietnam’s leading manufacturer of thermosvacuum flasks, has shipped the products to more than 20 countries and territoriesincluding Brazil, Argentina, Bolivia, Peru, Cuba, Italy, Egypt, Sudan, Madagascar,the Middle East as well as Asian nations such as China, Japan, Singapore, Indonesia,the Philippines and Laos In 2020, the Hanoi-based company’s total export revenue

of vacuum flasks reached about USD 9.6 million Brazil is the main market, withtotal imports worth USD 5.1 million It was followed by Indonesia, with importspending totaling USD 1.76 million, and China, with a turnover of more than USD

0.8 million It can be seen that Rang Dong’s vacuum flasks have been becomingmore popular in many countries around the world in recent years.

II.3 The trend of demand:

Demand is a principle of economics that captures the consumer's desire to buythe product or service The demand is calculated as the price the consumers arewilling to pay for the product or service If we keep all other factors constant, thedemand should go up as the prices go down, and the demand should go down as theprices go up This simple principle keeps the market in equilibrium Market andaggregate demand are used to understand the demand for goods and services The COVID-19 has impacted on the customer’s thermos choice for recentyears People tend to buy the individual flask other than the bigger size one for agroup The most favorite flasks are around 1-liter capacity with a stainless steel bottlefor preventing physical impact and easy bringing with The demand on the big-sizedthermos might grow after the pandemic subdues Customers would also pay the mostattention to the safe items which have satisfied food-contact standards

In terms of geography, there is a high demand for thermos in the cold regionswhere people need to keep their beverage warm These regions are likely NorthAmerica, most European nations and a part of Asia Besides, the Middle East, thefamous region for hot tea drinking culture, also observes a high demand for tea potsand coffee pots

Based on the thermos type, individual items will surely grow faster in thecoming years, and a majority of consumers will each own at least one personalthermos Pupils, students, staff and travelers might become the loyalty customers forthis type of thermos Moreover, any stuff designed for individual use should beunique, expressing the personality by using color, pattern, letter or image on thethermos body Therefore, the customized personal thermos trend will surely becomethe mainstream in the near future

Based on distribution channels, both online and offline distribution areexpected to grow fast However, due to concerns over infections and also because of

a wide choice, customers may prefer online shopping to going directly to the shop.Moreover, online payment methods which are encouraged in most developingcountries will provide solid support

Based on OEC’s reporter, in 2021, the top importers of Vacuum Flask werethe United States ($1.2B), Japan ($286M), Germany ($162M), Canada ($156M), andSouth Korea ($130M) In Vietnam, with market demand improving and new ordersreturning to growth, optimism continued to grow regarding production prospects forthe year

+ The key market insight:

The global vacuum flask market is segmented on the basis of material,application, distribution channel, and geography Based on material, the vacuum flaskmarket can be segmented into plastic, glass, stainless steel, and others As compared

to other materials, plastic flasks are cheaper and easy to clean Vacuum flasks are

designed to carry drinks ranging from around two liters to less than half a liter Someflasks are used specifically for soups and cold drinks Based on application, thevacuum flask market is segmented into indoor and outdoor Indoor can be subsegmented as office, school, and household, whereas outdoor can be sub segmented

as outdoor sports, travel Travel and outdoor sports are expected to boost the demandfor vacuum flasks Based on distribution channel, the vacuum flask market issegmented into online distribution channel and offline distribution channel

In terms of geography, the global vacuum flask market is classified into AsiaPacific (India, China, Japan, and Rest of Asia Pacific), Europe (Germany, France,U.K, and Rest of Europe), North America (U.S, Canada, and Rest of North America),Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa), andSouth America (Brazil and Rest of South America) Some regions in North America,Asia, and most of Europe have cold weather Vacuum bottles have high demand inthese regions as people need to keep their liquid content warm These regions arelikely to hold comparatively more share in the global vacuum flask market Demandfor vacuum bottles also varies according to season People prefer vacuum bottles inwinter more than the summer The rising demand for premium products amongpeople across Asia Pacific and North America is expected to increase the demand forvacuum flasks during the forecast period The top five players hold a share of about20% China is the largest producer, holding a share around 68%, followed by Europeand North America, with 8% and 7%, separately The largest market is Europe, with

a share of about 27%, followed by North America and China, with around 23% and21% market share respectively

The major companies in the vacuum flask market are Thermos, ZOJIRUSHI,Peacock, Lock & Lock, Tiger, Tupperware, HAERS, Nanlong, Shinetime,HEENOOR, SOLIDWARE, Pacific Market International (PMI), BAOKANG,Fuguang, SIBAO, and EMSA GmbH In detail, Thermos LLC, Eternal and Nanlongare the key players in the global market Manufacturers are focusing on branding,advertising, and designing which is expected to make the market more competitive