Press Release

Vietnam Food Services Market to Grow with a CAGR of 11.01% through 2029

Vietnam food services market is experiencing robust growth driven by various factors such as rapid urbanization, rising incomes, a young and evolving consumer base, and the growth of tourism.

 

According to TechSci Research report, “Vietnam Food Services Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the Vietnam Food Services Market stood at USD 21.62 billion in 2023 and is anticipated to grow with a CAGR of 11.01% through 2029. The Vietnam food services market is a dynamic and rapidly evolving industry that reflects the country's rich culinary heritage, economic development, and changing consumer preferences.

The food services market in Vietnam encompasses a wide range of dining establishments, from street food vendors and traditional eateries to modern restaurants, cafes, and international fast-food chains. This diversity caters to the country's multicultural population and diverse culinary traditions. Vietnam's food services market is known for its affordability, variety, and the importance of food in the culture and daily life of its people.

Vietnam's food services market has witnessed significant growth in recent years, driven by factors such as rising disposable incomes, urbanization, and changing lifestyles. The market's size is substantial, with a wide range of options catering to various customer segments. The emergence of a burgeoning middle class with increased purchasing power has further propelled the industry's expansion.

Vietnam's culinary heritage is a cornerstone of its food services market. The country's cuisine is renowned worldwide for its flavors, freshness, and balance. Vietnamese dishes often feature a variety of herbs, vegetables, and condiments that create a harmonious blend of sweet, savory, sour, and spicy flavors. Iconic Vietnamese dishes such as pho (noodle soup), banh mi (sandwiches), goi cuon (spring rolls), and bun cha (grilled pork with noodles) have gained international acclaim and are staples of the local food scene.

Vietnam is celebrated for its vibrant street food culture, with countless vendors and food stalls lining the streets of cities and towns. Street food in Vietnam is more than just a way to grab a quick meal; it's a cultural experience that allows locals and tourists to savor traditional flavors and culinary traditions. Street vendors serve up an array of dishes, from the famous banh mi sandwiches to savory pho and delectable seafood.

Vietnam's rapid urbanization has transformed its food services landscape. As more people move to cities in search of better opportunities, the demand for dining out and experiencing a wide range of cuisines has surged. Urban centers like Hanoi and Ho Chi Minh City have become hubs of culinary innovation, hosting a thriving restaurant scene that caters to diverse tastes.

Vietnam's food services market has been influenced by foreign cuisines and international fast-food chains. Cities like Ho Chi Minh City and Hanoi are home to a wide range of international restaurants, offering everything from Italian pizza to Japanese sushi. Major international fast-food chains such as McDonald's, KFC, and Starbucks have established a strong presence in Vietnam, appealing to both locals and expatriates.

As Vietnam's middle class continues to expand, more people have the disposable income to dine out regularly. Dining out has become a popular social activity and a way to celebrate special occasions. Restaurants and cafes offer not only food but also an ambiance for socializing and enjoying time with friends and family.

 

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The market is highly competitive, with a plethora of dining options ranging from street food vendors to high-end restaurants. This intense competition can make it challenging for businesses, especially newcomers, to differentiate themselves and maintain profitability. Ensuring food safety and hygiene standards can be a challenge for many small and traditional eateries. Meeting these standards is essential for building trust with customers and complying with regulations. Labor costs have been rising in Vietnam, which can affect the profitability of food service establishments, particularly in the face of competition. Some regions may face labor shortages, making it challenging to find skilled staff. In addition, economic fluctuations and external factors, such as global economic conditions and the COVID-19 pandemic, can impact consumer spending and restaurant revenues.

Health-conscious dining is on the rise, with consumers seeking healthier menu options. Restaurants are responding by offering more balanced and nutritious choices. Additionally, the adoption of technology, including online ordering and delivery platforms, has accelerated, particularly in response to the pandemic. Many restaurants now offer online menus and delivery services to cater to changing consumer preferences. Furthermore, there is a growing emphasis on sustainability and eco-friendly practices in the food services industry. Some restaurants are adopting sustainable sourcing practices, reducing food waste, and using eco-friendly packaging. In addition, fusion cuisine, blending Vietnamese flavors with international influences, is gaining popularity. Restaurants are experimenting with new combinations of ingredients and techniques to create unique dining experiences.


Vietnam Food Services market is segmented into type, ownership, brands, and region.

Based on type, the market is segmented into dining service (hotels, restaurants), QSR (quick service restaurants), cafes, and others (cafeteria, cloud kitchen, etc.). Among these, QSR (quick service restaurants) is the fastest growing segment in the Vietnam food services market. In a bustling urban environment where time is often at a premium, QSRs cater to the need for swift and efficient dining experiences. These establishments are known for their quick turnaround times, making them a preferred choice for those seeking a fast meal without compromising on quality.

 

Major companies operating in Vietnam Food Services market are:

  • Lotteria Vietnam Co., Ltd
  • Golden Gate Group Joint Stock Company
  • Imex Pan Pacific Group
  • Jollibee Vietnam Co., Ltd.
  • Lotte GRS Co.,Ltd
  • Mesa Asia Pacific Trading Services Company Ltd
  • Restaurant Brands International, Inc.
  • Starbucks Corporation
  • AFG Vietnam
  • Yum! International Restaurant Group

 

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“The future of the Vietnam food services market looks promising, driven by continued economic growth, urbanization, and the country's culinary heritage. As consumer preferences evolve, businesses that innovate, adapt to changing trends, and prioritize quality and service are likely to thrive in this dynamic and diverse market. With its rich culinary traditions and a population that appreciates good food, Vietnam's food services industry is poised for continued expansion and development”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

Vietnam Food Services Market By Type (Dining Service (Hotels, Restaurants), QSR (Quick Service Restaurants), Cafes, and Others (Cafeteria, Cloud Kitchen, etc.)), By Ownership (Standalone Outlets and Chained Outlets), By Brands (Domestic, International), By Region, By Competition Forecast & Opportunities, 2019-2029F, has evaluated the future growth potential of Vietnam food services market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam food services market.

 

Contact

Mr. Ken Mathews

Techsci Research LLC

420 Lexington Avenue, Suite 300,

New York, United States- 10170                   

Tel: +13322586602

Email: [email protected]

Website: www.techsciresearch.com

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Vietnam Food Service Market By Type (Dining Service (Hotels, Restaurants), PBCL (Pubs, Bars, Clubs and Lounges), QSR (Quick Service Restaurants), Cafe, and Others), By Ownership (Standalone Outlets and Chained Outlets), By Brands (Domestic and International), By Region, Competition, Forecast & Opportunities, 2019-2029F

Consumer Goods and Retail | Jun, 2024

Vietnam Food Service Market is driven by a combination of factors such as rapid urbanization, changing lifestyles, rising disposable income, tourism, and technological advancements.

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