Rising innovation in the cuisine and an increasing working population of women are driving the growth of the Vietnam Food Service Market in the forecast period, 2022F–2027F.
According to TechSci Research report, “Vietnam Food Service Market – By Region, Competition Forecast and Opportunities, 2017-2027F” Vietnam food service market is expected to project impressive growth during the forecast period, 2022F–2027F, registering an impressive CAGR of 9.7% on account of the effects of growing popularity of dining out among the age-group of 15-30years mostly, rising working population, affordable pricing for food, and the availability of diversified ethnic cuisines are the certain crucial factors influencing the growth of this market during the forecast period.
Diverse cuisines, such as Japanese, Chinese, Indian, and Korean cuisines, have recently become more popular in Vietnam as a result of the country’s growing population of Asian expats and tourists as well as the locals’ desire to try new foods. Owing to these factors, players in the Vietnamese food service industry have made experiential dining one of the most prominent trends over the past few years, serving international cuisine with a local twist. Furthermore, according to the Ministry of Investment and Industry (MOIT), in 2018 the Vietnam market witnessed franchise approval from 183 foreign brands which were mostly from the United States, Australia, South Korea, and the European Union.
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The Vietnam Food Service Market is segmented based on type, ownership, domestic vs. international brands, regional distribution and competitive landscape. Based on type, the market is further fragmented into Dining Service (Hotels, Restaurants), PBCL (Pubs, Bars, Clubs and Lounges), QSR (Quick Service Restaurants), and Others (Cafeteria, Cloud Kitchen, Vending Companies). The segment of PBCL (Pubs, Bars, Clubs and Lounges) which is well-known for offering drinks and snacks to its customers, are expected to register the largest revenue shares of the market and dominate the market segment in the upcoming five years, as Vietnam itself is famous for being a traditional tea-drinking nation and also considered to be the largest consumer for alcoholic beverages ranking third in Asia after Japan and China in terms of alcohol consumption. Additionally, for urban Vietnamese consumers, socializing at cafes and bars while consuming the latest drinks represent a new way of life. These are some of the major factors influencing Vietnam’s food service market growth.
Based on ownership, the market is segmented into standalone outlets and chained. The standalone outlet is one of the major contributors to the growth of the food service market in Vietnam, because of a greater emphasis on using ingredients and food that are sourced locally, independent companies are expected to gain significant market share. Therefore, one of the key factors driving the independent outlets segment of the market is consumers’ strong preference for authentic domestic dishes at reasonable prices.
Key market players in the Vietnam Food Service Market include:
- Golden Gate Trade Services Joint Stock Company (Kichi Kichi, Hutong, Manwah, Sumo BBQ, GoGi House)
- Pizza Vietnam Limited (Pizza Hut)
- Pizza 4Ps Corporation (Pizza 4Ps)
- SuperFoods Group (Highlands Coffee)
- Viet Idea Food & Beverages Company Limited (Starbucks)
- Phuc Long Manufacture Trading Tea & Coffee Co., Ltd.
- KFC Vietnam Joint Venture Company Limited
- Vietnam Lotteria Co., Ltd.
- Jollibee Vietnam Co., Ltd.
- C. P. Vietnam Corporation
- Dai Phat Food Co., Ltd.
Numerous restaurants are introducing innovative dishes or dishes that are specially made for each customer in an effort to fiercely compete with other market players. This is enabling the companies to contend for a piece of the Vietnam foodservice market share. For instance, KFC developed a dish based on the Bulgogi flavor to appeal to Vietnamese customers. While this flavor is well-liked in Vietnam, it is typically associated with beef, so KFC’s creative chicken recipe is a first for the nation.
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The significant portion of Vietnam’s population with the highest GDP resides in the southern Vietnam region. Moreover, the rising tourism within the city of Ho Chi Minh City is expected to contribute a significant portion to the market’s revenue share. However, the variety of the domestic food offered in the food service market differs from location to location such as due to geographical limitations on the cultivation of spices and the raising of cattle, the cuisine of northern Vietnam emphasizes freshwater ingredients such as fish, mollusks, and crab. Strong flavors enhanced by chili peppers and other spices are a specialty found in the central Vietnam while southern Vietnamese cuisine frequently uses coconut milk and includes a bounty of fresh herbs, seafood, and fruit and vegetables. The domestic cuisines with the maximized street stalls/vendors are the factor which plays a significant role within the growth of foodservice market in Vietnam.
“”The growing demand for online food services, reasonable dining out costs, and the preference for local food service outlets for social gathering are driving the food service industry’s expansion. Furthermore, the market is influenced by the growing competition among the dining service offering and the quick service offering outlets. These are the specific factors that may influence the growth of the Vietnam Food Service Market in the upcoming five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Vietnam Food Service Market By Type (Dining Service (Hotels, Restaurants), PBCL (Pubs, Bars, Clubs and Lounges), QSR (Quick Service Restaurants), and Others (Cafeteria, Cloud Kitchen, Vending Companies)), By Ownership (Standalone Outlets and Chained Outlets), By Domestic Vs. International Brands, By Region, Competition, Forecast & Opportunities, 2017-2027F”, has evaluated the future growth potential of Vietnam Food Service 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 take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Vietnam Food Service Market.
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