Market Size of vietnam foodservice Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 22.72 Billion |
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Market Size (2029) | USD 36.29 Billion |
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Largest Share by Foodservice Type | Full Service Restaurants |
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CAGR (2024 - 2029) | 9.81 % |
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Fastest Growing by Foodservice Type | Cloud Kitchen |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Vietnam Foodservice Market Analysis
The Vietnam Foodservice Market size is estimated at 22.72 billion USD in 2024, and is expected to reach 36.29 billion USD by 2029, growing at a CAGR of 9.81% during the forecast period (2024-2029).
22.72 Billion
Market Size in 2024 (USD)
36.29 Billion
Market Size in 2029 (USD)
-0.61 %
CAGR (2017-2023)
9.81 %
CAGR (2024-2029)
Largest Segment by Foodservice Type
68.04 %
value share, Full Service Restaurants, 2023
Full service restaurants dominate the industry and are projected to maintain their share as almost 42.8% of people dined out two to four times a month in 2022.
Largest Segment by Outlet Type
77.90 %
value share, Independent Outlets, 2023
Asian full service restaurants dominate the segment owing to consumers' widespread usage of seafood sauces, an integral part of many Asian dishes, like Canh chua cá.
Fastest-growing segment by Foodservice Type
18.54 %
Projected CAGR, Cloud Kitchen, 2024-2029
Around 73.2% of the population actively uses the internet, and 53% of them use online food delivery services like FoodPanda and GrabFood, which offers a major boost to cloud kitchens.
Fastest-growing segment by Outlet Type
10.64 %
Projected CAGR, Chained Outlets, 2024-2029
Because of consistency and standardized food quality, QSRs dominate the segment owing to almost 90% of the population revealing food safety as one of their main concerns.
Leading Market Player
0.80 %
market share, Jollibee Foods Corporation, 2022
Jollibee Foods runs 17 different brands and has over 80 stores in Vietnam. Their most significant brand is Jubilee, which has a total of 150 stores.
Michelin Guide and Vietnam Tourism Promote Vietnamese Cuisine drives the expansion of the full service restaurants across the country
- Due to Vietnam's expansive and diverse culinary culture, full-service restaurants hold the highest market share in the country. In 2021, China was the leading nationality of foreign visitors to Vietnam, with nearly 57.7 thousand Chinese tourists, followed by South Korea, with 32.5 thousand visitors. Asian cuisine is the most popular in Vietnam, accounting for over 40% of the cuisine share in 2022. This demand stems from tourists from Asian countries and residents, as Vietnamese cuisine shares similarities with other Pan-Asian cuisines. In 2022, the collaboration between the Michelin Guide and the Vietnam National Administration of Tourism presented significant expansion opportunities for promoting Vietnamese cuisine globally.
- The cloud kitchen market is experiencing rapid growth in Vietnam, primarily due to its ease of use and the opportunities it provided to the foodservice industry during the pandemic. Many restaurants that faced operational challenges during the COVID-19-related lockdown transitioned to virtual operations, taking advantage of centralized food production facilities for multiple restaurants, especially for deliveries. In June 2022, CloudEats, a cloud kitchen based in the Philippines and Vietnam, secured a USD 7 million investment for expansion across Southeast Asia. Vietnam is home to various online delivery platforms and cloud kitchens, including GrabFood, Now, GrabKitchen, and GoFood, providing opportunities for exponential growth.
- Vietnam showed a moderate recovery from the COVID-19 pandemic, witnessing a 13.22% increase in market value from 2021 to 2022, owing to the incorporation of online food delivery services and automated kitchen technologies.
Understand The Key Trends Shaping This Market
