Vietnam Foodservice Market Trends

Statistics for the 2023 & 2024 Vietnam Foodservice market trends, created by Mordor Intelligence™ Industry Reports. Vietnam Foodservice trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Market Trends of vietnam foodservice Industry

Vietnamese quick service restaurant market is highly competitive, with local and international chains dominating

  • Cloud kitchen outlets are the fastest-growing, and they are projected to register a CAGR of 3.72% during the forecast period. One of the primary drivers of the cloud kitchen market in Vietnam is the growing demand for online food delivery services, such as GoFood, GrabFood, Baemin, and Lala. These apps reach a wider customer base and streamline the ordering and delivery process. Cloud kitchens are also leveraging data analytics to gain insights into customer preferences and behavior and optimize menu offerings and pricing.
  • Full service outlets are expected to be the second fastest-growing, registering a CAGR of 0.35% during the forecast period. Asian cuisine holds a major share of the market. Vietnam has experienced a steady increase in international tourism in recent years, with many tourists coming from Asia. For example, there were 17,546 visitor arrivals from Taiwan, 16,592 visitor arrivals from Japan, 11,502 from Southeast Asia, and 10,920 from Thailand in 2022. As a result, there has been a growing demand for Asian cuisine in Vietnam to cater to these tourists.
  • Quick service restaurants are highly competitive in the market. McDonald's, Burger King, KFC, Lotteria, Jollibee, and Pizza Hut are well-established competitors with 20, 140, 200, 60, and 50 outlets, respectively, in the QSR market. Vietnamese prefer authentic fast-food concepts and international options such as Banh mi, a Vietnamese sandwich made with a crusty baguette and filled with various ingredients such as grilled pork, pate, pickled vegetables, and fresh herbs. Similarly, Pho is a traditional Vietnamese soup made with rice noodles and a flavorful broth, often served with beef or chicken and fresh herbs.
Vietnam Foodservice Market

Cloud kitchens in Vietnam saw the highest average order value in 2022, driven by online meal delivery

  • In Vietnam, the AOV was the highest for cloud kitchens, at USD 3.45 in 2022. An increase in the demand for online meal delivery is driving the expansion of the cloud kitchen market. In Vietnam, the overall spending on food delivery services reached USD 1.1 billion in 2022. Online meal ordering and delivery services grew in popularity after the pandemic. Popular dishes offered by cloud kitchens in Vietnam are pizza and pasta, both priced at an average of USD 2.4 per 300 g. In 2022, the cost of the most popular dishes served by cloud kitchen was fixed at the average order value of USD 2.2.
  • Vietnam is one of the affluent nations in the Asian region and a significant hub for travel. The gastronomic diversity that can be found throughout the country's numerous cantons serves to further emphasize its multi-ethnic and multilingual nature. Indian, Korean, and other Asian cuisines are more widely consumed nationwide. The average order value for Asian cuisine meals is USD 1.75 per 300 g.
  • The full-service restaurants' average order value is expected to record a CAGR of 5.35% during the study period. FSR is implementing new technologies and services to cater to customers who are becoming more accustomed to convenience. Mobile payments, internet ordering, and home delivery are becoming more prevalent in full-service areas of the market. Due to the expanding number of dining options available to consumers, including pre-packaged restaurant meals, pricing is becoming a more crucial problem. Emerging competitors, such as providers of subscription meal kits, could further disrupt the industry in the future.
Vietnam Foodservice Market

OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

Vietnam Foodservice Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029