Vietnam Food Service Market to Register a CAGR of 9.70% during the Forecast Period
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.
Browse over 20 market
data Figures spread through 70 Pages and an in-depth TOC on "Vietnam Food Service Market"
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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