Market Research Report
Vietnam Food Service Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||851244|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|Vietnam Food Service Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: May 1, 2019||Content info: 80 Pages||
The Vietnam Food Service Market is forecasted to reach USD 65.03 billion by 2024 growing at a CAGR of 13.05% during the forecast period (2019 - 2024).
The Vietnam foodservice market is segmented by sector type into full-service restaurant, cafe and bar, street kiosk, fast food, and 100% home delivery. The bars/pubs segment is gaining popularity, due to the rising disposable income of the region. Improvement in economic conditions has favored the acceptance of bars/pubs. Some of the prominent juice/smoothie bars include Guanabana Smoothies, JuicElixir, and The Juice Bar.
Bars/pubs Record strongest Current value Growth
The changing lifestyle in the country has encouraged the consumers to shift to cafes from full-service restaurants, due to the increasing popularity of socializing through cafes. Customers of cafes include various population groups, from young to old and from low-income to high-income consumers. This has resulted in a better business opportunity for small-scale investors to expand across the potential regions. The cafes are of two types, chained cafes and independent cafes. The chained cafes usually specialize in a category of products, whereas independent cafes have the freedom to develop products according to the needs of the consumers.
Chained Pizza Full-Service Restaurants Records Outstanding Growth
The Vietnam Food Service Market is forecasted to reach USD 65.03 billion by 2024 growing at a CAGR of 13.05% during the forecast period (2019 - 2024). The Pizza FSR segment in Vietnam is dominated by international brands like Pizza hut (entered the market in 2007), Dominos (entered the market in late 2010), Pizza Inn, etc. The international brands are strategically located in the urban areas of Vietnam, like, Hanoi, HCM City, Dong Nai, Binh Duong, and Can Tho, as they form the majority of the share of the consumer base for their premium products. The growing popularity of pizza in Vietnam has encouraged international companies to expand in the country, along with the steady competition from local players.
The most prominent companies in this region include Jollibee Food Corporation, Yum! Brands, Dunkin Brands, Lotteria Company Ltd., Huy, and AFG, among others. Some of the renowned and luxurious hotel groups in Vietnam, including Hyatt Group and Mariott International, have full-service restaurants with various cuisines. Golden Gate Trade & Services held a majority market share of the Vietnamese foodservice market in 2016.