Vietnam Foodservice Market Size Estimated to Reach $853 Million by 2026
Vietnam Foodservice Market size is estimated to reach $853 million by 2026, growing at a CAGR of 4.1% during the forecast period 2021-2026. Foodservice refers to the catering services that serve food to the customers outside their homes. It includes various services, such as full-service restaurants, cafes/bars, food stalls, self-service restaurants, home delivery restaurants, and others. The growing inclination towards convenience foods and the rise in the disposable income of individuals have propelled the growth of the fast-food sector in the country. The rise in the adoption of home delivery restaurants, growing availability of chain restaurants in the country, increase in the offerings by food stalls in the country as per the local taste of consumers, growing investment by the key players to expand their presence in the country, and the rise in the advertising campaigns by the key players to attract the young population are the factors that are set to drive the growth of the Vietnam Foodservice Market for the period 2021-2026
Vietnam Foodservice Market Segment Analysis-By Type
Vietnam Foodservice Market based on the Type can be further segmented into Full-Service Restaurants, Cafes/Bars, Food Stalls, Self-Service Restaurants, Home Delivery Restaurants, and Others. The Full-Service Restaurants segment held the largest share in 2020 owing to the factors such as the growing advertising campaigns by the key players to attract the young population in the country and the rise in the availability of luxurious full-service restaurants in the country. The rise in the investments by the key players to develop full-service restaurants based on the requirements of the consumers is driving the growth of Vietnam Foodservice Market. The Home Delivery Restaurants segment is estimated to be the fastest-growing segment with a CAGR of 4.4% over the period 2021-2026. This growth is owing to the factors such as the growing demand for convenience foods and the rise in investment by the key players in home delivery restaurants in the country.
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Vietnam Foodservice Market Segment Analysis-By Structure Type
Vietnam Foodservice Market based on the Structure Type can be further segmented into Chained Outlets and Independent Outlets. The Chained Outlets segment held the largest share in 2020 owing to the factors such as the rise in the availability of chain restaurants, food stalls, and self-service restaurants and an increase in the demand for chained outlets in shopping centers and heavily populated areas. The rise in the demand for chain restaurants on highways is driving the growth of Vietnam Foodservice Market. The Independent Outlets segment is estimated to be the fastest-growing segment with a CAGR of 4.7% over the period 2021-2026. This growth is owing to the factors such as the growing investment by the key players to launch independent outlets in the country and the rise in the disposable income of the young population in Vietnam.
Vietnam Foodservice Market Drivers
The Rise in the Demand for Fast-Food Sector.
The rise in the demand for the fast-food sector in the country owing to the inclination towards convenience foods and the rise in the disposable income of individuals has led to an expansion of more food stalls in the country. Moreover, food stalls in the country are introducing new offerings as per the preferences and local tastes of consumers, which is one of the major factors driving the growth of the Vietnam Foodservice Market.
Increase in the Inclination towards Home Delivery Restaurants.
Vietnam consumers are increasingly shifting towards home delivery restaurants owing to the cost-effectiveness and the growing inclination towards home delivery foods. The key players in the country are increasing their investment in home delivery restaurants to meet the growing demand, which is further propelling the growth of the Vietnam Foodservice Market.
Vietnam Foodservice Market Challenges
The Emergence of the COVID-19 Pandemic.
The COVID-19 pandemic has negatively impacted the manufacturing supply chain, restaurant business, and food distribution businesses in Vietnam. The lockdown in the country has stopped workers from operating in food stalls, full-service restaurants, and home delivery restaurants and had a significant effect on the supply chain, which is one of the major factors that is estimated to reduce the growth of the Vietnam Foodservice Market.
Vietnam Foodservice Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Vietnam Foodservice Market. Key companies of this market are Starbucks Corporation, McDonald’s Corporation, Yum Brands Inc, Domino’s Pizza, Hard Rock Café, Dairy Queen, Burger King, Vietnam Lotteria Company Ltd, Jollibee Food Corporation, and The Al Fresco’s Group among others.
Expansions/Product Launches:
In January 2021, Jollibee Food Corporation has expanded its foodservice business by launching over 100 stores as a part of long-term strategic growth in Vietnam to reach new customers and to cater to the growing demand.
Key Takeaways
The rise in the advertising campaigns by the key players to attract the young population in the country is driving the Full-Service Restaurants segment. However, the emergence of the COVID-19 pandemic is one of the major factors that is said to reduce the growth of the Vietnam Foodservice Market.
The growing adoption of chain restaurants in shopping centers and heavily populated areas and the increase in the availability of food stalls and self-service restaurants are the major factors driving the Chained Outlets segment.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Vietnam Foodservice Market report.
Relevant Links:
A. Thailand Foodservice Market
https://www.industryarc.com/Research/Thailand-Foodservice-Market-Research-509572
B. France Food Service Market
https://www.industryarc.com/Report/19631/france-food-service-market.html
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