iPOS.vn and Nestlé Professional publish Vietnam Food Business Market Report

iPOS.vn and Nestlé Professional announced the Food and Beverage Market Report in Vietnam 2024. This is an annual research project jointly conducted by the two parties.

iPOS.vn and Nestlé Professional have just announced the Food and Beverage Market Report in Vietnam in 2024. This is an annual in-depth research project, conducted by iPOS.vn in collaboration with Nestlé Vietnam Limited Company, under the consultancy and data appraisal by Vietnam Industry Research and Consulting Joint Stock Company - VIRAC.

“Vietnam Food and Beverage Market Report 2024” (Report) was developed from research of 4,005 restaurants/cafes and 4,453 diners nationwide. At the same time, the Report is also combined with many secondary data sources from reputable market research units, combined with in-depth interviews with nearly 100 experts and leaders of F&B businesses in Vietnam.

Despite facing many challenges, the F&B industry in Vietnam is forecast by experts to continue to grow by 9.6% in 2025, in line with the general trend of the market.

Mr. Vu Thanh Hung - General Director of iPOS.vn Joint Stock Company shared: The year 2024 has marked many significant fluctuations in the F&B market in Vietnam. Despite facing common difficulties such as high raw material prices, the industry's revenue still recorded growth, although profits were affected. However, the market still has encouraging signs when diners' spending is at a fairly good level. The 2024 Vietnam Food Market Report is one of our annual activities, with the hope of providing useful knowledge to help businesses and individuals interested in the F&B industry have a more objective view of the market.

Mr. Le Quang Long – Representative of Nestlé Professional share: The F&B market in Vietnam is always a market full of potential, but also has many challenges. This year, Nestle Professional is very proud and honored to accompany iPOS.vn in conducting the Vietnam Food Business Market Report 2024. With the goal of providing the latest updates on the market, on changes in consumer needs and tastes, we hope that this report will support business units in the Vietnam F&B industry to develop orientation and optimize operations in the coming time, joining hands to develop the Vietnam F&B market more sustainably and successfully.

Speaking at the workshop, Mr. Le Quang Long - Representative of Nestlé Professional said: "Nestlé Professional constantly conducts in-depth research to understand consumer behavior and taste, thereby accompanying F&B businesses in creating products, experiences and business models suitable to market needs."

F&B Market 2024: Rare Bright Spots as Economy Hits Bottom

According to the Vietnam Food and Beverage Market Report, by the end of 2024, the number of F&B stores in Vietnam is estimated to reach 323,010 stores, up 1.8% over the same period last year. Despite difficulties in consumption, the revenue of the F&B industry in Vietnam in 2024 will still reach about 688.8 trillion VND, up 16.6% over 2023.

Although the industry's overall revenue increased, according to a survey of 4,005 F&B units nationwide, only 25.5% of businesses recorded stable revenue compared to the same period in 2023, and 14.7% had growth. Under pressure from rising raw material prices, up to 49.2% of F&B businesses plan to increase prices in 2025 to cope with cost pressures.

Based on the research results of nearly 4,500 diners, the Report shows that people's spending has not decreased but will prioritize good quality options at affordable prices. Accordingly, the trend of eating out on weekends is becoming very popular, especially the occasional and regular group accounting for nearly 70%. Different from the trend of two years after the pandemic, 52.3% of Vietnamese people now prioritize spending less than 35,000 VND for each drink, showing a trend of optimizing the budget when shopping. However, the habit of consuming drinks outside has grown strongly compared to 2023, with the proportion of regular drinkers (3-4 times/week) increasing dramatically from 17.4% (2023) to 32.8% (2024).

New culinary trends that will be hot in 2024

After a vibrant 2023 with a series of explosive culinary trends, the F&B market in 2024 witnessed a clear slowdown. 52.8% of businesses admitted that they did not follow any culinary "trends", showing a more cautious mentality in investing in new trends.

However, there are still some prominent trends, in which Matcha drinks take the lead with 29.6% of businesses choosing, becoming a notable new trend in the F&B industry in Vietnam. Meanwhile, strong-flavored tea - which was a big trend in 2023 - is showing signs of reaching saturation point, when the selection rate dropped to 21.4%. Previously, many businesses had invested heavily in specialty oolong tea lines, snow shan tea or original tea with strong flavors, emphasizing the traditional tea experience.

According to the report, dishes using Matcha ingredients are at the top of the list of most popular food and drink trends in 2024.

F&B Industry 2025 - Potential Forecast with Many New Trends

The Vietnamese government has set a target of 8% economic growth in 2025, focusing on key economic drivers such as exports, foreign direct investment (FDI), and industrial development. The trend of shifting global supply chains is creating great opportunities for Vietnam to attract foreign investment, especially in the processing, manufacturing and high-tech industries. Despite facing many challenges, the F&B industry in Vietnam is forecast to continue to grow by 9.6% in 2025, in line with the general market trend, but at a lower rate than in 2024.

The year 2025 is expected to witness an explosion of new culinary trends. In the food sector, Chaozhou fresh beef hotpot – with its rich flavor and fresh beef – is attracting great attention. In addition, hydrothermal hotpot, with a cooking method that helps preserve nutrients without using oil, is also gradually becoming a popular choice. In the beverage sector, MILO and Matcha continue to affirm their appeal, not only in traditional recipes but also through creative variations, meeting the diverse experience needs of young people.

The Food and Beverage Market Report in Vietnam 2024 will provide the most comprehensive overview of the food and beverage industry in Vietnam in 2024 through 4 main parts: Part one: Overview of the F&B market in 2024, including assessment of the growth rate of the number of stores and total revenue of the F&B industry; Part two: Analysis, assessment and assessment of the food and beverage business situation in 2024 through research of more than 4,000 F&B units nationwide; Part three: Analysis of consumer behavior of diners in 2024 through research of nearly 4,500 respondents in 64 provinces and cities; Part four: Forecast of business potential and food and beverage trends in Vietnam in 2025.

Source: https://congthuong.vn/iposvn-va-nestle-professional-cong-bo-bao-cao-thi-truong-kinh-doanh-am-thuc-viet-nam-379007.html