The Vietnam Food and Beverage Market Report 2024 is built 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.
Mr. Nguyen Do Anh Quan - Brand Director of iPOS.vn shares about the business situation of the F&B industry in 2024
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. 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".
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, an increase of 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 688,800 billion VND, an increase of 16.6% compared to 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 accounts for nearly 70%.
Notably, unlike the trend of the two years after the pandemic, 52.3% of Vietnamese people now prioritize spending less than 35,000 VND per drink, showing a trend of optimizing budget when shopping. However, the habit of consuming drinks outside has grown strongly compared to 2023, with the rate 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 - once 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.
Source: https://thanhnien.vn/iposvn-nguoi-viet-uu-tien-chi-tieu-duoi-35000-dong-cho-moi-mon-do-uong-185250319032834511.htm
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