This is an annual in-depth research project, implemented by iPOS.vn in collaboration with Nestle Vietnam Limited Liability Company, under the consultancy and data appraisal of Vietnam Industry Research and Consulting Joint Stock Company - VIRAC.
Food Business Market Report in Vietnam 2024 is based on research from 4,005 restaurants/cafes with 4,453 diners nationwide. At the same time, the Report is also combined with many secondary data sources of reputable market research units, combined with in-depth interviews with nearly 100 experts and leaders of F&B enterprises in Vietnam.
F&B Market 2024: Rare bright spots when the economy hits rock bottom
According to the food business market report in Vietnam, 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 consumer difficulties, F&B revenue in Vietnam in 2024 will still reach about VND688.8 trillion, up 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 enterprises recorded stable revenue compared to the same period in 2023, and 14.7% had growth. Under the pressure of rising raw material prices, up to 49.2% of F&B enterprises plan to increase prices in 2025 to cope with cost pressure.
Based on the research results of nearly 4,500 diners, the Report shows that people's spending is not reduced but will prioritize good quality options at affordable prices. Accordingly, the trend of eating out on weekends is becoming very popular, especially in occasional groups and often accounts for nearly 70%. Different from the trend of the two years after the pandemic, 52.3% of Vietnamese people currently prioritize spending less than 35,000 VND per drink, demonstrating the trend of budget optimization when shopping. However, the habit of consuming drinks outside has increased sharply 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 cause a fever in 2024
After a vibrant 2023 with a series of explosive culinary trends, the F&B market in 2024 witnessed a clear decline. 52.8% of businesses admitted that they are not following any culinary trends, showing a more cautious mentality in investing in new trends.
However, there are still some outstanding trends, in which Matcha beverages rose to the top with 29.6% of businesses choosing, becoming a notable new trend of the F&B industry in Vietnam. Meanwhile, flavorful tea - once a big trend in 2023 - shows signs of reaching the storm's point, when the selection rate decreased to 21.4%. Previously, many businesses have invested heavily in specialty oolong tea, shan tuyet tea or pure tea with rich flavors, emphasizing the experience of enjoying traditional tea.
F&B industry 2025 - Forecast full of potential 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 a great opportunity for Vietnam to attract foreign investment, especially in the processing, manufacturing and high-tech industries. Despite many challenges, the F&B industry in Vietnam is forecast to continue to grow by 9.6% in 2025, in line with the general trend of the market, but at a lower level than in 2024.
2025 is expected to witness an explosion of new culinary trends. In the food industry, Trieu Chau fresh beef hotpot - with its rich flavor and delicious fresh beef - is attracting great attention. In addition, steamer hotpot, with the processing method of helping to retain all nutrients without using oil, is gradually becoming a popular choice. In the beverage segment, 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.
