Vietnam’s food and beverage (F&B) industry revenue reached VND 688.8 trillion or US$27.55 billion in 2024, marking a 16.6 percent increase from 2023. However, growth was uneven throughout the year, with a noticeable difference between the first and last six months, according to the iPOS F&B Industry Report 2024.
Key points in the report include:
- F&B chains increased their market share, growing from 5.2 percent in 2023 to 7.3 percent in 2024.
- Revenue from independent F&B businesses remains dominant at 92.7 percent of the total, but chain restaurants saw a 21.5 percent revenue increase.
- Beverage store revenue reached US$4.73 billion in 2024, up 13 percent year-on-year.
- GrabFood and ShopeeFood dominate Vietnam’s online food delivery market, holding 50.6 percent and 47.7 percent of revenue share, respectively, while smaller players like BeFood, GoFood, and others collectively account for less than 6 percent.
Of note, Vietnam’s food and beverage sector has proven resilient in the face of economic uncertainty which speaks to the strong relationship between Vietnamese people and their food. That said, there is clearly a change taking place with traditional, small, independent food outlets losing market share to bigger franchise operations. That said, the market overall still has plenty off room to grow.
See also: Food and Beverage Industry in Vietnam