Key regions: Canada, China, Spain, Japan, Philippines
The Convenience Food Market in Vietnam is expanding due to factors like increasing demand for Ready-to-Eat Meals and Soups, growing health consciousness among consumers, and the convenience of online food services. However, the market's minimal growth rate may be impacted by rising costs of raw materials and competition from traditional street food vendors.
Customer preferences: As urbanization and busy lifestyles continue to shape consumer behaviors, the Convenience Food Market within The Food market in Vietnam has seen a rise in demand for healthy and convenient options. This has led to a surge in the popularity of ready-to-eat meals and snacks that cater to specific dietary needs, such as gluten-free or vegan. Additionally, with the increasing influence of western culture, there is a growing preference for international convenience food options, such as sandwiches and salads, among Vietnamese consumers.
Trends in the market: In Vietnam, the Convenience Food Market within The Food market is experiencing a surge in demand for healthier and more convenient options. This trend is driven by the growing health-consciousness among consumers and the increasing urbanization in the country. As a result, there is a rise in the availability of fresh and organic convenience food products, as well as a shift towards plant-based and gluten-free options. This trend is expected to continue in the coming years, with potential implications for industry stakeholders such as increased competition and the need for product innovation and marketing strategies that cater to these changing consumer preferences.
Local special circumstances: In Vietnam, the Convenience Food Market is thriving due to the country's rapid urbanization and changing lifestyles. With more people living in cities and working longer hours, there is a growing demand for quick and convenient meal options. Additionally, cultural factors, such as the popularity of street food and the influence of Western cuisine, have contributed to the growth of this market. Furthermore, the government's efforts to promote food safety and hygiene regulations have also played a role in shaping the market dynamics. These unique local factors make Vietnam's Convenience Food Market distinct from others in the region.
Underlying macroeconomic factors: The Convenience Food Market within The Food market in Vietnam is heavily influenced by macroeconomic factors such as the country's economic growth, consumer spending patterns, and trade policies. Vietnam's rapid economic growth and rising disposable incomes have led to an increase in demand for convenience food products. Moreover, the government's efforts to improve the country's infrastructure and promote foreign investment in the food industry have also contributed to the market's growth. However, the market is facing challenges such as inflation, rising food prices, and changing consumer preferences, which could potentially hinder its growth in the future.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
