Food - Vietnam

Vietnam

Revenue in the Food market amounts to US$92.49bn in 2024. The market is expected to grow annually by 7.23% (CAGR 2024-2029).
The market's largest segment is the segment Bread & Cereal Products with a market volume of US$16.46bn in 2024.
In global comparison, most revenue is generated in China (US$1,601bn in 2024).
In relation to total population figures, per person revenues of US$915.90 are generated in 2024.
In the Food market, 2.5% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 39.39bn kg by 2029. The Food market is expected to show a volume growth of 4.3% in 2025.
The average volume per person in the Food market is expected to amount to 326.90kg in 2024.

Key regions: United States, Canada, China, India, South Korea

Definition:

The food market covers all edible products that are bought and consumed for nutrient-based purposes. The market includes both fresh and processed foods.

Structure:

The market consists of 13 different markets:

The Dairy products & Eggs market covers animal products, such as milk, eggs and products made from mammal’s milk and non-animal products, such as milk substitutes. This market is divided into six subsegments that include milk, milk substitutes, yogurt, cheese, eggs and other dairy products and eggs.
The Meat market covers animal products, such as pork, poultry, and free-from meat products, such as meat substitutes. This market is divided into three submarkets: fresh meat, processed meat, and meat substitutes.
The Fish & Seafood market covers products made from fish and seafood. This market is divided into three submarkets: fresh fish, fresh seafood, and processed fish & seafood.
Fruits & Nuts cover edible fruits and nuts. This market is divided into three submarkets: fresh fruits, processed & frozen fruits, and nuts.
The Vegetables market covers edible plants. This market is divided into two submarkets: fresh vegetables, processed & frozen vegetables.
The Bread & Cereal products market covers baked goods made from dough. Dough is made using flour, water, a leavening agent, and other optional ingredients. This market also covers products made from cereals that are usually used as part of a main meal. This market is divided into five submarkets: bread, pasta, rice, breakfast cereals and other cereal products.
The Oils and Fats market covers both edible oils and fats made from animals and plants. This market is divided into four submarkets: butter, margarine, edible oils, and other oils & fats.
The Sauces and Spices market covers additional ingredients used during the food preparation process and is divided into three submarkets: tomato ketchup, other sauces, and spices & culinary herbs.
The Convenience food market covers prepared food and meals that require little effort to prepare. This market is divided into two subsegments, soups and ready-to-eat meals.
The Spreads and Sweeteners market covers spreads and ingredients added to food or beverages to give it a sweet flavor. This market is divided into two subsegments, spreads and sweeteners.
The Confectionery & Snacks market covers sweet, savory, and salty food. This market is divided into two subsegments, confectionery and snacks.
The Baby food market covers food that is only meant to be consumed by babies and small children.
The Pet food market covers food that is intended for pet use only.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), and sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included. The out-of-home revenue data is only shown as a separate box at the market level.

For more information on the displayed data, click the info button on the right side of each box.

Market

Region

Region comparison

Currency

Analyst Opinion

The Food market in Vietnam has been experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing competition, and fluctuations in raw material prices. Despite the growing demand for convenience and processed food, traditional food products such as rice and vegetables still dominate the market. Additionally, the rising focus on sustainable and healthy eating habits has led to a shift towards organic and locally sourced food products. These factors contribute to the slow growth rate of the overall food market in Vietnam.

Customer preferences: As the younger generation in Vietnam becomes more health-conscious, there has been a noticeable increase in demand for organic and locally-sourced food products. This trend is driven by a growing awareness of the benefits of sustainable and environmentally-friendly consumption. In addition, with the rise of social media and influencer culture, there is a growing interest in trying new and exotic foods, leading to a surge in demand for international cuisines and fusion dishes. This shift towards mindful and diverse food choices is also influenced by the increasing number of international tourists and expats in the country.

Trends in the market: In Vietnam, The Food market industry is experiencing a surge in demand for organic and locally sourced products. This trend is driven by a growing consumer awareness of health and environmental concerns, as well as a desire for authentic and traditional flavors. Additionally, there is a rise in online food delivery services, catering to the busy urban population. This trend is expected to continue, as more consumers turn to convenient and healthy options. Furthermore, there is a push for sustainable and ethical practices in the industry, with a focus on reducing food waste and promoting fair trade. These trends present opportunities for industry stakeholders to adapt and innovate in order to meet the changing demands of consumers and stay ahead in the competitive market.

Local special circumstances: In Vietnam, The Food market is heavily influenced by the country's diverse geography and rich culinary traditions. The fertile Mekong Delta region produces a wide variety of fruits, vegetables, and seafood, while the mountainous regions are known for their unique spices and herbs. Additionally, Vietnam's cultural emphasis on fresh and locally sourced ingredients drives the demand for traditional, street-style food markets. The government's strict regulations on food safety and hygiene have also contributed to the development of the modern food market system in Vietnam, ensuring quality and safety for consumers.

Underlying macroeconomic factors: The Food market in Vietnam is greatly impacted by macroeconomic factors such as the country's economic growth, government policies, and global market trends. Vietnam's strong economic growth over the past decade has led to an increase in disposable income and a shift towards a more urbanized lifestyle, driving the demand for convenience and processed foods. Furthermore, favorable fiscal policies and government support towards the agriculture sector have stimulated the production of food products, contributing to the growth of The Food market. However, challenges such as food safety and supply chain logistics continue to hinder market growth. Nevertheless, with a young and increasingly affluent population, Vietnam's Food Market is poised for continued growth in the coming years.

Methodology

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.