According to the culinary business market report in Vietnam in 2023, economic difficulties do not affect the habit of “going to cafes” of Vietnamese people, and the frequency even increases slightly.
On March 27, iPOS – a specialized market research consulting unit in the food and beverage service (F&B) industry – released a report on the culinary business market in Vietnam in 2023. Data based on results In-depth survey results from nearly 3,000 F&B business owners and nearly 4,000 diners in Vietnam with many different ages and professions.
According to the report, by the end of 2023, the number of restaurants/cafes in Vietnam will reach 317,300 stores, an increase of 1.26% compared to the previous year. The growth rate is considered to be lower than predicted in early 2023 due to the “wave” of closure of small and medium-sized F&B stores and the strategy of reducing the branch size of large enterprises.
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The scale of the food and beverage business segment tends to expand in 2023.
Among them, the southern provinces continue to become the area with the largest concentration of restaurants and coffee shops with a market share of more than 46.6%. The rates in the North and Central regions are 37.1% and 16.3%, respectively. Considering each province and city, Hanoi is accounting for a large proportion, with the number of food businesses about to catch up with Ho Chi Minh City.
In 2023, the F&B market will have a revenue exceeding VND 590,000 billion, growing more than 11.6% compared to the previous year. According to data from the General Statistics Office in 2023, Vietnam will record an average inflation rate of 3.25% for the whole year 2023. If inflation is included, real revenue growth is only about 8.35%. However, this is still considered a positive sign because they are still willing to spend on F&B services.
In particular, the scale of the online food delivery market reached VND 52,400 billion, showing that the habit of ordering food online among Vietnamese people is increasingly popular because of many conveniences. This is also a “fertile land” that F&B businesses can exploit effectively in parallel with on-site sales.
Besides, iPOS’s report points out new trends in people eating out. According to data, the proportion of revenue coming from the full service restaurant sector reached 68%. The strong structure mentioned above comes from the increase in investment and opening of new full restaurants.
“The year 2023 will witness outstanding growth of the mid- and high-end restaurant business, not only due to the corresponding increase in the number of middle-class customers, but also from the Michelin award effect in Vietnam,” Mr. Do Duy Thanh – Director of consulting and training company FnB Director – said.
Vietnamese people’s habit of drinking coffee can help stabilize beverage business.
Also last year, the number of diners using outside culinary services was quite high. Up to 17.1% of diners eat out every day, 28.9% of diners admit to eating out 3-4 times a week.
In terms of gender, the rate of men eating out every day is 21.1% while this figure for women is 14.4%. This demonstrates the difference in eating habits between the sexes. Men tend to eat out more often due to living habits, busy work, convenience, or preference for gathering with friends. Meanwhile, women often spend more time cooking at home, possibly due to concerns about health, nutrition and food safety for themselves and their families.
Economic difficulties do not affect the habit of “going to coffee” of Vietnamese people, in fact the frequency has even increased slightly. Research shows that 42.6% of Vietnamese people “go to cafes” about 1-2 times a month in 2023, a higher increase compared to 2022. At the same time, up to 6.1% of survey participants admitted to going to cafes. coffee every day. This is a group of customers who regularly come to the coffee shop for business meetings, while the rest are student and freelance customer groups.
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