The Vietnam Ready-To-Eat Food Market was estimated at USD 410 million in 2022 and is expected to reach USD 957.88 million by 2030. The market is expected to increase significantly in recent years and projected to witness a CAGR of 11.19% during the forecast period 2023–2030. The main drivers boosting the growth of the ready-to-eat food market in Vietnam include increased e-commerce sales, a rise in consumer health consciousness, and continued technological advancements in packaging. The demand for frozen food is growing across the nation due to rapid urbanization and an increase in the number of women employed. The retail sector is becoming more digitalized, and e-commerce is expanding its market share, giving consumers more access to high-quality frozen food products. According to the World Bank, 74.21% of people in Vietnam were estimated to be internet users in 2021. Industry participants are investing in creating an effective supply chain to meet the expanding consumer needs and offer extra amenities like prompt doorstep delivery and generous discounts to attract customers.
Furthermore, manufacturers in the Vietnam Ready-To-Eat Food Market continuously engage in innovation and product development to align with evolving consumer preferences. Numerous companies are diversifying their product lines by incorporating many ready-to-eat meals and beverages. The industry is witnessing a notable rise in investment, with companies expanding their operations and production capabilities to keep pace with the increasing demand for ready-to-eat options. Moreover, several companies are forging partnerships and collaborations with other industry players to enhance the variety of their product offerings further.
Increasing Busy Schedules
The main factor influencing the market expansion include hectic lifestyles, which have increased consumer desire for easy-to-prepare meals. Long working hours, commutes, and other daily commitments leave little time for cooking and meal preparation. Ready-to-eat food products provide a convenient solution for individuals with busy schedules. They offer quick and easy meal options that require minimal preparation time, allowing people to enjoy a hot, delicious, and satisfying meal without investing much time or effort. The demand for ready-to-eat food is also increasing in Vietnam due to the country’s fast urbanization. Due to rising disposable incomes, Vietnamese customers are more willing to spend more on high-end and convenient food items, resulting in the market for ready-to-eat food expanding. Thanks to the expanding number of supermarkets and hypermarkets, customers may now easily access and buy ready-to-eat food products. In addition, a movement in customer preferences towards wholesome, ready-to-eat food options has increased the number of healthier options available in the market.
Meeting Consumer Preferences
Vietnamese consumers are increasingly seeking out options that are quick, easy, and convenient to prepare, as well as healthy and affordable. To meet shifting consumer demands, producers in the Vietnam ready-to-eat food sector are continually producing new items. Several businesses are diversifying their product offerings to include a variety of prepared food and drinks. In order to fulfil the rising demand for ready-to-eat meals, there has been an increase in investment in the Vietnam ready-to-eat food industry, with several businesses extending their operations and production capabilities. In 2022, Charoen Pokphand Foods Public Company Limited achieved a revenue of USD 17.8 million from sales, demonstrating a 20% increase compared to the previous year. Many businesses are now forging alliances and partnerships with other market participants to offer a broader range of products.
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Rise of Convenience Stores
The demand for ready meals is now expanding beyond Western countries, and Vietnam is no exception. The emergence of convenience stores such as FamilyMart, Circle K, GS 25, and Ministop is catering to urban shoppers seeking convenient ready-to-eat food options. These stores strategically position themselves in high-traffic locations to attract on-the-go consumers. Their offerings typically include a modest selection of prepared food that can be conveniently heated in a microwave, along with various beverage choices. As more people lead busy lives, convenience stores strategically position themselves in high-traffic locations, making it convenient for on-the-go consumers to access ready-to-eat food options. These stores offer a diverse range of prepared meals that are easy to consume, with many items designed to be heated in a microwave for quick consumption.
The convenience of grabbing a ready-to-eat meal or snack while on the move appeals to busy professionals, students, and individuals with limited time for meal preparation. Furthermore, the selection of ready-to-eat food products in convenience stores continues to expand to meet consumers’ evolving preferences. As these stores become go-to destinations for quick and hassle-free meals, the demand for ready-to-eat food in Vietnam experiences significant growth.
Impact of COVID-19
Due to the increased local involvement in the purchase of dry food as a result of cleanliness concerns, it is projected that the expansion of COVID-19 will boost the sales of Ready-To-Eat Food throughout Vietnam. However, it is projected that the rapid increase in demand for packaged foods in 2020 will be hampered by a shortfall in supply caused by the complete lockdown and stoppage of industrial activities. However, increased hygiene concerns in the later part of 2020 and the beginning of 2021 would present profitable growth prospects for the Vietnam Ready-To-Eat Food market in the upcoming years because it would take time for the COVID spread to slow down.
Vietnam Ready-To-Eat Food Market: Report Scope
“Vietnam Ready-To-Eat Food Market Assessment, Opportunities, and Forecast, 2016–2030F”, is a comprehensive report by Markets and Data, providing in-depth analysis and assessment of the current state of affairs of the Ready-To-Eat Food market in Vietnam, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19, opportunities, and forecasts (2023–2030). Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
Report Attribute
Details
Base Year of the Analysis
2022
Historical Period
2016–2021
Forecast Period
2023–2030
Projected Growth Rate
CAGR of 11.19% from 2023–2030
Revenue Forecast in 2030
USD 957.88 million
Units
Revenue in USD million
Segments Covered
Category, Packaging Type, End-user, Distribution Channel
Regions Covered
Northern, Central and Southern
Key Companies Profiled
Charoen Pokphand Foods Public Company Limited, Minh Phu Seafood Joint Stock Company, Sao Ta Food Joint Stock Company, Gourmet Distribution Co., Ltd (Annam Gourmet Store), Vinh Hoan Corporation, Acecook Vietnam Joint Stock Company, McCain Foods Limited, Dalat — Japan Food Co., Ltd
Customization Scope
15% free report customization with purchase
Pricing and Purchase Options
Avail the customized purchase options to fulfil your precise research needs
Delivery Format
PDF and Excel through email (subject to the license purchased). We can also provide the editable version of the report in PPT/PDF format on special request
In this report, Vietnam Ready-To-Eat Food Market has been segmented into the following categories:
1. By Category
1.1. Instant Breakfast/Cereals
1.2. Instant Soups and Snacks
1.3. Baked Goods
1.4. Meat/Poultry
1.5. Others
2. By Packaging Type
2.1. Canned
2.2. Frozen or Chilled
2.3. Retort
2.4. Others
3. By End-user
3.1. Residential
3.2. Food Service
3.3. Institutional
4. By Distribution Channel
4.1. Online
4.2. Offline
4.2.1. Supermarkets/Hypermarkets
4.2.2. Departmental Stores
4.2.3. Convenience Stores
4.2.4. Others
5. By Region
5.1. Northern
5.2. Central
5.3. Southern
Key Players Landscape and Outlook
There are many companies in Vietnam, competing for customers in the fiercely competitive Ready-To-Eat Food business, including Charoen Pokphand Foods Public Company Limited, Vinh Hoan Corporation, Acecook Vietnam Joint Stock Company, and Sao Ta Food Joint Stock Company. By investing in distribution channels, these firms ensure easy accessibility of their products, which positively impacts their market share and revenue growth. Furthermore, several major market players are working on manufacturing new innovative food items to satisfy the cravings of the younger generations. In July 2023, Acecook launched dehyderated instant soup cubes called Kanli, which are now easily available in supermarkets including E-Mart, Family Mart and Aeon.
Vietnam’s culinary scene is undergoing a delightful transformation with the growing popularity of ready-to-eat (RTE) foods. As the demand for convenient yet delicious options rises due to busy lifestyles and evolving consumer preferences, Vietnam’s RTE food market is experiencing significant growth. This blog post explores the size and dynamics of Vietnam’s ready-to-eat food market, delving into the factors contributing to its expansion.
The Current Culinary Landscape: In response to hectic schedules and a rising preference for convenience, ready-to-eat foods have become a staple for many Vietnamese consumers. These hassle-free options provide a diverse range of choices, from traditional Vietnamese dishes to globally-inspired cuisines.
Factors Driving Growth:
1. Changing Lifestyles: Modern lifestyles, marked by busy work schedules and a desire for time-saving solutions, are fueling the demand for convenient food options.
2. Urbanization and On-the-Go Culture: The trend of urbanization in Vietnam has given rise to an on-the-go culture, prompting consumers to seek quick and easy meal solutions that align with their fast-paced lives.
3. Diverse Product Offerings: Vietnam’s RTE food market offers a wide variety of options, including packaged meals, snacks, and frozen selections, catering to the changing taste preferences of consumers.
4. COVID-19 Impact: The COVID-19 pandemic has influenced consumer behavior, with an increased focus on packaged and RTE foods due to hygiene concerns and a shift towards home-based consumption.
Market Size and Forecast: Vietnam’s ready-to-eat food market is witnessing substantial expansion, with a projected growth attributed to several factors:
1. Increasing Disposable Income: As disposable income rises, consumers are more inclined to choose convenient food solutions, contributing to the market’s growth.
2. Retail Expansion: The proliferation of modern retail outlets and online platforms has extended the reach of RTE foods, making them easily accessible to a broader consumer base.
3. Innovation in Product Offerings: Continuous innovation in RTE product offerings, including healthier options and international cuisines, is attracting a diverse consumer demographic.
4. Consumer Awareness and Preferences: Growing awareness of RTE options and changing consumer preferences towards hassle-free yet tasty meals are driving market expansion.
Challenges and Opportunities:
1. Health and Nutrition Concerns: While convenience is crucial, there is a growing awareness of health and nutrition. Brands that address these concerns and provide healthier RTE options may find a growing market.
2. Competition and Quality Standards: The RTE food market is competitive, and maintaining high-quality standards is crucial for sustained success. Brands that prioritize quality and authenticity stand to gain consumer trust.
Vietnam’s ready-to-eat food market is not merely about convenience; it’s a journey reflecting the changing lifestyles and tastes of consumers. As the market continues to grow, fueled by factors like changing lifestyles, urbanization, and a diverse product landscape, it presents exciting opportunities for both consumers and businesses. The future promises a delightful array of ready-to-eat options, making mealtime not only convenient but also a flavorful culinary experience in Vietnam. Here’s to the evolution of Vietnam’s food culture, one ready-to-eat bite at a time!
Key Players Operating in the Vietnam Ready-To-Eat Food Market
· Charoen Pokphand Foods Public Company Limited
· Minh Phu Seafood Joint Stock Company
· Sao Ta Food Joint Stock Company
· Gourmet Distribution Co., Ltd (Annam Gourmet Store)
· Vinh Hoan Corporation
· Acecook Vietnam Joint Stock Company
· McCain Foods Limited
· Dalat — Japan Food Co., Ltd
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