Vietnam Online Food Delivery Market is Expected to Reach US$ 861 Million by 2024
Over the years, the Vietnam online food delivery market has been witnessing a robust growth. This can be highly attributed to changing lifestyles, increasing young population as well as various technological developments in food industry.
According to the latest report by IMARC Group, titled “Vietnam Online Food Delivery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the Vietnam online food delivery market reached a value of US$ 196 Million in 2017. Online food delivery refers to the process of ordering food from a food cooperative or restaurant through mobile application or webpage which offer filters and different types of paying methods as per the need of consumers. The online service helps consumers to order food with optimum convenience and easy accessibility. They are also able to compare the prices and menus of several restaurants and food service providers by using various modes of online food delivery applications. In addition, these websites and applications provide a wide variety of food options depending upon the preferences of the consumers including Vietnamese Cuisines, Western Cuisines, and South Asian Cuisines among others.
Currently, the food service industry in Vietnam is experiencing a strong growth which is creating numerous opportunities for the online food delivery market in the region. Apart from this, over the past decade, there have been several technological developments in the Vietnam food industry which help in identifying recurring customers and, in turn, recommend them new food items based upon their previous orders. There has also been a rapid change in the lifestyles of consumers on account of rising urbanisation and busy work schedules which has obligated them to opt for convenient food options. These are some of the factors which are proliferating the growth of the market in Vietnam. Moreover, the number of millennials is on a rise in the country which is further expected to support the market growth. However, various logistical challenges being faced by companies lead to a delay in the delivery of food which is obstructing the overall growth of the Vietnam online food delivery market. Looking forward, the online food delivery market in Vietnam value is projected to exceed US$ 861 Million by 2023, expanding at a CAGR of 26% during 2018-2023.
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Market Summary:
- On the basis of mode of ordering, the market has been segmented into mobile application and website. Currently, mobile application represents the popular order method as they are faster as compared to websites.
- The online food delivery market in Vietnam is segregated based on the availability of different cuisines such as Vietnamese cuisine, western cuisine, Italian cuisine and South Asian cuisine. Amongst these, consumers mostly prefer Vietnamese cuisine owing to the increasing number of local online food vendors.
- On a regional-basis, Southern Vietnam is the largest market for online food delivery, holding the majority of the share. This is due to the fact that the region includes some of the largest cities of Vietnam with rising internet and mobile penetration. Southern Vietnam is followed by Northern Vietnam and Central Vietnam.
- The competitive landscape of the market has also been examined with some of the key players being Vietnammm.com (Takeaway.Com N.V.), Foody.vn, Now.vn, Eat.vn and Grab food.
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