Welcome to our agency’s comprehensive and informative report on the online food delivery market in Vietnam sourced from Statista. In this post, we will delve into the growth and potential of the online food delivery industry in Vietnam, providing a detailed overview of market size, revenue, user penetration, leading apps, and consumer behaviors. By examining these key factors, businesses can gain valuable insights to navigate the dynamic landscape and capitalize on the abundant opportunities presented by the thriving online food delivery market in Vietnam.
- Overview:
The online food delivery market in Vietnam has experienced remarkable growth, fueled by shifting consumer behavior and the profound impact of the COVID-19 pandemic. Despite the challenges faced by the accommodation and food services sector, which witnessed a decline in its GDP contribution, the online food delivery industry has remained resilient, showcasing its adaptability and significance in meeting the evolving demands of consumers.
- Market Size and Revenue:
The market size of the online food delivery industry in Vietnam has exhibited a gradual decline in its growth rate, transitioning from an impressive 96.8% per year between 2016 and 2020 to a still formidable 35.8% per year from 2021 to 2025. By 2025, the market is projected to reach a substantial value of 2,709.7 million USD. In 2020, the revenue of Vietnam’s online food delivery market amounted to 302 million USD, boasting an average growth rate of 43.62% per year. The estimated revenue for 2024 stands at 557 million USD, with the Restaurant-to-Consumer Delivery segment accounting for 79% of the total revenue and the Platform-to-Consumer Delivery segment making up the remaining 21%.
- Users and Penetration:
In 2020, the penetration rate of online food delivery platforms in Vietnam was recorded at 2.3%, while the food restaurant delivery penetration rate stood at 8.5%. Looking ahead to 2024, the number of people utilizing restaurant food delivery services is expected to surge to 7 million, with the Restaurant-to-Consumer Delivery service emerging as the preferred option among consumers. The COVID-19 pandemic has played a significant role in fostering the growth of new users, who now constitute 20% of the pre-pandemic user base, underscoring the transformative impact of the crisis on consumer behavior.
- Leading Apps:
When it comes to leading apps in the online food delivery market, Now Delivery (Shopee Food) has emerged as the dominant player, capturing an impressive 42% of the market share in 2020. Grab Food closely follows with a substantial 40% market share, while GOjek and Baemin each account for 9%. These apps have garnered popularity among consumers, particularly millennials, who appreciate the unparalleled convenience of door-to-door delivery services and the seamless experience facilitated by mobile payment options.
- Online Grocers:
The online grocery category has witnessed a substantial 13% increase in web traffic, signifying a significant shift in consumer behavior. Notably, during the COVID-19 pandemic, Google searches related to online grocery shopping in Vietnam saw remarkable surges in fresh food items (99%), beverages (51%), pre-packaged items (30%), and fruits and vegetables (11%). This trend highlights the growing importance of online grocery shopping and the increasing preference for the convenience and safety it offers.
- Consumer Behaviors:
Delivery apps have firmly established themselves as the preferred method for ordering food among consumers in Vietnam, capturing a significant 82% of respondents. Additionally, social networks (30%), telephone (28%), and dedicated app stores (23%) are also utilized for food ordering purposes. A survey conducted in 2020 revealed that the majority of respondents ordered food multiple times a month, with lunch being the most popular mealtime for online food delivery.
In conclusion, the online food delivery industry in Vietnam presents significant opportunities for growth in the 4.0 era, with increasing demand for convenient solutions driven by urbanization and technological advancements. To remain competitive, businesses must understand and meet the evolving needs of users. By leveraging the insights from this report, companies can develop strategies to tap into the vast potential of the online food delivery market in Vietnam.
Key Takeaways:
- The online food delivery market in Vietnam has exhibited robust growth, fueled by shifting consumer behavior and the impact of the pandemic.
- Despite challenges faced by the accommodation and food services sector, the online food delivery industry continues to thrive, presenting significant opportunities for businesses.
- The revenue of Vietnam’s online food delivery market has experienced an average annual growth rate of 43.62%, with an estimated revenue of 557 million USD by 2024.
- Now Delivery (Shopee Food) and Grab Food dominate the market, with other players like GOjek and Baemin also gaining traction among consumers.
- Delivery apps have become the preferred method for ordering food, with a majority of consumers using mobile platforms for convenience and ease of payment.
- The online grocery category has witnessed increased web traffic, highlighting the growing demand for fresh food items and the convenience of online shopping.
- The number of users utilizing online food delivery services is projected to grow, reaching 7 million by 2024, with a significant increase in new users during the pandemic.
- The millennial demographic, characterized by busy lifestyles and reliance on smartphone apps, represents a key target audience for online food delivery services.
- Businesses operating in the online food delivery market need to understand user needs, enhance competitiveness, and differentiate themselves through service quality, variety of offerings, and efficient delivery.
- The ongoing urbanization and technological advancements in Vietnam provide ample room for the online food delivery industry to further expand and develop.
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