Welcome to our comprehensive report on the rapidly growing online food delivery market in Vietnam, sourced by Statista. Over the past years, Vietnam has experienced remarkable advancements in the online food delivery industry, with no signs of its momentum slowing down. In this report, we will delve into various aspects of this thriving market, including an overview of its current state, revenue figures, user penetration rates, leading apps, online grocers, and consumer behaviors. Join us on this enlightening journey as we uncover fascinating insights about Vietnam’s flourishing online food delivery landscape.
I. Overview:
To gain a deeper understanding of Vietnam’s online food delivery market, let us begin by examining the contribution of the accommodation and food services sector to the country’s GDP. From 2015 to 2019, this sector accounted for an impressive 3.8% of the GDP. However, the pandemic’s impact caused a slight decline, bringing it down to 3.14% in 2020. Despite this setback, the online food delivery market showcased substantial growth and resilience. Looking ahead, projections indicate a bright future, with the market size expected to reach a remarkable 2,709.7 million USD by 2025.
II. Revenue:
When it comes to revenue, Vietnam’s online food delivery market has demonstrated its immense potential. In 2020 alone, the market generated a staggering $302 million in revenue, boasting an average annual growth rate of 43.62%. Such impressive growth trajectory instills confidence in the market’s prospects, as revenue is estimated to reach a remarkable $557 million by 2024. Notably, the Restaurant-to-Consumer Delivery segment takes the lion’s share of approximately 79% of the revenue, while the Platform-to-Consumer Delivery segment contributes the remaining 21%, highlighting the diverse revenue streams within the market.
III. Users and Penetration:
Understanding the user base and penetration rates is crucial in assessing the reach and impact of online food delivery platforms in Vietnam. In 2020, the penetration rate of online food delivery platforms stood at 2.3%, while restaurant food delivery enjoyed a higher penetration rate of 8.5%. Looking ahead, the number of individuals availing restaurant food delivery services is projected to surge, reaching an estimated 7 million users by 2024. It is worth noting that during the challenging times of the COVID-19 pandemic, new users accounted for an impressive 20% of the pre-pandemic user base, signaling a significant increase in market adoption.
IV. Leading Apps:
Our report takes a closer look at the leading food delivery apps that dominate the Vietnamese market. Now Delivery, now known as Shopee Food, has emerged as the clear leader, capturing the largest market share at an impressive 42%. Following closely behind is Grab Food, with a substantial 40% market share. Other significant players in the market include GOjek at 9% and Baemin, also at 9%. These findings are reinforced by a comprehensive survey conducted in two major cities, Hanoi and Ho Chi Minh City, which identified GrabFood and Now as the most popular food delivery apps among Vietnamese consumers. Furthermore, it is interesting to note that GrabFood and Now tend to attract a higher proportion of users aged 30 and above, showcasing distinct user demographics for each app.
V. Online Grocers:
The report also sheds light on the shifting behavior of web users towards online grocery shopping. Notably, the online grocery category experienced a remarkable 13% increase in web traffic from the fourth quarter of 2020 to the first quarter of 2021. A closer examination of Google searches related to online grocery shopping during the COVID-19 pandemic reveals significant spikes in various product categories. Fresh food items saw a substantial increase of 99%, followed by beverages at 51%, pre-packaged items at 30%, and fruits and vegetables at 11%. These figures highlight the growing trend of Vietnamese consumers turning to online platforms for their grocery needs, showcasing the immense potential for online grocers in the market.
VI. Consumer Behaviors:
Understanding consumer behaviors is paramount to gaining insights into the preferences and habits of Vietnamese consumers in the realm of food delivery. Our report reveals that delivery apps have emerged as the preferred method for ordering food among consumers in Vietnam, with an impressive 82% of respondents opting for this convenient option. However, other avenues, such as social networks, telephone orders, and dedicated store apps, also play a role in the ordering process. Findings from a survey conducted in June 2020 indicate that the majority of respondents ordered food multiple times a month (20%), followed by 3-6 times or 1-2 times a week (19%). A smaller percentage of respondents opted for daily orders. Notably, lunchtime emerged as the peak ordering period, accounting for the highest frequency at an impressive 51%.
In conclusion, individuals are constantly seeking convenient solutions to navigate their busy lives amidst rapid urbanization and technological advancements as we find ourselves in the era of Industry 4.0. In this context, the online food delivery industry in Vietnam is poised for further expansion and development. The proliferation of technology and intelligent devices presents a plethora of opportunities for the sector to thrive and provide valuable services to consumers. However, businesses operating in this industry must prioritize understanding and meeting users’ needs to remain competitive. By delivering exceptional customer experiences, embracing innovative strategies, and staying attuned to evolving market trends, companies can unlock the full potential of Vietnam’s online food delivery sector and secure their position in this ever-growing market.
Key Takeaways
- The online food delivery market in Vietnam is experiencing robust growth and is expected to reach 2,709.7 million USD by 2025.
- Revenue figures indicate steady growth, with the Restaurant-to-Consumer Delivery segment contributing significantly.
- Leading apps include Now Delivery (Shopee Food), Grab Food, GOjek, and Baemin.
- Online grocery shopping has seen increased web traffic, with significant interest in fresh food items.
- Delivery apps are the preferred method for ordering food, with lunchtime being the most popular meal for online delivery.
Contact our Vietnam team for support and assistance in navigating the online food delivery market. Remember, convenience is just a few taps away!
