Vietnam Online Food Delivery Market- Industry Trends & Forecast Report 2027 - PDF document

Vietnam Online Food Delivery Market Growing at a Lightning speed: Projected to Grow at the CAGR of 23.4% by 2027 Vietnam Online Food Delivery Market - Industry Trends & Forecast Report 2027 Summary A recent study, conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that Vietnam online food delivery market was worth USD 523.1 million in 2020. According to the study, the market is estimated to grow at a CAGR of 23.4 %, earning revenue of around USD 2,587.1 million by the end of 2027. Due to the increasing penetration of smartphones and the expanding younger demographic using food ordering apps, the online food delivery market in Vietnam is growing rapidly. Additionall y, the growing working population in the country directly influences the dependence of this demographic on online food delivery services to meet their dietary requirements. Additionally, due to the growing working population in the country, people in this demographic depend more heavily on online food delivery services for their diets . However, the highly volatile price system and the stigma associated with online food delivery may discourage adoption among restaurants and other food outlets, sabotaging the market's growth . Report Overview Vietnam's online food delivery market is driven by a changing food consumption pattern, smartphone penetration, the expanding service sector, and rapid economic growth. Moreover, the myriad advantages offered by online food delivery apps is also favoring t he market’s growth . View report Press release Sample report Vietnam Online Food Delivery Market Growing at a Lightning speed: Projected to Grow at the CAGR of 23.4% by 2027 Vietnam Online Food Delivery Market - Industry Trends & Forecast Report 202 7 Vietnam online food delivery market was worth USD 523.1 million in 2020 and is further projected to reach USD 2,587.1 million by the year 2027, growing at a CAG R of 23.4% during the forecast period. The growth of the online food delivery market in Vietnam is primarily driven by convenience and accessibility. Additionally, a growing working population, driven by the expanding service sector and the increasing pene tration of smartphones, are driving the demand for online food delivery services in Vietnam. Furthermore, the growth of online food delivery services, such as Uber Eats, etc., also contributes to the growth of Vietnam's online food delivery market . Vietnam Online Food Delivery Market - Overvie w Online food delivery services allow users to order food online through websites or apps. In addition to being convenient for customers, such services provide growth opportunities to local eateries and food joints. Orders can be placed with restaurants, food distributors, or from home kitchens. Ordering food from restaurants and making payments online is extremely popular in Vietnam, especially among the young generation. When food is ordered through online websites and apps, consumers enjoy greater transparency and convenience. Due to the ease and speed of online food delivery companies, combined with the reduced hassle and the cashback deals, these services have become very popular i n Vietnam, especially among the younger population . Vietnam Online Food Delivery Market Forecast and Trend s Growth Driver s Economic Development and Increasing Working Populatio n Vietnam is among the fastest - growing economies in the world. In 2019, Vietnam' s growth rate exceeded India's and China's. As the country moves towards economic growth, the number of working adult groups and working - class populations is also increasing, which in turn is anticipated to drive the Vietnam online food delivery market. Th us, the rising workload and hectic lifestyle of Millennials are contributing to the need for convenient food options, fueling the growth of the Vietnam online food services market . Growing Smartphone Penetratio n Vietnamese smartphone users top the list at 61 million, ranking Vietnam 10th worldwide. By 2025, the number of users is projected to increase to 82.15 million. With an increasing number of smartphone users, the potential consumer demographic will expand, providing restaurants and food outlet owners with an opportunity to grow their revenue by using online food ordering services. Additionally, the increase in smartphone ownership in the country is expected to spur the usage of online payment apps and wallets, further fueling growth in this marke t . Vietnam Online Food Delivery Market Growing at a Lightning speed: Projected to Grow at the CAGR of 23.4% by 2027 Res traint s Limited Acceptance of Online Food Delivery Among Local Food Joint s The popularity of online food delivery platforms is limited to smartphone users. Older people who own food joints are reluctant to move to online platforms due to biases such as flu ctuating prices and heavy discounts offered by food delivery apps. Moreover, a lack of technical knowledge about online food services, the setup, online payments, and digital wallets among most restaurant and food outlet owners can significantly restrain t he market's growth during the forecast period . Impact of COVID - 19 on Vietnam Online Food Delivery Marke t Vietnam was among the few countries that could control the virus spread during the initial outbreak in the year 2020. Despite this, the government had to impose lockdowns and social distancing norms to curb the spread of the virus, which hindered the operations of restaurants and food outlets. This drove the restaurant owners to switch their services to online platforms, thus creating significant growth opportunities. Moreover, the growing number of work - at - home scenarios has fueled the demand for online food delivery services, especially among the working classes . Vietnam Online Food Delivery Market - By Typ e Based on types, the Vietnam online food deliv ery market is segmented into restaurant - to - consumer and platform - to - consumer. The platform - to - consumer segment holds the largest market share as these platforms offer an aggregate of restaurants under one roof to add to the convenience of customers. Howeve r, the restaurant - to - consumer segment also covers a significant share in the market and is projected to register substantial growth during the forecast period. This type of service is popular among global food giants, such as KFC and McDonald’s . Vietnam On line Food Delivery Market - By Payment Typ e Based on payment types, the Vietnam online food delivery market is grouped into cash on delivery and online segment. The online payment options accounted for the largest share in the Vietnam online food delivery market. The growing popularity and security of the online payment apps and digital wallets, such as VinID Pay, Airpay, Moca (Grab Platform), MoMo play a key role in propelling the country’s online food delivery services forward. These platforms launch thei r own in - app payment apps and partner with popular apps to offer deals and discounts to attract consumers, which drives the growth of the online payment segment . Vietnam Online Food Delivery Market Growing at a Lightning speed: Projected to Grow at the CAGR of 23.4% by 2027 Global Chocolate Market - Regional Insight s Geographically, the Vietnam online food delivery m arket is segmented into Northwest, Northeast, Red River Delta, North Central Coast, South Central Coast, Central Highlands, Southeast, and Mekong River Delta. Vietnam's south - central coast dominates the online food delivery market due to the presence of Ho Chi Minh City, which accounts for 22 percent of the national GDP. As a result of a high concentration of working population and smartphone users, the region’s online food delivery market is growing rapidly . Competitive Landscap e The leading players in the Vietnam online food delivery market are Ha Noi, Ho Chi Minh City, Grab Food and Now, Go - Food, Baemin, Bach Hoa Xanh, Loship, BeChef, The Coffee House, Mio, Jollibee Vietnam, and other prominent players . The market is still flouri shing and is highly fragmented and has several industry participants. Additionally, new entrants are emerging and are adopting unique marketing strategies to create brand awareness. The market players also partner with restaurants and other food joints to expand their offering to their customers. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market . Recent Developmen t  I n August 2021, Loship, a leading Vietnamese on - demand e - commerce platfor m that offers one - hour deliveries for a large range of products and services, including food, ride - hailing, medicine, etc . , announced to have raised USD 12 million in a pre - series C funding which was co - led by BAce Capital and Sun Hung Kai & Co. Ltd . Scope of the Report : Attribute s Detail s Years Considere d Historical data – 2017 - 202 0 Base Year – 202 0 Forecast – 2021 – 202 7 Vietnam Online Food Delivery Market Growing at a Lightning speed: Projected to Grow at the CAGR of 23.4% by 2027 Facts Covere d Revenue in USD Millio n Market Coverag e Vietna m Product Service/Segmentatio n By Typ e , By Channel Type, By Payment Method, By Regio n Key Player s Ha Noi, Ho Chi Minh City, Grab Food and Now, Go - Food, Baemin, Bach Hoa Xanh, Loship, BeChef, The Coffee House, Mio, Jollibee Vietnam, and other prominent playe rs . By Typ e  Restaurant - to - Consume r  Platform - to - Consume r By Channel Typ e Ø Websites/Deskto p Ø Mobile Application s By Payment Metho d Ø Cash on Deliver y Ø Onlin e By Regio n Ø Northwes t Ø Northeas t Ø Red River Delt a Ø North Central Coas t Ø South Central Coas t Vietnam Online Food Delivery Market Growing at a Lightning speed: Projected to Grow at the CAGR of 23.4% by 2027 Ø Central Highland s Ø Southeas t Ø Mekong River Delt a About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. You get well - researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and tim ely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk - return trade - off. 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