PRESS RELEASE: iPOS.vn and Nestlé Professional Announce the Vietnam Food & Beverage Market Report 2024

Announcement

18/03/2025

Ho Chi Minh City, March 18, 2025 – iPOS.vn and Nestlé Professional officially announce the Vietnam Food & Beverage Market Report 2024. This is an annual in-depth research project jointly conducted by iPOS.vn and Nestlé Vietnam Ltd., with data advisory and validation provided by Vietnam Industry Research and Consulting Joint Stock Company (VIRAC).

The “Vietnam Food & Beverage Market Report 2024” (hereinafter referred to as the Report) is developed based on research involving 4,005 restaurants/cafés and 4,453 diners nationwide. In addition, the Report integrates multiple secondary data sources from reputable market research organizations and in-depth interviews with nearly 100 F&B experts and business leaders in Vietnam.

The Report provides the most comprehensive overview of Vietnam’s food and beverage industry in 2024 through four main sections:

Section One presents an overall assessment of the F&B market in 2024, including growth rates in the number of outlets and total industry revenue.
Section Two analyzes and evaluates the business performance of the food and beverage sector in 2024 based on research of over 4,000 F&B businesses nationwide.
Section Three examines consumer behavior in 2024 through a survey of nearly 4,500 respondents across 64 provinces and cities.
Section Four forecasts business potential and key culinary trends in Vietnam for 2025.

Mr. Vu Thanh Hung, Chief Executive Officer of iPOS.vn, shared:

“The year 2024 marked significant fluctuations in Vietnam’s F&B market. Despite facing common challenges such as rising raw material costs, total industry revenue still recorded growth, although profit margins were affected. Nevertheless, there are encouraging signs as consumer spending remained relatively resilient. The Vietnam Food & Beverage Market Report 2024 is one of our annual initiatives, aimed at providing valuable insights to businesses and individuals interested in the F&B sector, helping them gain a more objective view of the market.”

Mr. Le Quang Long, Representative of Nestlé Professional, commented:

“Vietnam’s F&B market is always full of potential, yet not without challenges. This year, Nestlé Professional is proud and honored to collaborate with iPOS.vn in delivering the Vietnam Food & Beverage Market Report 2024. With the goal of providing the latest market updates, insights into changing consumer needs and tastes, we hope this report will support F&B businesses in shaping strategies and optimizing operations going forward, contributing together to the sustainable and successful development of Vietnam’s F&B market.”

Vietnam F&B Market 2024: Rare Bright Spots as the Economy Hits a Low Point

According to the Report, by the end of 2024, the total number of F&B outlets in Vietnam is estimated at 323,010, representing a 1.8% increase year-on-year. Despite consumption pressures, total F&B industry revenue in 2024 reached approximately VND 688.8 trillion, up 16.6% compared to 2023.

However, although overall revenue increased, a survey of 4,005 F&B businesses nationwide shows that only 25.5% reported stable revenue compared to 2023, while 14.7% experienced growth. Under pressure from rising raw material costs, up to 49.2% of F&B businesses plan to increase prices in 2025 to offset cost pressures.

Based on research involving nearly 4,500 diners, the Report indicates that consumer spending has not declined but is increasingly focused on better quality at reasonable prices. Dining out on weekends has become particularly popular, with occasional and frequent diners accounting for nearly 70%. Unlike the post-pandemic trends of previous years, 52.3% of Vietnamese consumers now prioritize spending under VND 35,000 per beverage, reflecting a more budget-conscious mindset. However, out-of-home beverage consumption increased significantly compared to 2023, with the proportion of frequent consumers (3–4 times per week) rising sharply from 17.4% in 2023 to 32.8% in 2024.

New Culinary Trends Gaining Traction in 2024

After a vibrant year of explosive culinary trends in 2023, Vietnam’s F&B market in 2024 showed clear signs of slowdown. 52.8% of businesses admitted they did not follow any food trends, reflecting a more cautious investment mindset.

Nevertheless, several notable trends emerged. Matcha-based beverages took the lead, with 29.6% of businesses adopting them, making Matcha the most prominent new trend in Vietnam’s F&B sector. Meanwhile, strong-flavored tea, a major trend in 2023, showed signs of saturation, with adoption declining to 21.4%. Previously, many businesses had invested heavily in specialty oolong teas, Shan Tuyet tea, and other bold-flavored teas emphasizing traditional tea-drinking experiences.

Vietnam F&B Industry 2025: Promising Outlook with Emerging Trends

The Vietnamese government has set a target of 8% economic growth in 2025, focusing on key drivers such as exports, foreign direct investment (FDI), and industrial development. Global supply chain shifts are creating significant opportunities for Vietnam to attract foreign investment, particularly in manufacturing and high-tech industries. Despite ongoing challenges, Vietnam’s F&B industry is forecast to grow by 9.6% in 2025, aligning with overall market trends but at a slower pace than in 2024.

The year 2025 is expected to witness the emergence of new culinary trends. In food, Chaozhou-style fresh beef hotpot, known for its rich flavors and fresh beef, is gaining strong interest. Additionally, steam hotpot, which preserves nutrients without oil, is becoming increasingly popular. In beverages, MILO and Matcha continue to demonstrate strong appeal, not only through traditional recipes but also via innovative variations catering to the evolving tastes of younger consumers.

END

About iPOS.vn

With more than 13 years of experience in Vietnam’s F&B industry, iPOS.vn is a leading provider of specialized management solutions exclusively for restaurants and cafés. Accompanying over 100,000 brands through a nationwide network of 20 offices, iPOS.vn helps businesses maximize their operational efficiency, scale sustainably, and overcome the limitations of traditional food service models.
Notable clients of iPOS.vn include The Coffee House, TocoToco, Cong Ca Phe, Chuk Tea & Coffee, and Com Tam Cali, among others.

About Nestlé Professional

Nestlé Professional is a dedicated business unit of Nestlé, specializing in providing ingredient solutions and product ideas for business customers.

As part of the world’s leading food and nutrition group, Nestlé Professional continuously strives to deliver innovative products that meet the evolving needs of its partners. With the support of professional chefs and baristas, the team develops new culinary and beverage recipes while upholding Nestlé’s global commitment to sustainability initiatives.

Nestlé Professional offers a diverse portfolio ranging from food to beverages, featuring many well-known brands loved by millions of consumers in Vietnam.

Our vision is to become a trusted partner by delivering best-in-class solutions and delighting both customers and consumers through the strength of our brands.

About VIRAC

Established in 2015, Vietnam Industry Research and Consulting Joint Stock Company (VIRAC) is one of Vietnam’s leading firms in industry and business research and consulting. VIRAC provides high-value industry reports and analytical insights to both domestic and international clients.