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Vietnam Online Food Delivery Market Growth 2021

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 the marketu2019s growth.<br>

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Vietnam Online Food Delivery Market Growth 2021

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  1. Vietnam Online Food Delivery Market By Type, Trend Analysis, Competitive Market Share & Forecast, 2020-2027

  2. Vietnam Online Food Delivery Market- Industry Trends & Forecast Report 2027 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. Additionally, the growing working population in the country directly influences the dependence of this demographic on online food delivery services to meet their dietary requirements.

  3. Growth Drivers  Economic Development and Increasing Working Population 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. Thus, 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.

  4. Restraints  Limited Acceptance of Online Food Delivery Among Local Food Joints 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 fluctuating 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 the market's growth during the forecast period.

  5. Impact of COVID-19 on Vietnam Online Food Delivery Market 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. Sample Copy: https://www.blueweaveconsulting.com/report/vietnam-online-food-delivery-market/report-sample

  6. Regional Insights Geographically, the Vietnam online food delivery market 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.

  7. Competitive Landscape • 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 HoaXanh, Loship, BeChef, The Coffee House, Mio, Jollibee Vietnam, and other prominent players.

  8. Recent Development In August 2021,Loship, a leading Vietnamese on-demand e-commerce platform 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.

  9. 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 timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  10. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com

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