The Vietnam Ready-To-Eat Food Market was estimated at USD 410 million in 2022 and is expected to reach USD 957.88 million by 2030. The market is expected to increase significantly in recent years and projected to witness a CAGR of 11.19% during the forecast period 2023-2030.
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The Vietnam Ready-To-Eat Food Market was estimated at USD 410 million in 2022 and is expected to reach USD 957.88 million by 2030. The market is expected to increase significantly in recent years and projected to witness a CAGR of 11.19% during the forecast period 2023-2030. The main drivers boosting the growth of the ready-to-eat food market in Vietnam include increased e-commerce sales, a rise in consumer health consciousness, and continued technological advancements in packaging. The demand for frozen food is growing across the nation due to rapid urbanization and an increase in the number of women employed. The retail sector is becoming more digitalized, and e-commerce is expanding its market share, giving consumers more access to high-quality frozen food products. According to the World Bank, 74.21% of people in Vietnam were estimated to be internet users in 2021. Industry participants are investing in creating an effective supply chain to meet the expanding consumer needs and offer extra amenities like prompt doorstep delivery and generous discounts to attract customers.
Furthermore, manufacturers in the Vietnam Ready-To-Eat Food Market continuously engage in innovation and product development to align with evolving consumer preferences. Numerous companies are diversifying their product lines by incorporating many ready-to-eat meals and beverages. The industry is witnessing a notable rise in investment, with companies expanding their operations and production capabilities to keep pace with the increasing demand for ready-to-eat options. Moreover, several companies are forging partnerships and collaborations with other industry players to enhance the variety of their product offerings further.
Increasing Busy Schedules
The main factor influencing the market expansion include hectic lifestyles, which have increased consumer desire for easy-to-prepare meals. Long working hours, commutes, and other daily commitments leave little time for cooking and meal preparation. Ready-to-eat food products provide a convenient solution for individuals with busy schedules. They offer quick and easy meal options that require minimal preparation time, allowing people to enjoy a hot, delicious, and satisfying meal without investing much time or effort. The demand for ready-to-eat food is also increasing in Vietnam due to the country's fast urbanization. Due to rising disposable incomes, Vietnamese customers are more willing to spend more on high-end and convenient food items, resulting in the market for ready-to-eat food expanding. Thanks to the expanding number of supermarkets and hypermarkets, customers may now easily access and buy ready-to-eat food products. In addition, a movement in customer preferences towards wholesome, ready-to-eat food options has increased the number of healthier options available in the market.
Meeting Consumer Preferences
Vietnamese consumers are increasingly seeking out options that are quick, easy, and convenient to prepare, as well as healthy and affordable. To meet shifting consumer demands, producers in the Vietnam ready-to-eat food sector are continually producing new items. Several businesses are diversifying their product offerings to include a variety of prepared food and drinks. In order to fulfil the rising demand for ready-to-eat meals, there has been an increase in investment in the Vietnam ready-to-eat food industry, with several businesses extending their operations and production capabilities. In 2022, Charoen Pokphand Foods Public Company Limited achieved a revenue of USD 17.8 million from sales, demonstrating a 20% increase compared to the previous year. Many businesses are now forging alliances and partnerships with other market participants to offer a broader range of products.
Rise of Convenience Stores
The demand for ready meals is now expanding beyond Western countries, and Vietnam is no exception. The emergence of convenience stores such as FamilyMart, Circle K, GS 25, and Ministop is catering to urban shoppers seeking convenient ready-to-eat food options. These stores strategically position themselves in high-traffic locations to attract on-the-go consumers. Their offerings typically include a modest selection of prepared food that can be conveniently heated in a microwave, along with various beverage choices. As more people lead busy lives, convenience stores strategically position themselves in high-traffic locations, making it convenient for on-the-go consumers to access ready-to-eat food options. These stores offer a diverse range of prepared meals that are easy to consume, with many items designed to be heated in a microwave for quick consumption.
The convenience of grabbing a ready-to-eat meal or snack while on the move appeals to busy professionals, students, and individuals with limited time for meal preparation. Furthermore, the selection of ready-to-eat food products in convenience stores continues to expand to meet consumers' evolving preferences. As these stores become go-to destinations for quick and hassle-free meals, the demand for ready-to-eat food in Vietnam experiences significant growth.
Impact of COVID-19
Due to the increased local involvement in the purchase of dry food as a result of cleanliness concerns, it is projected that the expansion of COVID-19 will boost the sales of Ready-To-Eat Food throughout Vietnam. However, it is projected that the rapid increase in demand for packaged foods in 2020 will be hampered by a shortfall in supply caused by the complete lockdown and stoppage of industrial activities. However, increased hygiene concerns in the later part of 2020 and the beginning of 2021 would present profitable growth prospects for the Vietnam Ready-To-Eat Food market in the upcoming years because it would take time for the COVID spread to slow down.
Vietnam Ready-To-Eat Food Market: Report Scope
“Vietnam Ready-To-Eat Food Market Assessment, Opportunities, and Forecast, 2016-2030F”, is a comprehensive report by Markets and Data, providing in-depth analysis and assessment of the current state of affairs of the Ready-To-Eat Food market in Vietnam, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19, opportunities, and forecasts (2023-2030). Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
Report Attribute |
Details |
Base Year of the Analysis |
2022 |
Historical Period |
2016-2021 |
Forecast Period |
2023-2030 |
Projected Growth Rate |
CAGR of 11.19% from 2023-2030 |
Revenue Forecast in 2030 |
USD 957.88 million |
Units |
Revenue in USD million |
Segments Covered |
Category, Packaging Type, End-user, Distribution Channel |
Regions Covered |
Northern, Central and Southern |
Key Companies Profiled |
Charoen Pokphand Foods Public Company Limited, Minh Phu Seafood Joint Stock Company, Sao Ta Food Joint Stock Company, Gourmet Distribution Co., Ltd (Annam Gourmet Store), Vinh Hoan Corporation, Acecook Vietnam Joint Stock Company, McCain Foods Limited, Dalat – Japan Food Co., Ltd |
Customization Scope |
15% free report customization with purchase |
Pricing and Purchase Options |
Avail the customized purchase options to fulfil your precise research needs |
Delivery Format |
PDF and Excel through email (subject to the license purchased). We can also provide the editable version of the report in PPT/PDF format on special request |
In this report, Vietnam Ready-To-Eat Food Market has been segmented into the following categories:
1. By Category
1.1. Instant Breakfast/Cereals
1.2. Instant Soups and Snacks
1.3. Baked Goods
1.4. Meat/Poultry
1.5. Others
2. By Packaging Type
2.1. Canned
2.2. Frozen or Chilled
2.3. Retort
2.4. Others
3. By End-user
3.1. Residential
3.2. Food Service
3.3. Institutional
4. By Distribution Channel
4.1. Online
4.2. Offline
4.2.1. Supermarkets/Hypermarkets
4.2.2. Departmental Stores
4.2.3. Convenience Stores
4.2.4. Others
5. By Region
5.1. Northern
5.2. Central
5.3. Southern
Key Players Landscape and Outlook
There are many companies in Vietnam, competing for customers in the fiercely competitive Ready-To-Eat Food business, including Charoen Pokphand Foods Public Company Limited, Vinh Hoan Corporation, Acecook Vietnam Joint Stock Company, and Sao Ta Food Joint Stock Company. By investing in distribution channels, these firms ensure easy accessibility of their products, which positively impacts their market share and revenue growth. Furthermore, several major market players are working on manufacturing new innovative food items to satisfy the cravings of the younger generations. In July 2023, Acecook launched dehyderated instant soup cubes called Kanli, which are now easily available in supermarkets including E-Mart, Family Mart and Aeon.
Key Players Operating in the Vietnam Ready-To-Eat Food Market:
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Table of Contents
1. Research Methodology
2. Project Scope & Definitions
3. Impact of COVID-19 on Vietnam Ready-To-Eat Food Market
4. Executive Summary
5. Voice of Customer
5.1. Demographics (Age/Cohort Analysis – Baby Boomers and Gen X, Millennials, Gen Z; Gender; Income – Low, Mid and High; Geography; Nationality; etc.)
5.2. Market Awareness and Product Information
5.3. Brand Awareness and Loyalty
5.4. Factors Considered in Purchase Decision
5.4.1.Brand Name
5.4.2.Pack Size
5.4.3.Price
5.4.4.Customisation Options
5.4.5.Packaging Type
5.4.6.Inclination Towards Organic Products
5.4.7.Promotional Offers & Discounts
5.5. Purpose of Purchase (Personal Use, Gifting)
5.6. Frequency of Purchase
5.7. Medium of Purchase
5.8. Role of Brand Ambassador or Influencer Marketing on Product/Brand Absorption
6. Vietnam Ready-To-Eat Food Market Outlook, 2016-2030F
6.1. Market Size & Forecast
6.1.1. By Value
6.1.2. By Volume
6.2. By Category
6.2.1.Instant Breakfast/Cereals
6.2.2.Instant Soups and Snacks
6.2.3.Baked Goods
6.2.4.Meat Products
6.2.5.Others
6.3. By Packaging Type
6.3.1.Canned
6.3.2.Frozen or Chilled
6.3.3.Retort
6.3.4.Others
6.4. By Distribution Channel
6.4.1.Online
6.4.2.Offline
6.4.2.1. Supermarkets/Hypermarkets
6.4.2.2. Departmental Stores
6.4.2.3. Convenience Stores
6.4.2.4. Others
6.5. By End User
6.5.1.Residential
6.5.2.Food Service
6.5.3.Institutional
6.6. By Region
6.6.1.Northern
6.6.2.Central
6.6.3.Southern
6.7. By Company Market Share (%), 2022
7. Market Mapping, 2022
7.1. By Category
7.2. By Packaging Type
7.3. By End-user
7.4. By Distribution Channel
7.5. By Region
8. Macro Environment and Industry Structure
8.1. Supply Demand Analysis
8.2. Import Export Analysis
8.3. Value Chain Analysis
8.4. PESTEL Analysis
8.4.1.Political Factors
8.4.2.Economic System
8.4.3.Social Implications
8.4.4.Technological Advancements
8.4.5.Environmental Impacts
8.4.6.Legal Compliances and Regulatory Policies (Statutory Bodies Included)
8.5. Porter’s Five Forces Analysis
8.5.1.Supplier Power
8.5.2.Buyer Power
8.5.3.Substitution Threat
8.5.4.Threat from New Entrant
8.5.5.Competitive Rivalry
9. Market Dynamics
9.1. Growth Drivers
9.2. Growth Inhibitors (Challenges and Restraints)
10. Key Players Landscape
10.1. Competition Matrix of Top Five Market Leaders
10.2. Market Revenue Analysis of Top Five Market Leaders (in %, 2022)
10.3. Mergers and Acquisitions/Joint Ventures (If Applicable)
10.4. SWOT Analysis (For Five Market Players)
10.5. Patent Analysis (If Applicable)
11. Pricing Analysis
12. Case Studies
13. Key Players Outlook
13.1. Charoen Pokphand Foods Public Company Limited
13.1.1. Company Details
13.1.2. Key Management Personnel
13.1.3. Products & Services
13.1.4. Financials (As reported)
13.1.5. Key Market Focus & Geographical Presence
13.1.6. Recent Developments
13.2. Minh Phu Seafood Joint Stock Company
13.3. Sao Ta Food Joint Stock Company
13.4. Gourmet Distribution Co., Ltd (Annam Gourmet Store)
13.5. Vinh Hoan Corporation
13.6. Acecook Vietnam Joint Stock Company
13.7. McCain Foods Limited
13.8. Dalat – Japan Food Co., Ltd
*Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work
14. Strategic Recommendations
15. About Us & Disclaimer
List of Figures:
Figure 1. Vietnam Ready-To-Eat Food Market, By Value, In USD Million, 2016-2030F
Figure 2. Vietnam Ready-To-Eat Food Market, By Volume, In Unit Thousand, 2016-2030F
Figure 3. Vietnam Ready-To-Eat Food Market Share, By Category, In USD Million, 2016-2030F
Figure 4. Vietnam Ready-To-Eat Food Market Share, By Packaging Type, In USD Million, 2016-2030F
Figure 5. Vietnam Ready-To-Eat Food Market Share, By End-user, In USD Million, 2016-2030F
Figure 6. Vietnam Ready-To-Eat Food Market Share, By Distribution Channel, In USD Million, 2016-2030F
Figure 7. Vietnam Ready-To-Eat Food Market Share, By Region, In USD Million, 2016-2030F
Figure 8. By Category Map-Market Size (USD Million) & Growth Rate (%), 2022
Figure 9. By Packaging Type Map-Market Size (USD Million) & Growth Rate (%), 2022
Figure 10. By End-user Map-Market Size (USD Million) & Growth Rate (%), 2022
Figure 11. By Distribution Channel Map-Market Size (USD Million) & Growth Rate (%), 2022
Figure 12. By Region Map-Market Size (USD Million) & Growth Rate (%), 2022
List of Tables: Vietnam Ready-To-Eat Food Market
Table 1. Pricing Analysis of Products from Key Players
Table 2. Competition Matrix of Top 5 Market Leaders
Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
Table 4. About Us - Regions and Countries Where We Have Executed Client Projects
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