Food and beverage industry revenue accelerates

DNVN - Data published by IPOS.vn shows that in just half of 2024, the revenue of the Vietnamese food and beverage (F&B) industry will reach 403.9 trillion VND, equivalent to 68.46% of the revenue of the whole year 2023. This is a very positive milestone for the F&B industry to take advantage of opportunities and key factors, accelerating in the last months of the year.

According to IPOS.vn, in just half of 2024, Vietnam's F&B industry revenue will reach 403.9 trillion VND, equivalent to 68.46% of the entire year's revenue in 2023. This is a very positive milestone for the F&B industry to take advantage of opportunities and key factors, accelerating in the last months of the year.

The F&B market's customer base is expanding, especially the middle class and Gen Z, which are playing an increasingly important role. The middle class alone accounts for about 13% of the population, increasing by 4 million people in 2024, concentrated in urban areas.

Gen Z customers tend to look for new places to eat and are willing to spend money to experience innovative products. If they can exploit the needs of these two groups at the end of the year, F&B businesses will develop a large number of potential customers.

At the same time, the tourism industry also contributes to the growth of the F&B industry. Specifically, according to data from the General Statistics Office, in the first 8 months of 2024, Vietnam welcomed 11.4 million international visitors, an increase of 46% over the same period in 2023.

Booth at the 10th International Exhibition on Food - Beverage & Food and Beverage Processing and Packaging Technology Equipment.

Revenue from accommodation and catering services is estimated at VND481.2 trillion, up 14.3% over the same period last year. These positive changes bring expectations of a breakthrough opportunity for the Vietnamese F&B industry, especially during the peak spending and tourism season at the end of the year.

The 10th International Exhibition on Food - Beverages & Food Processing Technology and Packaging Equipment (Vietfood & Beverage - Propack Vietnam 2024) taking place from November 6-9 at the Hanoi International Exhibition Center (ICE) - 91 Tran Hung Dao, Hoan Kiem is also creating a brand impression for the F&B industry. The event brings together 300 businesses from 8 countries and territories, expected to attract more than 10,000 visitors.

Compared to 2023, the exhibition is larger in scale, demonstrating the exhibition's influence, and is a trusted address for businesses and organizations operating in the F&B industry to choose to promote their brands. The diversity of activities at the exhibition as well as the participation of 300 businesses continue to be a launching pad for the Vietnamese F&B industry to grow sustainably.

Ha Anh

Source: https://doanhnghiepvn.vn/kinh-te/doanh-thu-nganh-thuc-pham-va-do-uong-tang-toc/20241106112056998