Food and beverage industry revenue accelerates.

According to data published by IPOS.vn, in just the first half of 2024, Vietnam's food and beverage (F&B) industry achieved revenue of VND 403.9 trillion, equivalent to 68.46% of the total revenue for 2023. This is a very promising milestone for the F&B industry to seize opportunities and key factors to accelerate growth in the remaining months of the year.

According to IPOS.vn, in just the first half of 2024, Vietnam's F&B industry achieved revenue of VND 403.9 trillion, equivalent to 68.46% of the total revenue for 2023. This is a very promising milestone for the F&B industry to seize opportunities and key factors, accelerating growth in the remaining months of the year.

The F&B market's customer base is expanding, especially with the middle class and Gen Z playing an increasingly important role. The middle class alone accounts for approximately 13% of the population, projected to grow by an additional 4 million people by 2024, primarily concentrated in urban areas.

Meanwhile, Gen Z customers tend to seek out novel dining experiences and are willing to spend money on innovative products. If businesses in the F&B sector can properly tap into the needs of these two groups at the end of the year, they will gain a large number of potential customers.

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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 eight months of 2024, Vietnam welcomed 11.4 million international visitors, an increase of 46% compared to the same period in 2023.

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Revenue from accommodation and food services is estimated at VND 481.2 trillion, a 14.3% increase compared to the same period last year. These positive developments raise expectations for the Vietnamese F&B industry to accelerate its growth, especially during the peak spending and tourism season at the end of the year.

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

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Compared to 2023, the exhibition is larger in scale, demonstrating its reach and making it a reliable platform for businesses and organizations in the F&B industry to promote their brands. The diversity of activities at the exhibition, as well as the participation of 300 businesses, continues to be a springboard for the sustainable growth of Vietnam's F&B industry.

Ha Anh

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