The size of Vietnam's online food delivery market has grown 26% over the past year, expanding from 1.4 billion USD in 2023 to 1.8 billion USD in 2024.
According to a recent report by research firm Momentum Works (Singapore), after 2 years of growth around 5%, the food delivery sector in Southeast Asia in 2024 recovered with a 13% increase over the same period, reaching a total transaction value of up to 19.3 billion USD . Notably, growth was mainly driven by the Vietnamese and Indonesian markets.
The report "Food Delivery Platforms in Southeast Asia" estimates that the size of Vietnam's online food delivery market will expand from 1.4 billion USD in 2023 to 1.8 billion USD in 2024.
Of which, ShopeeFood and Grab share the majority of the market share in Vietnam with 47% and 48% respectively. The remaining 4% is held by beFood and 1% by Gojek's GoFood before withdrawing from Vietnam in September 2024.
 |
| The size of Vietnam's online food delivery market has grown 26% over the past year, expanding from 1.4 billion USD in 2023 to 1.8 billion USD last year. Photo: VNA |
By 2025, if no new platforms enter the market, the food delivery industry in Vietnam will continue to be concentrated and will only be a "playground" for 3 applications.
The growth of the food delivery market is driven by three sides: users, restaurants and platforms. Accordingly, Vietnamese people increasingly prefer to order ready-made food via apps because of its convenience and many incentives.
A survey last year by market research firm Q&Me found that 30% of respondents ordered food delivery for lunch, just below the option of bringing home a meal (46%) but higher than the habit of eating out (12%).
According to the "e-Conomy SEA 2024" report by Google, Temasek, Bain & Company, the overall market size of ride-hailing and food ordering in Vietnam last year was estimated at 4 billion USD, an increase of 12% compared to 2023 and is expected to expand to 9 billion USD by 2030, showing high growth potential.
Despite being the fastest growing in the region, Vietnam’s food delivery market is still the smallest in terms of size among the six Southeast Asian countries surveyed, along with Indonesia, Thailand, the Philippines, Singapore and Malaysia. Indonesia leads the way with a $5.4 billion market, growing second at 18%.
Source: https://congthuong.vn/thi-truong-giao-do-an-truc-tuyen-tang-truong-26-nam-2024-374268.html
Comment (0)