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Vietnam’s F&B industry: major trends in 2022

Vietnam’s F&B industry: major trends in 2022

Thursday 24, 02 2022
Over the last two years, the Covid-19 pandemic has had a heavy impact on Vietnamese businesses, especially those in the F&B sector. However, many companies have quickly grasped opportunities and transformed quickly to withstand the crisis and recover after the pandemic.

Young generation – the driving factor

According to the United Nations Population Fund, currently, nearly 25% of Vietnam’s population are between the ages of 16 and 30. This is considered a valuable resource that promises to bring uniqueness and creativity to the F&B industry.

The young generation are the ones who set new trends in the food industry and are also the individuals who use the most F&B products and services. Notably, according to a report by Decision Lab, Generation Z (born in 1997-2012) is the generation that the food and beverage industry needs to pay attention to.

F&B products and services

Although their income is not too high, Generation Z is still willing to spend a large amount of money on eating out, with a total amount of nearly 900 thousand VND (40 USD) per month. Always ready to welcome new and exciting things, Generation Z is considered the top target group of international food venues.

Demand for healthy living increases sharply

With the pressure from the pandemic, Vietnamese consumers are more willing to pay for healthy products. This is also one of the main reasons that stimulate the rise of new dietary trends, typically the gluten-free or keto diet.

In Vietnam, businesses operating in the F&B industry can take advantage of Vietnamese people's eating habits such as liking green vegetables, loving healthy snacks or not eating alone.

F&B industry

In addition to their own health, consumers are now more fully aware of the surrounding environment to make choices in line with the values they pursue.

This change has encouraged the F&B industry to focus on better and more sustainable values. At the same time, this is an opportunity to open up new directions for those in the industry. They need to be more careful in the branding process, from the sourcing of raw materials to the packaging of products.

Changes in consumer payment habits

Due to the pandemic, consumers around the world have adopted digital methods in their work and daily lives. Many have started to build the habit of paying via QR code, mobile phone or contactless card technology instead of using cash as before.

According to Mastercard's "New Payments Index 2021" survey, 84% of consumers in the Asia-Pacific region see a significant increase in their access to emerging forms of payment. Meanwhile, 88% used at least one emerging form of payment in the last year.

About two-thirds of people surveyed, 75% of whom are millennials (those born between 1981 and 1996), share that they have tried new payment methods that they thought they would never use if there were no pandemic. In addition, up to 60% of consumers said they would be "ready to say goodbye" to shops or restaurants that do not accept electronic forms of payment.

F&B

Winnie Wong, Mastercard's Country Manager for Vietnam, Cambodia and Laos, said the pandemic has fueled the 'digital habit' in Vietnam, which will persist for a long time. This is the reason why consumers are now expecting more seamless and omnichannel digital experiences in their interactions with businesses, including those in the F&B sector.

“To meet the growing needs of consumers, businesses need to digitize and put the needs of their customers first. This is extremely urgent for businesses to minimize the impact of the pandemic and stay ahead of competitors,” said Ms. Winnie Wong.

Source: theleader

Compiled by VietnamCredit

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