Trends in the F&B Industry for 2024

In 2024, the market value of food and beverage (F&B) in Vietnam is expected to increase by 10.92% compared to 2023, generating revenue of over 655 trillion VND. (Source: Vietdata)

With a vast market like Vietnam, the prospects for successful F&B businesses are significant. However, with increasing competition from both large and small players in the market, rapidly and sustainably developing a business model is not straightforward. Companies need to grasp the latest trends below to secure their position in the market.

Sustainable Food and Beverages

Consumers are increasingly concerned about the environment, driving demand for sustainably sourced products, eco-friendly packaging, and items that are less harmful to the environment.

F&B businesses are investing in environmentally friendly raw materials, reducing food waste, and optimizing their supply chains.

Functional and Healthy Foods

Health and wellness continue to be top priorities. Consumers are looking for health-promoting foods such as gluten-free items, organic products, functional foods, and healthy beverages like kombucha, cold-pressed juices, and digestive-friendly drinks.

Personalized Customer Experiences

Restaurants and cafes are focusing on providing unique and personalized experiences, using market analytics to understand customer insights and suggest appropriate menus.

This includes combining dining with entertainment and creating multifunctional spaces.

Plant-Based Foods and Beverages

The trend toward vegetarianism and veganism continues to rise, leading to the development of plant-based products such as plant-based meats, nut milks, and functional foods derived from plants.

Businesses need to invest in research and development to improve the taste and texture of plant-based foods to meet the growing demands of consumers.

Food Safety and Transparency

Consumers are demanding transparency regarding the origin and production processes of food, which requires F&B companies to provide detailed information about sourcing and ensure product quality.

These trends will continue to evolve and influence how F&B businesses operate and serve customers in 2024.