Noida, India (PressExposure) August 14, 2009 -- The latest research findings from RNCOS suggest that the food retail turnover in Vietnam will dominate overall retail industry sales in the coming years. As per the research study âVietnam Retail Analysis (2008-2012)â, food is the most important component of the retail industry. In terms of sales, it accounts for about two-third of the total retail sales in the country. Food retail sales in Vietnam grew at a CAGR of around 16% from 2005 to 2008, reaching at an estimated value of US$ 25.5 Billion by the end of 2008. Food retailers account for around 80% of the overall retailing sector in terms of the number of outlets. Moreover, food retailing is dominated by wet markets and independent grocers, with more than 80% of food retailers being independent grocers.
âVietnam Retail Analysis (2008-2012)â also reveals that various segments in food retail have been witnessing change in consumption pattern. Demand for dairy products is also increasing and is partly being met by rising imports. Moreover, demand for Western foods and pre-packaged convenience food has extended beyond expatriates and tourists, as a result of the emergence of a wealthier class in Vietnam. Demand for modern and time-saving processed foods has also emerged in line with increasing urban population. We expect that shift towards consumption of processed food will mainly occur in larger cities. In rural areas, fresh food purchased from traditional markets will remain dominant.
We expect foodservice sector to expand at a much faster pace in urban centers than in rural areas. There is likely to be strong growth in the fast-food sector, which is still in its infancy in Vietnam compared with a number of other countries in the region, such as Thailand. Increased awareness of Western brands has also led to burgeoning demand for fast-food outlets. The fast-food sector, therefore, remains ripe for foreign investment and consolidation.
The research will help consultants, industry analysts and vendors to get in depth knowledge on the current, past and future performance of the industry. The future outlook mentioned in report has been derived by interacting with various industry veterans, developers, analyzing information from research papers, journals and our in-house developed models which have been designed specific to industry.
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