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Development trends of the F&B industry in the coming years

Xu hướng phát triển ngành F&B

Restoration is currently experiencing strong growth and is a popular business trend in recent years in our country. So, do you clearly understand what F&B is? What are the future development trends? Let’s explore this potential business area with Ms. Uptalent through the following article.

CONTENTS
1- What are F and B?
2- Current situation of the F&B industry in Vietnam
3- Development trends of F&B industry

3.1- Business development targeting young people
3.2- Aim for healthy dietary needs
3.3- Promote online payments
3.4- Multichannel distribution

4- Job Opportunities in F&B Industry

Food industry
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1- What are F and B?

Restoration stands for Food and Beverages. This is a type of service that specializes in providing food and drinks to customers.

Currently, F and B services are divided into 3 main groups:

– Table service: customers will be served by staff directly at the meal table.

– Self service: customers will take their own trays, choose portions and cutlery.

– Assisted service: customers will be served part of their meals at the table and self-service for dishes and drinks in buffet style.

Normally, you can find F&B services in hotels with 3 to 5 stars or above. For restaurants or independent catering services, the F&B section only appears in high-end businesses.

The F&B sector is currently a major business trend due to its rapid growth rate and the profit margin it generates. However, starting a business in this field is not easy. You will need to understand the specifics of the sector, understand F&B management and quickly grasp new trends.

Attractive jobs

In order to be able to provide the best quality of service, the F&B industry often includes the following main departments:

– Restaurant: This is the space specialized in serving customers with meals of the highest quality 24/7.

– Bar (Lobby bar): This is the area specialized in providing drinks in restaurants and is also a place where customers can entertain and relax.

– Room service: In hotels, room service is always available 24/7 to meet all guest needs. Room service in 4 star or higher hotels often includes other VIP services such as in-room dining, fruit, tea and cakes, etc.

– Banquet: This is the department that provides services related to the organization of events or parties. This department brings a huge source of revenue to F&B businesses.

– Executive Lounge: This is a department specialized in providing VIP services in 5-star hotels.

– Cuisine: This is the department responsible for preparing delicious and unique dishes in restaurants and hotels.

One point you should note is that F&B is not a service industry. Because the service industry is a global concept, it includes many subsectors and food service is only a small sector of the service industry system whose role is to meet human dietary needs.

2- Current situation of the F&B industry in Vietnam

It can be seen that the potential of the F&B sector in Vietnam is enormous. The most concrete proof is that more and more restaurants are opening everywhere. These businesses can meet the diverse dietary needs of many different customer groups.

According to statistical data, Vietnam currently has more than 540,000 stores selling food and drinks. Of these, approximately 278,424 commercial establishments are small, 153,576 are small, 34,128 are medium, and 73,872 are large. These numbers continue to increase because the market potential is enormous.

Market research also shows that Vietnamese people’s total spending on food services is quite high, over USD 360/month. This number is higher than other countries in the region such as Indonesia, Thailand, the Philippines and Malaysia.

Vietnam’s F&B market is considered the most attractive in the world. According to statistics, the contribution of the F&B industry to the total national GDP (2021) amounts to 15.8%. Of which the total expenditure on food and drinks accounts for 35%, the highest proportion.

One of the strengths of the Vietnamese market lies in its young population structure. Thanks to this, the economy still maintains stable growth and the F&B industry also maintains strong development momentum.

On the other hand, forecasts also show that the F&B industry in Vietnam will continue to grow. Food and beverage services are widely opened, as well as tourism recovery policies that will help promote the development of the F&B industry and businesses in this sector.

In recent years, catering companies have promoted the use of modern technologies to create convenient services for customers. One of the outstanding services is food delivery.

Indeed, the F&B sector currently constitutes an extremely potential market for investors and startups due to its extremely high profit margin. The reason is that the cost price in this industry is often very low, only around 30% of the product value, so with only a small capital and knowing how to do business, you can make a huge profit.

However, the competition in the F&B industry is very fierce, the elimination speed is also super fast, as long as you are careless and subjective, you may fail.

3- Development trends of the F and B industry

Due to the changes in the economy and society, the development trend of the F&B industry has also changed many times. As following:

3.1- Business development targeting young people

The demographic structure of our country is young. In particular, the proportion of the population aged 16 to 30 represents approximately 25% of the total population. This creates a solid foundation for strong growth in the F&B sector.

Moreover, young people also constitute the largest customer group in the Vietnamese food sector. Data shows that the food needs of young people are constantly increasing, especially in large cities. The group of customers aged 15 to 25 is the target group that catering companies should pay special attention to.

In fact, young Vietnamese people are willing to spend a lot of money on food and drinks. So this is the group of potential customers of food and beverage companies.

3.2- Aim for healthy dietary needs

Faced with the health risks associated with dirty food, consumers are increasingly interested in healthy eating. They are willing to pay more to receive healthy, quality products. Companies must therefore focus on exploiting this market because it has very good development potential.

Changing consumer demands have pushed the Vietnamese food industry to focus more on sustainable values ​​and open up new business directions for companies in the sector. For example, companies may consider selling organic products, products with plant-based or healthy ingredients, or products that meet dietary needs.

3.3- Promote online payments

Today, the application of technology to payments is more popular than before. In particular, young people now prefer to pay via QR codes, e-wallets or cards rather than using cash.

Therefore, F&B companies are gradually innovating to adapt to young people’s trends. This is considered a wise step to help businesses reach more customers.

Additionally, companies also favor the application of management software to sales activities. This can help them optimize operational efficiency as well as increase revenue and profits.

3.4- Multichannel distribution

Today’s users are always looking for convenience. Therefore, the multi-channel distribution trend is the solution that every F&B business should apply to provide the best experience to customers.

With the support of delivery platforms such as Grab Food, Now, Baemin,…, customers no longer need to go directly to stores and restaurants. If they need to use the product, they can easily order it from anywhere.

4- Job opportunities in the FandB industry

Experts say that in the coming times, the FandB industry will continue to witness exceptional development after being hit by the Covid-19 outbreak. Over the next five years, Vietnam’s food industry will need at least 2 million high-quality personnel to meet the needs of restaurants and hotels.

With good development prospects, the FandB industry is expected to provide various employment opportunities for those who love food. After F&B studies, you will have the opportunity to work in positions such as:

– Manager or supervisory staff in departments such as bartender, waitress, kitchen,…

– Operational management of hotels, restaurants, resorts,…

– Expert in organizing and operating catering venues, restaurants, event centers, etc.

– Specialist in training, human resources management or quality of service in hotels, restaurants, FastFood stores.

– Marketing specialist for hotels and restaurants.

– Teacher in hotel management, tourism, catering, catering in Colleges and Universities.

– Independent business such as opening a restaurant, cafe and operating it yourself.

Apart from offering plenty of job opportunities, the F&B industry also offers you quite a high salary. For the position of director, the salary can range from 25 to 50 million/month. Management positions have salaries of 15-30 million/month. Staff positions have salaries ranging from 8 to 20 million/month depending on the role. In addition to the salary, you can also receive a very attractive profit bonus.

Above are some information about F&B industry and the development trend of F&B industry that Ms. Uptalent would like to share with readers. I hope this information will help you to fully understand what F&B is and to be able to develop a career in this field. Good luck!

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