Vietnam Frozen Food Market to Surpass USD2419.43 Million by 2027
Growing craze of ready-to-eat dishes and
increasing disposable income to drive the Vietnam frozen food market through
2027.
According to TechSci Research report, “Vietnam Frozen Food
Market
– By Region, Competition, Forecast & Opportunities, 2027”, the Vietnam frozen food
market is anticipated to grow at a CAGR of over 6% in the next five years to
reach USD2419.43 million by 2027. Anticipated growth in the market can be
attributed to increasing disposable income and surging sales of frozen food.
The growing trend of on-the-go eating is driving the growth of the frozen food
market in the country as the working population does not have much time to
cook; therefore, they prefer frozen food. Also, there is a common perception
that these products are safer and more hygienic when compared to street food as
these products are certified and are manufactured by leading companies.
Increasing immigration in Vietnam for jobs with higher pay is another trend
that is positively influencing the demand for frozen food in the country.
Packaging frozen food is one of the crucial steps
in increasing the longevity of the product and protecting it from contamination
and damage. Innovations in frozen food packaging are making the products more
appealing and convenient to use. Companies focus on making the packaging
attractive as it adds a visual value to the product and compels customers to
buy it. Frozen food manufacturing companies are continuously trying to innovate
the packaging of frozen food products and prefer moisture-vapor-proof packaging
style to prevent evaporation, thus retaining the quality of the frozen food
products.
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The Vietnam frozen food market consists of the
following segments, category, product type, distribution channel, region, and
company. In terms of category, the Vietnam frozen food market is segmented into
ready-to-eat, ready-to-cook & others. The ready-to-cook segment accounted
for a share of 21.48% in 2021 and the segment is expected to grow at the
highest CAGR of 7.98% through 2027. Anticipated growth of the segment can be
attributed to due to the convenience it offers as it saves money, energy, and
time. Furthermore, with the growing influence of western culture, growing
disposable income, people are changing their taste preference and shifting
towards ready-to-cook frozen foods over home-cooked food.
Based on distribution channels, the Vietnam frozen
food market is segmented into supermarkets/hypermarkets, departmental stores,
specialty stores, online and others. The online segment is expected to grow at
a CAGR of 8.63% through 2027. With a 70% mobile penetration rate providing
better internet access and a recent increase in online retail and social
commerce trends among young consumers in both major cities and rural areas of
the country, there is a growing preference for online shopping among consumers.
This can be attributed to the increasing tech-savvy youth population in the
country.
Key players in the Vietnam frozen food market
include:
·
CP Vietnam Livestock Joint Stock Company
·
SAO TA FOODS JOINT STOCK COMPANY
·
MINH PHU SEAFOOD CORP
·
VINH HOAN CORPORATION
·
GreenFeed Vietnam Corp
·
DAI PHAT FOOD TRADING SERVICE CO., LTD
·
KIDO FOODS JOINT STOCK COMPANY
·
Viet Asia Foods Company Limited
·
CK Frozen Foods Vietnam Company Ltd.
·
DALAT - JAPAN FOOD CO., LTD.
·
L&H FOOD CO., LTD.
·
San Ha Co., Ltd.
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“In terms of region, the Vietnam
frozen food market is segmented into South, West, Midwest, and Northeast. The
southern region is expected to grow at a faster pace in the Vietnam frozen food
market during the projected period as the region contributed to 40% of the
country’s GDP. In addition, it also accounted for 42% of the country’s total
FDI investment in 2020. Southern region includes major cities of Vietnam, i.e.,
Dong Nai, Ba Ria-Vung Tau, Long An, Tay Ninh, Binh Duong. The region is home to
more than nine million people and is considered Vietnam's important financial
and trading hub.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Vietnam Frozen Food Market By Category (Ready-to-Eat, Ready-to-Cook,
Others (Raw Meat, Raw Vegetables, Raw Fruit, etc.)), By Product Type (Frozen
Meat, Poultry & Seafood, Frozen Snacks, Frozen Fruits & Vegetables,
Others (Frozen Desserts, Frozen Cooked Ready Meals, etc.)), By Distribution
Channel (Departmental Store, Specialty Store, Supermarkets/Hypermarkets,
Online, Others (Convenience Stores, Direct Sales, etc.)), By Region, By Top 10
States, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential
of frozen food market in the Vietnam and provides statistics and information on
market structure, size, share and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decision. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities
present in the Vietnam Frozen Food market.
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