Vietnam Frozen Food Market to be Valued at USD2291.28 Million by 2026
Rapid urbanization, increasing working women population and increasing
craze for ready to eat dishes in the country are expected to drive the growth
of the Vietnam frozen food market.
According
to TechSci Research report, “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 Stores, Specialty Stores,
Supermarket/Hypermarket, Online & Others (Convenience Stores, Direct Sales,
etc.)), By Region, Competition, Forecast Opportunities, 2026F”, the
Vietnam frozen food market is expected
to reach USD2291.28 billion by 2026F with a CAGR of 7.26% during forecast
period. During the forecast period, sales of frozen food are expected to
increase due to changing consumer perception, rising disposable income, rising
GDP growth rate, and rising sales through E-commerce platform around the country.
Food products in Vietnam are primarily regulated and managed by three
ministries: the Ministry of Health (“MOH”), the Ministry of Agriculture and
Rural Development (“MARD”), and the Ministry of Industry and Trade (“MOIT”).
Each of the three ministries are in charge of a different product category. The
Ministry of Health is in charge of pre-packaged and processed food products
such as bottled water, mineral water, functional food, and nutraceuticals. Cereals, meat and meat
products, aquatic products, vegetables, fruits, eggs and egg products, fresh
milk, bee's honey, honey products, genetically modified foods, salt, and
agricultural foods are all covered by the MARD. And the MOIT is in charge of
alcohol, beer, beverages, processed milk, vegetable oil, products used as raw
materials for powder, starch, and other products.
The COVID-19 pandemic also had an impact
on Vietnam's food processing industry, which was hampered by rules on social
distancing, labor shortages, and lockdown measures to curtail the spread of the
virus. It was necessary to maintain
social distance in confined spaces such as packaging plants for frozen fruits
and vegetables or meat processing facilities, which resulted in lower operational
efficiency and less frozen food production in Vietnam.
The Vietnam frozen food market is
segmented into by category, by product type, by distribution channel, by region
and by company. In terms of category, the market can be segregated into Ready-to-Eat,
Ready-to-Cook & Others (Raw Meat, Raw Vegetables, Raw Fruit, etc). Out of these,
Ready-to-Eat market had registered highest market share of more than 25% in
2020 among all other categories, whereas Ready-to-Cook is the fastest growing category
in the country’s frozen food market on account of increasing middle class
population and rising income and people becoming busier and ready to pay more
for convenience. Moreover, people prefer ready to cook frozen food as it saves
time, energy, and money. In addition to this, increasing standard of living due
to rise in income level, influence of western countries, more global trade,
travelling, etc. has led to a shift in people’s preference, who are preferring ready to cook frozen food over home cooked
food. Also, due to
establishment of various multi-national companies in Vietnam and increasing
number of working women, there has been a change in the cooking habits as they
don’t’ get enough time to prepare food at home. This has also increased the demand
for ready to cook frozen foods in Vietnam.
In
terms of product type, the Vietnam frozen food market is segmented into frozen meat,
poultry, & seafood, frozen snacks, frozen fruits & vegetables & others
(frozen desserts, frozen cooked ready meals, etc.). Among these, the Frozen Meat,
Poultry & Seafood product type market has dominated the Vietnam frozen food
market with a majority of market share as out of total only 10% Vietnam’s
population regularly eats vegetarian meals. The frozen snacks segment is the fastest
growing product type in the country’s frozen food market.
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In
terms of regional analysis, the Vietnam frozen food market is segment into Northern,
Southern and Central. Among these, Northern region dominated the Vietnam frozen
food market followed by Southern region in 2020 on account of rising disposable income and improved standard of
living and the rising demand for good quality frozen food by Vietnamese
consumers. This region is the most important center of economic activity in
Vietnam as it contributed to 40% of country’s GDP and accounted for 42% of the
country’s total Foreign Direct Investment stock in 2020.
In
terms of company, major
players operating in Vietnam frozen food market include CP Vietnam
Livestock Joint Stock Company,
MINH PHU SEAFOOD CORP., SAO TA FOODS JOINT STOCK COMPANY, VINH HOAN CORPORATION,
GreenFeed Vietnam Corp., KIDO FOODS JOINT STOCK COMPANY, Viet Asia Foods
Company Limited, CK Frozen Foods Vietnam Company Ltd, DALAT - JAPAN FOOD CO.,
LTD, and others. Among which CP Vietnam Livestock Joint Stock Company
accounted for the majority of market share in 2020 in the Vietnam frozen food
market. Leading players are focusing on expanding their product portfolios to
maintain sustainable growth in the market. The companies are also expanding
their distribution reach across various countries and are increasing the
distribution of frozen food in the market across the country.
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“Vietnam frozen food market is anticipated to
register healthy growth during forecast period. Development in cold storage,
enhancement of food quality using irradiation, shift towards smarter cold
chains, changing lifestyle and preferences and innovation in packaging are some
of the market trends which are booming the Vietnam frozen food market”. 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 Stores, Specialty
Stores, Supermarket/Hypermarket, Online & Others (Convenience Stores,
Direct Sales, etc.)), By Region, Competition, Forecast Opportunities, 2026F”, has evaluated the future growth
potential of frozen food in Vietnam’s market 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 decisions. 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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