Vietnam Frozen Food Market to Grow with a CAGR of 8.72% through 2028
Vietnam Frozen Food Market is driven by a combination
of factors such as changing lifestyles, the expansion of retail channels, and a
growing focus on health and wellness.
According to
TechSci Research report, “Vietnam Frozen Food Market – By Region,
Competition, Forecast and Opportunities, 2018-2028F”, the Vietnam Frozen Food Market
stood at USD 1755.53 million in 2022 and is anticipated to grow with a CAGR of 8.72%
in the forecast period, 2024-2028. The Vietnam Frozen Food Market has
experienced significant growth and transformation in recent years, driven by
changing consumer lifestyles, urbanization, economic development, and evolving
dietary preferences.
The frozen food industry in
Vietnam has its roots in the early 20th century, when the concept of freezing
food for preservation and convenience began to gain traction. Frozen food was
initially introduced to Vietnam as a means of extending the shelf life of
perishable products and reducing food waste.
During the 1970s and 1980s,
Vietnam faced economic challenges, which led to food shortages. This period
prompted an exploration of food preservation methods, including freezing, to
ensure a stable food supply. While the technology was available, the adoption
of frozen foods remained relatively limited due to a lack of infrastructure and
consumer familiarity.
The real turning point for
the Vietnam Frozen Food Market came in the late 1990s and early 2000s when the
country's economy began to thrive. Economic growth and urbanization led to
profound changes in consumer lifestyles. With a rising middle class and increasing
incomes, consumers began to prioritize convenience and time-saving solutions in
their daily lives.
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Rapid
urbanization has led to busy lifestyles, with more people working long hours
and having less time for meal preparation. Urban dwellers often seek quick and
convenient meal solutions, making frozen foods an attractive option. Shifting
dietary preferences, including a growing interest in international cuisines,
have contributed to the expansion of the frozen food market. Consumers are
looking for convenient ways to enjoy a diverse range of flavors and dishes.
The
country's economic growth has led to increased disposable incomes. As consumers
become more financially capable, they are more inclined to explore convenient
food options, including frozen foods. The development of cold storage
facilities, supply chain logistics, and transportation networks has played a
crucial role in the growth of the frozen food market. These improvements have
allowed for the efficient production, storage, and distribution of frozen food
products.
Technological
innovations in food processing, packaging, and freezing techniques have
improved the quality and safety of frozen foods. These advancements have
instilled consumer confidence in the products. Growing consumer awareness of
food safety and hygiene has driven the demand for frozen foods. Consumers trust
frozen products to be safe and less prone to contamination compared to fresh
foods.
With
busy schedules and hectic lives, consumers appreciate the convenience of having
frozen food options readily available. They can quickly prepare a meal without
the need for extensive cooking or food preparation. The market offers a wide
array of frozen food products, including frozen fruits and vegetables,
ready-to-eat meals, frozen meat and seafood, snacks, and even baked goods. This
diverse product range caters to various consumer preferences and dietary needs.
The
Vietnam Frozen Food Market offers a rich and diverse range of products to meet
the demands of consumers with varying tastes and preferences:
Frozen
fruits and vegetables retain their nutritional value and are used in various
dishes and smoothies. They are popular among health-conscious consumers who
want to maintain a balanced diet.
Ready-to-Eat
Meals: Ready-to-eat frozen meals, including traditional Vietnamese dishes,
international cuisines, and fast food options, are convenient solutions for
individuals with busy schedules. These meals often require minimal preparation
and are a quick and easy way to enjoy a wide range of flavors.
Frozen
Meat and Seafood: Frozen meat and seafood products, such as chicken, pork,
shrimp, and fish, are popular choices for home cooks looking for convenient
protein sources. These products are often individually packed for portion
control and ease of use.
Frozen
Snacks: Frozen snacks, including spring rolls, dumplings, and finger foods,
offer a quick and tasty option for both casual dining and entertaining.
Frozen
Baked Goods: Frozen baked goods, such as pastries, bread, and pizzas, have
gained popularity for their convenience and consistent quality.
Ice
Cream and Desserts: The frozen food market includes a wide variety of ice cream
flavors and frozen desserts, catering to consumers with a sweet tooth.
Innovations
in the frozen food market have led to improved product quality, packaging
innovations, and the development of healthier options to meet the changing
needs of consumers.
Health-conscious
consumers look for frozen fruits and vegetables, as they maintain their
nutritional value and are often free from additives. These consumers seek
frozen foods as a way to maintain a balanced and healthy diet. Busy lifestyles
have driven the demand for frozen meals that can be prepared in minutes. These
meals provide a quick and easy solution for individuals who don't have the time
or inclination to cook from scratch. Consumers with adventurous palates are
drawn to the diverse range of international cuisines available in frozen form.
They use frozen products to explore new flavors and dishes without the need for
extensive cooking skills.
Individually
packed frozen products, such as frozen meat and seafood, appeal to consumers
who want to control portion sizes and minimize food waste. Frozen snacks,
finger foods, and desserts are popular choices for gatherings and casual
dining. These products provide convenient options for entertaining at home.
The
Vietnam Frozen Food market is segmented into category, product type, sales
channel, and region.
Based on category, ready-to-eat
has a significant share in the Vietnam frozen food market. The ready-to-eat
category encompasses a diverse range of cuisines, from traditional Vietnamese
dishes to international options. This variety appeals to consumers who want to
explore different flavors and dishes without the need for extensive cooking
skills.
Based on sales channel, online
have a significant share in the Vietnam frozen food market. Online shopping
allows consumers to compare prices, features, and product reviews, enabling
them to make informed choices and find the best deals. Online shopping has
expanded the accessibility of frozen food products to consumers, including
those in rural or remote areas where access to physical stores may be limited.
Key market players in the Vietnam
Frozen Food market include:
- CP Vietnam Livestock Joint Stock Company
- Sao Ta Foods Joint Stock Company
- Vinh Hoan Corporation
- GreenFeed Vietnam Corp
- Cao Phat Food Trading and Service Company Limited
- Kido Foods Joint Stock Company
- Viet Asia Foods Company Limited
- DALAT - JAPAN FOOD CO., LTD.
- L&H Food Co., LTD.
- San Ha Co., Ltd.
- Minh Phu Seafood Corp
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The future of the Vietnam
Frozen Food Market looks promising. As consumers continue to prioritize
convenience, time savings, and culinary diversity, the demand for frozen foods
is expected to persist. Frozen foods will remain a viable and attractive option
for those looking to simplify meal preparation without compromising on taste
and quality. With ongoing innovations in product development, packaging, and
distribution, the market is likely to witness continued expansion and
diversification. In conclusion, the Vietnam Frozen Food Market reflects a
dynamic shift in consumer preferences, emphasizing convenience, diversity, and
culinary exploration in a rapidly evolving society.” 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, Frozen Poultry & Seafood, Frozen
Snacks, Frozen Fruits & Vegetables, Others (Frozen Desserts, Frozen Cooked
Ready Meals, etc.)), By Distribution Channel (Supermarkets/Hypermarkets,
Departmental Stores, Specialty Stores, Online, Others ((Convenience Stores,
Direct Sales, etc.)), By Region, Competition, Forecast and Opportunities,
2018-2028F”, has evaluated the future growth potential of Vietnam
frozen food market
and provides statistics and
information on market structure, size, share, and future growth. The report
intends 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 in the Vietnam frozen food market.
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