Press Release

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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