Vietnam Frozen Food Market Size Booming to Cross USD 2.6 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam frozen food market size at USD 1,697.6 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Vietnam frozen food market size is projected to grow at a CAGR of 6.68% reaching a value of USD 2,646.51 million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam frozen food market size at USD 1,697.6 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Vietnam frozen food market size is projected to grow at a CAGR of 6.68% reaching a value of USD 2,646.51 million by 2029. Booming e-commerce sales, a rise in consumer health concerns, and ongoing advancements in packaging technology are key growth factors for the Vietnam frozen food market. The country's rapid urbanization and rising labor force are also proving to be beneficial factors for the expansion of the frozen food market in Vietnam.
Vietnam Frozen Food Market – Overview
Frozen food is a type of food product that is associated with rapid freezing by preserving it at low temperatures for a period until used. Frozen food gets preserved due to such low temperatures. Frozen food saves time and has long durability, which prevents the growth of bacteria due to freezing temperatures. This makes it convenient for households and restaurants to make cooking processes more efficient. Some common frozen foods are ice cream, chips, frozen vegetables, fruit, plain chicken, sausages, pizza, burgers, sweet corn, desserts, bread, ready-to-eat meals, frozen snacks, and others.
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Vietnam Frozen Food Market – By Product Type
Based on product type, the Vietnam frozen food market is segmented into frozen meat, poultry & seafood, frozen snacks, frozen fruits & vegetables, and others (including frozen desserts and frozen cooked ready meals). The frozen meat segment accounts for the highest share in the Vietnam frozen food market owing to the high meat consumption in the country. The frozen cooked ready meals segment also covers a substantial market share owing to its high nutritional value and extended shelf life.
Impact of COVID-19 on the Vietnam Frozen Food Market
The unprecedented COVID-19 pandemic contributed positively to the growth of Vietnam's frozen food market. Due to a lack of production brought on by labor shortages and supply chain disruptions during the pandemic, the market initially suffered. However, the market's growth was significantly accelerated by the market's participants' quick adoption of e-commerce platforms as their primary method of distribution. Additionally, the growth of the work-from-home culture brought on by the virus spread increased the demand for frozen food among the working-class population. The market for frozen foods in Vietnam is expected to greatly benefit from these trends in the years following COVID-19 as well.
Competitive Landscape
Major players operating in the Vietnam Frozen Food market include CP VIETNAM LIVESTOCK JOINT STOCK COMPANY, SAO TA FOODS JOINT STOCK COMPANY, Minh Phu Seafood Group JSC, VINH HOAN CORPORATION, GreenFeed Vietnam Corp., Dai Phat Food Training 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., and San Ha Co., Ltd.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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