Vietnam Frozen Food Market to be Valued at USD2291.28 Million by 2026

MARKET INTELLIGENCE . CONSULTING

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VIETNAM FROZEN FOOD MARKET

FORECAST & OPPORTUNITIES

2016 – 2026

© TechSci Research 2

S. No. Contents

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Voice of Customer

4.1. Factors Influencing Purchase Decisions

4.2. Challenges Faced Post Purchasing

5. Vietnam Frozen Food Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1.By Category (Ready-to-Eat, Ready-to-Cook & Others (Raw Meat, Raw Vegetables, RawFruit, etc))

5.2.2.By Product Type (Frozen Meat, Poultry, & Seafood, Frozen Snacks, Frozen Fruits &Vegetables & Others (Frozen Desserts, Frozen Cooked Ready Meals, etc.))

5.2.3.By Distribution Channel (Departmental Stores, Speciality Stores,Supermarket/Hypermarket, Online & Others (Convenience Stores, Direct Sales, etc.))

5.2.4. By Region

5.2.5. By Company (2020)

5.3. Market Map (By Product Type and By Region)

6. Vietnam Frozen Meat, Poultry, & Seafood Market Outlook


6.1.1. By Value


Table of Contents


S. No. Contents

6.2.1. By Product Type

6.2.2. By Distribution Channel

7. Vietnam Frozen Snacks Market Outlook


7.1.1. By Value




8. Vietnam Frozen Fruits & Vegetables Market Outlook


8.1.1. By Value




9. Market Dynamics

9.1. Drivers

9.2. Challenges

10. Market Trends and Developments

11. Export Analysis

12. Impact of COVID-19 on Vietnam Frozen Food Market

Table of Contents


S. No. Contents

13. Policy and Regulatory Landscape

14. Vietnam Economic Profile

15. Competitive Landscape

15.1. CP Vietnam Livestock Joint Stock Company

15.2. MINH PHU SEAFOOD CORP.

15.3. SAO TA FOODS JOINT STOCK COMPANY

15.4. VINH HOAN CORPORATION

15.5. GreenFeed Vietnam Corp.

15.6. DAI PHAT FOOD TRADING SERVICE CO., LTD

15.7. KIDO FOODS JOINT STOCK COMPANY

15.8. Viet Asia Foods Company Limited

15.9. CK Frozen Foods Vietnam Company Ltd.

15.10. DALAT - JAPAN FOOD CO., LTD.

15.11. L&H FOOD CO., LTD.

15.12. San Ha Co., Ltd.

16. Strategic Recommendations

17. About Us & Disclaimer

Table of Contents

5© TechSci Research

List of Figures

Figure No. Title

Figure 1: Vietnam Frozen Food Market Size, By Value (USD Million), 2016-2026F

Figure 2: Vietnam GDP at Current Price in USD Billion (2015-2019)

Figure 3: Vietnam Urban Population as a Percentage (%) of Total Population (2015-2019)

Figure 4: Vietnam Frozen Food Market Share, By Category, By Value, 2016-2026F

Figure 5: Vietnam Frozen Food Market Share, By Product Type, By Value, 2016-2026F

Figure 6: Vietnam Frozen Food Market Share, By Distribution Channel, By Value, 2016-2026F

Figure 7: Vietnam Frozen Food Share, By Region, By Value, 2016-2026F

Figure 8: Vietnam Frozen Food Market Share, By Company, By Value, 2020

Figure 9:Vietnam Frozen Food Market Map, By Product Type, Market Size (USD Million) & Growth Rate (%),

2020

Figure 10: Vietnam Frozen Food Market Map, By Region, Market Size (USD Million) & Growth Rate (%), 2020

Figure 11: Vietnam Frozen Meat, Poultry, & Seafood Market Size, By Value (USD Million), 2016-2026F

Figure 12: Vietnam Meat Consumption by Type, 2020

Figure 13: Vietnam Frozen Meat, Poultry, & Seafood Market Share, By Product Type, By Value, 2016-2026F

Figure 14:Vietnam Frozen Meat, Poultry, & Seafood Market Share, By Distribution Channel, By Value, 2016-

2026F

Figure 15: Vietnam Frozen Snacks Market Size, By Value (USD Million), 2016-2026F

Figure 16: Vietnam Major Frozen Snacks Suppliers and Their Offerings

Figure 17: Vietnam Frozen Snacks Market Share, By Product Type, By Value, 2016-2026F

Figure 18: Vietnam Frozen Snacks Market Share, By Distribution Channel, By Value, 2016-2026F

Figure 19: Vietnam Frozen Fruits & Vegetables Market Size, By Value (USD Million), 2016-2026F

Figure 20: Vietnam Exports of Fruits & Vegetables 2017-2020 (USD Billion)

6© TechSci Research

List of Figures

Figure No. Title

Figure 21: Vietnam Frozen Fruits & Vegetables Market Share, By Product Type, By Value, 2016-2026F

Figure 22: Vietnam Frozen Fruits & Vegetables Market Share, By Distribution Channel, By Value, 2016-2026F

Figure 23: Vietnam Frozen Fish Exports, By Value (USD Million), 2016-2019

Figure 24: Vietnam Frozen Fish Exports Share (%), By Top 5 Countries, 2019

Figure 25: Vietnam Frozen Meat of Bovine (Beef) Animals Exports, By Value (USD Million), 2016-2019

Figure 26: Vietnam Frozen Meat of Bovine (Beef) Animals Exports Share (%), By Top 4 Countries, 2019

Figure 27: Vietnam Frozen Meat of Swine Exports, By Value (USD Million), 2016-2019

Figure 28: Vietnam Frozen Meat of Swine Exports Share (%), By Top 5 Countries, 2019

Figure 29: Vietnam Frozen Snacks Exports, By Value (USD Million), 2016-2019

Figure 30: Vietnam Frozen Snacks Exports Share (%), By Top 5 Countries, 2019

Product Overview


Scope of ReportProduct of Interest (POI): Frozen Food

Review Period

2016 – 2019

Base Year

2020

Estimated Year

2021

Forecast Period

2022 – 2026

Year Range

Frozen food falls under the convenience food category, where preparation time for the food isextremely short. Convenience is the major factor associated with ready-to-eat food products, bringingsignificant time savings for consumers. Frozen food meets specific requirements such as convenience,nutritional adequacy, shelf stability, and storage. Post the introduction of retorting technology, sales offrozen food products have increased due to their superior packaging, taste and flavors.

Market Segmentation

BY REGION

Vietnam Frozen Food Market

BY PRODUCT TYPE

• Frozen Fruits & Vegetables

• Frozen Meat, Poultry, &

Seafood

• Frozen Snacks

• Others

BY CATEGORY

BY DISTRIBUTION CHANNEL

• Supermarkets/Hypermarkets

• Departmental Stores

• Specialty Stores

• Online

• Others

• Northern

• Southern

• Central

• Ready-to-Eat

• Ready-to-Cook

• Others

Research Methodology



✓ Identifying Key Opinion

Leaders

✓ Questionnaire Design

✓ In-depth Interviews

Data Collection

Developing List of Respondents

Formulating Questionnaire

Market Profiling

Data Validation

Data Analysis

In-depth secondary research was conducted to

determine top players in the Vietnam frozen food

market, overall market size and segmental market size.

In order to conduct industry experts’

interviews, TechSci formulated a detailed

discussion guide.

List of industry players and industry

specialists was developed.

TechSci conducted interviews with

industry experts and industry players for data collection and

verification.

Data obtained as a result of primary and secondary research was

validated through rigorous

triangulation.

The data was scrutinized using MS-Excel, statistical

tools and internal proprietary database to obtain qualitative and

quantitative insights about the Vietnam frozen food

market.

Data Collection

Data Filter& Analysis

Research &Intelligence

ActionableInsights

BusinessSolution

Primary Research Desk Research Company Analysis

✓ Recent Developments

✓ Market Changing

Aspects/Dynamics

✓ Government Policies

✓ Conclusion

✓ Market Participants

✓ Key Strengths

✓ LinkedIn✓ TechSci Internal

Database

✓ Factiva✓ Hoovers

Paid Sources

✓ Company Websites✓ Company Annual

Reports✓ White Paper Study✓ Financial Reports✓ Investor

Presentations✓ Regulatory Body✓ Associations, etc.

Secondary Research

Primary Research



Baseline Methodology

Our dedicated team of industry experts has monitored and analyzed various aspects of Vietnam frozen food market. The team has

analyzed the outlook of various segments of this market, while considering the major influencing factors such increase in working

women population and increasing craze for ready to eat dishes in the country. The study includes market forecasting, which would

enable our clients to take better decisions while planning their strategy to achieve sustainability in Vietnam frozen food market.

Methodology Followed for Calculation of Market Size:

• Market Size By Value: Market size, in terms of value, for the year 2020 was calculated based on information collected through

exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as frozen food

companies, channel partners, end users, industry experts, and other industry participants.

• The team interviewed more than 20– 25 frozen food companies, 200 end users, and 10–15 industry experts and other value chain

stakeholders in the Vietnam frozen food market to obtain the overall market size from 2016 to 2020, which was validated by the

Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data

during 2016-2020.



• Respondents were asked about the current and future market growth rates, market shares by category, by product types, by

distribution channel, by region and by company. Removing the outlier responses, the geometric mean of growth estimates and

supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue

shares generated across various segments were further triangulated from other stakeholders.

Methodology Followed for Calculation of Market Shares:

• Market shares by category, by product type, by distribution channel, by region and by company were calculated based on the

responses received through primary surveys with industry experts, in which the respondents were asked about the market shares

or revenue generated from various segments of frozen food market. The final shares were calculated by taking the geometric mean

of the responses gathered from key opinion leaders after eliminating the outliers.

Methodology Followed for Forecasting:

• TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey

results in SPSS/Tableau Software.

• Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast

Vietnam frozen food market, TechSci Research used various forecast techniques such as:

✓ Moving Average

✓ Time Series Analysis

✓ Regression Analysis

✓ Econometric and Judgmental Analysis


Partial List of Companies Interviewed Key Secondary Sources

▪ DAI PHAT FOOD TRADING SERVICE CO., LTD

▪ KIDO FOODS JOINT STOCK COMPANY

▪ Viet Asia Foods Company Limited

▪ GreenFeed Vietnam Corp.

▪ CK Frozen Foods Vietnam Company Ltd

▪ DALAT - JAPAN FOOD CO., LTD

▪ L&H FOOD CO., LTD

▪ San Ha Co., Ltd

▪ CP Vietnam Livestock Joint Stock Company

▪ VINH HOAN CORPORATION

▪ SAO TA FOODS JOINT STOCK COMPANY

▪ MINH PHU SEAFOOD CORP.

▪ World Bank

▪ TechSci Research Proprietary Database & Knowledge

Repository

▪ Company Annual Reports

▪ Industry Magazines

▪ Industry Reports

▪ Statista

▪ News Dailies

▪ Credible Paid Databases


TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci

Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate

market numbers. It should be noted that the figures compiled are only for the organized market including market share data.


Industry Brief

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.

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.

“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.


Sample Data - Snapshot

2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F

Value (USD Million)

Vietnam Frozen Food Market Size, By Value (USD Million), 2016-2026F

CAGR 2016-2020By Value: xx%

CAGR 2021E-2026FBy Value: xx%

Vietnam Frozen Snacks Market Share, By Product Type, By Value, 2016-2026F

2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F

Frozen Dumplings 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

Frozen Nuggets 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%

Frozen Springrolls 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

Others 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%

Vietnam Frozen Fruits & Vegetables Market Share, By Distribution Channel, By Value, 2016-2026F

2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F

Departmental Store 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%

Supermarkets/Hypermarkets 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%

Online 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%

Speciality Store 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

Others 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%


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FORECAST & OPPORTUNITIES2016 – 2026

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proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’

model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich

evaluation of the opportunities available in the market.

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