Report Overview

Vietnam Frozen Food Market - Industry Trends & Forecast Report, 2029

Vietnam frozen food market size was estimated to be worth USD 1697.6 million in 2022. During the forecast period between 2023 and 2029, 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. Major growth factors for the Vietnam frozen food market include an increase in e-commerce sales, a rise in consumer health concerns, and continued packaging technology developments. The rapid urbanization and increasing workforce in the country are also emerging as favorable factors for the Vietnam frozen food market's growth.

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 shelf life, 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.

Vietnam Frozen Food Market

Growth Drivers

Construction of Cold Chain Infrastructure

In order to improve logistics and expand the industry's reach in order to meet rising demand, the government and private players are making sizable investments in the construction of cold chain storage facilities in Vietnam. For instance, the South Korean conglomerate Lotte Group recently disclosed its plans to develop a logistics hub in Vietnam. By 2024, a logistics hub will be constructed in the southern province of Dong Nai to increase imports and exports to Vietnam. The facility will implement a cold chain system to meet the rapidly expanding demand for fresh and frozen foods.

Restraints

High Preference for Fresh Food

The primary market restraint is the perception among some consumers that frozen food is a poor substitute for fresh food. Some customers think that edible food loses some of its nutritional value after being processed or stored for a year or more before being eaten. The availability of fresh seafood because of its 2,000 miles of coastline and fresh meat owing to the flourishing animal husbandry industry could also restrain the growth of the Vietnam frozen food market.

Vietnam Frozen Food Market

Segmental Coverage

Vietnam Frozen Food Market – By Category

Based on category, the Vietnam frozen food market is segmented into ready-to-eat, ready-to-cook, and others (including raw meat, raw vegetables, and raw fruits). The ready-to-cook segment holds the largest market share. The ready-to-cook segment dominates the market and is projected to register the highest growth rate during the forecast period due to the rising population, rising disposable incomes, and the increase in the number of working women. These products enjoy immense popularity among the working population as they save time and contribute to an increase in cooking efficiency.

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.

Vietnam Frozen Food Market – By Distribution Channel

Based on the distribution channel, the Vietnam frozen food market is divided into departmental stores, specialty stores, supermarkets/hypermarkets, online, and others (including convenience stores and direct sales). The supermarkets/hypermarkets segment accounts for the largest market share. A large number of supermarkets accelerated the growth of the global frozen food market by boosting sales of frozen fruits and vegetables, frozen meat and seafood, frozen-ready meals, frozen snacks, and dairy products through their easy availability and accessibility in their stores.

Vietnam Frozen Food Market – By Region

The in-depth research report on the Vietnam frozen food market covers the following major regions: Southern Vietnam, Central Vietnam, and Northern Vietnam. Northern Vietnam dominates the Vietnam frozen food market owing to the high labor force in the region. The labor force is highly concentrated in the Hanoi–Hai Phong metro area. According to a report by the Vietnam Briefing, the metro area of Hanoi and Hai Phong has a high percentage of the labor force, especially the younger workforce. There are 12.7 million people employed locally, which is 22% of the entire labor force in the country. Industrial hubs including Hanoi, Bac Ninh, Bac Giang, and Hai Phong have the highest concentration of workforce.

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.

Scope of the Report

By Category

• Ready-to-Eat

• Ready-to-Cook

• Others (including Raw Meat, Raw Vegetables, Raw Fruits)

By Product Type

• Frozen Meat, Poultry & Seafood

• Frozen Snacks

• Frozen Fruits & Vegetables

• Others (including Frozen Desserts, Frozen Cooked Ready Meals)

By Distribution Channel

• Departmental Store

• Specialty Store

• Supermarkets/Hypermarkets

• Online

• Others (including Convenience Stores, Direct Sales)

By Region

• Southern Vietnam

• Central Vietnam

• Northern Vietnam

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Vietnam Frozen Food Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing urbanization and changing lifestyles
         2. Increasing awareness of food safety and hygiene
      2. Restraints
         1. Lack of a well-developed cold chain infrastructure in Vietnam
         2. Price sensitivity
      3. Opportunities
         1. Product innovation
         2. Growing demand for convenience
      4. Challenges
         1. Negative perceptions about processed foods
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Vietnam Frozen Food Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Category
         1. Ready-to-Eat
         2. Ready-to-Cook
         3. Others (including Raw Meat, Raw Vegetables, Raw Fruits)
      2. By Product Type
         1. Frozen Meat, Poultry & Seafood
         2. Frozen Snacks
         3. Frozen Fruits & Vegetables
         4. Others (including Frozen Desserts, Frozen Cooked Ready Meals)
      3. By Distribution Channel
         1. Departmental Store
         2. Specialty Store
         3. Supermarkets/Hypermarkets
         4. Online
         5. Others (including Convenience Stores, Direct Sales)
      4. By Region
         1. Southern Vietnam
         2. Central Vietnam
         3. Northern Vietnam
5. Southern Vietnam Frozen Food Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Category
      2. By Product Type
      3. By Distribution Channel
6. Central Vietnam Frozen Food Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Category
      2. By Product Type
      3. By Distribution Channel
7. Northern Vietnam Frozen Food Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Category
      2. By Product Type
      3. By Distribution Channel
8. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Vietnam Frozen Food Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
9. Impact of Covid-19 on Vietnam Frozen Food Market
10. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. CP VIETNAM LIVESTOCK JOINT STOCK COMPANY
    2. SAO TA FOODS JOINT STOCK COMPANY
    3. Minh Phu Seafood Group JSC
    4. VINH HOAN CORPORATION
    5. GreenFeed Vietnam Corp.
    6. Dai Phat Food Training Service Co., Ltd
    7. Kido Foods, Joint Stock Company
    8. Viet Asia Foods Company Limited
    9. CK Frozen Foods Vietnam Company Ltd
    10. Dalat – Japan Food Co., Ltd.
    11. L&H FOOD CO., LTD.
    12. San Ha Co., Ltd.
    13. Other Prominent Players
11. Key Strategic Recommendations
12. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumptions & Limitations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figure

Figure 1   Vietnam Frozen Food Market Segmentation

Figure 2   Vietnam Frozen Food Market Value Chain Analysis

Figure 3   Company Market Share Analysis, 2022

Figure 4   Vietnam Frozen Food Market Size, By Value (USD Million), 2019–2029

Figure 5   Vietnam Frozen Food Market Share, By Category, By Value, 2019–2029

Figure 6   Vietnam Frozen Food Market Share, By Product Type, By Value, 2019–2029

Figure 7   Vietnam Frozen Food Market Share, By Distribution Channel, By Value, 2019–2029

Figure 8   Vietnam Frozen Food Market Share, By Region, By Value, 2019–2029

Figure 9   Northern Vietnam Frozen Food Market Size, By Value (USD Million), 2019–2029

Figure 10 Northern Vietnam Frozen Food Market Share, By Category, By Value, 2019–2029

Figure 11 Northern Vietnam Frozen Food Market Share, By Product Type, By Value, 2019–2029

Figure 12 Northern Vietnam Frozen Food Market Share, By Distribution Channel, By Value, 2019–2029

Figure 13 Central Vietnam Frozen Food Market Size, By Value (USD Million), 2019–2029

Figure 14 Central Vietnam Frozen Food Market Share, By Category, By Value, 2019–2029

Figure 15 Central Vietnam Frozen Food Market Share, By Product Type, By Value, 2019–2029

Figure 16 Central Vietnam Frozen Food Market Share, By Distribution Channel, By Value, 2019–2029

Figure 17 Southern Vietnam Frozen Food Market Size, By Value (USD Million), 2019–2029

Figure 18 Southern Vietnam Frozen Food Market Share, By Category, By Value, 2019–2029

Figure 19 Southern Vietnam Frozen Food Market Share, By Product Type, By Value, 2019–2029

Figure 20 Southern Vietnam Frozen Food Market Share, By Distribution Channel, By Value, 2019–2029

List of Tables

Table 1     Vietnam Frozen Food Market Size, By Category, By Value, 2019–2029

Table 2     Vietnam Frozen Food Market Size, By Product Type, By Value, 2019–2029

Table 3     Vietnam Frozen Food Market Size, By Distribution Channel, By Value, 2019–2029

Table 4     Northern Vietnam Frozen Food Market Size, By Category, By Value, 2019–2029

Table 5     Northern Vietnam Frozen Food Market Size, By Product Type, By Value, 2019–2029

Table 6     Northern Vietnam Frozen Food Market Size, By Distribution Channel, By Value, 2019–2029

Table 7     Central Vietnam Frozen Food Market Size, By Category, By Value, 2019–2029

Table 8     Central Vietnam Frozen Food Market Size, By Product Type, By Value, 2019–2029

Table 9     Central Vietnam Frozen Food Market Size, By Distribution Channel, By Value, 2019–2029

Table 10   Southern Vietnam Frozen Food Market Size, By Category, By Value, 2019–2029

Table 11   Southern Vietnam Frozen Food Market Size, By Product Type, By Value, 2019–2029

Table 12   Southern Vietnam Frozen Food Market Size, By Distribution Channel, By Value, 2019–2029

Table 13   CP VIETNAM LIVESTOCK JOINT STOCK COMPANY Overview

Table 14   CP VIETNAM LIVESTOCK JOINT STOCK COMPANY Financial Overview

Table 15   SAO TA FOODS JOINT STOCK COMPANY Overview

Table 16   SAO TA FOODS JOINT STOCK COMPANY Financial Overview

Table 17   Minh Phu Seafood Group JSC Company Overview

Table 18   Minh Phu Seafood Group JSC Financial Overview

Table 19   VINH HOAN CORPORATION Company Overview

Table 20   VINH HOAN CORPORATION Financial Overview

Table 21   GreenFeed Vietnam Corp. Company Overview

Table 22   GreenFeed Vietnam Corp. Financial Overview

Table 23   Dai Phat Food Training Service Co., Ltd Company Overview

Table 24   Dai Phat Food Training Service Co., Ltd Financial Overview

Table 25   Kido Foods, Joint Stock Company: Company Overview

Table 26   Kido Foods, Joint Stock Company Financial Overview

Table 27   Viet Asia Foods Company Limited Company Overview

Table 28   Viet Asia Foods Company Limited Financial Overview

Table 29   CK Frozen Foods Vietnam Company Ltd Company Overview

Table 30   CK Frozen Foods Vietnam Company Ltd Financial Overview

Table 31   Dalat – Japan Food Co., Ltd. Company Overview

Table 32   Dalat – Japan Food Co., Ltd. Financial Overview

Table 33   L&H FOOD CO., LTD. Company Overview

Table 33   L&H FOOD CO., LTD. Financial Overview

Table 34   San Ha Co., Ltd. Company Overview

Table 35   San Ha Co., Ltd. Financial Overview