Market Research Report
Cambodia Frozen Food Market - Growth, Trends and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||850150|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|Cambodia Frozen Food Market - Growth, Trends and Forecast (2019 - 2024)|
|Published: April 1, 2019||Content info: 80 Pages||
The Cambodia frozen food market is forecasted to reach USD 119.56 million by 2024 growing at a CAGR of 3.9% during the forecast period (2019 - 2024). High influence of Western food and increasing tourism are the prime factors for the growth of the market studied. Recently, the Cambodian population have adopted the trend of mini-meals, which has, since long, been a part of the western culture. Increasing expat population and tourists are the target consumers for frozen food in the country. Southeast Asian countries by large, are tailed by concerns related to food safety. Frozen foods are deemed to be safe and as a result of which the demand for it in Cambodia has risen.
The scope of the market studied includes frozen foods such as meat and sea food, dessert, fruit and vegetable and ready meal. Frozen desserts include mousse, ice-creams, frozen cakes, frozen yogurt, sherbet, and frozen novelties. Frozen desserts are offered in the wide variety of shape, size, colors, and packaging by the manufacturers. Products, such as ice-creams and frozen yogurts, are highly demanded frozen desserts. By distribution channel, it is segmented as hypermarket/supermarket, traditional grocery store, online channel and others.
Influence of Westernization on Diet and Healthy Tourism
A shift from the Southeast Asian cultural tradition of eating many times a day (four or five times a day, but in relatively small quantities) to the norm of most developed countries of three meals a day is being widely noticed. The trend also includes increased purchase of ready-to-eat, cooked foods, and the consumption of frozen food products. Fast adoption of western diet trends have led to a hike in the retail sales in packaged food industry, especially frozen and chilled food. Consumers in Cambodia displayed higher demand for frozen desserts, frozen potatoes, and frozen ready meals. Some importers in Cambodia specialize in servicing the hotel restaurant and institution (HRI) trade and have the appropriate frozen and chilled storage and distribution infrastructure. Most of the modern food retailers, such as DFI Lucky and Thai Huot, also service the HRI trade through their retail stores or wholesale operations.
Frozen Seafood Occupying the Major Share
Frozen seafood occupies the major share in the frozen food product category in the Cambodia market. Frozen seafood manufacturers find it difficult to compete on the prices with the traders in the native market. The Institute of Standards of Cambodia (ISC) and the United Nations Industrial Development Organization (UNIDO) teamed up in 2016 to increase the export of four seafood products adhering to the international standards. Fish sauce, frozen shrimp, dried shrimp, and crab meat form the major exports of the seafood in the country. Due to the hectic lifestyles, changing taste and preferences of the consumers' frozen foods are gaining popularity in the country, owing to the increased shelf life of these products.
The Cambodian frozen food market is growing at a steady pace with low production capacity. The demand for frozen food in the market is majorly met through imports. The country has more importers and distributors than producers. At present, the market is dominated by international players, such as McCain, DiraFrost, and Les Vergers Boiron. The share of local players in the market is quite low as frozen food requires high-capital requirements, such as individual quick freezers and cold storage facilities, which are out of reach for companies operating in the food & beverage market in Cambodia.