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Frozen food market to reach $120M

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The Cambodian frozen food market is projected to reach $119.56 million by 2024. PIXABAY

Frozen food market to reach $120M

The Cambodian frozen food market is projected to reach $119.56 million by 2024 at a compound annual growth rate (CAGR) of 3.9 per cent during 2019-2024, Dublin-based Research and Markets reported.

It said the increasing influence of Western food and an increase in tourism are the main factors for the growth of the market. Frozen foods are deemed to be safe and as a result demand for it in Cambodia has risen.

“Recently, Cambodians have adopted the trend of mini-meals, which has long been a part of Western culture. An increasing expatriate population and tourists are the target consumers for frozen food in the country,” it said.

It said the market includes frozen foods such as meat and seafood, desserts, fruits and vegetables and ready-to-eat meals.

Products such as ice-cream and frozen yoghurt are in high demand in supermarkets, traditional grocery stores and online stores.

Fast adoption of Western diet trends has led to a hike in the retail sales of packaged food, especially frozen and chilled food.

The study shows that consumers in Cambodia displayed higher demand for frozen desserts, frozen potatoes, and frozen meals.

Some importers in Cambodia specialise 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 occupies the major share in the frozen food product category in the Cambodia market.

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, Dira Frost, 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 and beverage market in Cambodia.

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