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Cambodia frozen food market is forecasted to reach $119.56 million by 2024
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.
According to Bulletin Line Market research Reports said that 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.
Source: https://bulletinline.com/2020/09/06/cambodia-frozen-food-market-2020-global-challenges-and-opportunities-industry-size-growth-rate-and-supply-demand-analysis-forecast-to-2024-industry-research-co/