Vietnam Frozen Food Market - Industry Size, Share, Trends, Opportunity 2027

1. 2017 – 2027 VIETNAM FROZEN FOOD MARKET FORECAST AND OPPORTUNITIES Published On: February, 2022 www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

2. Table of Contents S. No. Contents 1. Product Overview 2. Research Methodology 3. Executive Summary 4. Voice of Customer 4.1. Factors Influencing Purchase Decision 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 By Category (Ready-to-Eat, Ready-to-Cook & Others {Raw Meat, Raw Vegetables, Raw Fruit, etc}) 5.2.1. By Product Type (Frozen Meat, Poultry, & Seafood, Frozen Snacks, Frozen Fruits & Vegetables & Others (Frozen Desserts, Frozen Cooked Ready Meals, etc.)) 5.2.2. By Supermarkets/Hypermarkets, Online & Others {Convenience Stores, Direct Sales, etc.}) Distribution Channel (Departmental Store, Specialty Store, 5.2.3. By Region 5.2.4. By Company (2021) 5.2.5. 5.3. Market Map (By Product Type and By Region) 6. Vietnam Frozen Meat, Poultry and Seafood Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value & Volume 6.2. Market Share & Forecast 2 © TechSci Research

3. Table of Contents S. No. Contents By Product Type 6.2.1. By Distribution Channel 6.2.2. 7. Vietnam Frozen Snacks Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value & Volume 7.2. Market Share & Forecast By Product Type 7.2.1. By Distribution Channel 7.2.2. 8. Vietnam Frozen Fruits & Vegetables Market Outlook 8.1. Market Size & Forecast 8.1.1. By Value & Volume 8.2. Market Share & Forecast By Product Type 8.2.1. By Distribution Channel 8.2.2. 9. Market Dynamics Drivers 9.1. Challenges 9.2. 10. Market Trends and Developments 11. Impact of COVID-19 on Vietnam Frozen Food Market 12. Policy and Regulatory Landscape 3 © TechSci Research

4. Table of Contents S. No. Contents 13. Vietnam Economic Profile 14. Competitive Landscape 14.1. CP Vietnam Livestock Joint Stock Company 14.2. SAO TA FOODS JOINT STOCK COMPANY 14.3. MINH PHU SEAFOOD CORP 14.4. VINH HOAN CORPORATION 14.5. GreenFeed Vietnam Corp 14.6. DAI PHAT FOOD TRADING SERVICE CO., LTD 14.7. KIDO FOODS JOINT STOCK COMPANY 14.8. Viet Asia Foods Company Limited 14.9. CK Frozen Foods Vietnam Company Ltd. 14.10. DALAT - JAPAN FOOD CO., LTD. 14.11. L&H FOOD CO., LTD. 14.12. San Ha Co., Ltd. 15. Strategic Recommendations 16. About Us & Disclaimer 4 © TechSci Research

5. Product Overview

6. Scope of Report Product of Interest (POI): Frozen Food Frozen food falls under the convenience food category, where preparation time for the food is extremely short. Convenience is the major factor associated with ready-to-eat food products, bringing significant 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 of frozen food products have increased due to their superior packaging, taste and flavors. Vietnam Frozen Food Market Market Segmentation BY CATEGORY BY PRODUCT TYPE Year Range Ready-to-Eat Frozen Fruits & Vegetables • • Frozen Meat, Poultry, & Ready-to-Cook • • Review Period Others Seafood • 2017 – 2020 Frozen Snacks • Base Year Others • 2021 BY DISTRIBUTION CHANNEL BY REGION Estimated Year Northern Supermarkets/Hypermarkets • • Southern Departmental Store 2022 • • Central Specialty Store • • Forecast Period Online • 2023 – 2027 Others • 6 © TechSci Research

7. Research Methodology

8. Research Methodology Market Profiling Data Analysis Data Data Developing List of Respondents Formulating Questionnaire Collection Validation In-depth secondary research was conducted to determine top players in the Vietnam frozen food market, overall market size and segmental market size. 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 obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and industry players for data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of industry players and industry specialists was developed. Primary Research Desk Research Company Analysis ✓ ✓ Recent Developments Market Changing Aspects/Dynamics Government Policies Conclusion ✓ ✓ Market Participants Key Strengths ✓ Identifying Key Opinion Leaders Questionnaire Design In-depth Interviews Actionable Insights Data Filter & Analysis Business Solution Research & Intelligence Data Collection ✓ ✓ ✓ ✓ Primary Research Secondary Research Paid Sources LinkedIn TechSci Internal Database Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc. Factiva Hoovers ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 8 © TechSci Research

9. Research Methodology 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 popularity 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 & Volume: Market size, in terms of value & volume, for the year 2021 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 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 between 2017 and 2021, 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 2017-2021. 9 © TechSci Research

10. Research Methodology Respondents were asked about the current and future market growth rates, market shares by category, by product type, 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 based on the response received 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 ✓ 10 © TechSci Research

11. Research Methodology 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. Partial List of Companies Interviewed Key Secondary Sources World Bank ▪ DAI PHAT FOOD TRADING SERVICE CO., LTD ▪ TechSci Research Proprietary Database & Knowledge ▪ KIDO FOODS JOINT STOCK COMPANY ▪ Repository Viet Asia Foods Company Limited ▪ Company Annual Reports ▪ GreenFeed Vietnam Corp. ▪ Industry Magazines ▪ Industry Reports ▪ CK Frozen Foods Vietnam Company Ltd ▪ Statista ▪ DALAT - JAPAN FOOD CO., LTD ▪ News Dailies ▪ L&H FOOD CO., LTD ▪ Credible Paid Databases ▪ San Ha Co., Ltd ▪ CP Vietnam Livestock Joint Stock Company ▪ VINH HOAN CORPORATION ▪ SAO TA FOODS JOINT STOCK COMPANY ▪ MINH PHU SEAFOOD CORP. ▪ 11 © TechSci Research

12. Industry Brief Growing craze of ready-to-eat dishes and increasing disposable income to drive the Vietnam frozen food market through 2027. According to TechSci Research report, “Vietnam Frozen Food Market – By Region, Competition, Forecast & Opportunities, 2027”, the Vietnam frozen food market is anticipated to grow at a CAGR of over 6% in the next five years to reach USD2419.43 million by 2027. Anticipated growth in the market can be attributed to increasing disposable income and surging sales of frozen food. The growing trend of on-the-go eating is driving the growth of the frozen food market in the country as the working population does not have much time to cook; therefore, they prefer frozen food. Also, there is a common perception that these products are safer and more hygienic when compared to street food as these products are certified and are manufactured by leading companies. Increasing immigration in Vietnam for jobs with higher pay is another trend that is positively influencing the demand for frozen food in the country. Packaging frozen food is one of the crucial steps in increasing the longevity of the product and protecting it from contamination and damage. Innovations in frozen food packaging are making the products more appealing and convenient to use. Companies focus on making the packaging attractive as it adds a visual value to the product and compels customers to buy it. Frozen food manufacturing companies are continuously trying to innovate the packaging of frozen food products and prefer moisture-vapor-proof packaging style to prevent evaporation, thus retaining the quality of the frozen food products. The Vietnam frozen food market consists of the following segments, category, product type, distribution channel, region, and company. In terms of category, the Vietnam frozen food market is segmented into ready-to-eat, ready-to-cook & others. The ready-to-cook segment accounted for a share of 21.48% in 2021 and the segment is expected to grow at the highest CAGR of 7.98% through 2027. Anticipated growth of the segment can be attributed to due to the convenience it offers as it saves money, energy, and time. Furthermore, with the growing influence of western culture, growing disposable income, people are changing their taste preference and shifting towards ready-to-cook frozen foods over home- cooked food. Based on distribution channels, the Vietnam frozen food market is segmented into supermarkets/hypermarkets, departmental stores, specialty stores, online and others. The online segment is expected to grow at a CAGR of 8.63% through 2027. With a 70% mobile penetration rate providing better internet access and a recent increase in online retail and social commerce trends among young consumers in both major cities and rural areas of the country, there is a growing preference for online shopping among consumers. This can be attributed to the increasing tech-savvy youth population in the country. Key players in the Vietnam frozen food market include: CP Vietnam Livestock Joint Stock Company, SAO TA FOODS JOINT STOCK COMPANY, MINH PHU SEAFOOD CORP, VINH HOAN CORPORATION, GreenFeed Vietnam Corp, DAI PHAT FOOD TRADING 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., San Ha Co., Ltd. “In terms of region, the Vietnam frozen food market is segmented into South, West, Midwest, and Northeast. The southern region is expected to grow at a faster pace in the Vietnam frozen food market during the projected period as the region contributed to 40% of the country’s GDP. In addition, it also accounted for 42% of the country’s total FDI investment in 2020. Southern region includes major cities of Vietnam, i.e., Dong Nai, Ba Ria-Vung Tau, Long An, Tay Ninh, Binh Duong. The region is home to more than nine million people and is considered Vietnam's important financial and trading hub.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. 12 © TechSci Research

13. Sample Data - Snapshot Vietnam Frozen Food Market Size, By Value (USD Million), 2017-2027F CAGR 2022E-2027F By Value: xx% CAGR 2017-2021 By Value: xx% 2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F Value (USD Million) Vietnam Frozen Food Market Share, By Category, By Value, 2017-2027F 2017 20.00% 2018 20.00% 30.00% 50.00% 2019 20.00% 30.00% 50.00% 2020 20.00% 30.00% 50.00% 2021 20.00% 30.00% 50.00% 2022E 20.00% 30.00% 50.00% 2023F 20.00% 30.00% 50.00% 2024F 20.00% 30.00% 50.00% 2025F 20.00% 30.00% 50.00% 2026F 20.00% 30.00% 50.00% 2027F 20.00% 30.00% 50.00% Ready-to-Eat Ready-to-Cook 30.00% Others 50.00% Vietnam Frozen Fruits & Vegetables Market Share, By Distribution Channel, By Value, 2017-2027F 2017 5.00% 2018 5.00% 2019 5.00% 2020 5.00% 2021 5.00% 2022E 5.00% 2023F 5.00% 2024F 5.00% 2025F 5.00% 2026F 5.00% 2027F 5.00% Departmental Store Supermarkets/Hypermarkets 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Online 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% Specialty Store 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% Others 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 13 © TechSci Research

14. Report Ordering Report Name: VIETNAM FROZEN FOOD MARKET FORECAST AND OPPORTUNITIES 2017 – 2027 License Type Single User License Price $3500 Multi-User License Custom Research License $4500 $7500 To View Sample OR Purchase Report 14 © TechSci Research

15. About Us & Disclaimer TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The 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. Related Reports India Edible Oil Market, By Type (Mustard Oil; Soybean Oil; Sunflower Oil; Palm Oil; Olive Oil; and Others, By Distribution Channel (Modern Grocery Retail, Traditional Grocery Retail, Online Retail, and Direct/Institutional Sales), By Region, Competition, Forecast & Opportunities, 2025 • China yoghurt Market, By Type (Non-Flavoured, Flavoured), By Fat Content (Regular, Low Fat, Fat-Free), By Form (Conventional yoghurt, Set yoghurt, Greek yoghurt, Frozen yoghurt, yoghurt Drinks and Others), By Packaging (Pouches, Plastic Bottles, Tetra Packs and Others), By Distribution Channel (Convenience Stores, Independent Small Grocers, Supermarket/Hypermarket, Online Channel), By Region, Competition, Forecast & Opportunities, 2026 • UK Nutritional Bar Market, By Product Type (Breakfast Bars, Snack Bars, Protein Bars & Others), By Distribution Channel, By Company, By Region, Competition, Forecast & Opportunities, 2025 • TechSci Research – North America 708 Third Avenue, Manhattan, New York, United States Tel: +1- 646- 360- 1656 Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Europe 54, Old brook, Bretton, Peterborough, United Kingdom Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Asia-Pacific B – 44, Sector – 57, Noida, National Capital Region, U.P. - India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.